Registered number
03380293
Pangolin Editions Limited
Report and Financial Statements
31 March 2024
Pangolin Editions Limited
Report and accounts
Contents
Page
Directors' report 1
Strategic report 2
Independent auditor's report 5
Income statement 8
Statement of comprehensive income 9
Statement of financial position 10
Statement of changes in equity 11
Statement of cash flows 12
Notes to the financial statements 13
Pangolin Editions Limited
Registered number: 03380293
Directors' Report
The directors present their report and financial statements for the period ended 31 March 2024.
Principal activities
The company's principal activity during the year continued to be operating as a foundry.
Directors
The following persons served as directors during the period:
P Fairbanks-Bielecka
C Jenkins
R Kingdon
C Koenig
A Maule
S Maule
Directors' responsibilities
The directors are responsible for preparing the report and financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each person who was a director at the time this report was approved confirms that:
so far as he/she is aware, there is no relevant audit information of which the company's auditor is unaware; and
he/she has taken all the steps that he/she ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board on 25 March 2025 and signed on its behalf.
Stephen Maule
Director
Pangolin Editions Limited
Strategic Report
Introduction
The Directors present the strategic report for the period ended 31 March 2024
The objectives of this report are to provide shareholders and other users of these financial statements with:
·        The appropriate level of background context for these financial statements;
·        An analysis of the Company’s past performance and future outlook; and
·        An insight into the Company’s main objectives and strategies, and the principle risks
it faces and how they might affect prospects.
The Company’s Objectives and Strategy
Founded in 1985, Pangolin Editions sculpture foundry casts and fabricates sculpture for many of the foremost sculptors of our time.
The wide range of work these artists have commissioned has given us an unrivalled opportunity to explore and develop the making of sculpture in all its diversity.
By constantly questioning and researching both ancient and cutting-edge processes we have become world-renowned for our expertise in casting bronze, iron, aluminium and precious metals using lost wax, ceramic shell and sand-casting techniques, as well as our ground-breaking range of surface treatments, patinas and finishes.
The Board sees the main business objective as delivering sustainable, responsible and profitable business growth which includes:
·        Continuing to increase sales revenues by working with a wide range of artists in the United
Kingdom and across the world
·        Enhancing existing manufacturing techniques and developing new sustainable processes
·        Developing staff skills and experience
Summary of financial performance
We are pleased to report on a strong period of sales growth. Sales in the extended period to 31 March 2024 were £18.3m. For comparison, annualised net sales for that period were £13.7m compared to a turnover in the prior full year of £11.3m
Increased costs of materials during the period to 31 March 2024 impacted the total cost of sales increasing from 92.3% in the year to 30 Nov 2022 to 94.4% in the period to 31 March 2024. Other direct costs also saw an increase from 1.7% of sales in the prior full year to 30 November 2022 to 2.0% in the 16 month period through to 31 March 2024 and this included significant energy price rises. Gross profit in the period to 31 March 2024 was impacted by these additional costs and was 5.6% of turnover compared to the prior full year to 30 November 2022 which showed a gross profit of 7.7%
Overheads were also slightly higher in the period to 31 March 2024 in percentage terms at 6.3% of sales compared to 5.9% in the prior full year to 30 November 2022
Whilst sales revenue was encouragingly higher in the period through to 31 March 2024, the additional direct costs of sale resulted in a loss before tax of £158.9k
The actions taken by the Board to reduce costs and improve profitability in the year to 31 March 2025 and this is reflected in third quarter results indicating a GP of 12.9% and a NP of 4.8%
Business Review & Market Outlook
During the reporting period through to 31 March 2024 the global Art market continued to contract against a backdrop of global political and economic tension. The premium segment of the global market marked a clear slowdown, accentuating the contraction in global auction turnover that began in 2023. Given the general state of the market from 2023 through to 2024, Pangolin Editions Limited has performed well.
A number of surveys suggest that the outlook from 2025 could be better and after two years of decline, some surveys results signal that the market might be about to turn a corner. 
In taking steps to increase sales revenues and reduce costs, the Board believes that the Company is now well positioned to take advantage of future growth in the global art market, and that it is also in a strong position should growth in the general market not be as strong as expected.
