Acorah Software Products - Accounts Production 15.0.600 false true 31 May 2023 1 June 2022 false 1 June 2023 31 May 2024 31 May 2024 10348236 Mr Christian Welburn Mr Carl Metcalfe iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10348236 2023-05-31 10348236 2024-05-31 10348236 2023-06-01 2024-05-31 10348236 frs-core:CurrentFinancialInstruments 2024-05-31 10348236 frs-core:Non-currentFinancialInstruments 2024-05-31 10348236 frs-core:ComputerEquipment 2024-05-31 10348236 frs-core:ComputerEquipment 2023-06-01 2024-05-31 10348236 frs-core:ComputerEquipment 2023-05-31 10348236 frs-core:MotorVehicles 2024-05-31 10348236 frs-core:MotorVehicles 2023-06-01 2024-05-31 10348236 frs-core:MotorVehicles 2023-05-31 10348236 frs-core:PlantMachinery 2024-05-31 10348236 frs-core:PlantMachinery 2023-06-01 2024-05-31 10348236 frs-core:PlantMachinery 2023-05-31 10348236 frs-core:ShareCapital 2024-05-31 10348236 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 10348236 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 10348236 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 10348236 frs-bus:SmallEntities 2023-06-01 2024-05-31 10348236 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 10348236 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 10348236 frs-bus:Director1 2023-06-01 2024-05-31 10348236 frs-bus:Director2 2023-06-01 2024-05-31 10348236 frs-countries:EnglandWales 2023-06-01 2024-05-31 10348236 2022-05-31 10348236 2023-05-31 10348236 2022-06-01 2023-05-31 10348236 frs-core:CurrentFinancialInstruments 2023-05-31 10348236 frs-core:Non-currentFinancialInstruments 2023-05-31 10348236 frs-core:ShareCapital 2023-05-31 10348236 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31
Registered number: 10348236
Panoptic Group Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
TaxAssist Barnstaple
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10348236
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 258,702 272,857
258,702 272,857
CURRENT ASSETS
Stocks 5 16,000 65,186
Debtors 6 126,295 63,416
Cash at bank and in hand 104,059 37,326
246,354 165,928
Creditors: Amounts Falling Due Within One Year 7 (327,479 ) (268,022 )
NET CURRENT ASSETS (LIABILITIES) (81,125 ) (102,094 )
TOTAL ASSETS LESS CURRENT LIABILITIES 177,577 170,763
Creditors: Amounts Falling Due After More Than One Year 8 (10,303 ) (30,000 )
NET ASSETS 167,274 140,763
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 167,174 140,663
SHAREHOLDERS' FUNDS 167,274 140,763
Page 1
Page 2
For the year ending 31 May 2024 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Carl Metcalfe
Director
24/06/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Panoptic Group Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10348236 . The registered office is Unit 1, Mill Road Trading Estate, Barnstaple, Devon, EX31 1JH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 18% reducing balance
Motor Vehicles 18% reducing balance
Computer Equipment 18% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2023: 10)
13 10
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 June 2023 225,861 173,640 30,408 429,909
Additions - 14,745 27,883 42,628
As at 31 May 2024 225,861 188,385 58,291 472,537
Depreciation
As at 1 June 2023 102,269 40,896 13,887 157,052
Provided during the period 22,246 26,546 7,991 56,783
As at 31 May 2024 124,515 67,442 21,878 213,835
Net Book Value
As at 31 May 2024 101,346 120,943 36,413 258,702
As at 1 June 2023 123,592 132,744 16,521 272,857
5. Stocks
2024 2023
£ £
Work in progress 16,000 65,186
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 107,513 63,416
Amounts owed by group undertakings 17,470 -
Other debtors 1,312 -
126,295 63,416
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 10,331 -
Other creditors 197,084 145,095
Taxation and social security 120,064 122,927
327,479 268,022
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 10,303 30,000
Page 4
Page 5
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5