Company registration number 05482991 (England and Wales)
PANAMSAT SATELLITE EUROPE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
6th Floor Kings House
9-10 Haymarket
London
United Kingdom
SW1Y 4BP
PANAMSAT SATELLITE EUROPE LIMITED
CONTENTS
Page
Company information
1
Statement of financial position
2
Notes to the financial statements
3 - 6
PANAMSAT SATELLITE EUROPE LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr R Morgan
Mr J Gillet
Ms S M Kaczmarek
(Appointed 18 April 2023)
Secretary
Abogado Nominees Limited
Company number
05482991
Registered office
280 Bishopsgate
London
EC2M 4RB
Auditor
TC Group
6th Floor Kings House
9-10 Haymarket
London
SW1Y 4BP
PANAMSAT SATELLITE EUROPE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
US$
US$
US$
US$
Current assets
Cash at bank and in hand
1,237,457
1,196,993
Creditors: amounts falling due within one year
3
(124,852)
(139,493)
Net current assets
1,112,605
1,057,500
Capital and reserves
Called up share capital
4
182
182
Other reserves
1,739,072
1,739,072
Profit and loss reserves
(626,649)
(681,754)
Total equity
1,112,605
1,057,500

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 28 August 2024 and are signed on its behalf by:
Mr J  Gillet
Director
Company Registration No. 05482991
PANAMSAT SATELLITE EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

PanAmSat Satellite Europe Limited is a private company limited by shares incorporated in England and Wales. The registered office is 100 New Bridge Street, London, United Kingdom EC4V 6JA.

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 US dollars, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest US$.

The Company ceased trading at the end of 2018 and the expectation is that arrangements will be made to liquidate the Company in due course. Therefore the financial statements have been prepared on a basis other than that of a going concern. The Company's assets are included at their net realisable value. The financial statements do not include any provision for the future costs of terminating the business of the Company except to the extent that such costs were committed at the balance sheet date.

 

The principal accounting policies adopted are set out below.

The financial statements of the Company for the year ended 31 December 2023 are contained in the consolidated financial statements of Intelsat S.A.

1.2
Financial instruments

The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the Company's statement of financial position when the Company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include debtors, and other receivables, 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.

PANAMSAT SATELLITE EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and amounts owed to group undertakings, 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. Financial liabilities classified as payable within one year are not amortised.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled.

1.3
Equity instruments

Equity instruments issued by the Company are recorded as the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

1.4
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into US Dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Employees

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

2023
2022
Number
Number
Total
3
3
PANAMSAT SATELLITE EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Creditors: amounts falling due within one year
2023
2022
US$
US$
Amounts owed to group undertakings
124,852
139,493
4
Called up share capital
2023
2022
US$
US$
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
182
182
182
182
PANAMSAT SATELLITE EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The auditor's report included the following disclosure:

Emphasis of matter

We draw attention to Note 1.1 to the financial statements which explains that the company ceased trading at the end of 2018 and that the expectation is that arrangements will be made to liquidate the company in due course. Therefore the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 1.1. Our opinion is not modified in respect of this matter.

The senior statutory auditor was Robert Keen FCCA.
The auditor was TC Group.
6
Parent company

Intelsat Genesis Inc., a corporation duly organised and existing under the laws of the State of Delaware, United States of America, is the immediate parent of the Company.

 

The ultimate parent company is Intelsat S.A., a société anonyme duly organised and existing under the laws of Luxembourg.

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