Acorah Software Products - Accounts Production 14.5.601 false true 31 December 2022 13 September 2021 false 1 January 2023 31 December 2023 31 December 2023 SC709335 Mr William Hosie Mr Harry MacLean Mrs Melanie Hosie iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC709335 2022-12-31 SC709335 2023-12-31 SC709335 2023-01-01 2023-12-31 SC709335 frs-core:CurrentFinancialInstruments 2023-12-31 SC709335 frs-core:ComputerEquipment 2023-12-31 SC709335 frs-core:ComputerEquipment 2023-01-01 2023-12-31 SC709335 frs-core:ComputerEquipment 2022-12-31 SC709335 frs-core:FurnitureFittings 2023-12-31 SC709335 frs-core:FurnitureFittings 2023-01-01 2023-12-31 SC709335 frs-core:FurnitureFittings 2022-12-31 SC709335 frs-core:MotorVehicles 2023-12-31 SC709335 frs-core:MotorVehicles 2023-01-01 2023-12-31 SC709335 frs-core:MotorVehicles 2022-12-31 SC709335 frs-core:ShareCapital 2023-12-31 SC709335 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 SC709335 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC709335 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 SC709335 frs-bus:SmallEntities 2023-01-01 2023-12-31 SC709335 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 SC709335 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 SC709335 frs-bus:Director1 2023-01-01 2023-12-31 SC709335 frs-bus:Director2 2023-01-01 2023-12-31 SC709335 frs-bus:Director3 2023-01-01 2023-12-31 SC709335 frs-countries:Scotland 2023-01-01 2023-12-31 SC709335 2021-09-12 SC709335 2022-12-31 SC709335 2021-09-13 2022-12-31 SC709335 frs-core:CurrentFinancialInstruments 2022-12-31 SC709335 frs-core:WithinOneYear 2022-12-31 SC709335 frs-core:ShareCapital 2022-12-31 SC709335 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: SC709335
Panacea Healthcare Group Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Douglas Briggs FCCA, FMAAT
62 Wellesley Road
Methil
Leven
Fife
KY8 3AF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: SC709335
31 December 2023 31 December 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 5,471 3,018
5,471 3,018
CURRENT ASSETS
Stocks 5 232,069 373,066
Debtors 6 129,567 82,380
Cash at bank and in hand 49,103 100
410,739 455,546
Creditors: Amounts Falling Due Within One Year 7 (472,578 ) (542,666 )
NET CURRENT ASSETS (LIABILITIES) (61,839 ) (87,120 )
TOTAL ASSETS LESS CURRENT LIABILITIES (56,368 ) (84,102 )
NET LIABILITIES (56,368 ) (84,102 )
CAPITAL AND RESERVES
Called up share capital 9 10,000 10,000
Profit and Loss Account (66,368 ) (94,102 )
SHAREHOLDERS' FUNDS (56,368) (84,102)
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For the year ending 31 December 2023 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 William Hosie
Director
15/04/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Panacea Healthcare Group Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC709335 . The registered office is 281 Clepington Road, Dundee, DD3 8BD.
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:
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
Computer Equipment 15% reducing balance
2.4. 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 profit and loss account as incurred.
2.5. 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.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 4)
4 4
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4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 3,292 - - 3,292
Additions - 5,262 1,087 6,349
Disposals (3,292 ) - - (3,292 )
As at 31 December 2023 - 5,262 1,087 6,349
Depreciation
As at 1 January 2023 274 - - 274
Provided during the period 206 808 70 1,084
Disposals (480 ) - - (480 )
As at 31 December 2023 - 808 70 878
Net Book Value
As at 31 December 2023 - 4,454 1,017 5,471
As at 1 January 2023 3,018 - - 3,018
5. Stocks
31 December 2023 31 December 2022
£ £
Materials 232,069 373,066
6. Debtors
31 December 2023 31 December 2022
£ £
Due within one year
Trade debtors 129,567 82,380
7. Creditors: Amounts Falling Due Within One Year
31 December 2023 31 December 2022
£ £
Net obligations under finance lease and hire purchase contracts - 2,744
Trade creditors 375,016 485,848
Other taxes and social security 7,716 13,071
VAT 77,731 12,439
Net wages - 2,759
Other creditors 509 214
Directors' loan accounts 11,606 25,591
472,578 542,666
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8. Obligations Under Finance Leases and Hire Purchase
31 December 2023 31 December 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 2,744
9. Share Capital
31 December 2023 31 December 2022
£ £
Allotted, Called up and fully paid 10,000 10,000
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