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Registration number: NI696035

Panem Holdings Ltd
Unaudited Filleted Financial Statements
for the Year Ended 31 December 2025

Panem Holdings Ltd

(Registration number: NI696035)
Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Investments | 4 | 578,440 | 578,440
Creditors: Amounts falling due after more than one year | 5 | (225,877) | (338,815)
Net assets |  | 352,563 | 239,625
Capital and reserves |  |  |
Called up share capital | 6 | 625 | 625
Retained earnings |  | 351,938 | 239,000
Shareholders' funds |  | 352,563 | 239,625

For the financial year ending 31 December 2025 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.

Approved and authorised by the Board on 24 March 2026 and signed on its behalf by:

......................................... Ms Margaret Joy Smyth Director
......................................... Ms Lois Forsythe Director

Panem Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

1 | General information

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

The address of its registered office is: 75-77 Main Street, Cullybackey, Ballymena, Antrim, BT42 1BW.

These financial statements were authorised for issue by the Board on 24 March 2026.

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.

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group..

Going concern

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Panem Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

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.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 2).

4 | Investments

| 2025 £ | 2024 £
Investments in subsidiaries | 578,440 | 578,440

Subsidiaries | £
Cost or valuation
At 1 January 2025 | 578,440
Carrying amount
At 31 December 2025 | 578,440
At 31 December 2024 | 578,440

Panem Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

5 | Creditors

Amounts falling due after one year relate to balances due to subsidiary companies Maine Bakery Limited £111,250 (2024: £166,875) and Maine Bakery Holdings Limited £114,627 (2024: £171,940).

6 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 625 | 625 | 625 | 625

7 | Related party transactions

During the year the following transactions occurred between the Company and its subsidiary companies, Maine Bakery Limited and Maine Bakery Holdings Limited:

| 2025 £ | 2024 £
Release of inter-company debt | (112,938) | -

At the balance sheet date, the total amount owed by the Company to its subsidiary companies amounted to £225,877 (2024: £338,815).
The amount owed to Maine Bakery Limited is £111,250 (2024: £166,875) and Maine Bakery Holdings Limited £114,627 (2024: £171,940).