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Registration number: 08060898

Pan Communications Ltd.

Filleted Financial Statements

for the Year Ended 31 December 2023

Pages for filing with Registrar

 

Pan Communications Ltd.

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Pan Communications Ltd.

Company Information

Directors

P Nardone Jr.

N O'Donnell

R S Phillips

G Torpey

Registered office

Magdalen House 2nd Floor West
136-148 Tooley Street
London
SE1 2TU

Registered number

08060898

Auditors

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

Pan Communications Ltd.

(Registration number: 08060898)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

46,338

85,931

Current assets

 

Debtors

6

712,899

882,054

Cash at bank and in hand

 

62,786

104,844

 

775,685

986,898

Creditors: Amounts falling due within one year

7

(428,172)

(284,226)

Net current assets

 

347,513

702,672

Total assets less current liabilities

 

393,851

788,603

Provisions for liabilities

4

(10,307)

(15,772)

Net assets

 

383,544

772,831

Capital and reserves

 

Called up share capital

200,000

200,000

Profit and loss account

183,544

572,831

Total equity

 

383,544

772,831

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 11 July 2024 and signed on its behalf by:
 

.........................................

G Torpey
Director

 

Pan Communications Ltd.

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

1

Statutory information

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

The address of its registered office is:
Magdalen House 2nd Floor West
136-148 Tooley Street
London
SE1 2TU

2

Accounting policies

Summary of significant accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The accounts have been prepared on a going concern basis. In assessing whether the going concern basis is appropriate, the directors have considered all the available information about the foreseeable future, which covers a period of at least 12 months from the signing of these financial statements.

At the date of approval of these financial statements, the company's balance sheet has remained strong since the year end. The directors therefore believe that the business will continue to operate successfully for the foreseeable future and be able to meet its liabilities as and when they fall.

 

Pan Communications Ltd.

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

Revenue recognition

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

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

The amount of revenue can be measured reliably;
It is probable that the company will receive the consideration due under the contract;
The stage of completion of the contract at the end of the reporting period can be measured reliably;
And the costs incurred and the costs to complete the contract can be measured reliably.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises tax and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.


Deferred tax
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 is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 

Pan Communications Ltd.

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

Tangible fixed assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation.

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

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Short-term leasehold property

20% straight-line

Fixtures and fittings

20% straight-line

Computer equipment

25-50% straight-line


The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Pan Communications Ltd.

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

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment. If contribution payments are less than the contribution due for service, the difference is recognised as an accrual.

Employee benefits
The costs of short-term employee benefits, including the cost of any unused holiday entitlement, is recognised in the period in which the employee's services are received.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2022 - 18).

4

Taxation

Deferred tax

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Accelerated capital allowances

-

10,613

Other timing differences

306

-

306

10,613

2022

Liability
£

Accelerated capital allowances

15,772

15,772

 

Pan Communications Ltd.

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

5

Tangible fixed assets

Short-term leasehold property
£

Fixtures and fittings
£

Computer equipment
£

Total
£

Cost

At 1 January 2023

177,146

37,709

34,646

249,501

Additions

-

-

7,845

7,845

At 31 December 2023

177,146

37,709

42,491

257,346

Depreciation

At 1 January 2023

109,778

22,979

30,813

163,570

Charge for the year

35,429

7,542

4,467

47,438

At 31 December 2023

145,207

30,521

35,280

211,008

Carrying amount

At 31 December 2023

31,939

7,188

7,211

46,338

At 31 December 2022

67,368

14,730

3,833

85,931

Included within the net book value of short-term leasehold property above is £31,939 (2022 - £67,368) in respect of short leasehold land and buildings.
 

 

Pan Communications Ltd.

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

6

Debtors: amounts falling due within one year

2023
£

2022
£

Trade debtors

202,000

215,075

Amounts owed by group undertakings

394,952

561,846

Prepayments and accrued income

60,585

46,290

Other debtors

55,362

58,843

712,899

882,054

7

Creditors

2023
£

2022
£

Amounts falling due within one year

Trade creditors

31,601

41,794

Taxation and social security

55,701

74,941

Other creditors

136,034

3,656

Accruals and deferred income

190,008

118,440

Corporation tax

14,828

45,395

428,172

284,226

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

200,000

200,000

200,000

200,000

         
 

Pan Communications Ltd.

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

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

93,215

101,434

Later than one year and not later than five years

-

84,528

93,215

185,962

10

Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £19,773 (2022: £21,839). Contributions totalling £2,973 (2022: £2,590) were payable to the fund at the balance sheet date and are included in creditors.

11

Dividends

   

2023
£

 

2022
£

Dividend of £2 (2022 - £2.25) per each Ordinary share

 

400,000

 

450,000

         

12

Parent and ultimate parent undertaking

The company's immediate parent is Pan Communications Inc., incorporated in the United States of America. Its registered address is 255 State Street, Floor 8, Boston, MA 02109.

 

13

Audit report

As the profit and loss account 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 Independant Auditor's Report was unqualified.
The Senior Statutory Auditor who signed the audit report on 11 July 2024 was Stuart Crisp BSc FCA.
• The auditor was Corrigan Accountants Limited.