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Company No: 11208788 (England and Wales)

PANAREA ADVISORY LTD

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

PANAREA ADVISORY LTD

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

PANAREA ADVISORY LTD

STATEMENT OF FINANCIAL POSITION

As at 29 February 2024
PANAREA ADVISORY LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,472 962
1,472 962
Current assets
Debtors 4 8,645 12,832
Cash at bank and in hand 5 0 14,006
8,645 26,838
Creditors: amounts falling due within one year 6 ( 2,000) ( 4,216)
Net current assets 6,645 22,622
Total assets less current liabilities 8,117 23,584
Net assets 8,117 23,584
Capital and reserves
Called-up share capital 100 100
Profit and loss account 8,017 23,484
Total shareholder's funds 8,117 23,584

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Panarea Advisory Ltd (registered number: 11208788) were approved and authorised for issue by the Director. They were signed on its behalf by:

F Iacono
Director

17 April 2024

PANAREA ADVISORY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
PANAREA ADVISORY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Panarea Advisory Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 March 2023 3,257 3,257
Additions 820 820
At 29 February 2024 4,077 4,077
Accumulated depreciation
At 01 March 2023 2,295 2,295
Charge for the financial year 310 310
At 29 February 2024 2,605 2,605
Net book value
At 29 February 2024 1,472 1,472
At 28 February 2023 962 962

4. Debtors

2024 2023
£ £
Corporation tax 1,961 0
Other debtors 6,684 12,832
8,645 12,832

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 0 14,006

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 0 255
Taxation and social security 0 1,961
Other creditors 2,000 2,000
2,000 4,216

7. Related party transactions

Included in Other debtors is £6,596 (2023: £12,763) owed by the director. This balance is unsecured and repayable on demand. Interest has been charged at the official rate.