Company registration number 05683345 (England and Wales)
PANAEPOS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
PANAEPOS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PANAEPOS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
230,100
165,035
Tangible assets
4
30,131
40,918
260,231
205,953
Current assets
Stocks
102,254
35,000
Debtors
5
109,841
149,171
Cash at bank and in hand
1,249
5,861
213,344
190,032
Creditors: amounts falling due within one year
6
(262,437)
(210,412)
Net current liabilities
(49,093)
(20,380)
Total assets less current liabilities
211,138
185,573
Creditors: amounts falling due after more than one year
7
(95,058)
(58,115)
Provisions for liabilities
(2,604)
(4,455)
Net assets
113,476
123,003
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
113,474
123,001
Total equity
113,476
123,003

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The 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.

PANAEPOS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 November 2023 and are signed on its behalf by:
Mr JG Mills
Director
Company Registration No. 05683345
PANAEPOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Panaepos Limited is a private company limited by shares incorporated in England and Wales. The registered office is Epos House, Lamas Road, Badersfield, Norwich, Norfolk, England, NR10 5FB.

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 have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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

Development costs
- 20% reducing balance
1.5
Tangible fixed assets

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

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

Plant and equipment
- 20% reducing balance
Fixtures and fittings
- 15% reducing balance
Computers
- 33.3% straight line
Motor vehicles
- 25% reducing balance
1.6
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.

PANAEPOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.7
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.

1.8
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 profit and loss account 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.

1.9
Leases

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 balance sheet 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.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

PANAEPOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
2
Employees

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

2023
2022
Number
Number
Total
11
10
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 April 2022
60,000
197,415
257,415
Additions
-
94,229
94,229
At 31 March 2023
60,000
291,644
351,644
Amortisation and impairment
At 1 April 2022
60,000
32,380
92,380
Amortisation charged for the year
-
0
29,164
29,164
At 31 March 2023
60,000
61,544
121,544
Carrying amount
At 31 March 2023
-
0
230,100
230,100
At 31 March 2022
-
0
165,035
165,035
PANAEPOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
96,992
Disposals
(9,000)
At 31 March 2023
87,992
Depreciation and impairment
At 1 April 2022
56,076
Depreciation charged in the year
9,887
Eliminated in respect of disposals
(8,102)
At 31 March 2023
57,861
Carrying amount
At 31 March 2023
30,131
At 31 March 2022
40,918
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
74,492
122,634
Amounts owed by group undertakings
20,343
16,166
Other debtors
15,006
10,371
109,841
149,171
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
49,845
18,644
Trade creditors
119,234
83,818
Taxation and social security
28,863
30,217
Other creditors
64,495
77,733
262,437
210,412
PANAEPOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
50,391
32,500
Other creditors
44,667
25,615
95,058
58,115
2023-03-312022-04-01false09 November 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityMr J G MillsMrs L T Mills056833452022-04-012023-03-31056833452023-03-31056833452022-03-3105683345core:NetGoodwill2023-03-3105683345core:IntangibleAssetsOtherThanGoodwill2023-03-3105683345core:NetGoodwill2022-03-3105683345core:IntangibleAssetsOtherThanGoodwill2022-03-3105683345core:OtherPropertyPlantEquipment2023-03-3105683345core:OtherPropertyPlantEquipment2022-03-3105683345core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3105683345core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3105683345core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3105683345core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3105683345core:CurrentFinancialInstruments2023-03-3105683345core:CurrentFinancialInstruments2022-03-3105683345core:Non-currentFinancialInstruments2023-03-3105683345core:Non-currentFinancialInstruments2022-03-3105683345core:ShareCapital2023-03-3105683345core:ShareCapital2022-03-3105683345core:RetainedEarningsAccumulatedLosses2023-03-3105683345core:RetainedEarningsAccumulatedLosses2022-03-3105683345bus:Director12022-04-012023-03-3105683345core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3105683345core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-04-012023-03-3105683345core:PlantMachinery2022-04-012023-03-3105683345core:FurnitureFittings2022-04-012023-03-3105683345core:ComputerEquipment2022-04-012023-03-3105683345core:MotorVehicles2022-04-012023-03-31056833452021-04-012022-03-3105683345core:NetGoodwill2022-03-3105683345core:IntangibleAssetsOtherThanGoodwill2022-03-31056833452022-03-3105683345core:NetGoodwill2022-04-012023-03-3105683345core:OtherPropertyPlantEquipment2022-03-3105683345core:OtherPropertyPlantEquipment2022-04-012023-03-3105683345core:WithinOneYear2023-03-3105683345core:WithinOneYear2022-03-3105683345bus:PrivateLimitedCompanyLtd2022-04-012023-03-3105683345bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3105683345bus:FRS1022022-04-012023-03-3105683345bus:AuditExempt-NoAccountantsReport2022-04-012023-03-3105683345bus:Director22022-04-012023-03-3105683345bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP