Panacea Finance Solutions Limited 08666729 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is The company raises money from investors at an agreed rate of interest and re-lends money to specific building projects on short term loans. Digita Accounts Production Advanced 6.30.9574.0 true 08666729 2024-01-01 2024-12-31 08666729 2024-12-31 08666729 core:CapitalRedemptionReserve 2024-12-31 08666729 core:RetainedEarningsAccumulatedLosses 2024-12-31 08666729 core:ShareCapital 2024-12-31 08666729 core:CurrentFinancialInstruments 2024-12-31 08666729 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 08666729 core:Non-currentFinancialInstruments 2024-12-31 08666729 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 08666729 core:CostValuation 2024-12-31 08666729 core:DisposalsRepaymentsInvestments 2024-12-31 08666729 core:FurnitureFittingsToolsEquipment 2024-12-31 08666729 bus:SmallEntities 2024-01-01 2024-12-31 08666729 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 08666729 bus:FilletedAccounts 2024-01-01 2024-12-31 08666729 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 08666729 bus:RegisteredOffice 2024-01-01 2024-12-31 08666729 bus:Director1 2024-01-01 2024-12-31 08666729 bus:Director2 2024-01-01 2024-12-31 08666729 bus:Director3 2024-01-01 2024-12-31 08666729 bus:Director4 2024-01-01 2024-12-31 08666729 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 08666729 core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 08666729 core:OfficeEquipment 2024-01-01 2024-12-31 08666729 countries:England 2024-01-01 2024-12-31 08666729 2023-12-31 08666729 core:CostValuation 2023-12-31 08666729 core:FurnitureFittingsToolsEquipment 2023-12-31 08666729 2023-01-01 2023-12-31 08666729 2023-12-31 08666729 core:CapitalRedemptionReserve 2023-12-31 08666729 core:RetainedEarningsAccumulatedLosses 2023-12-31 08666729 core:ShareCapital 2023-12-31 08666729 core:CurrentFinancialInstruments 2023-12-31 08666729 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 08666729 core:Non-currentFinancialInstruments 2023-12-31 08666729 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 08666729 core:FurnitureFittingsToolsEquipment 2023-12-31 iso4217:GBP xbrli:pure

Registration number: 08666729

Panacea Finance Solutions Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Panacea Finance Solutions Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Panacea Finance Solutions Limited

(Registration number: 08666729)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

226

504

Investments

5

-

100

 

226

604

Current assets

 

Stocks

6

416,778

416,778

Debtors

7

10,383,698

7,685,298

Cash at bank and in hand

 

590,952

1,803,763

 

11,391,428

9,905,839

Creditors: Amounts falling due within one year

8

(9,004,419)

(7,714,711)

Net current assets

 

2,387,009

2,191,128

Total assets less current liabilities

 

2,387,235

2,191,732

Creditors: Amounts falling due after more than one year

8

(28,000)

(76,000)

Net assets

 

2,359,235

2,115,732

Capital and reserves

 

Called up share capital

9

167

167

Capital redemption reserve

33

33

Retained earnings

2,359,035

2,115,532

Shareholders' funds

 

2,359,235

2,115,732

For the financial 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.

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

These financial statements have been 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.

 

Panacea Finance Solutions Limited

(Registration number: 08666729)
Balance Sheet as at 31 December 2024

Approved and authorised by the Board on 19 May 2025 and signed on its behalf by:
 

.........................................
S D Williams
Director

.........................................
J R Williams
Director

.........................................
S C Fletcher
Director

.........................................
J H Wilson
Director

 

Panacea Finance Solutions Limited

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

1

General information

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

The address of its registered office is:
Florence House
Lower High Street
Waddington
Lincolnshire
LN5 9QA

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.

The financial statements are presented in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of interest and fees received or receivable from it's customers, 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

Panacea Finance Solutions Limited

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

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 basis

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 7 (2023 - 7).

 

Panacea Finance Solutions Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2024

5,428

5,428

Additions

236

236

Disposals

(299)

(299)

At 31 December 2024

5,365

5,365

Depreciation

At 1 January 2024

4,923

4,923

Charge for the year

515

515

Eliminated on disposal

(299)

(299)

At 31 December 2024

5,139

5,139

Carrying amount

At 31 December 2024

226

226

At 31 December 2023

504

504

5

Investments

2024
£

2023
£

Investments in associates

-

100

Associates

£

Cost

At 1 January 2024

100

Disposals

(100)

At 31 December 2024

-

Provision

Carrying amount

At 31 December 2024

-

At 31 December 2023

100

 

Panacea Finance Solutions Limited

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

6

Stocks

2024
£

2023
£

Work in progress

416,778

416,778

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

350

399

Amounts owed by related parties

-

170,658

Prepayments

 

11,301

9,477

Other debtors

 

10,372,047

7,504,764

   

10,383,698

7,685,298

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

5,945,005

5,208,005

Trade creditors

 

350

135

Taxation and social security

 

110,519

85,846

Accruals and deferred income

 

132,187

115,725

Other creditors

 

2,816,358

2,305,000

 

9,004,419

7,714,711

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

28,000

76,000

 

Panacea Finance Solutions Limited

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

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

167

167

167

167

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

28,000

76,000

Current loans and borrowings

2024
£

2023
£

Bank borrowings

48,000

48,000

Other borrowings

5,897,005

5,160,005

5,945,005

5,208,005