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Registered number: 13312839










PANECEA GROUP LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
PANECEA GROUP LIMITED
 
 
COMPANY INFORMATION


Directors
J Papworth 
C J Woolley 
G Porter 




Registered number
13312839



Registered office
Saxon House
3 Onslow Street

Guildford

Surrey

GU1 4SY




Independent auditor
MHA
Statutory Auditors

6th Floor

2 London Wall Place

London

United Kingdom

EC2Y 5AU





 
PANECEA GROUP LIMITED
 

CONTENTS



Page
Strategic Report
1
Directors' Report
2 - 3
Independent Auditor's Report
4 - 6
Statement of Comprehensive Income
7
Balance Sheet
8 - 9
Statement of Changes in Equity
10
Notes to the Financial Statements
11 - 20


 
PANECEA GROUP LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

Introduction
 
The directors have pleasure in presenting their strategic report for the year ended 31 May 2024.

Business review
 
The principal activity of the company during the year was that of an intermediary holding company.  The principal activity of its trading subsidiaries, Person Centred Software Limited, PGL OWL Limited (formerly Oomph Wellness Limited), PGL AEHL Limited (formerly Atlas eMar Holdings Limited), PGL PCSL Limited (formerly Papworth Computer Software Limited), DepenSys Limited, ResHub Limited, KareInn Limited, and RedCrier Publications Ltd are technology companies providing digital solutions to social care.
The company has not traded in the year and no key performance indicators are applicable.  
Risks and uncertainties faced by the company relate only to the valuation of its investments.  At full strategic report is available in the consolidated accounts of Connected Care Holdings Limited, the ultimate parent company.


This report was approved by the board and signed on its behalf.



C J Woolley
Director

Date: 16 December 2024

Page 1

 
PANECEA GROUP LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024

The directors present their report and the financial statements for the year ended 31 May 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company during the year was that of a managing company, whose main function is to hold and manage investments in other companies.

Results and dividends

The loss for the year, after taxation, amounted to £125,985 (2023 - loss £98,676).

At the year end the Company had accumulated losses of £653,047 (2023: £565,518). 
No dividends were issued during the year (2023: £Nil).

Directors

The directors who served during the year were:

J Papworth 
C J Woolley 
G Porter (appointed 10 January 2024)
A Coles (resigned 22 September 2023)
S Harris (resigned 20 September 2023)

Page 2

 
PANECEA GROUP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024

Future developments

The ultimate parent entity and the company have been highly acquisitive over the past 2 years and will continue to look for the right opportunities for both acquisitions and partnerships to ensure a comprehensive offering for its customers. 

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, MHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





C J Woolley
Director

Date: 16 December 2024

Page 3

 
PANECEA GROUP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PANECEA GROUP LIMITED
 

Opinion


We have audited the financial statements of Panecea Group Limited (the 'Company') for the year ended 31 May 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 May 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
PANECEA GROUP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PANECEA GROUP LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
PANECEA GROUP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PANECEA GROUP LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• Enquiry of management around actual and potential litigation and claims;
• Performing audit work over the risk of management override of controls, including testing of journal entries
   and other adjustments for appropriateness, evaluating the business rationale of significant transactions
   outside the normal course of business and reviewing accounting estimates for bias;
• Reviewing minutes of meetings of those charged with governance and management;
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance
  with applicable laws and regulations. 


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Georgette Alicia Crisp Bsc (Hons) FCA (Senior Statutory Auditor)
for and on behalf of
MHA
Statutory Auditors
London. United Kingdom

30 December 2024
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (Registered number OC312313).
Page 6

 
PANECEA GROUP LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024

2024
2023
£
£

  

Administrative expenses
  
(125,985)
(77,818)

Operating loss
  
(125,985)
(77,818)

Loss on investment disposal
  
-
(20,858)

Loss on ordinary activities before interest
  
(125,985)
(98,676)

Loss for the financial year
  
(125,985)
(98,676)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 11 to 20 form part of these financial statements.

Page 7

 
PANECEA GROUP LIMITED
REGISTERED NUMBER: 13312839

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 7 
64,910,388
54,722,707

  
64,910,388
54,722,707

Current assets
  

Debtors: amounts falling due within one year
 8 
2,496,623
1,741,897

Cash at bank and in hand
 9 
398,711
10,792

  
2,895,334
1,752,689

Creditors: amounts falling due within one year
 10 
(18,296,143)
(7,004,035)

Net current liabilities
  
 
 
(15,400,809)
 
 
(5,251,346)

Total assets less current liabilities
  
49,509,579
49,471,361

Creditors: amounts falling due after more than one year
 11 
(1,809,970)
(1,645,767)

  

Net assets
  
47,699,609
47,825,594

Page 8

 
PANECEA GROUP LIMITED
REGISTERED NUMBER: 13312839
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 12 
3,313
3,313

Share premium account
 13 
48,387,799
48,387,799

Profit and loss account
 13 
(691,503)
(565,518)

  
47,699,609
47,825,594


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




C J Woolley
Director

Date: 16 December 2024

The notes on pages 11 to 20 form part of these financial statements.

Page 9

 
PANECEA GROUP LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 June 2022
3,168
46,522,969
(466,842)
46,059,295


Comprehensive income for the year

Loss for the year
-
-
(98,676)
(98,676)
Total loss for the year
-
-
(98,676)
(98,676)


Contributions by and distributions to owners

Shares issued during the year
145
1,864,830
-
1,864,975


Total transactions with owners
145
1,864,830
-
1,864,975



At 1 June 2023
3,313
48,387,799
(565,518)
47,825,594


Comprehensive income for the year

Loss for the year
-
-
(125,985)
(125,985)
Total loss for the year
-
-
(125,985)
(125,985)


At 31 May 2024
3,313
48,387,799
(691,503)
47,699,609


The notes on pages 11 to 20 form part of these financial statements.

