Panacea Building Systems Limited - Accounts to registrar (filleted) - small 23.2.5
Panacea Building Systems Limited - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2023 |
| for |
| Panacea Building Systems Limited |
| Panacea Building Systems Limited (Registered number: 11717771) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Panacea Building Systems Limited |
| Company Information |
| for the Year Ended 31 March 2023 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Reedham House |
| 31 King Street West |
| Manchester |
| M3 2PJ |
| Panacea Building Systems Limited (Registered number: 11717771) |
| Balance Sheet |
| 31 March 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| Panacea Building Systems Limited (Registered number: 11717771) |
| Balance Sheet - continued |
| 31 March 2023 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Panacea Building Systems Limited (Registered number: 11717771) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2023 |
| 1. | STATUTORY INFORMATION |
| Panacea Building Systems Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received and receivable for services provided, net of trade discounts and value added tax. Turnover from contracting and service activities represents the value of work carried out during the year, including amounts not invoiced. |
| When the outcome of individual construction and service contracts can be foreseen with reasonable certainty and can be estimated reliably, margin is recognised by reference to the stage of completion, based on the lower of the percentage margin earned to date and that prudently forecast at completion. Full provision is made for all known or expected losses on individual contracts immediately once such losses are foreseen.Variation in work, claims and incentive payments are included to the extent that it is probable they will result in revenue. |
| Tangible fixed assets |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| 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. |
| Panacea Building Systems Limited (Registered number: 11717771) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts or finance leases are depreciated over their estimated useful lives. |
| The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of future payments is treated as a liability. |
| Operating leases are charged to the profit and loss account as they are incurred. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Stock and work in progress |
| Profit on contracting is taken on short-term contracts when completed, and for long-term contracts attributable profit is taken when the final outcome can be foreseen with reasonable certainty; provision is made for any anticipated losses. Amounts, by which turnover in respect of long-term contracts exceed payment on account, are held in debtors as amounts recoverable on contracts. Amounts received in respect of long-term contracts, in excess of amounts reflected in turnover, are held in creditors as payments on account. |
| Going concern |
| The company's financial statements for the year ended 31 March 2023 have been prepared on a going concern basis as, after making appropriate enquiries, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Computer |
| equipment |
| £ |
| COST |
| Additions |
| At 31 March 2023 |
| DEPRECIATION |
| Charge for year |
| At 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| Panacea Building Systems Limited (Registered number: 11717771) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 April 2022 |
| and 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| At 31 March 2022 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Amounts recoverable on contract |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Bank loans |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 13,033 | 22,878 |
| Panacea Building Systems Limited (Registered number: 11717771) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2023 | 2022 |
| £ | £ |
| Within one year |
| Between one and five years |
| 10. | RELATED PARTY DISCLOSURES |
| At 31 March 2023, a balance of £1,329,812 (2022: £1,098,366) was due from a company in which one of the directors of the company, has a material interest. No interest has been charged and the balance is payable on demand. |