1 April 2023 v2025.36.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP110781912023-04-012024-03-31110781912024-03-31110781912023-03-3111078191core:WithinOneYear2024-03-3111078191core:WithinOneYear2023-03-3111078191core:AfterOneYear2024-03-3111078191core:AfterOneYear2023-03-3111078191core:ShareCapital2024-03-3111078191core:ShareCapital2023-03-3111078191core:RetainedEarningsAccumulatedLosses2024-03-3111078191core:RetainedEarningsAccumulatedLosses2023-03-3111078191bus:Director12023-04-012024-03-3111078191bus:RegisteredOffice2023-04-012024-03-3111078191core:NetGoodwill2023-04-012024-03-3111078191core:Goodwill2023-04-012024-03-3111078191core:FurnitureFittings2023-04-012024-03-3111078191core:MotorVehicles2023-04-012024-03-31110781912022-04-012023-03-3111078191core:NetGoodwill2024-03-3111078191core:NetGoodwill2023-04-0111078191core:NetGoodwill2023-03-3111078191core:PlantMachinery2024-03-3111078191core:PlantMachinery2023-04-0111078191core:PlantMachinery2023-04-012024-03-3111078191core:PlantMachinery2023-03-311107819112023-04-012024-03-3111078191countries:EnglandWales2023-04-012024-03-3111078191bus:AuditExemptWithAccountantsReport2023-04-012024-03-3111078191bus:PrivateLimitedCompanyLtd2023-04-012024-03-3111078191bus:SmallEntities2023-04-012024-03-3111078191bus:AbridgedAccounts2023-04-012024-03-31
Company registration number:
11078191
PANACHE DESIGNS LIMITED
Unaudited Filleted Abridged Financial Statements for the year ended
31 March 2024
PANACHE DESIGNS LIMITED
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of PANACHE DESIGNS LIMITED
Year ended
31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the
abridged financial statements
of
PANACHE DESIGNS LIMITED
for the year ended
31 March 2024
which comprise the abridged income statement, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at icaew.com/​regulations.
This report is made solely to the Board of Directors of
PANACHE DESIGNS LIMITED
, as a body. My work has been undertaken solely to prepare for your approval the
abridged financial statements
of
PANACHE DESIGNS LIMITED
and state those matters that I have agreed to state to the Board of Directors of
PANACHE DESIGNS LIMITED
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than
PANACHE DESIGNS LIMITED
and its Board of Directors, as a body, for my work or for this report.
It is your duty to ensure that
PANACHE DESIGNS LIMITED
has kept adequate accounting records and to prepare statutory
abridged financial statements
that give a true and fair view of the assets, liabilities, financial position and loss of
PANACHE DESIGNS LIMITED
. You consider that
PANACHE DESIGNS LIMITED
is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the abridged financial statements of PANACHE DESIGNS LIMITED. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory abridged financial statements.
PHDK Accountants Ltd
Chartered Accountants
40 Magnolia Gardens
Edgware
HA8 9GH
United Kingdom
Date:
17 June 2025
PANACHE DESIGNS LIMITED
Statement of Financial Position
31 March 2024
20242023
Note££
Fixed assets    
Intangible assets 5
209,061
 
238,927
 
Tangible assets 6
26,151
 
34,869
 
235,212
 
273,796
 
Current assets    
Stocks
5,260
 
5,195
 
Debtors 7
169,601
 
194,996
 
Cash at bank and in hand
752
 
5,132
 
175,613
 
205,323
 
Creditors: amounts falling due within one year 8
(546,380
)
(521,727
)
Net current liabilities
(370,767
)
(316,404
)
Total assets less current liabilities (135,555 ) (42,608 )
Creditors: amounts falling due after more than one year 9
(31,939
)
(35,539
)
Net liabilities
(167,494
)
(78,147
)
Capital and reserves    
Called up share capital
1,000
 
1,000
 
Profit and loss account
(168,494
)
(79,147
)
Shareholders deficit
(167,494
)
(78,147
)
For the year ending
31 March 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements.
All of the members have consented to the preparation of the abridged income statement for the year ended
31 March 2024
in accordance with Section 444(2A) of the Companies Act 2006.
These
abridged financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
abridged financial statements
were approved by the board of directors and authorised for issue on
17 June 2025
, and are signed on behalf of the board by:
Mr Prashant Kapur
Director
Company registration number:
11078191
PANACHE DESIGNS LIMITED
Notes to the Abridged Financial Statements
Year ended
31 March 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
1 Doughty Street
,
London
,
WC1N 2PH
, United Kingdom.

2 Statement of compliance

These
abridged financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
abridged financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
abridged financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill
10% straight line

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
19% straight line
Motor vehicles
20% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
2
(2023:
3
).

5 Intangible assets

Goodwill
£
Cost  
At
1 April 2023
and
31 March 2024
298,659
 
Amortisation  
At
1 April 2023
59,732
 
Charge
29,866
 
At
31 March 2024
89,598
 
Carrying amount  
At
31 March 2024
209,061
 
At 31 March 2023
238,927
 

Intangible assets held at valuation

In respect of intangible assets other than goodwill held at valuation, the comparable amounts that would have been recognised if the assets had been carried under the historical cost model are as follows:
20242023
££
Aggregate historical cost 298,659   298,659  
Aggregate amortisation 89,598   59,732  
Carrying amount
209,061
 
238,927
 

6 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 April 2023
and
31 March 2024
44,184
 
Depreciation  
At
1 April 2023
9,315
 
Charge
8,718
 
At
31 March 2024
18,033
 
Carrying amount  
At
31 March 2024
26,151
 
At 31 March 2023
34,869
 

Tangible assets held at valuation

In respect of tangible assets held at valuation, the comparable amounts that would have been recognised if the assets had been carried under the historical cost model are as follows:
Plant and machineryPlant and machinery
20242023
££
Aggregate historical cost 44,184   44,184  
Aggregate depreciation (18,033 ) (9,315 )
Carrying amount 26,151   34,869  

7 Debtors

20242023
££
Trade debtors
169,601
 
191,232
 
Other debtors -  
3,764
 
169,601
 
194,996
 

8 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
224,362
 
246,015
 
Trade creditors
168,486
 
153,908
 
Taxation and social security
19,583
 
11,600
 
Other creditors
133,949
 
110,204
 
546,380
 
521,727
 

9 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
31,939
 
35,539
 

10 Exceptional Item