Composite Panel Services Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

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. Significant judgements and estimations

Estimates and judgements are continually evaluated and are based on historical experience and other factors,

including expectations of future events that are believed to be reasonable under the circumstances. Although these

estimates are based on the Directors' best knowledge of the amount, events or actions, actual results ultimately differ

from these estimates. The Directors do not consider there to be any material estimates and judgements.

2.3. Turnover

Turnover represents the fair value of consideration received or receivable for the supply and installation of

composite panels and related services, excluding value added tax and trade discounts.

Revenue from the installation of composite panels is recognised over time, where the contract meets the following

criteria:

- The customer controls the asset as it is being constructed or installed;- The company has no alternative use for the asset, and has an enforceable right to payment for performance

completed to date.

Where these conditions are met, turnover is recognised based on the stage of completion of the contract activity at

the reporting date. This is typically measured by reference to the proportion of costs incurred to date compared to the

estimated total contract costs (the cost-to-cost method).

If the outcome of the contract cannot be estimated reliably, revenue is recognised only to the extent of the contract

costs incurred that are likely to be recoverable.

Revenue from supply-only contracts (without installation) is recognised at the point in time when the goods are

delivered and control transfers to the customer.

Income from any ongoing maintenance or aftercare agreements is recognised on a straight-line basis over the

duration of the contract.

2.4. 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:

Leasehold	10 years straight line
Plant & Machinery	3 years straight line
Motor Vehicles	4 years straight line
Fixtures & Fittings	4 years straight line
Computer Equipment	4 years straight line

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.6. 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.

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Composite Panel Services Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2026

2.7. Financial Instruments

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Basic financial instruments, including trade and other debtors and creditors are initially recognised at transaction

value and subsequently measure at their settlement value.

2.8. 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. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 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. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 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. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 12 (2025: 12)

4. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings
	£	£	£	£
Cost
As at 1 August 2025	12,500	49,317	128,861	-
Additions	-	-	33,796	4,435
Disposals	-	-	(19,495 )	-

As at 31 July 2026	12,500	49,317	143,162	4,435

Depreciation
As at 1 August 2025	6,979	36,126	62,545	-
Provided during the period	1,250	8,164	29,130	1,109
Disposals	-	-	(9,748 )	-

As at 31 July 2026	8,229	44,290	81,927	1,109

Net Book Value
As at 31 July 2026	4,271	5,027	61,235	3,326

As at 1 August 2025	5,521	13,191	66,316	-

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Composite Panel Services Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2026


	Computer Equipment	Total
	£	£
Cost
As at 1 August 2025	15,286	205,964
Additions	4,295	42,526
Disposals	-	(19,495 )

As at 31 July 2026	19,581	228,995

Depreciation
As at 1 August 2025	10,817	116,467
Provided during the period	2,972	42,625
Disposals	-	(9,748 )

As at 31 July 2026	13,789	149,344

Net Book Value
As at 31 July 2026	5,792	79,651

As at 1 August 2025	4,469	89,497

5. Stocks

	2026	2025
	£	£
Work in progress	437,921	412,791

6. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	53,587	8,462
Other debtors	351,910	668,863

	405,497	677,325

7. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Net obligations under finance lease and hire purchase contracts	4,638	-
Trade creditors	346,912	696,374
Bank loans and overdrafts	-	8,728
Other creditors	294,015	129,105
Taxation and social security	285,149	109,192

	930,714	943,399

8. Creditors: Amounts Falling Due After More Than One Year

	2026	2025
	£	£
Net obligations under finance lease and hire purchase contracts	6,252	-

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Composite Panel Services Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2026

9. Obligations Under Finance Leases and Hire Purchase

	2026	2025
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	4,638	-
Later than one year and not later than five years	6,252	-

	10,890	-

	10,890	-

10. Share Capital

	2026	2025
	£	£
Allotted, Called up and fully paid	100	100

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		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		79,651		89,497

			79,651		89,497
CURRENT ASSETS
Stocks	5	437,921		412,791
Debtors	6	405,497		677,325
Cash at bank and in hand		1,268,706		634,848

		2,112,124		1,724,964
Creditors: Amounts Falling Due Within One Year	7	(930,714 )		(943,399 )

NET CURRENT ASSETS (LIABILITIES)			1,181,410		781,565

TOTAL ASSETS LESS CURRENT LIABILITIES			1,261,061		871,062

Creditors: Amounts Falling Due After More Than One Year	8		(6,252 )		-

PROVISIONS FOR LIABILITIES
Deferred Taxation			(8,528 )		(6,215 )

NET ASSETS			1,246,281		864,847

CAPITAL AND RESERVES
Called up share capital	10		100		100
Profit and Loss Account			1,246,181		864,747

SHAREHOLDERS' FUNDS			1,246,281		864,847