Page 10

 
PANECEA GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Panecea Group Limited is a private company limited by shares incorporated in England and Wales under the Companies Act 2006. The address of the registered office is Saxon House, 3 Onslow Street, Guildford, Surrey, GU1 4SY.
The principal activity of the Company during the year was that of a management company, whose main function is to hold and manage investments in other companies.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in pounds sterling sterling, the functional currency of the Company, and rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Connected Care Holdings Limited as at 31 May 2024 and these financial statements may be obtained from Saxon House, 3 Onslow Street, Guildford, Surrey, GU1 4SY.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.4

Going concern

The company has net current liabilities of £15,400,809 (2023: £5,251,346). 

Page 11

 
PANECEA GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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 and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

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 except when deferred in other comprehensive income as qualifying cash flow hedges.

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

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.8

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.

 
2.9

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.

 
2.10

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 12

 
PANECEA GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Page 13

 
PANECEA GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Exchange differences
15,365
-


4.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
7,500
-

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


5.


Employees




The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
3
2

Page 14

 
PANECEA GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax

Total deferred tax
-
-


Tax on loss
-
-

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(125,985)
(98,676)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
(31,496)
(24,669)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,493
5,684

Adjustments to tax charge in respect of prior periods
-
(6,941)

Unrelieved tax losses carried forward
28,003
26,002

Remeasurement of deferred tax for changes in tax rates
-
(76)

Total tax charge for the year
-
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 15

 
PANECEA GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

7.


Fixed asset investments





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost or valuation


At 1 June 2023
54,443,565
279,142
54,722,707


Additions
10,187,681
-
10,187,681



At 31 May 2024
64,631,246
279,142
64,910,388




Page 16

 
PANECEA GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Person Centred Software Limited
Saxon House, 3 Onslow Street, Guildford, Surrey, United Kingdom, GU14SY
Ordinary
100%
PGL PCSL Limited (formerly Papworth Computer Software Limited)
Saxon House, 3 Onslow Street, Guildford, Surrey, United Kingdom, GU14SY
Ordinary
100%
Person Centred Software (Australia) PTY Limited
12 Pirie Street, Adelaide, South Australia, 5000, Australia
Ordinary
100%
PGL AEHL Limited (formerly Atlas eMar Holdings Ltd)
Saxon House, 3 Onslow Street, Guildford, Surrey, United Kingdom, GU1 4SY
Ordinary
100%
PGL OWL Limited (formerly Oomph Wellness Limited)
1st Floor, 1 Bell Court, Leapale Lane, Guildford, Surrey, United Kingdom, GU1 4LY
Ordinary
100%
Redcrier Publications Ltd
Rumwell Hall, Rumwell, Taunton, Somerset, United Kingdom, TA4 1EL
Ordinary
100%
KareInn Limited
Saxon House, 3 Onslow Street, Guildford, Surrey, United Kingdom, GU1 4SY
Ordinary
100%
DepenSys Limited
Saxon House, 3 Onslow Street, Guildford, Surrey, United Kingdom, GU1 4SY
Ordinary
100%
ResHub Limited
Bo Choill Road ATHY R93D9N2 CO Kildare, Ireland
Ordinary
100%

Page 17

 
PANECEA GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Debtors

2024
2023
£
£


Trade debtors
998
-

Amounts owed by group undertakings
2,375,892
1,741,536

Other debtors
113,754
361

Prepayments and accrued income
5,979
-

2,496,623
1,741,897


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
398,711
10,792

398,711
10,792



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
-
8,518

Amounts owed to group undertakings
17,052,545
5,044,235

Other creditors
1,046,418
1,800,001

Accruals and deferred income
197,180
151,281

18,296,143
7,004,035


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

Page 18

 
PANECEA GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
771,971
1,395,767

Other creditors
1,037,999
250,000

1,809,970
1,645,767


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.


12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,909,475 (2023 - 1,909,475) Ordinary shares shares of £0.001 each
1,909
1,909
1,404,427 (2023 - 1,259,475) A Ordinary shares shares of £0.001 each
1,404
1,404

3,313

3,313



13.


Reserves

Share premium account

The Share Premium includes any premium received on the issue of share capital. Any transaction costs associated with the issuing of the shares are deducted from the share premium. Changes in share premium are set out in the Statement of changes in Equity. 
The total share premium balance was £48,387,799 as at 31 May 2024 (2023: £48,387,799) after taking into account the legal, administrative and arrangement costs associated with the issue of shares.

Profit and loss account

Changes in the reserves is set out in the Statement of Changes in Equity. 


14.


Related party transactions

The company has taken advantage of the exemption available in Financial Reporting Standard 102 Section 33 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
During the year the Company received a loan of £12,000,000 (2023: £Nil) and repayments of £12,110,817 (2023: £Nil) from Cow Corner Investing Ltd, a company under common directorship. At the year end £110,817 (2023: £Nil) was owed by Cow Corner Investing Ltd.

Page 19

 
PANECEA GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

15.


Parent entity and controlling party

The ultimate parent company is Connected Care Holdings Limited (formerly Project Polar Topco Limited). Connected Care Holdings Limited is a company registered in England and Wales with a registration number of 14247664 and a registered office of Saxon House, 3 Onslow Street, Guildford, Surrey, GU1 4SY. The consolidated financial statements of Connected Care Holdings Limited are available from the Registrar of Companies, Companies House, Cardiff, CF14 3UZ. 
The ultimate controlling party is Cow Corner 1 Gp LLP, by virtue of owning controlling share capital in Connected Care Holdings Limited, the ultimate parent company.

 
Page 20