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Registered number: 10943629









PANAGENICS EUROPE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
PANAGENICS EUROPE LIMITED
REGISTERED NUMBER: 10943629

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note

FIXED ASSETS
  

Intangible assets
 4 
2,501
2,867

Tangible assets
 5 
983
2,696

  
3,484
5,563

CURRENT ASSETS
  

Stocks
  
29,997
67,528

Debtors: amounts falling due within one year
 6 
92,737
27,605

Cash at bank and in hand
  
1,055
6,804

  
123,789
101,937

Creditors: amounts falling due within one year
 7 
(367,234)
(244,402)

NET CURRENT LIABILITIES
  
 
 
(243,445)
 
 
(142,465)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
(239,961)
(136,902)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 8 
(519)
(1,197)

  
 
 
(519)
 
 
(1,197)

NET LIABILITIES
  
(240,480)
(138,099)


CAPITAL AND RESERVES
  

Called up share capital 
 9 
327
327

Profit and loss account
  
(240,807)
(138,426)

  
(240,480)
(138,099)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
 
Page 1

 
PANAGENICS EUROPE LIMITED
REGISTERED NUMBER: 10943629
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023


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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J J G van den Boom
Director

Date: 24 October 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
PANAGENICS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


GENERAL INFORMATION

Panagenics Europe Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is Salisbury House, Station Road, Cambridge, England, CB1 2LA.
The principal place of business is Ninnesweg 51 5981PA, Panningen, Netherlands.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The Company incurred a loss for the period and had net liabilities of €240,480 (2022 - €138,099) as at October 2023. The financial statements are prepared on a going concern basis on the assumption that the Company will continue to receive financial support from connected entities to provide sufficient funds to enable it to meet its liabilities as they fall due.

 
2.3

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is Euros.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

TURNOVER

Turnover comprises revenue recognised by the Company in respect of goods supplied during the year, exclusive Value Added Tax and trade discounts. Turnover is recognised on dispatch of the product.

Page 3

 
PANAGENICS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

OPERATING 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.

 
2.6

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred 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.

 
2.7

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
PANAGENICS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.8
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
straight-line
Fixtures and fittings
-
20%
straight-line
Computer equipment
-
33%
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 profit or loss.

 
2.9

STOCKS

Stocks comprise goods held for resale and are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

CREDITORS

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

Page 5

 
PANAGENICS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.13

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


EMPLOYEES

The Company has no employees other than the directors, who did not receive any remuneration (2022 - €NIL).


4.


INTANGIBLE ASSETS




Computer software




COST


At 1 November 2022
3,659



At 31 October 2023

3,659



AMORTISATION


At 1 November 2022
792


Charge for the year on owned assets
366



At 31 October 2023

1,158



NET BOOK VALUE



At 31 October 2023
2,501



At 31 October 2022
2,867



Page 6

 
PANAGENICS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


TANGIBLE FIXED ASSETS





Plant and machinery
Fixtures and fittings
Computer equipment
Total




COST


At 1 November 2022
20,783
4,564
1,892
27,239



At 31 October 2023

20,783
4,564
1,892
27,239



DEPRECIATION


At 1 November 2022
19,011
3,903
1,629
24,543


Charge for the year on owned assets
937
661
115
1,713



At 31 October 2023

19,948
4,564
1,744
26,256



NET BOOK VALUE



At 31 October 2023
835
-
148
983



At 31 October 2022
1,772
661
263
2,696


6.


DEBTORS

2023
2022


Trade debtors
87,426
17,990

Other debtors
5,311
8,536

Prepayments and accrued income
-
1,079

92,737
27,605


Page 7

 
PANAGENICS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022

Bank overdrafts
-
31

Trade creditors
115,696
15,596

Other creditors
247,584
225,122

Accruals and deferred income
3,954
3,653

367,234
244,402



8.


DEFERRED TAXATION




2023








At beginning of year
(1,197)


Charged to profit or loss
678



AT END OF YEAR
(519)

The provision for deferred taxation is made up as follows:

2023
2022


Accelerated capital allowances
519
1,197

519
1,197


9.


SHARE CAPITAL

2023
2022
ALLOTTED, CALLED UP AND FULLY PAID



100 (2022 - 100) Ordinary A shares of 1.09 each
109
109
200 (2022 - 200) Ordinary B shares of 1.09 each
218
218

327

327


Page 8

 
PANAGENICS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

10.


COMMITMENTS UNDER OPERATING LEASES

At 31 October 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022


Not later than 1 year
2,400
4,800

Later than 1 year and not later than 5 years
-
2,400

2,400
7,200


11.


RELATED PARTY TRANSACTIONS

As at 31 October 2023 a balance of €239,618 (2022 - €225,008) was owed to UK Egg Centre Limited, a company under common control, which is included in other creditors. The loan is interest-free and repayable on demand.

 
Page 9