Employees
The Company continues to invest in training for employees and to support their learning, growth and wellbeing.
The Company is an equal opportunity employer and gives equal consideration to any application from any background. Any disabled person is considered on an equal basis where they can adequately fulfil the job. When an existing employee becomes disabled, it is the company policy, wherever practical to provide continuing employment under normal terms and providing training and career development.
Going Concern
The Directors of the Company have prepared the Company financial statements on a going concern basis, they do so after having considered the current levels of cash and borrowing facilities available to the Company and key measures of financial and non-financial performance, both in the period immediately prior to the approval of these financial statements and as anticipated in the period ending no less than twelve months after the date of authorisation of these financial statements (“Going Concern Period”).
Principal Risks and uncertainties
Regional Conflicts
The wars in Ukraine and Gaza introduced significant global economic uncertainty both in the reporting period and to date.
Exports, Brexit and the World Markets
The exit of the UK from Europe on 31 January 2020 continues to provide challenges in terms of administration and export markets. Pangolin Editions Limited has however, in general performed well in adapting to requirements. The recent USA Presidential Election has however, introduced uncertainty in terms of tariffs and potential trade wars which can affect our export markets.
Financial risk management
The Company uses normal financial assets including bank accounts and cash, trade debtors and creditors which arise directly from its operations. It does not use equity investments, stocks, exchange-traded funds (ETFs), mutual funds, real estate investment trusts (REITs), bonds, derivatives contracts (such as options, futures, and swaps), checks, certificates of deposit (CDs)
The Directors are of the view that whilst the level of financial risk is low, that risk is not zero and that the following areas should be noted:
Foreign exchange Rate Risk
Uncertainties in relation to tariffs and impacts on exchange rates are a potential risk.
Interest rate risk
The UK interest rate forecasts suggest lower rates through to end 2025. A reduction in UK interest rates of 1% would decrease interest service charges by around £14k pa, but should interest rate rise there would be the same additional cost to the Company per percentage rise. The Directors do not consider the risk in this are to be material on the basis of current forecasts.
Credit Risk
In order to manage credit risk the Directors review exposure to customers on a combination of payment history and third party information. Exposure levels are reviewed on an ongoing basis.
Financial Key Performance Indicators
16 month Period Annualised performance from 16 mth period Prior full year to
to 31.03.2024 30.11.222
Non-Recurring Revenues 18,308,995 13,731,746 11,366,948
Gross Margin (GP) 1,020,633 765,475 876,910
GP % 5.60% 5.60% 7.70%
Administrative Expenses -1,144,562 -858,421 -673,079
Interest receivable 7,341 5,506 153
Interest payable -42,328 -31,746 -49,339
Profit/(Loss) before Taxation -158,916 -119,187 154,645
Section 172(1) of the Companies Act 2006
The Directors of the Company, as those of all UK companies, must act in accordance with a set of general duties. These Duties are detailed in section 172 of the UK Companies Act 2006 which is summarised below:
A Director of a Company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole and, in doing so, have regard (amongst other matters) to :
·        The likely consequences of any decisions in the long-term
·        The interests of the Company’s employees
·        The need to foster the Company’s business relationships with suppliers, customers and others
·        The impact of the Company’s operations on the community and the environment
·        The desirability of the Company maintaining a reputation for high standards of business conduct
·        The need to act fairly as between shareholders of the company
The Directors fulfil their duties:
·        Through employee management, development and wellbeing
·        By regular communications with suppliers and clients
·        By maintaining the highest standards in all areas of environmental, social and governance (ESG) activities
·        The Company seeks to encourage its people to interact with communities
·        As an environmentally ethical Company we continue to invest in energy efficient technologies, and the
responsible sourcing of all materials and products
·        The Board actively engages and communicates with the Company’s shareholders
The Directors take full consideration of the principles outlined in Section 172 of the Companies Act 2006 including but not limited to the items outlined above, in each and every decision made to ensure the best long term outcome for the Company.
