Caseware UK (AP4) 2024.0.164 2024.0.164 2024-11-302024-11-30truefalsetrue2023-12-01The company was incorporated on 26 November 2019. The principal acitvity of the company is the development of AI software to assist with cancer diagnosis.1011The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11696687 2023-12-01 2024-11-30 11696687 2022-12-01 2023-11-30 11696687 2024-11-30 11696687 2023-11-30 11696687 c:Director1 2023-12-01 2024-11-30 11696687 d:OfficeEquipment 2023-12-01 2024-11-30 11696687 d:OfficeEquipment 2024-11-30 11696687 d:OfficeEquipment 2023-11-30 11696687 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 11696687 d:ComputerEquipment 2023-12-01 2024-11-30 11696687 d:ComputerEquipment 2024-11-30 11696687 d:ComputerEquipment 2023-11-30 11696687 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 11696687 d:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 11696687 d:CurrentFinancialInstruments 2024-11-30 11696687 d:CurrentFinancialInstruments 2023-11-30 11696687 d:CurrentFinancialInstruments d:WithinOneYear 2024-11-30 11696687 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 11696687 d:ShareCapital 2024-11-30 11696687 d:ShareCapital 2023-11-30 11696687 d:SharePremium 2024-11-30 11696687 d:SharePremium 2023-11-30 11696687 d:RetainedEarningsAccumulatedLosses 2024-11-30 11696687 d:RetainedEarningsAccumulatedLosses 2023-11-30 11696687 c:OrdinaryShareClass1 2023-12-01 2024-11-30 11696687 c:OrdinaryShareClass1 2024-11-30 11696687 c:OrdinaryShareClass1 2023-11-30 11696687 c:OrdinaryShareClass2 2023-12-01 2024-11-30 11696687 c:OrdinaryShareClass2 2024-11-30 11696687 c:OrdinaryShareClass2 2023-11-30 11696687 c:OrdinaryShareClass3 2023-12-01 2024-11-30 11696687 c:OrdinaryShareClass3 2024-11-30 11696687 c:OrdinaryShareClass3 2023-11-30 11696687 c:OrdinaryShareClass4 2023-12-01 2024-11-30 11696687 c:OrdinaryShareClass4 2024-11-30 11696687 c:OrdinaryShareClass4 2023-11-30 11696687 c:OrdinaryShareClass5 2023-12-01 2024-11-30 11696687 c:OrdinaryShareClass5 2024-11-30 11696687 c:OrdinaryShareClass5 2023-11-30 11696687 c:FRS102 2023-12-01 2024-11-30 11696687 c:AuditExempt-NoAccountantsReport 2023-12-01 2024-11-30 11696687 c:FullAccounts 2023-12-01 2024-11-30 11696687 c:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 11696687 e:PoundSterling 2023-12-01 2024-11-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 11696687









PANAKEIA TECHNOLOGIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2024

 
PANAKEIA TECHNOLOGIES LIMITED
REGISTERED NUMBER: 11696687

BALANCE SHEET
AS AT 30 NOVEMBER 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
1,470
16,997

  
1,470
16,997

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 5 
379,186
389,058

Cash at bank and in hand
  
283,534
209,537

  
662,720
598,595

Creditors: amounts falling due within one year
 6 
(55,992)
(82,223)

NET CURRENT ASSETS
  
 
 
606,728
 
 
516,372

TOTAL ASSETS LESS CURRENT LIABILITIES
  
608,198
533,369

  

NET ASSETS
  
608,198
533,369


CAPITAL AND RESERVES
  

Called up share capital 
 7 
188
168

Share premium account
  
5,875,266
4,691,127

Profit and loss account
  
(5,267,256)
(4,157,926)

  
608,198
533,369


Page 1

 
PANAKEIA TECHNOLOGIES LIMITED
REGISTERED NUMBER: 11696687
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




P Pandya
Director

Date: 29 August 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
PANAKEIA TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1.


GENERAL INFORMATION

Panakeia Technologies Limited is a private company limited by shares and was incorporated in England and Wales. Its registered office address is Salisbury House, Station Road, Cambridge CB1 2LA.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The profit and loss reserve was in deficit by £5,267,256 as at 30 November 2024 (2023: £4,157,925). The financial statements have been prepared on the going concern basis which assumes that the Company will continue as a going concern for the foreseeable future. The trading losses reported to date are consistent with the Company's business plan as it progresses its research and development activities. 
Given the investment received, together with the development progress achieved, the directors have a reasonable expectation that the Company will be able to meet its liabilites as they fall due for the foreseeable future and therefore continue to adopt the going concern basis. 

 
2.3

TURNOVER

Turnover is recognised to the extent that it is probable that economic benefits will flow to the Company and the turnover can be reliably measured.
Turnover is measured as the fair value of the consideration received or receivable, exclsuive of Value Added Tax.

 
2.4

GRANT INCOME

Grant income is recognised in the Profit and Loss Accounts as the related expenditure incurred.

 
2.5

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
PANAKEIA TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.5
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
3 years
Computer equipment
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

DEBTORS

Short term debtors are measured at transaction price, less any impairment.

 
2.7

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
PANAKEIA TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.10

RESEARCH AND DEVELOPMENT

Research and development expenditure is recognised in the Profit and Loss Account in the period in which the expenditure is incurred.

 
2.11

OPERATING LEASES

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.12

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
PANAKEIA TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.13

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.



3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 10 (2023 - 11).

Page 6

 
PANAKEIA TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

4.


TANGIBLE FIXED ASSETS





Office equipment
Computer equipment
Total

£
£
£



COST OR VALUATION


At 1 December 2023
418
92,964
93,382



At 30 November 2024

418
92,964
93,382



DEPRECIATION


At 1 December 2023
221
76,164
76,385


Charge for the year on owned assets
139
15,388
15,527



At 30 November 2024

360
91,552
91,912



NET BOOK VALUE



At 30 November 2024
58
1,412
1,470



At 30 November 2023
197
16,800
16,997

Page 7

 
PANAKEIA TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

5.


DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£


Other debtors
197,934
335,544

Prepayments and accrued income
181,252
53,514

379,186
389,058



6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
41,272
45,621

Other taxation and social security
-
26,179

Other creditors
7,432
2,225

Accruals and deferred income
7,288
8,198

55,992
82,223


Other creditors include contributions of £4,993 (2023 - £410) payable to the Company's defined pension scheme at the balance sheet date.


7.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



770,000 (2023 - 770,000) Ordinary shares of £0.0001 each
77.00
77.00
22,326 (2023 - 22,326) A Ordinary shares of £0.0001 each
2.23
2.23
411,761 (2023 - 411,761) Seed Preferred shares of £0.0001 each
41.18
41.18
50,000 (2023 - 50,000) Deferred shares of £0.0001 each
5.00
5.00
86,337 (2023 - 51,623) B Ordinary shares of £0.0001 each
8.63
5.16
540,563 (2023 - 374,618) Seed Preferred 2 shares of £0.0001 each
54.06
37.46

188.10

168.03


During the year 34,714  B Ordinary Shares of £0.0001 were issued for a total consideration of £205,102.
During the year 165,945 Seed Preferred 2 Shares of £0.0001 were issued for a total consideration of £979,057.

 
Page 8