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Registered number: 07549728
Panoramic Systems Limited
Unaudited Financial Statements
For The Year Ended 31 March 2026
Beresfords
Chartered Certified Accountants
1-2 Rhodium Point
Spindle Close
Hawkinge, Folkestone
Kent
CT18 7TQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07549728
2026 2025
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 8,782 3,550
8,782 3,550
CURRENT ASSETS
Debtors 5 19,146 20,075
Cash at bank and in hand 16,024 27,184
35,170 47,259
Creditors: Amounts Falling Due Within One Year 6 (43,277 ) (50,184 )
NET CURRENT ASSETS (LIABILITIES) (8,107 ) (2,925 )
TOTAL ASSETS LESS CURRENT LIABILITIES 675 625
NET ASSETS 675 625
CAPITAL AND RESERVES
Called up share capital 7 10 10
Profit and Loss Account 665 615
SHAREHOLDERS' FUNDS 675 625
Page 1
Page 2
For the year ending 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr D Abbatt
Director
06/08/2026
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Panoramic Systems Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07549728 . The registered office is 92 Fildyke Road, Meppershall, Shefford, SG17 5LU.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% straight line
Office Equipment 33% straight line
2.5. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.7. Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2025: 2)
2 2
4. Tangible Assets
Fixtures & Fittings Office Equipment Total
£ £ £
Cost
As at 1 April 2025 2,967 44,135 47,102
Additions - 8,581 8,581
As at 31 March 2026 2,967 52,716 55,683
Depreciation
As at 1 April 2025 2,967 40,585 43,552
Provided during the period - 3,349 3,349
As at 31 March 2026 2,967 43,934 46,901
Net Book Value
As at 31 March 2026 - 8,782 8,782
As at 1 April 2025 - 3,550 3,550
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5. Debtors
2026 2025
£ £
Due within one year
Trade debtors 18,887 19,638
Other debtors 259 437
19,146 20,075
6. Creditors: Amounts Falling Due Within One Year
2026 2025
£ £
Other creditors 23,396 27,418
Taxation and social security 19,881 22,766
43,277 50,184
7. Share Capital
2026 2025
£ £
Allotted, Called up and fully paid 10 10
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