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REGISTERED NUMBER: 04075096 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 OCTOBER 2024

FOR

PORTSLADE PANELWORKS LIMITED

PORTSLADE PANELWORKS LIMITED (REGISTERED NUMBER: 04075096)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


PORTSLADE PANELWORKS LIMITED (REGISTERED NUMBER: 04075096)

BALANCE SHEET
31 OCTOBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 72,451 35,055

CURRENT ASSETS
Stocks 15,000 15,000
Debtors 6 415,059 231,883
Cash at bank and in hand 151,790 169,014
581,849 415,897
CREDITORS
Amounts falling due within one year 7 279,444 289,430
NET CURRENT ASSETS 302,405 126,467
TOTAL ASSETS LESS CURRENT
LIABILITIES

374,856

161,522

CREDITORS
Amounts falling due after more than
one year

8

(36,814

)

(13,333

)

PROVISIONS FOR LIABILITIES 9 (1,045 ) (1,901 )
NET ASSETS 336,997 146,288

CAPITAL AND RESERVES
Called up share capital 10 2 2
Retained earnings 336,995 146,286
SHAREHOLDERS' FUNDS 336,997 146,288

PORTSLADE PANELWORKS LIMITED (REGISTERED NUMBER: 04075096)

BALANCE SHEET - continued
31 OCTOBER 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 July 2025 and were signed on its behalf by:





Mr P J Chambers - Director


PORTSLADE PANELWORKS LIMITED (REGISTERED NUMBER: 04075096)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024


1. STATUTORY INFORMATION

Portslade Panelworks Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 04075096

Registered office: Pharmacy Chambers
High Street
Wadhurst
East Sussex
TN5 6AP

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

All fixed assets are initially recorded at cost.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

PORTSLADE PANELWORKS LIMITED (REGISTERED NUMBER: 04075096)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


3. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities, like trade and other accounts receivable and payable, loans from banks and other third parties and loans to / from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted transaction price less any impairment.

If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of the estimated cash flows discounted at the asset's original effective rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet and measured as detailed above.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Finance costs are charged to the profit and loss over the term of the financial asset / liability using the effective interest method so that the amount charged is at a constant rate on the carrying amount.


PORTSLADE PANELWORKS LIMITED (REGISTERED NUMBER: 04075096)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Operating leases
Rentals paid under operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 14 ) .

PORTSLADE PANELWORKS LIMITED (REGISTERED NUMBER: 04075096)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 November 2023 36,668 82,127 44,006 47,638 210,439
Additions - - 1,110 54,150 55,260
At 31 October 2024 36,668 82,127 45,116 101,788 265,699
DEPRECIATION
At 1 November 2023 36,668 74,348 43,527 20,841 175,384
Charge for year - 1,945 282 15,637 17,864
At 31 October 2024 36,668 76,293 43,809 36,478 193,248
NET BOOK VALUE
At 31 October 2024 - 5,834 1,307 65,310 72,451
At 31 October 2023 - 7,779 479 26,797 35,055

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 51,750
At 31 October 2024 51,750
DEPRECIATION
Charge for year 8,625
At 31 October 2024 8,625
NET BOOK VALUE
At 31 October 2024 43,125

PORTSLADE PANELWORKS LIMITED (REGISTERED NUMBER: 04075096)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 104,532 213,948
Amounts owed by associates 260,963 -
Other debtors 1,450 -
Directors' current accounts 26,675 130
Prepayments and accrued income 21,439 17,805
415,059 231,883

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 8,000 8,000
Hire purchase contracts 644 -
Trade creditors 63,327 80,926
Corporation tax 98,240 66,657
PAYE and social security 9,965 10,440
VAT 50,660 65,754
Other creditors 18,343 20,658
Net wages 28,436 33,622
Accruals and deferred income 1,829 3,373
279,444 289,430

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 5,333 8,000
Bank loans - 2-5 years - 5,333
Hire purchase contracts 31,481 -
36,814 13,333

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 1,045 1,901

PORTSLADE PANELWORKS LIMITED (REGISTERED NUMBER: 04075096)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 November 2023 1,901
Provided during year (856 )
Balance at 31 October 2024 1,045

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2024 and 31 October 2023:

2024 2023
£    £   
Mr P J Chambers
Balance outstanding at start of year 65 (458 )
Amounts advanced 25,121 92,523
Amounts repaid - (92,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 25,186 65

Mr J P Chambers
Balance outstanding at start of year 65 (458 )
Amounts advanced - 92,523
Amounts repaid (65 ) (92,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 65

PORTSLADE PANELWORKS LIMITED (REGISTERED NUMBER: 04075096)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Miss C Chambers
Balance outstanding at start of year - -
Amounts advanced 1,489 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,489 -

12. RELATED PARTY DISCLOSURES

At the balance sheet date, £260,963 (2023: £Nil) was due from Precision Panelworks Limited, a company in which Miss C Chambers has an interest as Director and Shareholder. Interest of £5,463 has been charged on this balance at HM Revenue and Customs' official rate of interest.