Company registration number 02812661 (England and Wales)
AUSCASH LIMITED T/A PANEL FINANCIAL
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
AUSCASH LIMITED T/A PANEL FINANCIAL
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
AUSCASH LIMITED T/A PANEL FINANCIAL
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
6,577
18,420
Current assets
Debtors
5
1,522,429
1,289,700
Cash at bank and in hand
56,331
142,382
1,578,760
1,432,082
Creditors: amounts falling due within one year
6
(417,570)
(387,436)
Net current assets
1,161,190
1,044,646
Total assets less current liabilities
1,167,767
1,063,066
Creditors: amounts falling due after more than one year
7
(50,000)
(50,000)
Provisions for liabilities
(1,650)
(4,600)
Net assets
1,116,117
1,008,466
Capital and reserves
Called up share capital
120,000
120,000
Profit and loss reserves
996,117
888,466
Total equity
1,116,117
1,008,466
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
AUSCASH LIMITED T/A PANEL FINANCIAL
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 May 2025 and are signed on its behalf by:
C J Rawlings
Director
Company Registration No. 02812661
AUSCASH LIMITED T/A PANEL FINANCIAL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information
Auscash Limited T/A Panel Financial is a private company limited by shares incorporated in England and Wales. The registered office is Ship Canal House, 98 King Street, Manchester, United Kingdom, M2 4WU.
The principal place of business is PO Box 37, Altrincham, Cheshire, WA14 4ZT.
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.
1.2
Turnover
The full value of the factored debt is recognised in the profit and loss account at the time the debts are factored. Assignment costs associated with the factored debt are also recognised at that time.
The full value of the factored debt is recognised on the balance sheet as it represents rights or other access to future economic benefits.
1.3
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:
Computer equipment
25% straight line
Motor vehicles
25% straight line
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.
1.4
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
AUSCASH LIMITED T/A PANEL FINANCIAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are recognised at transaction price.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
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 profit and loss account 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.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
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 except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
In the opinion of the directors there are no significant judgements or critical accounting estimates to disclose.
AUSCASH LIMITED T/A PANEL FINANCIAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
4
Tangible fixed assets
Computer equipment
Motor vehicles
Total
£
£
£
Cost
At 1 October 2023 and 30 September 2024
13,843
42,890
56,733
Depreciation and impairment
At 1 October 2023
11,506
26,807
38,313
Depreciation charged in the year
1,120
10,723
11,843
At 30 September 2024
12,626
37,530
50,156
Carrying amount
At 30 September 2024
1,217
5,360
6,577
At 30 September 2023
2,337
16,083
18,420
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,520,931
1,288,345
Other debtors
1,498
1,355
1,522,429
1,289,700
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
258,473
190,694
Taxation and social security
2,176
28,349
Other creditors
156,921
168,393
417,570
387,436
AUSCASH LIMITED T/A PANEL FINANCIAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
50,000
50,000