On behalf of the Board
__________________________
Craig Jenkins BA(Hons) FCMA CGMA
Finance Director
25th March 2025
Pangolin Editions Limited
Independent auditor's report
to the members of Pangolin Editions Limited
Opinion
We have audited the financial statements of Pangolin Editions Limited (the 'company') for the period ended 31 March 2024 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its loss for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other matters
In the previous accounting period the directors of the company took advantage of audit exemption under S477 of the Companies Act 2006. Therefore the prior period financial statements were not subject to audit.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the strategic report and the directors’ report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was considerd capable of detecting irreularities, includng fraud
- an understanding of the risk assessment process (including the assessment of the risk of fraud) adopted by the Board is obtained and their attitude to risk is ascertained.
- an assessment of the susceptibility to material mis-statement of the financial statements as a result of management over-ride or fraud is made.
- it is ensured that the engagement team have,colectively, the appropriate competence, capabilities and skills to be involved in the assignment, are fully briefed and understand the risks specific to the Company.
Audit response to risks identified
The information obtained through the assessment to risk procedures is reviewed and the following work undertaken:
- processes to test the outcomes of our assessment include analytical review, the relevance and accuracy of significant accounting estimates, substantive testing of significant transactions, work to identify unusual or unexpected accounting entries including the testing of journal entries, information disclosed in the financial statements is traced to supporting documentation. In all instances it is acknowledged that material mis-statements that arise from fraud may involve deliberate concealment or collusion and are, therefore, by their very nature harder to detect than those arising from error.
- an understanding of the legal and regulatory framework as applicable to the group is obtained together with knowledge of the procdeures put in place by the Company in order to comply with the same.
It should be noted that Auditing standards limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Andrew Cook
(Senior Statutory Auditor) Northfield House
for and on behalf of Shurdington Road
Andrew R Cook Chartered Accountants Bentham
Statutory Auditor Cheltenham
31 March 2025 GL51 4UA
Pangolin Editions Limited
Income Statement
for the period from 1 December 2022 to 31 March 2024
Notes 2024 2022
£ £
Turnover 2 18,308,995 11,366,948
Cost of sales (17,288,362) (10,490,038)
Gross profit 1,020,633 876,910
Administrative expenses (1,144,562) (673,079)
Operating (loss)/profit 3 (123,929) 203,831
Interest receivable 7,341 153
Interest payable 6 (42,328) (49,339)
(Loss)/profit on ordinary activities before taxation (158,916) 154,645
Tax on (loss)/profit on ordinary activities 7 - (33,849)
(Loss)/profit for the period (158,916) 120,796
Pangolin Editions Limited
Statement of Comprehensive Income
for the period from 1 December 2022 to 31 March 2024
Notes 2024 2022
£ £
(Loss)/profit for the period (158,916) 120,796
Other comprehensive income
Total comprehensive income for the period (158,916) 120,796
Pangolin Editions Limited Registered number: 03380293
Statement of Financial Position
as at 31 March 2024
Notes 2024 2022
£ £
Fixed assets
Tangible assets 8 400,271 468,869
Current assets
Stocks 9 1,842,017 1,953,151
Debtors 10 3,750,905 3,396,205
Cash at bank and in hand 1,987 931,435
5,594,909 6,280,791
Creditors: amounts falling due within one year 11 (4,130,658) (4,735,584)
Net current assets 1,464,251 1,545,207
Total assets less current liabilities 1,864,522 2,014,076
Creditors: amounts falling due after more than one year 12 (118,822) (109,460)
Net assets 1,745,700 1,904,616
Capital and reserves
Called up share capital 14 100 100
Profit and loss account 15 1,745,600 1,904,516
Total equity 1,745,700 1,904,616
Craig Jenkins
Director
Approved by the board on 25 March 2025
Pangolin Editions Limited
Statement of Changes in Equity
for the period from 1 December 2022 to 31 March 2024
Share Share Other Profit Total
capital premium reserves and loss
account
£ £ £ £ £
At 1 December 2021 100 - - 1,783,720 1,783,820
Profit for the financial year 120,796 120,796
At 30 November 2022 100 - - 1,904,516 1,904,616
At 1 December 2022 100 - - 1,904,516 1,904,616
Loss for the period (158,916) (158,916)
At 31 March 2024 100 - - 1,745,600 1,745,700
Pangolin Editions Limited
Statement of Cash Flows
for the period from 1 December 2022 to 31 March 2024
