Company Registration No. SC539910 (Scotland)
PANDA HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
PANDA HOLDINGS LIMITED
Contents
Page
Accountants' report
1
Statement of financial position
2
Notes to the financial statements
3 - 7
PANDA HOLDINGS LIMITED
Report To The Director On The Preparation Of The Unaudited Statutory Accounts Of Panda Holdings 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 Holdings Limited for the year ended 31 December 2018 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 I
CAS
we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/technical-resources/framework-for-the-preparation-of-accounts-revised-january-2017
.
This report is made solely to the Director of Panda Holdings Limited, in accordance with the terms of our engagement letter dated 24 May 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Panda Holdings Limited and state those matters that we have agreed to state to the Director of Panda Holdings Limited, in this report in accordance with the requirements of the
ICAS
as detailed https://www.icas.com/technical-resources/framework-for-the-preparation-of-accounts-revised-january-2017To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Panda Holdings Limited and its Director, for our work or for this report.
It is your duty to ensure that Panda Holdings 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 profit of Panda Holdings Limited. You consider that Panda Holdings 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 Holdings 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 financial statements.
Condie & Co
10 July 2019
Chartered Accountants
10 Abbey Park Place
Dunfermline
Fife
KY12 7NZ
PANDA HOLDINGS LIMITED
Statement Of Financial Position
As At 31 December 2018
- 2 -
2018
2017
as restated
Notes
£
£
£
£
Fixed assets
Investments
4
2,000,000
2,000,000
Current assets
Debtors
6
6,995
-
Creditors: amounts falling due within one year
7
(715,388)
(583,050)
Net current liabilities
(708,393)
(583,050)
Total assets less current liabilities
1,291,607
1,416,950
Creditors: amounts falling due after more than one year
8
(378,917)
(507,250)
Net assets
912,690
909,700
Capital and reserves
Called up share capital
9
100
100
Share premium account
479,900
479,900
Profit and loss reserves
432,690
429,700
Total equity
912,690
909,700
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 2018 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 members have 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 8 July 2019
Mr M Wilson
Director
Company Registration No. SC539910
PANDA HOLDINGS LIMITED
Notes To The Financial Statements
For The Year Ended 31 December 2018
- 3 -
1
Accounting policies
Company information
Panda Holdings Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
104 Park Road, Rosyth, Fife, KY11 2JL.
1.1
Accounting convention
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
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.3
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.
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.
PANDA HOLDINGS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2018
1
Accounting policies
(Continued)
- 4 -
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.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
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.
1.4
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.
1.5
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 HOLDINGS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2018
- 5 -
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 0 (2017 - 0).
4
Fixed asset investments
2018
2017
£
£
Investments
2,000,000
2,000,000
The company has allowed a floating charge over the company's assets, including the investment with a carrying amount of £770,000 as security for the loan provided by James Wilson.
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2018 & 31 December 2018
2,000,000
Carrying amount
At 31 December 2018
2,000,000
At 31 December 2017
2,000,000
5
Subsidiaries
Details of the company's subsidiaries at 31 December 2018 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Panda Litho Limited
Scotland
Manufacture of paper stationery
Ordinary
100.00
-
PANDA HOLDINGS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2018
- 6 -
6
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
6,995
-
7
Creditors: amounts falling due within one year
2018
2017
£
£
Other borrowings
428,333
428,333
Amounts owed to group undertakings
285,119
145,430
Corporation tax
701
-
Other creditors
-
7,279
Accruals and deferred income
1,235
2,008
715,388
583,050
8
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
378,917
507,250
9
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
10
Related party transactions
The company has taken advantage of Section 1AC35 of FRS 102 whereby only material transactions which are not under the normal market conditions need to be disclosed.
11
Prior period adjustment
A prior year adjustment totalling £27,117 was made to correct loan interest payable as at 31 December 2017.
PANDA HOLDINGS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2018
11
Prior period adjustment
(Continued)
- 7 -
Reconciliation of changes in equity
1 January
31 December
2017
2017
£
£
Equity as previously reported
467,987
882,583
Adjustments to prior year
Removal of loan interest
-
27,117
Equity as adjusted
467,987
909,700
Reconciliation of changes in profit for the previous financial period
2017
£
Profit as previously reported
414,596
Adjustments to prior year
Removal of loan interest
27,117
Profit as adjusted
441,713