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COMPANY REGISTRATION NUMBER: 11783984
Panda Podcasts Limited
Filleted Unaudited Financial Statements
31 January 2024
Panda Podcasts Limited
Financial Statements
Year ended 31 January 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
Panda Podcasts Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
5,182
4,451
Current assets
Debtors
6
42,429
66,334
Cash at bank and in hand
86,951
187,324
---------
---------
129,380
253,658
Creditors: amounts falling due within one year
7
( 48,826)
( 59,224)
---------
---------
Net current assets
80,554
194,434
--------
---------
Total assets less current liabilities
85,736
198,885
Creditors: amounts falling due after more than one year
8
( 7,211)
( 11,411)
--------
---------
Net assets
78,525
187,474
--------
---------
Capital and reserves
Called up share capital
9
2
2
Share premium account
927,874
711,373
Profit and loss account
( 849,351)
( 523,901)
---------
---------
Shareholders funds
78,525
187,474
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Panda Podcasts Limited
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 16 September 2024 , and are signed on behalf of the board by:
Mr G Edwards
Mr G Goss
Director
Director
Company registration number: 11783984
Panda Podcasts Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is International House, 36-38 Cornhill, London, EC3V 3NG, England.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
3 Years straight line
Equipment
-
3 Years straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 February 2023
6,643
6,643
Additions
649
2,775
3,424
----
-------
--------
At 31 January 2024
649
9,418
10,067
----
-------
--------
Depreciation
At 1 February 2023
2,192
2,192
Charge for the year
124
2,569
2,693
----
-------
--------
At 31 January 2024
124
4,761
4,885
----
-------
--------
Carrying amount
At 31 January 2024
525
4,657
5,182
----
-------
--------
At 31 January 2023
4,451
4,451
----
-------
--------
6. Debtors
2024
2023
£
£
Trade debtors
28,788
37,014
Other debtors
13,641
29,320
--------
--------
42,429
66,334
--------
--------
Other debtors include an amount of £nil (2023 - £nil) falling due after more than one year.
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts (secured)
4,200
4,200
Trade creditors
17,049
11,508
Corporation tax
200
Social security and other taxes
1,974
42,013
Other creditors
25,403
1,503
--------
--------
48,826
59,224
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts (secured)
7,211
11,411
-------
--------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.00001 each
186,545
2
162,972
2
---------
----
---------
----
Share movements
No.
£
Ordinary
At 1 February 2023
162,972
2
Issue of shares
23,573
---------
----
At 31 January 2024
186,545
2
---------
----
10. Related party transactions
During the year the company was under the control of Mr G Edwards , a director, by virtue of his majority shareholding.