Madpanic Ltd - Filleted accounts

Registered number

04344643

Madpanic Ltd

Filleted Accounts

31 December 2024

Madpanic Ltd
Registered number:		04344643
Balance Sheet
as at 31 December 2024

Notes			2024			2023
£				£
Fixed assets
Tangible assets	3		7,027			6,221

Current assets
Debtors	4	100			174
Cash at bank and in hand		13,956			18,411
		14,056			18,585

Creditors: amounts falling due within one year	5	(500)			(500)

Net current assets			13,556			18,085

Total assets less current liabilities			20,583			24,306

Creditors: amounts falling due after more than one year	6		(2,133)			(2,133)

Provisions for liabilities			(1,108)			(1,108)


Net assets			17,342			21,065

Capital and reserves
Called up share capital			2			2
Profit and loss account			17,340			21,063

Shareholders' funds			17,342			21,065

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Mr D T Smith
Director
Approved by the board on 10 September 2025

Madpanic Ltd
Notes to the Accounts
for the year ended 31 December 2024


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Equipment	25% straight line

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.


2	Employees		2024		2023
Number				Number

	Average number of persons employed by the company		1		1


3	Tangible fixed assets
					Plant and machinery etc
£
	Cost
	At 1 January 2024				29,036
	Additions				3,148
	At 31 December 2024				32,184

	Depreciation
	At 1 January 2024				22,815
	Charge for the year				2,342
	At 31 December 2024				25,157

	Net book value
	At 31 December 2024				7,027
	At 31 December 2023				6,221


4	Debtors		2024		2023
£				£

	Other debtors		100		174


5	Creditors: amounts falling due within one year		2024		2023
£				£

	Other creditors		500		500


6	Creditors: amounts falling due after one year		2024		2023
£				£

	Director's loan account		2,133		2,133


7	Other information

	Madpanic Ltd is a private company limited by shares and incorporated in England. Its registered office is:
	14 Ashmead Green
	Upper Cam
	Dursley
	Glos
	GL11 5EW