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Registration number: 08060898

Pan Communications Ltd.
Filleted Financial Statements
for the Year Ended 31 December 2025

Pages for filing with Registrar

Pan Communications Ltd.

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Financial Statements | 3 to 9

Pan Communications Ltd.

Company Information

Directors | P Nardone Jr. G Torpey C V Coffey

Registered office | 1st Floor 25 King Street Bristol BS1 4PB

Registered number | 08060898

Auditors | Corrigan Accountants Limited 1st Floor 25 King Street Bristol BS1 4PB

Pan Communications Ltd.

(Registration number: 08060898)
Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 5 | 4,942 | 12,027
Current assets |  |  |
Debtors | 6 | 355,715 | 597,455
Cash at bank and in hand |  | 111,535 | 75,634
|  | 467,250 | 673,089
Creditors: Amounts falling due within one year | 7 | (264,506) | (334,372)
Net current assets |  | 202,744 | 338,717
Total assets less current liabilities |  | 207,686 | 350,744
Provisions for liabilities | 4 | (2,725) | (2,725)
Net assets |  | 204,961 | 348,019
Capital and reserves |  |  |
Called up share capital |  | 200,000 | 200,000
Profit and loss account |  | 4,961 | 148,019
Total equity |  | 204,961 | 348,019

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 18 May 2026 and signed on its behalf by:

.........................................

G Torpey
Director

Pan Communications Ltd.

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

1 | Statutory information

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

The address of its registered office is:
1st Floor
25 King Street
Bristol
BS1 4PB
England

2 | Accounting policies

Summary of significant accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern
The accounts have been prepared on a going concern basis. In assessing whether the going concern basis is appropriate, the directors have considered all the available information about the foreseeable future, which covers a period of at least 12 months from the signing of these financial statements.
At the date of approval of these financial statements, the company's balance sheet has remained strong since the year end. The directors therefore believe that the business will continue to operate successfully for the foreseeable future and be able to meet its liabilities as and when they fall.

Pan Communications Ltd.

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
The amount of revenue can be measured reliably;
It is probable that the company will receive the consideration due under the contract;
The stage of completion of the contract at the end of the reporting period can be measured reliably;
And the costs incurred and the costs to complete the contract can be measured reliably.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises tax and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax
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 is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Pan Communications Ltd.

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

Tangible fixed assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Short-term leasehold property | 20% straight-line
Fixtures and fittings | 20% straight-line
Computer equipment | 25-50% straight-line

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 the profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Pan Communications Ltd.

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment. If contribution payments are less than the contribution due for service, the difference is recognised as an accrual.

Employee benefits
The costs of short-term employee benefits, including the cost of any unused holiday entitlement, is recognised in the period in which the employee's services are received.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2024 - 15).

4 | Taxation

Deferred tax

Deferred tax assets and liabilities

2025 | Asset £ | Liability £
Accelerated capital allowances | - | 3,007
Other timing differences | 282 | -
| 282 | 3,007

2024 | Asset £ | Liability £
Accelerated capital allowances | - | 3,007
Other timing differences | 282 | -
| 282 | 3,007

Pan Communications Ltd.

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

5 | Tangible fixed assets

| Fixtures and fittings £ | Computer equipment £ | Total £
Cost
At 1 January 2025 | 249 | 23,804 | 24,053
Additions | - | 3,586 | 3,586
At 31 December 2025 | 249 | 27,390 | 27,639
Depreciation
At 1 January 2025 | 133 | 11,893 | 12,026
Charge for the year | 116 | 10,555 | 10,671
At 31 December 2025 | 249 | 22,448 | 22,697
Carrying amount
At 31 December 2025 | - | 4,942 | 4,942
At 31 December 2024 | 116 | 11,911 | 12,027

6 | Debtors: amounts falling due within one year

| 2025 £ | 2024 £
Trade debtors | 34,373 | 27,738
Amounts owed by group undertakings | 260,786 | 403,370
Prepayments and accrued income | 31,176 | 102,678
Other debtors | 28,810 | 63,099
Corporation tax | 570 | 570
| 355,715 | 597,455

Pan Communications Ltd.

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

7 | Creditors

| 2025 £ | 2024 £
Amounts falling due within one year |  |
Trade creditors | 14,736 | 38,999
Taxation and social security | 23,374 | 22,000
Other creditors | 133,220 | 133,972
Accruals and deferred income | 93,176 | 139,401
| 264,506 | 334,372

8 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 200,000 | 200,000 | 200,000 | 200,000

9 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 100,000 | 100,000

10 | Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £12,436 (2024: £13,519). Contributions totalling £2,420 (2024: £2,935) were payable to the fund at the balance sheet date and are included in creditors.

Pan Communications Ltd.

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

11 | Parent and ultimate parent undertaking

The company's immediate parent is Pan Communications Inc., incorporated in the United States of America. Its registered address is 44 School Street, Suite 505, Boston, MA 02108.

12 | Audit report

As the profit and loss account has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
• The Independant Auditor's Report was unqualified.
• The Senior Statutory Auditor who signed the audit report on 18 May 2026 was David Wright BSc FCA.
• The auditor was Corrigan Accountants Limited.