Company registration number 05527993 (England and Wales)
Don`t Panic Projects Limited
Unaudited financial statements
For the year ended 30 November 2024
Dont Panic Projects Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
Dont Panic Projects Limited
Statement of financial position
As at 30 November 2024
30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
632
2,294
Tangible assets
5
9,235
15,304
9,867
17,598
Current assets
Debtors
6
583,220
482,113
Cash at bank and in hand
144,092
183,874
727,312
665,987
Creditors: amounts falling due within one year
7
(594,534)
(488,316)
Net current assets
132,778
177,671
Total assets less current liabilities
142,645
195,269
Creditors: amounts falling due after more than one year
8
(48,667)
(121,667)
Provisions for liabilities
(1,839)
(3,164)
Net assets
92,139
70,438
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
92,039
70,338
Total equity
92,139
70,438
Dont Panic Projects Limited
Statement of financial position (continued)
As at 30 November 2024
30 November 2024
- 2 -

For the financial year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 6 May 2025
Ms N  Wake
Director
Company registration number 05527993 (England and Wales)
Dont Panic Projects Limited
Notes to the financial statements
For the year ended 30 November 2024
- 3 -
1
Accounting policies
Company information

Dont Panic Projects Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 21, Hardmans Business Centre, New Hall Hey Road, Rawtenstall, Rossendale, United Kingdom, BB4 6HH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company had net assets of £92k and cash reserves of £144k at the year end. For the foreseeable future, the director anticipates that the company will continue to trade profitably and therefore adopts the going concern basis of accounting in preparing these financial statements.

1.2
Turnover

Turnover comprises amounts receivable in return for services provided net of value added tax and discounts and is recognised in the period in which the service is provided. Amounts invoiced in advance are deferred and recognised in the year to which they relate.

 

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents & licences
20% on cost
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Dont Panic Projects Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price and subsequently measured at amortised cost.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Dont Panic Projects Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.10

Dividends

Equity dividends are recognised when they become legally payable and are no longer at the discretion of the company.

1.11

Operating leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

2
Judgements and key sources of estimation uncertainty

In the opinion of the director there are no judgements or estimates which are considered critical to the preparation of the financial statements.

 

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
21
20
4
Intangible fixed assets
Other
£
Cost
At 1 December 2023 and 30 November 2024
8,312
Amortisation and impairment
At 1 December 2023
6,018
Amortisation charged for the year
1,662
At 30 November 2024
7,680
Carrying amount
At 30 November 2024
632
At 30 November 2023
2,294
Dont Panic Projects Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
- 6 -
5
Tangible fixed assets
Plant and equipment
£
Cost
At 1 December 2023
38,661
Additions
3,680
At 30 November 2024
42,341
Depreciation and impairment
At 1 December 2023
23,357
Depreciation charged in the year
9,749
At 30 November 2024
33,106
Carrying amount
At 30 November 2024
9,235
At 30 November 2023
15,304
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
116,622
138,193
Other debtors
466,598
343,920
583,220
482,113
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
73,000
73,000
Trade creditors
61,042
121,183
Taxation and social security
46,294
61,169
Other creditors
414,198
232,964
594,534
488,316

The long-term bank loans are secured by fixed charges over the assets of the company.

Dont Panic Projects Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
- 7 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
48,667
121,667

The long-term bank loans are secured by fixed charges over the assets of the company.

9
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
17,425
45,167
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