REGISTERED NUMBER: 02607937 (England and Wales)

PAN GLO UK LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G L Bundy

R A Bundy

W Bundy

R Bundy Jr

SECRETARY:

J Bowman

REGISTERED OFFICE:

8 Seddon Place

Skelmersdale

Lancashire

WN8 8EB

REGISTERED NUMBER:

02607937 (England and Wales)

AUDITORS:

Rothmans Audit LLP

Statutory Auditors

Chartered Accountants

Fryern House

125 Winchester Road

Chandlers Ford

Hampshire

SO53 2DR

FIXED ASSETS

Intangible assets

4

393,681

453,480

Tangible assets

5

1,996,491

2,293,960

2,390,172

2,747,440

CURRENT ASSETS

Stocks

6

517,921

512,124

Debtors

7

2,619,687

3,666,048

Cash at bank

2,320,118

1,393,524

5,457,726

5,571,696

CREDITORS

Amounts falling due within one year

8

2,023,569

2,971,953

NET CURRENT ASSETS

3,434,157

2,599,743

TOTAL ASSETS LESS CURRENT LIABILITIES

5,824,329

5,347,183

CREDITORS

Amounts falling due after more than one year

9

(623,429

)

(756,202

)

PROVISIONS FOR LIABILITIES

(228,236

)

(193,594

)

NET ASSETS

4,972,664

4,397,387

CAPITAL AND RESERVES

Called up share capital

8,500

8,500

Revaluation reserve

157,442

157,442

Other reserves

371,500

371,500

Retained earnings

4,435,222

3,859,945

4,972,664

4,397,387

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2025 and were signed on its behalf by:

W Bundy - Director

1.	STATUTORY INFORMATION

Pan Glo UK Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02607937 and its registered office is 8 Seddon Place, Skelmersdale, Lancashire, WN8 8EB.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The presentation currency of the financial statements is £ sterling.

Going concern

The financial statements have been prepared on the going concern basis.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

1) Goodwill

On acquisition, the directors use their judgement to determine the fair value of any intangibles to recognise separately from goodwill. This is based on their knowledge and experience in the sector.

2) Leases

A lease that does not transfer substantially all of the risks and rewards of ownership is classified as an operating lease and is therefore not included in the statement of financial position.

Other key sources of estimation uncertainty

1) Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as market conditions, the remaining life of the asset and projected disposal values.

Turnover

Turnover represents net sales during the year (excluding value added tax) adjusted for accrued and deferred income where applicable.

Turnover from the sale of goods is recognised on despatch.

Intangible fixed assets

Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of 10 years.

Tangible fixed assets

All fixed assets are initially recognised at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses.

The cost of fixed assets initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life as follows:

Freehold property

30 years straight line

Plant and machinery

7 years straight line

Fixtures and fittings

3 - 7 years straight line

Motor vehicles

4 years straight line

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the Income Statement.

The directors are of the opinion that the land element of the freehold property cannot be separately identified. Therefore all elements of freehold property have been depreciated.

Stocks

Stocks are valued at the lower of cost and net realisable value, on a 'first in, first out' basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal.

For work in progress, cost is taken as production cost, which includes an appropriate proportion of fixed and variable overheads.

Taxation

The charge for taxation is based on the profit for the year and takes into account taxation deferred.

Current tax is measured at amounts expected to be paid using tax rates and laws that been enacted or substantively enacted at the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax with the following exception:

- deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating lease commitments

Rentals paid under operating leases are charged to the Income Statement 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 the Income Statement in the period to which they relate.

Financial instruments

The company only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and debt instruments are subsequently measured at amortised cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2023 - 31 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

597,997

AMORTISATION

At 1 January 2024

144,517

Charge for year

59,799

At 31 December 2024

204,316

NET BOOK VALUE

At 31 December 2024

393,681

At 31 December 2023

453,480

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2024

1,447,865

3,288,954

299,773

11,099

5,047,691

Additions

-

39,580

1,502

-

41,082

At 31 December 2024

1,447,865

3,328,534

301,275

11,099

5,088,773

DEPRECIATION

At 1 January 2024

344,763

2,171,647

226,222

11,099

2,753,731

Charge for year

98,484

211,278

28,789

-

338,551

At 31 December 2024

443,247

2,382,925

255,011

11,099

3,092,282

NET BOOK VALUE

At 31 December 2024

1,004,618

945,609

46,264

-

1,996,491

At 31 December 2023

1,103,102

1,117,307

73,551

-

2,293,960

6.

STOCKS

2024

2023

£

£

Raw materials

78,625

124,448

Work-in-progress

4,115

139

Finished goods

435,181

387,537

517,921

512,124

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

869,605

1,857,513

Amounts owed by group undertakings

1,641,589

1,641,589

Corporation tax

-

71,667

Prepayments and accrued income

108,493

95,279

2,619,687

3,666,048

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

128,728

117,432

Trade creditors

638,735

1,065,378

Corporation tax

175,778

-

Social security and other taxes

67,054

59,173

VAT

147,336

202,413

Other creditors

497,007

779,348

Accruals and deferred income

368,931

748,209

2,023,569

2,971,953

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 1-2 years

139,198

127,892

Bank loans - 2-5 years

484,231

454,563

Bank loans more than 5 years

-

173,747

623,429

756,202

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

-

173,747

The company has a loan with Santander UK Plc. Repayments are due on the loan monthly. The loan is due for repayment in full by December 2029.

The loan currently bears interest at a rate of 2.75% above base rate, charged monthly.

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

118,913

71,847

Between one and five years

259,913

129,226

378,826

201,073

11.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

752,157

873,634

The bank loans are secured by a fixed and floating charge over all the assets of the company.

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Kevin Richards ACA FCCA (Senior Statutory Auditor)

for and on behalf of Rothmans Audit LLP

13.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

14.	ULTIMATE PARENT COMPANY AND ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent company is Pan Glo UK Holdings Limited, a company registered in England and Wales.

The directors do not consider there to be an ultimate controlling party.