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Registered number: 06978137
Panel Match UK Limited
Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06978137
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 79,280 43,600
79,280 43,600
CURRENT ASSETS
Debtors 6 39,082 28,412
Cash at bank and in hand 20,485 31,216
59,567 59,628
Creditors: Amounts Falling Due Within One Year 7 (35,002 ) (39,178 )
NET CURRENT ASSETS (LIABILITIES) 24,565 20,450
TOTAL ASSETS LESS CURRENT LIABILITIES 103,845 64,050
Creditors: Amounts Falling Due After More Than One Year 8 (41,997 ) (22,419 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (16,177 ) (3,875 )
NET ASSETS 45,671 37,756
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 45,571 37,656
SHAREHOLDERS' FUNDS 45,671 37,756
Page 1
Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 R A Vickery
Director
14 October 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
Panel Match UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06978137 . The registered office is 26 Church Street, Kilburn, Belper, Derby, DE56 0LU.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.4. 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 25% Reducing balance
Motor Vehicles 25% Reducing balance
Computer Equipment 33% Straight Line
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.6. 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. 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. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 3)
4 3
4. Intangible Assets
Goodwill
£
Cost
As at 1 July 2023 10,000
As at 30 June 2024 10,000
Amortisation
As at 1 July 2023 10,000
As at 30 June 2024 10,000
Net Book Value
As at 30 June 2024 -
As at 1 July 2023 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 July 2023 69,614 17,258 1,870 88,742
Additions 59,002 - 1,092 60,094
As at 30 June 2024 128,616 17,258 2,962 148,836
Depreciation
As at 1 July 2023 38,930 5,788 424 45,142
Provided during the period 20,568 2,867 979 24,414
As at 30 June 2024 59,498 8,655 1,403 69,556
Net Book Value
As at 30 June 2024 69,118 8,603 1,559 79,280
As at 1 July 2023 30,684 11,470 1,446 43,600
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 32,055 25,299
Other debtors 7,027 3,113
39,082 28,412
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 9,363 1,691
Trade creditors 11,587 6,355
Bank loans and overdrafts 8,124 8,124
Corporation tax 1,081 9,186
Other taxes and social security - 840
VAT 3,928 8,274
Other creditors 366 209
Accruals and deferred income - 650
Director's loan account 553 3,849
35,002 39,178
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 34,621 7,543
Bank loans 7,376 14,876
41,997 22,419
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 9,363 1,691
Later than one year and not later than five years 34,621 7,543
43,984 9,234
43,984 9,234
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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