Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-05-01falseNo description of principal activity1112falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC317149 2023-05-01 2024-03-31 OC317149 2022-05-01 2023-04-30 OC317149 2024-03-31 OC317149 2023-04-30 OC317149 c:MotorVehicles 2023-05-01 2024-03-31 OC317149 c:FurnitureFittings 2023-05-01 2024-03-31 OC317149 c:OfficeEquipment 2023-05-01 2024-03-31 OC317149 c:OtherPropertyPlantEquipment 2023-05-01 2024-03-31 OC317149 c:OtherPropertyPlantEquipment 2024-03-31 OC317149 c:OtherPropertyPlantEquipment 2023-04-30 OC317149 c:OtherPropertyPlantEquipment c:OwnedOrFreeholdAssets 2023-05-01 2024-03-31 OC317149 c:CurrentFinancialInstruments 2024-03-31 OC317149 c:CurrentFinancialInstruments 2023-04-30 OC317149 c:Non-currentFinancialInstruments 2024-03-31 OC317149 c:Non-currentFinancialInstruments 2023-04-30 OC317149 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC317149 c:CurrentFinancialInstruments c:WithinOneYear 2023-04-30 OC317149 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 OC317149 c:Non-currentFinancialInstruments c:AfterOneYear 2023-04-30 OC317149 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-03-31 OC317149 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-04-30 OC317149 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-03-31 OC317149 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-04-30 OC317149 d:FRS102 2023-05-01 2024-03-31 OC317149 d:AuditExempt-NoAccountantsReport 2023-05-01 2024-03-31 OC317149 d:FullAccounts 2023-05-01 2024-03-31 OC317149 d:LimitedLiabilityPartnershipLLP 2023-05-01 2024-03-31 OC317149 c:WithinOneYear 2024-03-31 OC317149 c:WithinOneYear 2023-04-30 OC317149 c:BetweenOneFiveYears 2024-03-31 OC317149 c:BetweenOneFiveYears 2023-04-30 OC317149 2 2023-05-01 2024-03-31 OC317149 d:PartnerLLP1 2023-05-01 2024-03-31 OC317149 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC317149 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-04-30 OC317149 e:PoundSterling 2023-05-01 2024-03-31 OC317149 c:EntityControlledByKeyManagementPersonnel1 2023-05-01 2024-03-31 OC317149 c:EntityControlledByKeyManagementPersonnel1 2024-03-31 iso4217:GBP xbrli:pure

Registered number: OC317149









PANARC INTERIOR SOLUTIONS LLP







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MARCH 2024

 
PANARC INTERIOR SOLUTIONS LLP
REGISTERED NUMBER: OC317149

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024


31 March

30 April

2024

2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 5 
6,915
1,386

Current assets
  

Debtors: amounts falling due within one year
 6 
1,486,944
1,393,549

Cash at bank and in hand
 7 
112,463
115,211

  
1,599,407
1,508,760

Creditors: amounts falling due within one year
 8 
(774,228)
(1,093,022)

Net current assets
  
 
 
825,179
 
 
415,738

Total assets less current liabilities
  
832,094
417,124

Creditors: amounts falling due after more than one year
 9 
(60,158)
(125,000)

  

Net assets
  
771,936
292,124


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 11 
751,736
271,924

Members' other interests
  

Members' capital classified as equity
  
20,200
20,200

  
771,936
292,124


Total members' interests
  

Loans and other debts due to members
 11 
751,736
271,924

Members' other interests
  
20,200
20,200

  
771,936
292,124


Page 1

 
PANARC INTERIOR SOLUTIONS LLP
REGISTERED NUMBER: OC317149
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

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

The entity has opted not to file the Statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 15 October 2024.




P K Fernberg
Designated member

The notes on pages 4 to 11 form part of these financial statements.

Page 2

 
PANARC INTERIOR SOLUTIONS LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE PERIOD ENDED 31 MARCH 2024






Equity
Members' other interests
Debt
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total

£
£
£
£
£

Amounts due to members 
5,097


Balance at 1 May 2022 
20,200
-
20,200
5,097
25,297

Profit for the period available for discretionary division among members
 
-
877,226
877,226
-
877,226

Members' interests after profit for the period
20,200
877,226
897,426
5,097
902,523

Other division of profits
-
(877,226)
(877,226)
877,226
-

Amounts introduced by members
-
-
-
-
-

Drawings on account and distribution of profit
 
-
-
-
(610,399)
(610,399)

Amounts due to members
 



271,924


Balance at 30 April 2023
20,200
-
20,200
271,924
292,124

Profit for the period available for discretionary division among members
 
-
697,314
697,314
-
697,314

Members' interests after profit for the period
20,200
697,314
717,514
271,924
989,438

Other division of profits
-
(697,314)
(697,314)
697,314
-

Drawings on account and distribution of profit
 
-
-
-
(217,502)
(217,502)

Amounts due to members
 



751,736


Balance at 31 March 2024 
20,200
-
20,200
751,736
771,936

The notes on pages 4 to 11 form part of these financial statements.

