Company registration number 14163839 (England and Wales)
PANTHALASSA LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
PANTHALASSA LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
PANTHALASSA LTD (REGISTERED NUMBER: 14163839)
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,500
Current assets
Debtors
4
27,924
Cash at bank and in hand
99,300
28,375
127,224
28,375
Creditors: amounts falling due within one year
5
(54,204)
(6,580)
Net current assets
73,020
21,795
Total assets less current liabilities
76,520
21,795
Creditors: amounts falling due after more than one year
6
(3,403)
Provisions for liabilities
(653)
Net assets
75,867
18,392
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
75,866
18,391
Total equity
75,867
18,392
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PANTHALASSA LTD (REGISTERED NUMBER: 14163839)
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 24 January 2025
Mrs T L Bain
Director
PANTHALASSA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Panthalassa Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 68 Wallbridge Lane, Upchurch, Rainham, Gillingham, Kent, ME8 7XH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
The amount of turnover can be measured reliably
It is probable that the company will receive the consideration due under the contract
The stage of completion of the contract at the end of the reporting period can be measured reliably
The costs incurred and the costs to complete the contract can be measured reliably
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
33% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
PANTHALASSA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
1
3
Tangible fixed assets
Computers
£
Cost
At 1 July 2023
Additions
4,313
At 30 June 2024
4,313
Depreciation and impairment
At 1 July 2023
Depreciation charged in the year
813
At 30 June 2024
813
Carrying amount
At 30 June 2024
3,500
At 30 June 2023
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
20,395
Other debtors
7,529
27,924
PANTHALASSA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
15,046
6,130
Other creditors
39,158
450
54,204
6,580
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
3,403