Notes 2024 2022
£ £
Operating activities
(Loss)/profit for the period (158,916) 120,796
Adjustments for:
Interest receivable (7,341) (153)
Interest payable 42,328 49,339
Tax on (loss)/profit on ordinary activities - 33,849
Depreciation 133,665 205,530
Decrease/(increase) in stocks 111,134 (70,226)
Increase in debtors (354,700) (801,287)
(Decrease)/increase in creditors (619,570) 1,890,617
(853,400) 1,428,465
Interest received 7,341 153
Interest paid (21,386) (19,046)
Interest element of finance lease payments (20,942) (30,293)
Corporation tax paid (33,849) (100,000)
Cash (used in)/generated by operating activities (922,236) 1,279,279
Investing activities
Payments to acquire tangible fixed assets (34,603) (78,987)
Cash used in investing activities (34,603) (78,987)
Financing activities
Repayment of loans (5,388) 424
Capital element of finance lease payments (53,311) (163,278)
Cash used in financing activities (58,699) (162,854)
Net cash (used)/generated
Cash (used in)/generated by operating activities (922,236) 1,279,279
Cash used in investing activities (34,603) (78,987)
Cash used in financing activities (58,699) (162,854)
Net cash (used)/generated (1,015,538) 1,037,438
Cash and cash equivalents at 1 December 931,435 (106,003)
Cash and cash equivalents at 31 March (84,103) 931,435
Cash and cash equivalents comprise:
Cash at bank 1,987 931,435
Bank overdrafts 11 (86,090) -
(84,103) 931,435
Pangolin Editions Limited
Notes to the Accounts
for the period from 1 December 2022 to 31 March 2024
1 Summary of significant accounting policies
Basis of preparation
The financial statements 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.
The financial statements cover the 16 month period from 1st December 2022 to 31st March 2024 due to the change of our accouting reference date. As such the comparatives are not directly comparable.
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:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 4 years
Motor Vehicles over 4 years
Stocks
Stocks and work in progress 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 and work in progress 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.
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.
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.
Judgements in applying accounting policies and key sources of estimation uncertainty
In preparing the financial statements the Directors have had to make judgements on how to apply the company's accounting policies and make estimates about the future. Theestimats ad associated assumtions are based onhistorical experience and other factors that are considered to be relevant. The estimates andunderlying assumptions are reviewed on an ongoing basis.
2 Analysis of turnover 2024 2022
£ £
Sale of goods 18,308,995 11,366,948
By geographical market:
UK 12,890,469 9,386,781
Europe 625,252 1,020,389
North America 4,341,784 836,993
Rest of world 451,490 122,785
18,308,995 11,366,948
3 Operating profit 2024 2022
£ £
This is stated after charging:
Depreciation of owned fixed assets 66,380 80,239
Depreciation of assets held under finance leases and hire purchase contracts 67,285 125,291
Auditors' remuneration for audit services 9,000 -
Direct cost of sale 17,288,362 10,490,038
4 Directors' emoluments 2024 2022
£ £
Emoluments 265,401 192,166
Company contributions to defined contribution pension plans 3,692 2,813
269,093 194,979
Highest paid director:
Emoluments 160,275 119,458
Company contributions to defined contribution pension plans 1,761 1,321
162,036 120,779
Number of directors to whom retirement benefits accrued: 2024 2022
Number Number
Defined contribution plans 3 3
5 Staff costs 2024 2022
£ £
Wages and salaries 6,683,452 4,218,938
Social security costs 634,012 386,261
Other pension costs 138,033 77,671
7,455,497 4,682,870
Average number of employees during the year Number Number
Administration 19 18
Manufacturing 152 131
Sales 3 2
174 151
6 Interest payable 2024 2022
£ £
Bank loans and overdrafts 21,386 19,046
Finance charges payable under finance leases and hire purchase contracts 20,942 30,293
42,328 49,339
7 Taxation 2024 2022
£ £
Analysis of charge in period
Current tax:
UK corporation tax on profits of the period - 33,849
Tax on profit on ordinary activities - 33,849
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2024 2022
£ £
(Loss)/profit on ordinary activities before tax (158,916) 154,645
Standard rate of corporation tax in the UK 19% 19%
£ £
Profit on ordinary activities multiplied by the standard rate of corporation tax - 29,383
Effects of:
Expenses not deductible for tax purposes - 47
Capital allowances for period in excess of depreciation - 12,173
Utilisation of tax losses - (7,754)
Current tax charge for period - 33,849
The company has losses available to carry forward against future profits of £127,802.
