Perfect Panelling Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 07189811

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		4,077		4,838

			4,077		4,838
CURRENT ASSETS
Stocks	5	30,488		25,274
Debtors	6	16,572		16,641
Cash at bank and in hand		2,761		7,015

		49,821		48,930
Creditors: Amounts Falling Due Within One Year	7	(42,651 )		(40,720 )

NET CURRENT ASSETS (LIABILITIES)			7,170		8,210

TOTAL ASSETS LESS CURRENT LIABILITIES			11,247		13,048

NET ASSETS			11,247		13,048

CAPITAL AND RESERVES
Called up share capital	8		100		100
Profit and Loss Account			11,147		12,948

SHAREHOLDERS' FUNDS			11,247		13,048

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Perfect Panelling Limited

Balance Sheet (continued)

As At 31 March 2025

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr C M Symcox

Director

2 December 2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Perfect Panelling Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07189811 . The registered office is 550 Valley Rd, Basford, Nottingham, NG5 1JJ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. 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.

2.3. 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:

Plant & Machinery	20% reducing balance
Fixtures & Fittings	15% reducing balance
Computer Equipment	33% straight line

2.4. 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 slow-moving 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.

2.5. 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. 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. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.

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.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2024: 2)

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Perfect Panelling Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

4. Tangible Assets

	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 April 2024	2,400	3,100	962	6,462
Additions	200	-	-	200

As at 31 March 2025	2,600	3,100	962	6,662

Depreciation
As at 1 April 2024	480	342	802	1,624
Provided during the period	387	414	160	961

As at 31 March 2025	867	756	962	2,585

Net Book Value
As at 31 March 2025	1,733	2,344	-	4,077

As at 1 April 2024	1,920	2,758	160	4,838

5. Stocks

	2025	2024
	£	£
Stock and work in progress	30,488	25,274

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	14,602	14,193
Prepayments and accrued income	1,970	1,948
Other debtors	-	500

	16,572	16,641

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	35,980	33,837
Corporation tax	355	-
VAT	4,198	3,719
Company credit card	1,098	652
Accruals and deferred income	1,020	2,512

	42,651	40,720

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Perfect Panelling Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

8. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
90 Ordinary A shares of £ 1.000 each	90	90
10 Ordinary B shares of £ 1.000 each	10	10

	100	100

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