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Registration number: 06940322

Pangaea Creative Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Pangaea Creative Limited

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Pangaea Creative Limited

Company Information

Directors

Carlo Belli

Joseph Swallow

Scott Garrett

Thomas Potter

Paul Johnson

Peter Solomon

Registered office

80-83 Long Lane
London
EC1A 9ET

Accountants

Carbon Accountancy Limited
Chartered Accountants 80-83 Long Lane
London
EC1A 9ET

 

Pangaea Creative Limited

Directors' Report for the Year Ended 31 July 2024

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

Directors of the company

The directors who held office during the year were as follows:

Carlo Belli

Joseph Swallow

Scott Garrett

Thomas Potter

Paul Johnson

Peter Solomon

Principal activity

The principal activity of the company is creative marketing and design.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 24 April 2025 and signed on its behalf by:
 

.........................................
Carlo Belli
Director

 

Pangaea Creative Limited

(Registration number: 06940322)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

9,380

11,200

Current assets

 

Debtors

5

90,654

134,806

Cash at bank and in hand

 

433,497

272,230

 

524,151

407,036

Creditors: Amounts falling due within one year

6

(287,284)

(243,779)

Net current assets

 

236,867

163,257

Total assets less current liabilities

 

246,247

174,457

Creditors: Amounts falling due after more than one year

6

(8,744)

(19,156)

Provisions for liabilities

(2,345)

(2,800)

Net assets

 

235,158

152,501

Capital and reserves

 

Called up share capital

7

67

67

Capital redemption reserve

33

33

Retained earnings

235,058

152,401

Shareholders' funds

 

235,158

152,501

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account and Directors' Report.

Approved and authorised by the Board on 24 April 2025 and signed on its behalf by:
 

.........................................
Joseph Swallow
Director

 

Pangaea Creative Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
80-83 Long Lane
London
EC1A 9ET
United Kingdom

The principal place of business is:
31 Clerkenwell Close
London
EC1R 0AT

These financial statements were authorised for issue by the Board on 24 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Pangaea Creative Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Pangaea Creative Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 10).

 

Pangaea Creative Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 August 2023

41,996

41,996

Additions

3,800

3,800

At 31 July 2024

45,796

45,796

Depreciation

At 1 August 2023

30,796

30,796

Charge for the year

5,620

5,620

At 31 July 2024

36,416

36,416

Carrying amount

At 31 July 2024

9,380

9,380

At 31 July 2023

11,200

11,200

5

Debtors

Current

2024
£

2023
£

Trade debtors

61,962

123,793

Prepayments

1,982

1,953

Other debtors

26,710

9,060

 

90,654

134,806

 

Pangaea Creative Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

10,291

9,898

Trade creditors

 

22,875

47,510

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

20,000

20,000

Taxation and social security

 

212,282

158,329

Accruals and deferred income

 

15,715

4,116

Other creditors

 

6,121

3,926

 

287,284

243,779

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

8,744

19,156

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

A Ordinary Shares of £0.00 each

160,000

16

160,000

16

B Ordinary Shares of £0.00 each

266,666

27

266,666

27

C Ordinary Shares of £0.00 each

160,000

16

160,000

16

D Ordinary Shares of £0.00 each

80,000

8

80,000

8

666,666

67

666,666

67

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

8,744

19,156

 

Pangaea Creative Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

8

Loans and borrowings (continued)

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,291

9,898

9

Related party transactions

Included in cost of sales are fees amounting to £14,400 (2023: £nil) paid to director and shareholder S. Garrett.