8 Tangible fixed assets
Land and buildings Plant, machinery, equipment and fixtures Motor Vehicles Total
At cost At cost At cost
£ £ £ £
Cost or valuation
At 1 December 2022 318,622 1,306,302 53,753 1,678,677
Additions - 30,853 34,214 65,067
At 31 March 2024 318,622 1,337,155 87,967 1,743,744
Depreciation
At 1 December 2022 36,221 1,119,834 53,753 1,209,808
Charge for the period - 129,388 4,277 133,665
At 31 March 2024 36,221 1,249,222 58,030 1,343,473
Carrying amount
At 31 March 2024 282,401 87,933 29,937 400,271
At 30 November 2022 282,401 186,468 - 468,869
2024 2022
£ £
Carrying value of plant and machinery included above held under finance leases and hire purchase contracts 33,912 66,983
9 Stocks 2024 2022
£ £
Raw materials and consumables 171,691 166,233
Work in progress 1,624,713 1,771,132
Finished goods and goods for resale 45,613 15,786
1,842,017 1,953,151
10 Debtors 2024 2022
£ £
Trade debtors 1,389,645 1,380,142
Other debtors 2,063,810 1,776,405
Prepayments and accrued income 297,450 239,658
3,750,905 3,396,205
11 Creditors: amounts falling due within one year 2024 2022
£ £
Bank overdrafts 86,090 -
Bank loans 7,030 7,030
Obligations under finance lease and hire purchase contracts 9,634 47,231
Trade creditors 1,531,410 1,521,161
Corporation tax - 33,849
Other taxes and social security costs 171,727 303,064
Other creditors 831,882 718,286
Accruals and deferred income 1,492,885 2,104,963
4,130,658 4,735,584
12 Creditors: amounts falling due after one year 2024 2022
£ £
Bank loans 96,990 102,378
Obligations under finance lease and hire purchase contracts 21,832 7,082
118,822 109,460
The bank loan is secured on Unit 8A Chalford Industrial Estate as well as a full and floating charge on all assets of the company.
13 Obligations under finance leases and hire purchase 2024 2022
contracts £ £
Amounts payable:
Within one year 9,634 47,231
Within two to five years 21,832 7,082
31,466 54,313
14 Share capital Nominal 2024 2024 2022
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each - 100 100
15 Profit and loss account 2024 2022
£ £
At 1 December 1,904,516 1,783,720
(Loss)/profit for the period (158,916) 120,796
At 31 March 1,745,600 1,904,516
16 Presentation currency
The financial statements are presented in Sterling.
17 Legal form of entity and country of incorporation
Pangolin Editions Limited is a private company limited by shares and incorporated in England.
18 Principal place of business
The address of the company's principal place of business is:
9 Chalford Industrial Estate, Stroud, Gloucestershire GL6 8NT
19 Related party transactions
During the 16 month period under review the Company:
Purchased goods to the value of £671,492 from Pangolin Digital Ltd, a company owned by
R Kingdon, C Koenig, C Maule and S Maule (25% share each), and made net sales of
£50,506 to Pangolin Digital Ltd.
The amount owed to Pangolin Digital Ltd at the period end date was £307,987 (2022 £338,278).
Made net sales to Pangolin Editions, a business owned by R Kingdon, to the value of £571,943
and net purchases of £933,065.
The amount owed by Pangolin Editions at the period end date was £2,046,220 (2022 £1,674,752).
Made net sales of £81,996 to Pangolin London Ltd, a company part owned by R Kingdon (22.5%)
C Koenig (22.5%) and P Fairbanks-Bielecka (10%).
The amount owed by Pangolin London Ltd at the period end date was £18,556 (2022 £5,314).
Paid £2,500 to Lypiatt Castings Ltd, a company controlled by R Kingdon and C Koenig.
The amount owed by Lypiatt Castings Ltd at the period end date was £17,149 (2022 £14,649).
All transactions were undertaken at arms-length commercial rates.
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