Registered number : 03740518

 

 

 

 

 

 

 

 

 

 

 

 

BRISTOL PANEL FORMERS LTD.

 

DIRECTORS' REPORT AND

 

UNAUDITED FINANCIAL STATEMENTS

 

FOR THE YEAR ENDED 30 NOVEMBER 2024

 

 

 

Bristol Panel Formers Ltd.

 

Directors' Report and Unaudited Financial Statements

 

For The Year Ended 30 November 2024

 

 

Contents

Page

 

 

Directors' Report

3

 

 

Profit and Loss Account

4

 

 

Balance Sheet

5 - 6

 

 

Notes to the Financial Statements

7 - 11

 

Bristol Panel Formers Ltd.

 

Company No. 03740518

 

Directors' Report For The Year Ended 30 November 2024

 

 

The directors present their report and the financial statements for the year ended 30 November 2024.

 

Statement of Directors' Responsibilities

 

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:

 

select suitable accounting policies and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Directors

The directors who held office during the year were as follows:

Mr Martin Hargreaves

 

 

Small Company Rules

 

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

On behalf of the board

 

 

 

 

Mr Martin Hargreaves

Director

19th August 2025

 

Bristol Panel Formers Ltd.

 

Profit and Loss Account

For The Year Ended 30 November 2024

 

 

 

30

30

 

November

November

 

2024

2023

 

£

£

 

 

 

TURNOVER

1,944,113

1,504,434

Cost of sales

(1,408,013)

(1,130,869)

 

 

 

GROSS PROFIT

536,100

373,565

 

 

 

Administrative expenses

(396,910)

(406,150)

 

 

 

OPERATING PROFIT

139,190

(32,585)

 

 

 

Other interest receivable and similar income

0

0

Interest payable and similar charges

(21,587)

(19,733)

 

 

 

PROFIT BEFORE TAXATION

117,603

(52,319)

 

 

 

Tax on Profit

(30,164)

5,693

 

 

 

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR

87,439

(46,626)

 

Bristol Panel Formers Ltd.

 

Balance Sheet

As at 30 November 2024

 

 

 

30 November 2024

30 November 2023

 

Notes

£

£

£

£

FIXED ASSETS

 

 

 

 

 

Tangible Assets

3

 

40,545

 

41,598

 

 

 

 

 

 

 

 

 

40,545

 

41,598

CURRENT ASSETS

 

 

 

 

 

Stocks

4

22,854

 

48,186

 

Debtors

5

1,058,361

 

913,974

 

Cash at bank and in hand

 

78,803

 

21,326

 

 

 

 

 

 

 

 

 

1,160,017

 

983,486

 

 

 

 

 

 

 

Creditors: Amounts Falling Due Within One Year

6

(404,842)

 

(312,527)

 

NET CURRENT ASSETS (LIABILITIES)

 

 

755,176

 

670,960

 

 

 

 

 

 

TOTAL ASSETS LESS CURRENT LIABILITIES

 

 

795,721

 

712,558

 

 

 

 

 

 

Creditors: Amounts Falling Due After More Than One Year

7

 

(26,174)

 

(31,058)

 

 

 

 

 

 

PROVISIONS FOR LIABILITIES

 

 

 

 

 

Deferred Taxation

 

 

(10,558)

 

(9,950)

 

 

 

 

 

 

NET ASSETS

 

 

758,989

 

671,550

 

 

 

 

 

 

CAPITAL AND RESERVES

 

 

 

 

 

Called up share capital

 

 

100

 

100

Share premium account

 

 

9,995

 

9,995

Profit and Loss Account

 

 

748,894

 

661,455

 

 

 

 

 

 

SHAREHOLDERS' FUNDS

 

 

758,989

 

671,550

 

Bristol Panel Formers Ltd.

 

Balance Sheet (continued)

As at 30 November 2024

 

For the year ending 30 November 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 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 in accordance with the provisions applicable to companies subject to the small companies' regime.

