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Registered number: 01255752
Panema Trailer Engineering Limited
Unaudited Financial Statements
For The Year Ended 31 March 2025
Richard Day Accountants Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 01255752
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 422,040 425,535
422,040 425,535
CURRENT ASSETS
Stocks 5 268,405 358,562
Debtors 6 235,198 478,320
Cash at bank and in hand 431,970 122,946
935,573 959,828
Creditors: Amounts Falling Due Within One Year 7 (522,987 ) (642,870 )
NET CURRENT ASSETS (LIABILITIES) 412,586 316,958
TOTAL ASSETS LESS CURRENT LIABILITIES 834,626 742,493
PROVISIONS FOR LIABILITIES
Deferred Taxation (34,413 ) (33,178 )
NET ASSETS 800,213 709,315
CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Profit and Loss Account 799,213 708,315
SHAREHOLDERS' FUNDS 800,213 709,315
Page 1
Page 2
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Darren Anema
Director
Mr Adrian Anema
Director
14/05/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Panema Trailer Engineering Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01255752 . The registered office is Chalk Lane, Snetterton, Norwich, NR16 2JZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% straight line
Plant & Machinery 20% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 20% straight line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2024: 13)
13 13
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 April 2024 421,731 277,447 47,278 7,490 753,946
Additions - 30,010 - 260 30,270
As at 31 March 2025 421,731 307,457 47,278 7,750 784,216
Depreciation
As at 1 April 2024 118,107 161,606 41,661 7,037 328,411
Provided during the period 8,434 23,573 1,405 353 33,765
As at 31 March 2025 126,541 185,179 43,066 7,390 362,176
Net Book Value
As at 31 March 2025 295,190 122,278 4,212 360 422,040
As at 1 April 2024 303,624 115,841 5,617 453 425,535
5. Stocks
2025 2024
£ £
Stock 268,405 358,562
6. Debtors
2025 2024
£ £
Due within one year
Trade debtors 199,097 434,969
Prepayments and accrued income 34,086 11,453
Amounts owed by other participating interests 2,015 31,898
235,198 478,320
7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 236,118 216,348
Corporation tax 47,482 42,083
Other taxes and social security 16,224 13,035
VAT 60,357 55,468
Other creditors 85,981 168,044
Accruals and deferred income 46,425 61,235
Directors' loan accounts 30,400 86,657
522,987 642,870
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Page 5
8. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 1,000 1,000
Page 5