Panacea Finance Solutions Limited 08666729 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is The company raises money from investors at an agreed rate of interest and re-lends money to specific building projects on short term loans. Digita Accounts Production Advanced 6.30.9574.0 true 08666729 2023-01-01 2023-12-31 08666729 2023-12-31 08666729 core:CurrentFinancialInstruments 2023-12-31 08666729 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 08666729 core:Non-currentFinancialInstruments 2023-12-31 08666729 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 08666729 core:FurnitureFittingsToolsEquipment 2023-12-31 08666729 bus:SmallEntities 2023-01-01 2023-12-31 08666729 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 08666729 bus:FullAccounts 2023-01-01 2023-12-31 08666729 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08666729 bus:RegisteredOffice 2023-01-01 2023-12-31 08666729 bus:Director1 2023-01-01 2023-12-31 08666729 bus:Director2 2023-01-01 2023-12-31 08666729 bus:Director3 2023-01-01 2023-12-31 08666729 bus:Director4 2023-01-01 2023-12-31 08666729 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08666729 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 08666729 core:OfficeEquipment 2023-01-01 2023-12-31 08666729 countries:England 2023-01-01 2023-12-31 08666729 2022-12-31 08666729 core:CostValuation 2022-12-31 08666729 core:FurnitureFittingsToolsEquipment 2022-12-31 08666729 2022-01-01 2022-12-31 08666729 2022-12-31 08666729 core:CurrentFinancialInstruments 2022-12-31 08666729 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 08666729 core:Non-currentFinancialInstruments 2022-12-31 08666729 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 08666729 core:FurnitureFittingsToolsEquipment 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 08666729

Panacea Finance Solutions Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Panacea Finance Solutions Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Panacea Finance Solutions Limited

Company Information

Directors

S D Williams

J R Williams

S C Fletcher

J H Wilson

Registered office

Florence House
Lower High Street
Waddington
Lincolnshire
LN5 9QA

 

Panacea Finance Solutions Limited

(Registration number: 08666729)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

504

1,085

Investments

5

100

100

 

604

1,185

Current assets

 

Stocks

6

416,778

416,778

Debtors

7

7,685,298

8,865,925

Cash at bank and in hand

 

1,803,763

442,564

 

9,905,839

9,725,267

Creditors: Amounts falling due within one year

8

(7,714,711)

(7,723,560)

Net current assets

 

2,191,128

2,001,707

Total assets less current liabilities

 

2,191,732

2,002,892

Creditors: Amounts falling due after more than one year

8

(76,000)

(124,000)

Net assets

 

2,115,732

1,878,892

Capital and reserves

 

Called up share capital

167

167

Capital redemption reserve

33

33

Profit and loss account

2,115,532

1,878,692

Shareholders' funds

 

2,115,732

1,878,892

For the financial 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.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 August 2024 and signed on its behalf by:
 

.........................................
S D Williams
Director

 

Panacea Finance Solutions Limited

(Registration number: 08666729)
Balance Sheet as at 31 December 2023

.........................................
J R Williams
Director

.........................................
S C Fletcher
Director

.........................................
J H Wilson
Director

 

Panacea Finance Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The Company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Florence House
Lower High Street
Waddington
Lincolnshire
LN5 9QA

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling and are rounded to the nearest pound.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by section 398 of the Companies Act 2006 and has not prepared group accounts.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% straight line basis

 

Panacea Finance Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 7 (2022 - 7).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

5,427

5,427

At 31 December 2023

5,427

5,427

Depreciation

At 1 January 2023

4,342

4,342

Charge for the year

581

581

At 31 December 2023

4,923

4,923

Carrying amount

At 31 December 2023

504

504

At 31 December 2022

1,085

1,085

 

Panacea Finance Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Investments

2023
£

2022
£

Investments in associates

100

100

Associates

£

Cost

At 1 January 2023

100

Provision

Carrying amount

At 31 December 2023

100

At 31 December 2022

100

6

Stocks

2023
£

2022
£

Work in progress

416,778

416,778

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

399

1,487

Amounts owed by related parties

170,658

428,222

Prepayments

 

9,477

9,581

Other debtors

 

7,504,764

8,426,635

   

7,685,298

8,865,925

 

Panacea Finance Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

5,208,005

5,711,607

Trade creditors

 

135

3,393

Taxation and social security

 

85,846

86,979

Accruals and deferred income

 

115,725

114,368

Other creditors

 

2,305,000

1,807,213

 

7,714,711

7,723,560

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

76,000

124,000

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

76,000

124,000

2023
£

2022
£

Current loans and borrowings

Bank borrowings

48,000

48,000

Other borrowings

5,160,005

5,663,607

5,208,005

5,711,607