Panacea Refurbishment and Fabrications Limited

PANACEA UK GROUP LTD. - Company Information

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Registered number: 08408691

Abbreviated accounts

For The Year Ended 29 February 2016

ATN Partnership

Chartered Certified Accountants

33 Darnley Road

Gravesend

Kent

DA11 0SD

Panacea Refurbishment and Fabrications Limited

Company No. 08408691

Abbreviated Balance Sheet 29 February 2016

Abbreviated Balance Sheet

		2016		2015
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	2		315		-

			315		-
CURRENT ASSETS
Debtors		24,618		16,063
Cash at bank and in hand		6,682		11,395

		31,300		27,458
Creditors: Amounts Falling Due Within One Year	3	(28,142 )		(27,032 )

NET CURRENT ASSETS (LIABILITIES)			3,158		426

TOTAL ASSETS LESS CURRENT LIABILITIES			3,473		426

NET ASSETS			3,473		426

CAPITAL AND RESERVES
Called up share capital	4		2		2
Profit and Loss Account			3,471		424

SHAREHOLDERS' FUNDS			3,473		426

Panacea Refurbishment and Fabrications Limited

Company No. 08408691

Abbreviated Balance Sheet (continued) 29 February 2016

For the year ending 29 February 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities

The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).

On behalf of the board

Mr Kenan Huseyin

08/11/2016

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Panacea Refurbishment and Fabrications Limited

Notes to the Abbreviated Accounts

For The Year Ended 29 February 2016

Notes to the Abbreviated Accounts

1. Accounting Policies

1.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2. Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

1.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less depreciation. 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:

Motor Vehicles	- 25% reducing balance
Computer Equipment	- 25% reducing balance

2. Tangible Assets


	Total
Cost	£
As at 1 March 2015	-
Additions	420

As at 29 February 2016	420

Depreciation
As at 1 March 2015	-
Provided during the period	105

As at 29 February 2016	105

Net Book Value
As at 29 February 2016	315

As at 1 March 2015	-

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Panacea Refurbishment and Fabrications Limited

Notes to the Abbreviated Accounts (continued)

For The Year Ended 29 February 2016

3. Creditors: Amounts Falling Due Within One Year

	2016	2015
	£	£
Trade creditors	-	6,000
Corporation tax	12,790	12,293
VAT	15,052	8,339
Accruals and deferred income	300	400

	28,142	27,032

4. Share Capital

	Value	Number	2016	2015
Allotted, called up and fully paid	£		£	£
Ordinary shares	1.000	2	2	2

5. Transactions With and Loans to Directors

Included within Debtors are the following loans to directors:

	As at 1 March 2015	Amounts advanced	Amounts repaid	As at 29 February 2016
	£	£	£	£
Mr Kenan Huseyin	9,595	9,881	9,595	9,881

The above loan is unsecured, interest free and repayable on demand. Dividends of £10,000 were declared on 31 October 2016 to clear the director's loan account.

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