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 3

 
PANARC INTERIOR SOLUTIONS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

Panarc Interior Solutions  LLP is a limited liability partnership incorporated in England and Wales. The address of the registered office is Unit H2 Deseronto Estate, St. Marys Road, Slough, Berkshire, SL3 7EW.
The LLP specialises in the provision of suspended ceilings and partitions.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

  
2.2

Going concern

The members note that the company is trading adequately and if this continues, they will have sufficient working capital and other finance available to continue for a period of not less than 12 months from the Statement of financial position date. As such the members believe that there are no significant uncertainties in their assessment of whether the business is a going concern and therefore have prepared the accounts on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue is recognised when the service is provided.
Long-term contracts
Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.
Retentions are included in the financial statements at their full value and are provided against at a rate of 50% once the project is completed and fully provided for once the date of repayment has passed.

Page 4

 
PANARC INTERIOR SOLUTIONS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

Motor Vehicles
-
25% reducing balance
Fixtures & Fittings
-
25% reducing balance
Office Equipment
-
33.3% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 5

 
PANARC INTERIOR SOLUTIONS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.10

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the LLP in independently administered funds.

 
2.11

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.12

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense' in the Statement of comprehensive income.

 
2.13

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the period in which they are incurred.


3.


Employees

The average monthly number of employees, including directors, during the period was 11 (year ended 30 April 2023 - 12).

Page 6

 
PANARC INTERIOR SOLUTIONS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

4.


Information in relation to members

Period ended 31 March
Year ended 30 April
2024
2023


The average number of members during the year was
2
2






5.


Tangible fixed assets







Other fixed assets

£



Cost 


At 1 May 2023
42,030


Additions
7,660


Disposals
(31,807)



At 31 March 2024

17,883



Depreciation


At 1 May 2023
40,644


Charge for the period on owned assets
2,130


Disposals
(31,806)



At 31 March 2024

10,968



Net book value



At 31 March 2024
6,915



At 30 April 2023
1,386

Page 7

 
PANARC INTERIOR SOLUTIONS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

6.


Debtors

31 March
30 April
2024
2023
£
£


Trade debtors
938,598
1,166,265

Other debtors
520,936
210,045

Prepayments and accrued income
27,410
17,239

1,486,944
1,393,549



7.


Cash and cash equivalents

31 March
30 April
2024
2023
£
£

Cash at bank and in hand
112,463
115,211

112,463
115,211



8.


Creditors: Amounts falling due within one year

31 March
30 April
2024
2023
£
£

Bank loans
93,750
93,750

Trade creditors
350,190
615,805

Other taxation and social security
23,984
24,093

Other creditors
200,953
195,266

Accruals and deferred income
105,351
164,108

774,228
1,093,022


Included within other creditors are amounts totalling £145,917 (30 April 2023 - £111,243) which are secured by a fixed and floating charge over the total assets of the LLP.
Bank loans of £93,750 
(30 April 2023 - £93,750) are secured by a fixed and floating charge against the assets of the LLP.

Page 8

 
PANARC INTERIOR SOLUTIONS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

9.


Creditors: Amounts falling due after more than one year

31 March
30 April
2024
2023
£
£

Bank loans
60,158
125,000

60,158
125,000


Bank loans of £60,158 (30 April 2023 - £125,000) are secured by a fixed and floating charge against the assets of the LLP.


10.


Loans


Analysis of the maturity of loans is given below:


31 March
30 April
2024
2023
£
£

Amounts falling due within one year

Bank loans
93,750
93,750


93,750
93,750

Amounts falling due 1-2 years

Bank loans
60,158
93,750

Amounts falling due 2-5 years

Bank loans
-
31,250


-
31,250


153,908
218,750


Page 9

 
PANARC INTERIOR SOLUTIONS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

11.


Loans and other debts due to members


31 March
30 April
2024
2023
£
£



Other amounts due to members
751,736
271,924

751,736
271,924

Loans and other debts due to members may be further analysed as follows:

31 March
30 April
2024
2023
£
£



Falling due within one year
751,736
271,924

751,736
271,924

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.


12.


Pension commitments

The LLP operates a defined contributions pension scheme.  The assets of the scheme are held separately from those of the LLP in an independently administered fund. The pension cost charge represents contributions payable by the LLP to the fund and amounted to £10,390 (year ended 30 April 2023 - £8,532). Contributions totaling £1,513 (30 April 2023 - £1,637) were outstanding as at the year end.


13.


Commitments under operating leases

At 31 March 2024 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

31 March
30 April
2024
2023
£
£


Not later than 1 year
32,331
9,070

Later than 1 year and not later than 5 years
68,217
11,228

100,548
20,298

Page 10

 
PANARC INTERIOR SOLUTIONS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

14.


Related party transactions

Included within other debtors is an amount of £96,814 (year ended 30 April 2023 - £117,336) due from a company in which the members are directors.


15.


Controlling party

The LLP is jointly controlled by the designated members.

 
Page 11