1 January 2024 v2025.61.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP035359902024-01-012024-12-31035359902024-12-31035359902023-12-3103535990core:WithinOneYear2024-12-3103535990core:WithinOneYear2023-12-3103535990core:AfterOneYear2024-12-3103535990core:AfterOneYear2023-12-3103535990core:ShareCapital2024-12-3103535990core:ShareCapital2023-12-3103535990core:SharePremium2024-12-3103535990core:SharePremium2023-12-3103535990core:RevaluationReserve2024-12-3103535990core:RevaluationReserve2023-12-3103535990core:OtherReservesSubtotal2024-12-3103535990core:OtherReservesSubtotal2023-12-3103535990core:RetainedEarningsAccumulatedLosses2024-12-3103535990core:RetainedEarningsAccumulatedLosses2023-12-3103535990bus:Director12024-01-012024-12-3103535990bus:RegisteredOffice2024-01-012024-12-3103535990core:DevelopmentCostsCapitalisedDevelopmentExpenditure2024-01-012024-12-3103535990core:LandBuildings2024-01-012024-12-3103535990core:PlantMachinery2024-01-012024-12-3103535990core:FurnitureFittingsToolsEquipment2024-01-012024-12-3103535990core:MotorVehicles2024-01-012024-12-31035359902023-01-012023-12-3103535990core:IntangibleAssetsOtherThanGoodwill2024-12-3103535990core:IntangibleAssetsOtherThanGoodwill2024-01-0103535990core:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-3103535990core:IntangibleAssetsOtherThanGoodwill2023-12-3103535990core:LandBuildings2024-01-0103535990core:PlantMachinery2024-01-01035359902024-01-0103535990core:LandBuildings2024-12-3103535990core:PlantMachinery2024-12-3103535990core:LandBuildings2023-12-3103535990core:PlantMachinery2023-12-3103535990core:CostValuation2024-01-0103535990core:AdditionsToInvestments2024-12-3103535990core:DisposalsRepaymentsInvestments2024-12-3103535990core:CostValuation2024-12-3103535990core:ProvisionsForImpairmentInvestments2024-12-310353599012024-01-012024-12-3103535990countries:EnglandWales2024-01-012024-12-3103535990bus:AuditExempt-NoAccountantsReport2024-01-012024-12-3103535990bus:PrivateLimitedCompanyLtd2024-01-012024-12-3103535990bus:SmallEntities2024-01-012024-12-3103535990bus:FullAccounts2024-01-012024-12-31
Company registration number:
03535990
Panel Graphic Limited
Unaudited Filleted Financial Statements for the year ended
31 December 2024
Panel Graphic Limited
Statement of Financial Position
31 December 2024
20242023
Note££
Fixed assets    
Intangible assets 5
100,000
 
112,500
 
Tangible assets 6
2,520,596
 
2,616,983
 
Investments 7
477,306
 
278,105
 
3,097,902
 
3,007,588
 
Current assets    
Stocks
353,452
 
289,632
 
Debtors 8
909,718
 
1,081,086
 
Cash at bank and in hand
687,158
 
1,254,130
 
1,950,328
 
2,624,848
 
Creditors: amounts falling due within one year 9
(407,625
 )
(465,070
 )
Net current assets
1,542,703
 
2,159,778
 
Total assets less current liabilities 4,640,605   5,167,366  
Creditors: amounts falling due after more than one year 10
(581,799
 )
(670,692
 )
Provisions for liabilities
(136,585
 )
(146,045
 )
Net assets
3,922,221
 
4,350,629
 
Capital and reserves    
Called up share capital
7,936
 
7,936
 
Share premium
26,370
 
26,370
 
Revaluation reserve
701,206
 
755,155
 
Other reserves
50,000
 
50,000
 
Profit and loss account
3,136,709
 
3,511,168
 
Shareholders funds
3,922,221
 
4,350,629
 
For the year ending
31 December 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 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 financial statements.
These
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
financial statements
were approved by the board of directors and authorised for issue on
18 September 2025
, and are signed on behalf of the board by:
S Earl
Director
Company registration number:
03535990
Panel Graphic Limited
Notes to the Financial Statements
Year ended
31 December 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
Loddon Business Park
,
Loddon
,
Norwich
,
NR14 6JD
, England.

