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Company Registration No. 01592086 (England and Wales)
Panoramic Limited Unaudited accounts for the year ended 31 December 2023
Panoramic Limited Unaudited accounts Contents
Page
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Panoramic Limited Company Information for the year ended 31 December 2023
Directors
Steve Evans John Lynch
Secretary
Amanpreet Kaur
Company Number
01592086 (England and Wales)
Registered Office
2 Richmond Road Mangotsfield Bristol BS16 9HB
Accountants
Space Advisory and Accountancy Limited 19 Malago Drive Bristol BS3 5DR
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Panoramic Limited Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
37,045 
51,361 
Current assets
Inventories
107,906 
101,796 
Debtors
687,431 
538,882 
Cash at bank and in hand
109,959 
270,893 
905,296 
911,571 
Creditors: amounts falling due within one year
(576,842)
(647,466)
Net current assets
328,454 
264,105 
Total assets less current liabilities
365,499 
315,466 
Creditors: amounts falling due after more than one year
(100,350)
(162,976)
Provisions for liabilities
Deferred tax
(3,676)
(3,676)
Net assets
261,473 
148,814 
Capital and reserves
Called up share capital
1,000 
1,000 
Profit and loss account
260,473 
147,814 
Shareholders' funds
261,473 
148,814 
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 18 April 2024 and were signed on its behalf by
John Lynch Director Company Registration No. 01592086
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Panoramic Limited Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
Panoramic Limited is a private company, limited by shares, registered in England and Wales, registration number 01592086. The registered office is 2 Richmond Road, Mangotsfield, Bristol, BS16 9HB.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% Straight Line
Motor vehicles
25% Straight Line
Computer equipment
25% Straight Line
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation. Website - 33% Straight Line Software - 20% Straight Line
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Panoramic Limited Notes to the Accounts for the year ended 31 December 2023
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
4
Intangible fixed assets
Other 
£ 
Cost
At 1 January 2023
22,125 
At 31 December 2023
22,125 
Amortisation
At 1 January 2023
22,125 
At 31 December 2023
22,125 
Net book value
At 31 December 2023
- 
5
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 January 2023
37,540 
222,467 
14,523 
274,530 
Additions
- 
1,950 
1,902 
3,852 
Disposals
- 
(11,708)
- 
(11,708)
At 31 December 2023
37,540 
212,709 
16,425 
266,674 
Depreciation
At 1 January 2023
18,625 
193,034 
11,510 
223,169 
Charge for the year
4,362 
11,040 
1,412 
16,814 
On disposals
- 
(10,354)
- 
(10,354)
At 31 December 2023
22,987 
193,720 
12,922 
229,629 
Net book value
At 31 December 2023
14,553 
18,989 
3,503 
37,045 
At 31 December 2022
18,915 
29,433 
3,013 
51,361 
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Panoramic Limited Notes to the Accounts for the year ended 31 December 2023
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
86,224 
107,108 
Accrued income and prepayments
6,207 
- 
Other debtors
595,000 
431,774 
687,431 
538,882 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
62,626 
56,578 
VAT
49,440 
- 
Trade creditors
124,069 
112,127 
Taxes and social security
59,329 
113,651 
Other creditors
(418)
1,300 
Accruals
1,240 
4,103 
Deferred income
280,556 
359,707 
576,842 
647,466 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
100,350 
162,976 
9
Transactions with related parties
The company has taken advantage of the exemption under section 33 of FRS102 to not disclose balances between group companies.
10
Controlling party
The company is controlled by Panoramic Windows Holdings (No2) Limited, company no 12499019 ,a company incorporated in England & Wales.
11
Average number of employees
During the year the average number of employees was 10 (2022: 10).
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