Company registration number 09109137 (England and Wales)
PANIK LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PANIK LTD
CONTENTS
Page
Director's report
1
Balance sheet
2
Notes to the financial statements
3 - 4
PANIK LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The director presents his annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company continued to be that of software development.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

B G Canick
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
B G Canick
Director
23 August 2024
PANIK LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
12,343
12,343
Cash at bank and in hand
14
18
12,357
12,361
Creditors: amounts falling due within one year
4
(22,485)
(20,728)
Net current liabilities
(10,128)
(8,367)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(10,130)
(8,369)
Total equity
(10,128)
(8,367)

For the financial year ended 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 of its financial statements for the year in question in accordance with section 476.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved and signed by the director and authorised for issue on 23 August 2024
B G Canick
Director
Company registration number 09109137 (England and Wales)
PANIK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Panik Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 20-22 Wenlock Road, London, England, N1 7GU.

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 amounts 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
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements. There was a deficiency of assets over liabilities at the year end of £8,367 and these have been funded by a company controlled by the director of the company. This company will not demand repayment until Panik Ltd is in a position to repay the amount borrowed.

1.3
Financial instruments

The company has the following financial instruments :

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.

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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

2
Employees

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

2023
2022
Number
Number
Total
1
1
PANIK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
3,264
3,264
Other debtors
9,079
9,079
12,343
12,343
4
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
21,285
19,529
Accruals and deferred income
1,200
1,199
22,485
20,728
5
Controlling party

The ultimate controlling party is B G Canick, by virtue of the fact that he is sole director and holds 50% of the issued share capital of the company, with the remaining 50% held by close family members.

6
Directors' transactions

B G Canick is also the director and sole shareholder of Spectronic Systems Ltd. Included in other creditors is an amount of £21,046 (2022 - £19,221) owed to Spectronic Systems Ltd.

Interest free loans have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
B G Canick -
-
9,079
-
-
9,079
9,079
-
-
9,079
2023-12-312023-01-01false23 August 2024CCH SoftwareCCH Accounts Production 2024.200The principal activity of the company continued to be that of software development.B G CanickT Canickfalsefalse091091372023-01-012023-12-3109109137bus:Director12023-01-012023-12-3109109137bus:CompanySecretary12023-01-012023-12-31091091372023-12-31091091372022-12-3109109137core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3109109137core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3109109137core:CurrentFinancialInstruments2023-12-3109109137core:CurrentFinancialInstruments2022-12-3109109137core:ShareCapital2023-12-3109109137core:ShareCapital2022-12-3109109137core:RetainedEarningsAccumulatedLosses2023-12-3109109137core:RetainedEarningsAccumulatedLosses2022-12-31091091372022-01-012022-12-3109109137bus:PrivateLimitedCompanyLtd2023-01-012023-12-3109109137bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3109109137bus:FRS1022023-01-012023-12-3109109137bus:AuditExempt-NoAccountantsReport2023-01-012023-12-3109109137bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP