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Company No: 11696687 (England and Wales)

PANAKEIA TECHNOLOGIES LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

PANAKEIA TECHNOLOGIES LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

PANAKEIA TECHNOLOGIES LIMITED

COMPANY INFORMATION

For the financial year ended 30 November 2023
PANAKEIA TECHNOLOGIES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 November 2023
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
PANAKEIA TECHNOLOGIES LIMITED

BALANCE SHEET

As at 30 November 2023
PANAKEIA TECHNOLOGIES LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 16,997 43,278
16,997 43,278
Current assets
Debtors 4 389,058 196,730
Cash at bank and in hand 209,537 570,241
598,595 766,971
Creditors: amounts falling due within one year 5 ( 82,223) ( 125,881)
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 0 ( 1,254,531)
Net assets/(liabilities) 533,369 ( 570,163)
Capital and reserves
Called-up share capital 7 168 125
Share premium account 4,691,127 2,509,935
Profit and loss account ( 4,157,926 ) ( 3,080,223 )
Total shareholders' funds/(deficit) 533,369 ( 570,163)

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Panakeia Technologies Limited (registered number: 11696687) were approved and authorised for issue by the Board of Directors on 30 August 2024. They were signed on its behalf by:

Pahini Pandya
Director
PANAKEIA TECHNOLOGIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
PANAKEIA TECHNOLOGIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
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

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 £.

Going concern

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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

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

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.

Taxation

Current tax
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.

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:

Office equipment 3 years straight line
Computer equipment 3 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.

Leases

The Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Trade and other debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Government grants

Grant income is recognised in the Profit and Loss Accounts as the related expenditure incurred.

Research and development

Research and development expenditure is recognised in the Profit and Loss Account in the period in which the expenditure is incurred.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 11 11

3. Tangible assets

Office equipment Computer equipment Total
£ £ £
Cost
At 01 December 2022 418 92,964 93,382
At 30 November 2023 418 92,964 93,382
Accumulated depreciation
At 01 December 2022 81 50,023 50,104
Charge for the financial year 140 26,141 26,281
At 30 November 2023 221 76,164 76,385
Net book value
At 30 November 2023 197 16,800 16,997
At 30 November 2022 337 42,941 43,278

4. Debtors

2023 2022
£ £
Trade debtors 0 7,773
Corporation tax 327,557 163,443
Other debtors 61,501 25,514
389,058 196,730

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 45,621 70,197
Other taxation and social security 26,179 33,788
Other creditors 10,423 21,896
82,223 125,881

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 0 1,254,531

Other loans comprise simple agreements for future equity (SAFE). These will convert to equity in the event of a qualifying financing round or liquidity event

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
22,326 Ordinary A shares of £ 0.0001 each 2.24 2.24
51,623 Ordinary B shares of £ 0.0001 each (2022: - shares of £ 0.0001 each) 5.17 0
50,000 Deferred ordinary shares of £ 0.0001 each (2022: 35,000 shares of £ 0.0001 each) 5.00 3.50
770,000 Ordinary shares of £ 0.0001 each (2022: 785,000 shares of £ 0.0001 each) 77.00 78.50
89.41 84.24
374,618 Seed Preferred 2 preference shares of £ 0.0001 each (2022: - shares of £ 0.0001 each) 37.46 0
411,761 Seed Preferred preference shares of £ 0.0001 each 41.18 41.17
78.64 41.17
168.05 125.41

During the year 15,000 Ordinary shares of £0.0001 were reclassified as 15,000 Deferred shares of £0.0001.

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.