2 Statement of compliance

These
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
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
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.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

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:
Development costs
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:
Land and buildings
2% Straight line on buildings only
Plant and machinery
15% Reducing balance
Fixtures, fittings and equipment
20% Reducing balance
Motor vehicles
25% Reducing balance

Fixed asset investments

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income or profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Other fixed asset investments which are listed are measured at fair value with changes in fair value being recognised in profit or loss.
All other Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.

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.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

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
29
(2023:
31.00
).

5 Intangible assets

Other intangible assets
£
Cost  
At
1 January 2024
and
31 December 2024
125,000
 
Amortisation  
At
1 January 2024
12,500
 
Charge
12,500
 
At
31 December 2024
25,000
 
Carrying amount  
At
31 December 2024
100,000
 
At 31 December 2023
112,500
 

6 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 January 2024
2,035,295
 
1,707,282
 
3,742,577
 
Additions
1,302
 
77,077
 
78,379
 
Disposals -  
(13,000
 )
(13,000
 )
At
31 December 2024
2,036,597
 
1,771,359
 
3,807,956
 
Depreciation      
At
1 January 2024
206,076
 
919,518
 
1,125,594
 
Charge
41,524
 
128,297
 
169,821
 
Disposals -  
(8,055
 )
(8,055
 )
At
31 December 2024
247,600
 
1,039,760
 
1,287,360
 
Carrying amount      
At
31 December 2024
1,788,997
 
731,599
 
2,520,596
 
At 31 December 2023
1,829,219
 
787,764
 
2,616,983
 

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:
20242023
Land and buildingsPlant and machineryLand and buildingsPlant and machinery
££££
Aggregate historical cost 1,475,548   1,400,512   1,474,548   1,376,335  
Aggregate depreciation (194,225 ) (370,828 ) (174,965 ) (333,085 )
Carrying amount 1,281,323   1,029,684   1,299,583   1,043,250  
Freehold land and buildings were valued on an open market basis on 1 October 2020 by Wiseman Commercial Chartered Surveyor.
Land purchased during the year ended 31 December 2022 was revalued by the director, as guided by a bank valuation, on 31 December 2022 following the grant of planning permission.
Plant and machinery was revalued by the director on 30 April 2017 on an open market basis.

7 Investments

Other investments other than loans
£
Cost  
At
1 January 2024
308,099
 
Additions
232,201
 
Disposals
(33,000
 )
At
31 December 2024
507,300
 
Impairment  
At
1 January 2024
and
31 December 2024
29,994
 
Carrying amount  
At
31 December 2024
477,306
 
At 31 December 2023
278,105
 

8 Debtors

20242023
££
Trade debtors
382,581
 
321,404
 
Other debtors
527,137
 
759,682
 
909,718
 
1,081,086
 

9 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
96,748
 
97,779
 
Trade creditors
142,549
 
137,637
 
Taxation and social security
133,369
 
167,704
 
Other creditors
34,959
 
61,950
 
407,625
 
465,070
 
Bank loans and overdrafts are secured by a fixed charge over certain assets of the company. Amounts owed under the invoice discounting agreement in 2023, shown within other creditors, are secured by a fixed and floating charge on certain assets of the company.

10 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
581,799
 
670,692
 
Bank loans and overdrafts are secured by a fixed charge over certain assets of the company.
Included within other creditors: amounts falling due after more than one year is an amount of £543,800 (2023 £556,693) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

11 Directors' advances, credit and guarantees

During the year the directors entered into the following advances and credits within the company:
Mr S Earl - Balance brought forward £277,097, Advances £163,310, Amounts repaid £296,630, Balance outstanding £143,777.
Ms C Earl - Balance brought forward £88,727, Advances £88,895, Amounts repaid £89,775, Balance outstanding £87,847.
Mr A Watts - Balance brought forward £90,867, Advances £88,527, Amounts repaid £91,018, Balance outstanding £88,376.