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REGISTERED NUMBER: 03127463 (England and Wales)


















PANEL FAST LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






PANEL FAST LIMITED (REGISTERED NUMBER: 03127463)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PANEL FAST LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: Mrs I Brown





REGISTERED OFFICE: Sovereign House
15 Towcester Road
Old Stratford
Milton Keynes
MK19 6AN





REGISTERED NUMBER: 03127463 (England and Wales)





ACCOUNTANTS: Thompson Balch Limited
Chartered Accountants
Sovereign House
15 Towcester Road
Old Stratford
Milton Keynes
MK19 6AN

PANEL FAST LIMITED (REGISTERED NUMBER: 03127463)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 71,680 982,445
Investment property 5 995,000 -
1,066,680 982,445

CURRENT ASSETS
Stocks 35,054 -
Debtors 6 620,317 500,758
Cash at bank 5,171 262
660,542 501,020
CREDITORS
Amounts falling due within one year 7 539,870 4,238
NET CURRENT ASSETS 120,672 496,782
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,187,352

1,479,227

CREDITORS
Amounts falling due after more than one
year

8

(254,362

)

(600,394

)

PROVISIONS FOR LIABILITIES (15,972 ) -
NET ASSETS 917,018 878,833

CAPITAL AND RESERVES
Called up, fully paid share capital 100 100
Retained earnings 916,918 878,733
SHAREHOLDERS' FUNDS 917,018 878,833

PANEL FAST LIMITED (REGISTERED NUMBER: 03127463)

BALANCE SHEET - continued
31 MARCH 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 January 2025 and were signed by:





Mrs I Brown - Director


PANEL FAST LIMITED (REGISTERED NUMBER: 03127463)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Panel Fast 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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 as modified by the revaluation of certain assets.

As described in the directors report, the trading activities of the company have ceased. The accounts have therefore been prepared on a break-up basis. Accordingly, full provision has been made in these accounts for all known liabilities and anticipated losses on realisation of assets.

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.
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 Statement of Income and Retained Earnings, 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.


PANEL FAST LIMITED (REGISTERED NUMBER: 03127463)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
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.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 April 2023 890,565 68,422 47,561
Reclassification/transfer (890,565 ) - -
At 31 March 2024 - 68,422 47,561
DEPRECIATION
At 1 April 2023 - - 37,173
Charge for year - - 9,511
At 31 March 2024 - - 46,684
NET BOOK VALUE
At 31 March 2024 - 68,422 877
At 31 March 2023 890,565 68,422 10,388

PANEL FAST LIMITED (REGISTERED NUMBER: 03127463)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 April 2023 11,746 41,700 1,059,994
Reclassification/transfer - - (890,565 )
At 31 March 2024 11,746 41,700 169,429
DEPRECIATION
At 1 April 2023 7,016 33,360 77,549
Charge for year 2,349 8,340 20,200
At 31 March 2024 9,365 41,700 97,749
NET BOOK VALUE
At 31 March 2024 2,381 - 71,680
At 31 March 2023 4,730 8,340 982,445

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Revaluations 104,435
Reclassification/transfer 890,565
At 31 March 2024 995,000
NET BOOK VALUE
At 31 March 2024 995,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 104,435
Cost 890,565
995,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 620,317 500,758

Within other debtors is a loan to Metal & Modular Fabrications Services Ltd, a company under common control, for £587,400 (2023: £498,998). The loan is interest free and repayable on demand.

PANEL FAST LIMITED (REGISTERED NUMBER: 03127463)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 395,679 4
Trade creditors 112,133 -
Taxation and social security 2,901 1,400
Other creditors 29,157 2,834
539,870 4,238

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 254,362 -
Other creditors - 600,394
254,362 600,394

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 650,034 -
- 600,394
650,034 600,394

The bank loan is secured against Broadwater Farm, Little Brington

10. NON-DISTRIBUTABLE RESERVES

Included within the retained earns are non-distributable reserves of £84,593.