Registered number
02945465
Paneleven Limited
Filleted Accounts
31 July 2024
Paneleven Limited
Registered number: 02945465
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 6,929 1,618
Current assets
Debtors 4 711,512 877,603
Cash at bank and in hand 57,705 25,337
769,217 902,940
Creditors: amounts falling due within one year 5 (418,284) (340,640)
Net current assets 350,933 562,300
Total assets less current liabilities 357,862 563,918
Creditors: amounts falling due after more than one year 6 (15,150) (52,571)
Net assets 342,712 511,347
Capital and reserves
Called up share capital 2 2
Share premium 500,000 500,000
Profit and loss account (157,290) 11,345
Shareholders' funds 342,712 511,347
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. J. Ljujic
Director
Approved by the board on 23 January 2025
Paneleven Limited
Notes to the Accounts
for the year ended 31 July 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).
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:
Office equipment 25% straight line
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 8
3 Tangible fixed assets
Office equipment
£
Cost
At 1 August 2023 24,734
Additions 8,998
At 31 July 2024 33,732
Depreciation
At 1 August 2023 23,116
Charge for the year 3,687
At 31 July 2024 26,803
Net book value
At 31 July 2024 6,929
At 31 July 2023 1,618
4 Debtors 2024 2023
£ £
Trade debtors 524,411 702,267
Loans to directors 108,351 55,607
Other debtors 78,750 119,729
711,512 877,603
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans 10,000 10,000
Obligations under finance lease and hire purchase contracts 3,102 -
Trade creditors 235,828 132,636
Other taxes and social security costs 74,186 43,734
Other creditors 92,168 149,345
Accruals 3,000 4,925
418,284 340,640
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 10,000 20,000
Obligations under finance lease and hire purchase contracts 5,150 -
Other creditors - 32,571
15,150 52,571
7 Other information
Paneleven Limited is a private company limited by shares and incorporated in England. Its registered office is:
22 Manor Drive
London
NW7 3NE
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