 

 

On behalf of the board

 

 

 

Martin Hargreaves

 

 

 

Mr Martin Hargreaves

Director

19th August 2025

 

 

 

The notes on pages 7 to 10 form part of these financial statements

 

Bristol Panel Formers Ltd.

 

Notes to the Financial Statements

For The Year Ended 30 November 2024

 

1.     Accounting Policies

 

1.1.     Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

 

1.2.     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.

 

1.3.     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:

 

Leasehold

Straight line over the remainder of the lease

Plant & Machinery

10% straight line

Fixtures & Fittings

10% straight line

Computer Equipment

10% straight line

 

1.4.     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 slowmoving 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.

Bristol Panel Formers Ltd.

 

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2024

1.5.     Taxation

Income 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.

 

2.     Average Number of Employees

Average number of employees during the year was 13 (2023: 13)

 

 

Bristol Panel Formers Ltd.

 

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2024

 

3.     Tangible Assets

 

 

Land & Property

Plant &

Fixtures &

Computer

 

 

Leasehold

Machinery

Fittings

Equipment

Total

 

£

£

£

£

£

Cost

 

 

 

 

 

As at 1 December 2023

122,709

567,761

9,984

91,837

792,291

Additions

666

17,286

0

980

18,932

As at 30 November 2024

123,375

585,047

9,984

92,817

811,223

 

 

 

 

 

 

Depreciation

 

 

 

 

 

As at 1 December 2023

111,787

543,927

3,142

91,837

750,693

Provided during the period

5,794

10,280

3,421

490

19,985

As at 30 November 2024

117,581

554,207

6,563

92,327

770,678

 

 

 

 

 

 

Net Book Value

 

 

 

 

 

As at 30 November 2024

5,794

30,840

3,421

490

40,545

As at 1 December 2023

10,922

23,834

6,842

0

41,598

 

4.     Stock

 

 

30

30

 

November

November

 

2024

2023

 

£

£

Stock - materials

22,854

48,186

Stock - work in progress

0

0

 

22,854

48,186

 

Bristol Panel Formers Ltd.

 

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2024

 

5.     Debtors

 

 

30

30

 

November

November

 

2024

2023

Due within one year

£

£

Trade debtors

316,327

251,053

Prepayments and accrued income

16,495

12,383

Directors' loan accounts

0

0

 

 

 

 

332,822

263,435

Due after more than one year

 

 

Amounts owed by group undertakings

725,539

650,539

 

 

 

 

725,539

650,539

 

 

 

 

1,058,361

913,974

 

6.     Creditors : Amounts Falling Due Within One Year

 

 

30

30

 

November

November

 

2024

2023

 

£

£

Trade Creditors

113,380

84,543

Bank loans and overdrafts

0

2,117

Corporation tax

29,556

1,734

Other taxes and social security

9,428

9,372

VAT

79,000

38,785

Other creditors

3,808

1,739

Accruals and deferred income

79,669

84,237

Directors' loan accounts

90,000

90,000

 

 

 

 

404,842

312,527

 

7.     Creditors : Amounts Falling Due After More Than One Year

 

 

30

30

 

November

November

 

2024

2023

 

£

£

Bank loans

26,174

31,058

 

 

 

 

26,174

31,058

 

Bristol Panel Formers Ltd.

 

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2024

 

8.     Share Capital

 

 

30

30

 

November

November

 

2024

2023

Allotted, Called up and fully paid

100

100

 

9.     Other commitments

 

The total of future minimum lease payments under non-cancellable operating leases are as following:

 

 

Land and buildings

 

30 November 2024

30 November 2023

 

£

£

Within 1 year

60,120

44,400

Between 1 and 5 years

0

44,400

 

60,120

88,800

 

10.     General Information

 

Bristol Panel Formers Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 03740518. The registered office is 606 Petherton Road, Bristol, BS14 9BZ.