PANACEA IT LIMITED - Period Ending 2014-03-31

Registration number: 03360622

PANACEA IT LIMITED

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2014
 

Buttertown Ltd
Independent Accountants
c/o BEFS
Suite2,Alma House
Alma Road
Reigate
Surrey
RH2 0AX

PANACEA IT LIMITED
Contents

Company Information 1

Directors' Report 2

Accountants' Report 3

Profit and Loss Account 4

Balance Sheet 5

Notes to the Financial Statements 6 to 9

PANACEA IT LIMITED
Company Information

Directors

CRAIG GILES ROBIN CRIGHTON

Registered office

The Studio Verity House 40 Holmesdale Road Reigate RH2 0BQ

Accountants

Buttertown Ltd Independent Accountants c/o BEFS Suite2,Alma House Alma Road Reigate Surrey RH2 0AX

Page 1

PANACEA IT LIMITED
Directors' Report for the Year Ended 31 March 2014

The directors present their report and the unaudited financial statements for the year ended 31 March 2014.

Directors of the company

The directors who held office during the year were as follows:

CRAIG GILES

ROBIN CRIGHTON

Small company provisions

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the Board on 24 December 2014 and signed on its behalf by:

.........................................
CRAIG GILES
Director

Page 2

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
PANACEA IT LIMITED
for the Year Ended 31 March 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of PANACEA IT LIMITED for the year ended 31 March 2014 set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of PANACEA IT LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of PANACEA IT LIMITED and state those matters that we have agreed to state to them, as a body . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PANACEA IT LIMITED and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that PANACEA IT LIMITED has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of PANACEA IT LIMITED. You consider that PANACEA IT LIMITED is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of PANACEA IT LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Buttertown Ltd
Independent Accountants
c/o BEFS
Suite2,Alma House
Alma Road
Reigate
Surrey
RH2 0AX

24 December 2014

Page 3

PANACEA IT LIMITED
Profit and Loss Account for the Year Ended 31 March 2014

		Note			2014 £			2013 £
Turnover					1,338,845			1,578,461
Cost of sales					(1,118,779)			(1,364,186)
Gross profit					220,066			214,275
Administrative expenses					(160,120)			(164,308)
Operating profit		2			59,946			49,967
Other interest receivable and similar income					122			7,186
Interest payable and similar charges					(3)			-
Profit on ordinary activities before taxation					60,065			57,153
Tax on profit on ordinary activities		4			(12,000)			(11,510)
Profit for the financial year		11			48,065			45,643

The notes on pages 6 to 9 form an integral part of these financial statements.
Page 4

PANACEA IT LIMITED
(Registration number: 03360622)
Balance Sheet at 31 March 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets		5			1,412			936
Investments		6			5,750			5,750
					7,162			6,686
Current assets
Debtors		7			1,273,396			1,334,027
Cash at bank and in hand					51,256			28,486
					1,324,652			1,362,513
Creditors: Amounts falling due within one year		8			(188,513)			(216,963)
Net current assets					1,136,139			1,145,550
Net assets					1,143,301			1,152,236
Capital and reserves
Called up share capital		9			4			4
Profit and loss account		11			1,143,297			1,152,232
Shareholders' funds					1,143,301			1,152,236

These 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 2008).

For the year ending 31 March 2014 the company was entitled to exemption 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.

Approved and authorised for issue by the Board on 24 December 2014 and signed on its behalf by:

.........................................
ROBIN CRIGHTON
Director

The notes on pages 6 to 9 form an integral part of these financial statements.
Page 5

PANACEA IT LIMITED
Notes to the Financial Statements for the Year Ended 31 March 2014
......... continued

1	Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Motor Vehicles	25% reducing balance
Office furniture & computers	25% reducing balance

Fixed asset investments

Fixed asset investments are stated at market value

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Operating profit

Operating profit is stated after charging:

		2014 £			2013 £
Depreciation of tangible fixed assets		470			658

3	Directors' remuneration

The directors' remuneration for the year was as follows:

		2014 £			2013 £
Remuneration		4,000			-

Page 6

PANACEA IT LIMITED
Notes to the Financial Statements for the Year Ended 31 March 2014
......... continued

4

Taxation

Tax on profit on ordinary activities

		2014 £			2013 £
Current tax
Corporation tax charge		12,000			11,510

5	Tangible fixed assets

		Fixtures and fittings £			Motor vehicles £			Total £
Cost or valuation
At 1 April 2013		13,028			6,150			19,178
Additions		946			-			946
At 31 March 2014		13,974			6,150			20,124
Depreciation
At 1 April 2013		12,092			6,150			18,242
Charge for the year		470			-			470
At 31 March 2014		12,562			6,150			18,712
Net book value
At 31 March 2014		1,412			-			1,412
At 31 March 2013		936			-			936

6	Investments held as fixed assets

		2014 £			2013 £
Other investments		5,750			5,750

Page 7

PANACEA IT LIMITED
Notes to the Financial Statements for the Year Ended 31 March 2014
......... continued

Other investments

		Listed investments £			Total £
Cost
At 1 April 2013		5,750			5,750
At 31 March 2014		5,750			5,750
Net book value
At 31 March 2014		5,750			5,750
At 31 March 2013		5,750			5,750

7

Debtors

		2014 £			2013 £
Trade debtors		54,968			134,127
Amounts owed by group undertakings and undertakings in which the company has a participating interest		1,215,288			1,199,900
Other debtors		3,140			-
		1,273,396			1,334,027

Debtors includes £1,170,500 (2013 - £1,170,500) receivable after more than one year.

 

8	Creditors: Amounts falling due within one year

		2014 £			2013 £
Trade creditors		53,355			130,629
Bank loans and overdrafts		1,233			-
Amounts owed to group undertakings and undertakings in which the company has a participating interest		113,812			64,226
Corporation tax		12,000			11,510
Other taxes and social security		9,399			10,287
Other creditors		(1,286)			311
		188,513			216,963

Page 8

PANACEA IT LIMITED
Notes to the Financial Statements for the Year Ended 31 March 2014
......... continued

9	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary of £1 each		4			4			4			4

10

Dividends

		2014 £			2013 £
Dividends proposed and recognised in the accounts
Ordinary dividend proposed		57,000			57,181

11

Reserves

		Profit and loss account £			Total £
At 1 April 2013		1,152,232			1,152,232
Profit for the year		48,065			48,065
Dividends		(57,000)			(57,000)
At 31 March 2014		1,143,297			1,143,297

12

Control

The company is controlled by the directors who own 100% of the called up share capital.

Page 9