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Company registration number: 14313341
Panacea Health & Management Services Ltd
Unaudited filleted financial statements
31 August 2024
Panacea Health & Management Services Ltd
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Panacea Health & Management Services Ltd
Directors and other information
Director Dr Nihaal Shaikh
Company number 14313341
Registered office 797 Harrow Road
Sudbury Town
Wembley
HA0 2LP
Business address 57 Regency Square
Brighton
East Sussex
BN1 2FF
Accountants Accountancy Solutions
797 Harrow Road
Sudbury Town
Wembley
HA0 2LP
Bankers Tide
4th Floor Prologue Works
25 Marsh Street
Bristol
BS1 4AX
Panacea Health & Management Services Ltd
Statement of financial position
31 August 2024
31/08/24 31/08/23
Note £ £ £ £
Current assets
Debtors 5 23,200 -
Cash at bank and in hand 115,192 56,938
_______ _______
138,392 56,938
Creditors: amounts falling due
within one year 6 ( 56,319) ( 15,162)
_______ _______
Net current assets 82,073 41,776
_______ _______
Total assets less current liabilities 82,073 41,776
_______ _______
Net assets 82,073 41,776
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 81,973 41,676
_______ _______
Shareholders funds 82,073 41,776
_______ _______
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 23 May 2025 , and are signed on behalf of the board by:
Dr Nihaal Shaikh
Director
Company registration number: 14313341
Panacea Health & Management Services Ltd
Statement of changes in equity
Year ended 31 August 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 September 2022 - - -
Profit for the year 53,676 53,676
_______ _______ _______
Total comprehensive income for the year - 53,676 53,676
Issue of shares 100 100
Dividends paid and payable ( 12,000) ( 12,000)
_______ _______ _______
Total investments by and distributions to owners 100 ( 12,000) ( 11,900)
_______ _______ _______
At 31 August 2023 and 1 September 2023 100 41,676 41,776
Profit for the year 71,297 71,297
_______ _______ _______
Total comprehensive income for the year - 71,297 71,297
Dividends paid and payable ( 31,000) ( 31,000)
_______ _______ _______
Total investments by and distributions to owners - ( 31,000) ( 31,000)
_______ _______ _______
At 31 August 2024 100 81,973 82,073
_______ _______ _______
Panacea Health & Management Services Ltd
Notes to the financial statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 797 Harrow Road, Sudbury Town, Wembley, HA0 2LP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Debtors
31/08/24 31/08/23
£ £
Trade debtors 23,200 -
_______ _______
6. Creditors: amounts falling due within one year
31/08/24 31/08/23
£ £
Corporation tax 20,604 13,188
Social security and other taxes 297 -
Other creditors 35,418 1,974
_______ _______
56,319 15,162
_______ _______
7. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
Year ended 31/08/24
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Dr Nihaal Shaikh ( 1,194) ( 33,204) ( 34,398)
_______ _______ _______
Period ended 31/08/23
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Dr Nihaal Shaikh - ( 1,194) ( 1,194)
_______ _______ _______
8. Controlling party
The entire issued share capital of the company is controlled by its director.