Panel Edge Products Limited
Registered number: 02742698
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,217,043 1,358,990
Current assets
Debtors 4 44,113 33,150
Cash at bank and in hand 7,020 -
51,133 33,150
Creditors: amounts falling due within one year 5 (544,745) (525,347)
Net current liabilities (493,612) (492,197)
Total assets less current liabilities 723,431 866,793
Creditors: amounts falling due after more than one year 6 (268,641) (352,892)
Provisions for liabilities (260,969) (211,929)
Net assets 193,821 301,972
Capital and reserves
Called up share capital 90 90
Capital redemption reserve 10 10
Profit and loss account 193,721 301,872
Shareholders' funds 193,821 301,972
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
V P Ferguson
Director
Approved by the board on 19 September 2024
Panel Edge Products Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 ( as applicable to small entities), The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover comprises revenue earned from the sale of goods, this is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery At 10 % reducing balance basis
Motor Vehicles At 25% reducing balance basis
Fixtures, fittings, tools and equipment At 10 % reducing balance basis
Stocks
Stocks are measured at the lower of cost and net realisible value as follows:-
Stock of materials Cost of useable materials
Work in progress Cost of direct materials and labour plus attributable overheads based on the normal level of activity.
Net realisible value is based on estimated selling prices les further costs to be incurred to completion and disposal.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are recognised at transaction price including any transaction costs
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are recognised at transaction price net of any transaction costs.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 2,164,933 63,044 2,227,977
At 31 December 2023 2,164,933 63,044 2,227,977
Depreciation
At 1 January 2023 846,278 22,709 868,987
Charge for the year 131,863 10,084 141,947
At 31 December 2023 978,141 32,793 1,010,934
Net book value
At 31 December 2023 1,186,792 30,251 1,217,043
At 31 December 2022 1,318,655 40,335 1,358,990
4 Debtors 2023 2022
£ £
Prepayments and accrued income 44,113 33,150
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loan and overdraft 160,000 66,177
Obligations under finance lease and hire purchase contracts 87,113 102,800
Trade creditors 2,783 70,659
Amounts owed to group undertakings 248,364 121,999
Other taxes and social security costs 16,611 44,750
Directors loans 24,722 114,082
Accruals and deferred income 5,152 4,880
544,745 525,347
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loan 15,000 25,000
Obligations under finance lease and hire purchase contracts 253,641 327,892
268,641 352,892
7 Pension commitments
The company operates a defined contribution pension scheme, which is available to all employees. The contributions for the year were £5,148 (2022 £5,148) and at the year end the total amounts outstanding, including employees contributions, was £1,510 (2022 £2,000).
8 Controlling party
The company is a wholly owned subsidiary of Panel Edge Holdings Limited
9 Other information
Panel Edge Products Limited is a private company limited by shares and incorporated in England. Its registered office is:
Seeleys Road
Tyseley
Birmingham
B11 2LQ
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