Registered number: 11440002
Panicium Limited
Financial statements
Information for filing with the registrar
For the year ended 30 April 2024
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Panicium Limited
Registered number: 11440002
Statement of Financial Position
As at 30 April 2024
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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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.
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 statement of income and retained earnings 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:
The notes on pages 3 to 7 form part of these financial statements.
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Panicium Limited
Registered number: 11440002
Statement of Financial Position (continued)
As at 30 April 2024
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Panicium Limited
Notes to the Financial Statements
For the year ended 30 April 2024
Panicium Limited is a private company limited by share capital incorporated in England, registered number 11440002. The address of the registered office is Fawside Farm, Longnor, Buxton, England, SK17 0RA.
The principle activity of the company is that of a holding company.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
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Cash and cash equivalents
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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.
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Panicium Limited
Notes to the Financial Statements
For the year ended 30 April 2024
2.Accounting policies (continued)
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.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as loans from banks and related parties and investments in non-puttable ordinary shares.
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The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
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Investments in subsidiary companies
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On 22 December 2023, the company acquired 100% of the share capital of The Bury Black Pudding Co Limited.
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Panicium Limited
Notes to the Financial Statements
For the year ended 30 April 2024
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Due after more than one year
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Prepayments and accrued income
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Prepayments and accrued income
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Cash and cash equivalents
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Panicium Limited
Notes to the Financial Statements
For the year ended 30 April 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Convertible preference shares
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Bank loans are secured by way of a mortgage debenture.
Other creditors include an amount of £240,000 (2023 - £503,056) which is secured by way of a fixed charge over the fixed asset investments relating to a subsidiary owned by the company.
On 22 December 2023, the Company issued £250,000 convertible preference shares, this class of shares is non-voting.
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Creditors: Amounts falling due after more than one year
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Redeemable preference shares
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Bank loans are secured by way of a mortgage debenture.
Other creditors falling due after more than one year are secured by way of a fixed charge over the fixed asset investments relating to a subsidiary owned by the company.
On 22 December 2023, the Company issued £450,000 redeemable preference shares, which carry a fixed annual dividend of 8% per annum on the issue price, this class of shares is non-voting.
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Panicium Limited
Notes to the Financial Statements
For the year ended 30 April 2024
Share premium account
The share premium account includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.
Other reserves
Other reserves, which are non-distributable, represent the difference between the fair value and nominal value on the element of fixed asset investments acquired under share for share agreements.
Profit and loss account
The profit and loss account includes all current and prior period retained profits and losses.
There is no overall controlling party of Panicium Limited.
The auditors' report on the financial statements for the year ended 30 April 2024 was unqualified.
The audit report was signed on 31 January 2025 by Chris Stewardson (senior statutory auditor) on behalf of Hurst Accountants Limited.
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