Company registration number SC068639 (Scotland)
PANDA LITHO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
PANDA LITHO LIMITED
Contents
Page
Accountants' report
1
Statement of financial position
2
Notes to the financial statements
3 - 9
PANDA LITHO LIMITED
Report To The Director On The Preparation Of The Unaudited Statutory Accounts Of Panda Litho Limited
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Panda Litho Limited for the year ended 31 December 2025 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the b oard of d irectors of Panda Litho Limited, as a body, in accordance with the terms of our engagement letter dated 31 May 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Panda Litho Limited and state those matters that we have agreed to state to the b oard of d irectors of Panda Litho Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Panda Litho Limited and its b oard of d irectors as a body, for our work or for this report.

It is your duty to ensure that Panda Litho Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Panda Litho Limited. You consider that Panda Litho Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Panda Litho Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory f inancial statements.

Condie & Co Limited trading as Dains
Chartered Accountants
10 Abbey Park Place
Dunfermline
Fife
KY12 7NZ
5 May 2026
PANDA LITHO LIMITED
Statement Of Financial Position
As At 31 December 2025
- 2 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
4
18,333
-
0
Tangible assets
5
324,654
368,795
342,987
368,795
Current assets
Stocks
194,934
201,291
Debtors
6
220,314
176,684
Cash at bank and in hand
276,871
307,282
692,119
685,257
Creditors: amounts falling due within one year
7
(238,443)
(215,899)
Net current assets
453,676
469,358
Total assets less current liabilities
796,663
838,153
Creditors: amounts falling due after more than one year
8
(174,893)
(208,844)
Provisions for liabilities
(32,991)
(34,093)
Net assets
588,779
595,216
Capital and reserves
Called up share capital
10
3,000
3,000
Capital redemption reserve
1,000
1,000
Profit and loss reserves
584,779
591,216
Total equity
588,779
595,216

The director of the company has elected not to include a copy of the income statement within the financial statements.true

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

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and signed by the director and authorised for issue on 5 May 2026
Mr M Wilson
Director
Company Registration No. SC068639
PANDA LITHO LIMITED
Notes To The Financial Statements
For The Year Ended 31 December 2025
- 3 -
1
Accounting policies
Company information

Panda Litho Limited is a private company limited by shares incorporated in Scotland. The registered office is Envoy House, 104 Park Road, Rosyth, Fife, KY11 2JL.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% Reducing Balance
Fixtures and fittings
20% Reducing Balance
Motor vehicles
20% Reducing Balance
Leased assets
20% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

PANDA LITHO LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2025
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

PANDA LITHO LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2025
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

PANDA LITHO LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2025
1
Accounting policies
(Continued)
- 6 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
17
16
PANDA LITHO LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2025
- 7 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2025
12,667
Additions
20,000
At 31 December 2025
32,667
Amortisation and impairment
At 1 January 2025
12,667
Amortisation charged for the year
1,667
At 31 December 2025
14,334
Carrying amount
At 31 December 2025
18,333
At 31 December 2024
-
0
5
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Leased assets
Total
£
£
£
£
£
Cost
At 1 January 2025
1,386,293
49,402
53,334
22,500
1,511,529
Additions
3,595
2,446
40,199
-
0
46,240
Disposals
(130,430)
-
0
(28,034)
-
0
(158,464)
At 31 December 2025
1,259,458
51,848
65,499
22,500
1,399,305
Depreciation and impairment
At 1 January 2025
1,065,908
38,144
20,114
18,568
1,142,734
Depreciation charged in the year
64,296
2,605
10,837
786
78,524
Eliminated in respect of disposals
(127,759)
-
0
(18,848)
-
0
(146,607)
At 31 December 2025
1,002,445
40,749
12,103
19,354
1,074,651
Carrying amount
At 31 December 2025
257,013
11,099
53,396
3,146
324,654
At 31 December 2024
320,385
11,258
33,220
3,932
368,795

Tangible fixed assets with a carrying amount of £324,654 (2024 - £368,795) have been pledged to secure borrowings of the company.

PANDA LITHO LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2025
- 8 -
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
165,988
109,087
Corporation tax recoverable
-
0
14,641
Amounts owed by group undertakings
40,290
38,965
Other debtors
13,198
13,198
Prepayments and accrued income
838
793
220,314
176,684
7
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
7,500
10,000
Obligations under finance leases
51,246
49,257
Trade creditors
89,673
88,244
Other taxation and social security
49,053
33,986
Other creditors
842
294
Accruals and deferred income
40,129
34,118
238,443
215,899

James Wilson holds a f loating c harge dated 28th October 2016, over all assets of the company as security.

8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
-
0
7,500
Obligations under finance leases
174,893
201,344
174,893
208,844
James Wilson holds a floating charge dated 28th October 2016, over all assets of the company as security.
9
Provisions for liabilities
2025
2024
£
£
Deferred tax liabilities
32,991
34,093
PANDA LITHO LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2025
- 9 -
10
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3,000
3,000
3,000
3,000
11
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total commitments
2,523
4,763
12
Related party transactions

The company has taken advantage of Section 1 AC35 of FRS 102 whereby only material transactions which are not under normal market conditions need to be disclosed.

The company has taken advantage of Section 33.1A of FRS102 whereby only transactions which are not with wholly owned members of a group need to be disclosed.

13
Director's transactions
Description
% Rate
Opening balance
Closing balance
£
£
Mark Wilson
-
9,961
9,961
9,961
9,961

The balance due from the director, which is included in other debtors, is interest free and repayable on demand.

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