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REGISTERED NUMBER: 13656337 (England and Wales)















ABRIDGED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

PANGEA CABLE SYSTEMS LIMITED

PANGEA CABLE SYSTEMS LIMITED (REGISTERED NUMBER: 13656337)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


PANGEA CABLE SYSTEMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTOR: S V Timmons





REGISTERED OFFICE: Spitfire House
19 Falcon Court
Preston Farm Industrial Estate
Stockton On Tees
North Yorkshire
TS18 3TU





REGISTERED NUMBER: 13656337 (England and Wales)





ACCOUNTANTS: Baines Jewitt Limited
Chartered Accountants
Spitfire House
19 Falcon Court
Preston Farm Ind. Est.
Stockton-on-Tees
TS18 3TU

PANGEA CABLE SYSTEMS LIMITED (REGISTERED NUMBER: 13656337)

ABRIDGED BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 130,038 61,355
Tangible assets 5 2,130 2,840
132,168 64,195

CURRENT ASSETS
Debtors 1,165 12,271
Cash at bank 1,547 -
2,712 12,271
CREDITORS
Amounts falling due within one year 151,254 85,717
NET CURRENT LIABILITIES (148,542 ) (73,446 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(16,374

)

(9,251

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (16,474 ) (9,351 )
(16,374 ) (9,251 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PANGEA CABLE SYSTEMS LIMITED (REGISTERED NUMBER: 13656337)

ABRIDGED BALANCE SHEET - continued
31 OCTOBER 2023


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

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings and an abridged Balance Sheet for the year ended 31 October 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 October 2024 and were signed by:





S V Timmons - Director


PANGEA CABLE SYSTEMS LIMITED (REGISTERED NUMBER: 13656337)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023


1. STATUTORY INFORMATION

Pangea Cable Systems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of fifty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

PANGEA CABLE SYSTEMS LIMITED (REGISTERED NUMBER: 13656337)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


4. INTANGIBLE FIXED ASSETS
Totals
£
COST
At 1 November 2022 61,355
Additions 68,683
At 31 October 2023 130,038
NET BOOK VALUE

At 31 October 2023 130,038
At 31 October 2022 61,355

5. TANGIBLE FIXED ASSETS
Totals
£
COST
At 1 November 2022
and 31 October 2023 3,192
DEPRECIATION
At 1 November 2022 352
Charge for year 710
At 31 October 2023 1,062
NET BOOK VALUE
At 31 October 2023 2,130
At 31 October 2022 2,840

6. CONTINGENT LIABILITIES

The company has a contract to purchase full title to a deep-sea communications system, and all associated rights, assets, infrastructure and licences.The purchase is subject to satisfactory due diligence and testing of the system and system rights.

Mr. S.V. Timmons, a Director, has committed to provide for Two Million Euros by way of a loan to the Company, to contribute to meeting the contractual liabilities and provided evidence of ring-fenced funding to the Company's legal advisors in September 2021.

PANGEA CABLE SYSTEMS LIMITED (REGISTERED NUMBER: 13656337)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


7. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 October 2023 and the period ended 31 October 2022:

2023 2022
£ £
S V Timmons
Balance outstanding at start of year (68,692 ) -
Amounts advanced 2,060 100
Amounts repaid (69,578 ) (68,792 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (136,210 ) (68,692 )