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REGISTERED NUMBER: 02825123 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Panel UK Limited

Panel UK Limited (Registered number: 02825123)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Panel UK Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mrs R Goodsir
J Wilbourne
S A Mitchell





SECRETARY: Mrs R Goodsir





REGISTERED OFFICE: Highcliffe Industrial Estate
Bruntcliffe Lane
Morley
Leeds
West Yorkshire
LS27 9LR





REGISTERED NUMBER: 02825123 (England and Wales)





ACCOUNTANTS: Egan Roberts Limited
Accountants
Citygate
Longridge Road
Preston
Lancashire
PR2 5BQ

Panel UK Limited (Registered number: 02825123)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,700,143 1,333,874

CURRENT ASSETS
Stocks 1,404,020 1,437,714
Debtors 5 1,438,861 1,620,238
Cash at bank and in hand 1 20,905
2,842,882 3,078,857
CREDITORS
Amounts falling due within one year 6 2,160,200 2,298,076
NET CURRENT ASSETS 682,682 780,781
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,382,825

2,114,655

CREDITORS
Amounts falling due after more than
one year

7

(865,508

)

(547,884

)

PROVISIONS FOR LIABILITIES 9 (97,741 ) (111,825 )
NET ASSETS 1,419,576 1,454,946

CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Retained earnings 1,418,576 1,453,946
SHAREHOLDERS' FUNDS 1,419,576 1,454,946

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Panel UK Limited (Registered number: 02825123)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:





S A Mitchell - Director


Panel UK Limited (Registered number: 02825123)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Panel UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on reducing balance
Improvements to property - 5% on cost
Plant and machinery - 12.5% on reducing balance
Fixtures and fittings - Other MVs 20% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Panel UK Limited (Registered number: 02825123)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 60 (2022 - 68 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 January 2023 942,599 50,023 772,562
Additions - 452,342 3,581
At 31 December 2023 942,599 502,365 776,143
DEPRECIATION
At 1 January 2023 118,824 3,085 373,292
Charge for year 16,474 11,735 50,279
At 31 December 2023 135,298 14,820 423,571
NET BOOK VALUE
At 31 December 2023 807,301 487,545 352,572
At 31 December 2022 823,775 46,938 399,270

Panel UK Limited (Registered number: 02825123)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 January 2023 302,913 108,105 2,176,202
Additions 2,080 - 458,003
At 31 December 2023 304,993 108,105 2,634,205
DEPRECIATION
At 1 January 2023 251,112 96,015 842,328
Charge for year 10,222 3,024 91,734
At 31 December 2023 261,334 99,039 934,062
NET BOOK VALUE
At 31 December 2023 43,659 9,066 1,700,143
At 31 December 2022 51,801 12,090 1,333,874

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 January 2023
and 31 December 2023 316,675
DEPRECIATION
At 1 January 2023 52,752
Charge for year 32,991
At 31 December 2023 85,743
NET BOOK VALUE
At 31 December 2023 230,932
At 31 December 2022 263,923

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 982,925 939,075
Amounts owed by group undertakings 332,702 640,863
Other debtors 41,419 34,128
Prepayments 81,815 6,172
1,438,861 1,620,238

Panel UK Limited (Registered number: 02825123)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 113,105 54,615
Hire purchase contracts (see note 8) 60,873 62,085
Trade creditors 1,348,481 1,430,216
Tax 27,689 -
Social security and other taxes - 1,284
Other creditors 22,981 5,907
Invoice discounting 547,081 659,798
Directors' current accounts 4,000 -
Accrued expenses 35,990 84,171
2,160,200 2,298,076

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 55,409 54,860
Bank loans - 2-5 years 152,385 149,893
Bank loans more 5 yr by instal 556,868 182,651
Hire purchase contracts (see note 8) 100,846 160,480
865,508 547,884

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 556,868 182,651

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 60,873 62,085
Between one and five years 100,846 160,480
161,719 222,565

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 97,741 111,825

Panel UK Limited (Registered number: 02825123)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 111,825
Provided during year (14,084 )
Balance at 31 December 2023 97,741

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000