Registered number
SC485833
PANESAR (UK) LTD
Filleted Accounts
30 September 2024
PANESAR (UK) LTD
Registered number: SC485833
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 14,780 14,088
Current assets
Stocks 33,741 34,793
Cash at bank and in hand 93,238 57,682
126,979 92,475
Creditors: amounts falling due within one year 4 (22,405) (15,573)
Net current assets 104,574 76,902
Total assets less current liabilities 119,354 90,990
Creditors: amounts falling due after more than one year 5 (24,936) (13,136)
Net assets 94,418 77,854
Capital and reserves
Called up share capital 100 100
Profit and loss account 94,318 77,754
Shareholder's funds 94,418 77,854
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Mr Manjit Singh Panesar
Director
Approved by the board on 6 May 2025
PANESAR (UK) LTD
Notes to the Accounts
for the year ended 30 September 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.
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:
Fixtures, fittings, tools and equipment 10% reducing balance
Stocks
Stocks 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 sold is recognised as an expense in the period in which the related revenue is recognised.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 5
3 Tangible fixed assets
Fixture & fittings Motor vehicle Total
£ £ £
Cost
At 1 October 2023 15,168 6,500 21,668
Additions 2,334 - 2,334
At 30 September 2024 17,502 6,500 24,002
Depreciation
At 1 October 2023 5,818 1,762 7,580
Charge for the year 1,168 474 1,642
At 30 September 2024 6,986 2,236 9,222
Net book value
At 30 September 2024 10,516 4,264 14,780
At 30 September 2023 9,350 4,738 14,088
4 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 12,908 5,768
Taxation and social security costs 3,898 2,833
Other creditors 5,599 6,972
22,405 15,573
5 Creditors: amounts falling due after one year 2024 2023
£ £
Director's loan account 24,936 13,136
PANESAR (UK) LTD SC485833 false 2023-10-01 2024-09-30 2024-09-30 VT Final Accounts April 2025 Mr Manjit Singh Panesar No description of principal activity SC485833 2022-10-01 2023-09-30 SC485833 core:WithinOneYear 2023-09-30 SC485833 core:AfterOneYear 2023-09-30 SC485833 core:ShareCapital 2023-09-30 SC485833 core:RetainedEarningsAccumulatedLosses 2023-09-30 SC485833 2023-10-01 2024-09-30 SC485833 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 SC485833 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 SC485833 bus:Director40 2023-10-01 2024-09-30 SC485833 2 2023-10-01 2024-09-30 SC485833 core:PlantMachinery 2023-10-01 2024-09-30 SC485833 core:Vehicles 2023-10-01 2024-09-30 SC485833 bus:FRS102 2023-10-01 2024-09-30 SC485833 bus:FilletedAccounts 2023-10-01 2024-09-30 SC485833 2024-09-30 SC485833 core:WithinOneYear 2024-09-30 SC485833 core:AfterOneYear 2024-09-30 SC485833 core:ShareCapital 2024-09-30 SC485833 core:RetainedEarningsAccumulatedLosses 2024-09-30 SC485833 core:PlantMachinery 2024-09-30 SC485833 core:Vehicles 2024-09-30 SC485833 2023-09-30 SC485833 core:PlantMachinery 2023-09-30 SC485833 core:Vehicles 2023-09-30 iso4217:GBP xbrli:pure