Company No:
Contents
DIRECTORS | Richard Foster |
Pahini Pandya |
REGISTERED OFFICE | Salisbury House |
Station Road | |
Cambridge | |
CB1 2LA | |
England | |
United Kingdom |
COMPANY NUMBER | 11696687 (England and Wales) |
ACCOUNTANT | Peters Elworthy & Moore |
Salisbury House | |
Station Road | |
Cambridge | |
CB1 2LA |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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16,997 | 43,278 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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598,595 | 766,971 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 516,372 | 641,090 | ||
Total assets less current liabilities | 533,369 | 684,368 | ||
Creditors: amounts falling due after more than one year | 6 |
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Net assets/(liabilities) |
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Capital and reserves | ||||
Called-up share capital | 7 |
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Share premium account |
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Profit and loss account | (
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Total shareholders' funds/(deficit) |
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Directors' responsibilities:
The financial statements of Panakeia Technologies Limited (registered number:
Pahini Pandya
Director |
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.
Panakeia Technologies Limited is a private company limited by shares and was incorporated in England and Wales. Its registered office is Salisbury House, Station Road, Cambridge, CB1 2LA.
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 £.
The profit and loss reserve was in deficit by £4,157,926 as at 30 November 2023 (2022: £3,080,223). The financial statements have been prepared on the going concern basis which assumes that the Company will continue as a going concern for the foreseeable future. The trading losses reported to date are consistent with the Company's business plan as it progresses its research and development activities.
Given the investment received, together with the development progress achieved, the directors have a reasonable expectation that the Company will be able to meet its liabilities as they fall due for the foreseeable future and therefore continue to adopt the going concern basis.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
• The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
• Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Office equipment |
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Computer equipment |
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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.
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Grant income is recognised in the Profit and Loss Accounts as the related expenditure incurred.
Research and development expenditure is recognised in the Profit and Loss Account in the period in which the expenditure is incurred.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Office equipment | Computer equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 December 2022 |
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At 30 November 2023 |
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Accumulated depreciation | |||||
At 01 December 2022 |
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Charge for the financial year |
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At 30 November 2023 |
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Net book value | |||||
At 30 November 2023 |
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At 30 November 2022 |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Corporation tax |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Trade creditors |
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Other taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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89.41 | 84.24 | ||
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78.64 | 41.17 | ||
168.05 | 125.41 |
During the year, the Company issued 5,924 B Ordinary shares of £0.0001 each at par.
During the year, the Company issued 45,699 B Ordinary shares of £0.0001 at a rate of £5.908245 per share.
During the year, the Company issued 374,618 Seed Preferred preference shares of £0.0001 each at a rate of £5.908245 per share.