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Registered number: 13045557
Panacea Networking Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Hancock & Hastings Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 13045557
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 12,645 849
12,645 849
CURRENT ASSETS
Debtors 5 74,426 51,694
Cash at bank and in hand 113,552 113,820
187,978 165,514
Creditors: Amounts Falling Due Within One Year 6 (64,028 ) (90,788 )
NET CURRENT ASSETS (LIABILITIES) 123,950 74,726
TOTAL ASSETS LESS CURRENT LIABILITIES 136,595 75,575
NET ASSETS 136,595 75,575
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 136,495 75,475
SHAREHOLDERS' FUNDS 136,595 75,575
Page 1
Page 2
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
M Flammia
Director
25/03/2025
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Panacea Networking Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13045557 . The registered office is 167-169 Great Portland Street, 5th Floor, London, W1W 5PF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 33% straight line
Computer Equipment 33% straight line
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 1)
2 1
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 January 2024 1,741 4,039 5,780
Additions 11,977 3,390 15,367
As at 31 December 2024 13,718 7,429 21,147
Depreciation
As at 1 January 2024 1,741 3,190 4,931
Provided during the period 1,769 1,802 3,571
As at 31 December 2024 3,510 4,992 8,502
...CONTINUED
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Net Book Value
As at 31 December 2024 10,208 2,437 12,645
As at 1 January 2024 - 849 849
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 35,395 51,694
Prepayments and accrued income 30,845 -
Other debtors 8,186 -
74,426 51,694
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - 11,594
Corporation tax 47,700 49,437
Other taxes and social security 3,361 -
VAT 6,852 24,954
Other creditors 257 -
Directors' loan accounts 5,858 4,803
64,028 90,788
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 4