Registered number
05952570
Panel Fab Limited
Unaudited Filleted Accounts
30 September 2024
Panel Fab Limited
Registered number: 05952570
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 64,978 41,891
Current assets
Stocks 31,548 7,948
Debtors 4 131,350 67,230
Cash at bank and in hand 314,959 257,186
477,857 332,364
Creditors: amounts falling due within one year 5 (262,413) (153,044)
Net current assets 215,444 179,320
Total assets less current liabilities 280,422 221,211
Provisions for liabilities (16,245) (10,450)
Net assets 264,177 210,761
Capital and reserves
Called up share capital 100 100
Profit and loss account 264,077 210,661
Shareholders' funds 264,177 210,761
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.
P Bridge
Director
Approved by the board on 18 November 2024
Panel Fab Limited
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The reporting currency is pounds sterling and all figures are rounded to the nearest £1.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
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, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold improvements over the lease term
Plant and machinery over 3 or 4 years straight line
Motor vehicles 25% per annum on reducing balance basis
Stocks and work in progress
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 7
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 October 2023 5,672 4,390 120,038 130,100
Additions - - 37,890 37,890
At 30 September 2024 5,672 4,390 157,928 167,990
Depreciation
At 1 October 2023 5,545 3,587 79,077 88,209
Charge for the year 127 306 14,370 14,803
At 30 September 2024 5,672 3,893 93,447 103,012
Net book value
At 30 September 2024 - 497 64,481 64,978
At 30 September 2023 127 803 40,961 41,891
4 Debtors 2024 2023
£ £
Trade debtors 118,901 56,201
Amounts owed by group undertakings and undertakings in which the company has a participating interest 9,026 8,013
Other debtors 3,423 3,016
131,350 67,230
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 118,901 15,376
Amounts owed to group undertakings and undertakings in which the company has a participating interest 15,178 14,991
Taxation and social security costs 11,525 9,530
Other creditors 116,809 113,147
262,413 153,044
6 Share capital 2024 2023
No. No.
Authorised
Ordinary shares of £1 each 100 100
Allotted, called up and fully paid shares £ £
Ordinary shares of £1 each 100 100
7 Controlling party
The company is a wholly owned subsidiary of Panel Fab Holdings Limited, a company incorporated in England which shares the same registered office as Panel Fab Limited.
The group is ultimately owned by Mr Paul Bridge and family, who own the majority of the issued share capital of Panel Fab Holdings Limited.
8 Other information
Panel Fab Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 16 Great Grimsby Seafood Village
Wickham Road
Fish Docks
Grimsby
DN31 3SX
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