| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 27 June 2023 |
| for |
| PAFPAN LTD |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 27 June 2023 |
| for |
| PAFPAN LTD |
| PAFPAN LTD (Registered number: 11413299) |
| Contents of the Financial Statements |
| for the Year Ended 27 June 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| PAFPAN LTD |
| Company Information |
| for the Year Ended 27 June 2023 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Certified Accountants |
| 130A Darkes Lane |
| Potters Bar |
| Hertfordshire |
| EN6 1AF |
| PAFPAN LTD (Registered number: 11413299) |
| Balance Sheet |
| 27 June 2023 |
| 27.6.23 | 27.6.22 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks | 5 |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Retained earnings | 11 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The director acknowledges his 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. |
| PAFPAN LTD (Registered number: 11413299) |
| Balance Sheet - continued |
| 27 June 2023 |
| The financial statements were approved by the director and authorised for issue on |
| PAFPAN LTD (Registered number: 11413299) |
| Notes to the Financial Statements |
| for the Year Ended 27 June 2023 |
| 1. | STATUTORY INFORMATION |
| PAFPAN LTD is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Fixtures and fittings | - |
| Stocks |
| Work in progress is valued at the lower of cost and net realisable value. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
| 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. |
| 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. |
| PAFPAN LTD (Registered number: 11413299) |
| Notes to the Financial Statements - continued |
| for the Year Ended 27 June 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Debtors |
| Short term debtors are measured at a transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised costs determined using the effective interest method, less any impairments losses for bad and doubtful debts. |
| Provisions |
| Provisions (ie./ liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and |
| fittings |
| £ |
| COST |
| At 28 June 2022 |
| and 27 June 2023 |
| DEPRECIATION |
| At 28 June 2022 |
| Charge for year |
| At 27 June 2023 |
| NET BOOK VALUE |
| At 27 June 2023 |
| At 27 June 2022 |
| 5. | STOCKS |
| 27.6.23 | 27.6.22 |
| £ | £ |
| Work-in-progress |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 27.6.23 | 27.6.22 |
| £ | £ |
| Trade debtors |
| Prepayments |
| PAFPAN LTD (Registered number: 11413299) |
| Notes to the Financial Statements - continued |
| for the Year Ended 27 June 2023 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 27.6.23 | 27.6.22 |
| £ | £ |
| Bank loans and overdrafts (see note 9) |
| Trade creditors |
| Social security and other taxes |
| Directors' current accounts | 9,633 | 13,123 |
| Accrued expenses |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 27.6.23 | 27.6.22 |
| £ | £ |
| Other creditors |
| 9. | LOANS |
| An analysis of the maturity of loans is given below: |
| 27.6.23 | 27.6.22 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank overdrafts |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 27.6.23 | 27.6.22 |
| value: | £ | £ |
| Ordinary | £1 | 1,000 | 1,000 |
| 11. | RESERVES |
| Retained |
| earnings |
| £ |
| At 28 June 2022 | ( |
) |
| Deficit for the year | ( |
) |
| At 27 June 2023 | ( |
) |
| PAFPAN LTD (Registered number: 11413299) |
| Notes to the Financial Statements - continued |
| for the Year Ended 27 June 2023 |
| 12. | EVENTS AFTER THE REPORTING PERIOD |
| There were no essential either adjusting events or non-adjusting events in the period of time elapsing between the balance sheet date and the date on which these financial statements are prepared. The impact of COVID-19 is described in the Going Concern Consideration Note. |
| The ongoing Russia-Ukraine conflict has resulted in going concern becoming a significant risk. The United States and Europe have avoided direct military conflict with Russia amid its conflict with Ukraine. They have however used a set of financial sanctions to limit Russia's access to financial resources. The impact of the sanctions may result in difficulties for the company to operate. Neither Pafpan Ltd nor the owners are currently on the sanctions list at the time of this report, however this may change as the situation changes. |
| The ongoing Israel-Gaza and middle east conflicts have resulted in having no major impact to cause any significant operational risks and that the company continues to assess the nature and extent of risks and uncertainties arising from these events. |