Registered number
03315974
Panex Limited
Filleted Accounts
30 June 2024
Panex Limited
Company Information
Directors
S J John
Mrs C A John
Accountants
Anderson Griffin
Rotunda Buildings
Montpellier Exchange
Cheltenham
Glos
Registered office
Unit 42
Gloucestershire Airport
Staverton
Glos
Registered number
03315974
Panex Limited
Registered number: 03315974
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 52,400 58,950
Tangible assets 4 254,035 273,040
306,435 331,990
Current assets
Debtors 5 675,933 682,677
Cash at bank and in hand 456,425 576,488
1,132,358 1,259,165
Creditors: amounts falling due within one year 6 (195,230) (217,696)
Net current assets 937,128 1,041,469
Total assets less current liabilities 1,243,563 1,373,459
Creditors: amounts falling due after more than one year 7 (44,279) (70,012)
Net assets 1,199,284 1,303,447
Capital and reserves
Called up share capital 300 300
Profit and loss account 1,198,984 1,303,147
Shareholders' funds 1,199,284 1,303,447
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.
S J John
Director
Approved by the board on 31 January 2025
Panex Limited
Notes to the Accounts
for the year ended 30 June 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Freehold property nil
Plant and machinery over four years
Motor vehicles over four years
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.
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 15 15
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2023 65,500
At 30 June 2024 65,500
Amortisation
At 1 July 2023 6,550
Provided during the year 6,550
At 30 June 2024 13,100
Net book value
At 30 June 2024 52,400
At 30 June 2023 58,950
Goodwill is being written off in equal annual instalments over its estimated economic life of ten years.
4 Tangible fixed assets
Freehold property Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 July 2023 215,005 3,537 73,844 292,386
Additions - 453 - 453
At 30 June 2024 215,005 3,990 73,844 292,839
Depreciation
At 1 July 2023 - 887 18,459 19,346
Charge for the year - 993 18,465 19,458
At 30 June 2024 - 1,880 36,924 38,804
Net book value
At 30 June 2024 215,005 2,110 36,920 254,035
At 30 June 2023 215,005 2,650 55,385 273,040
5 Debtors 2024 2023
£ £
Trade debtors 324,585 317,850
Amounts owed by group undertakings and undertakings in which the company has a participating interest 351,348 351,348
Other debtors - 13,479
675,933 682,677
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 172,513 175,028
Taxation and social security costs 22,717 42,668
195,230 217,696
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 21,684 32,500
Obligations under finance lease and hire purchase contracts 22,595 37,512
44,279 70,012
8 Controlling party
The company is controlled by the directors.
9 Other information
Panex Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 42
Gloucestershire Airport
Staverton
Glos
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