Panacea (Scotland) Limited - Accounts to registrar (filleted) - small 18.2
Panacea (Scotland) Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 28 February 2018 |
| for |
| Panacea (Scotland) Limited |
| Panacea (Scotland) Limited (Registered number: SC393404) |
| Contents of the Financial Statements |
| for the Year Ended 28 February 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Report of the Accountants | 7 |
| Panacea (Scotland) Limited |
| Company Information |
| for the Year Ended 28 February 2018 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Upper Floor |
| Comac House |
| 2 Coddington Crescent |
| Eurocentral |
| Lanarkshire |
| ML1 4YF |
| Panacea (Scotland) Limited (Registered number: SC393404) |
| Balance Sheet |
| 28 February 2018 |
| 28.2.18 | 28.2.17 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| 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 |
| Revaluation reserve | 9 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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 (Scotland) Limited (Registered number: SC393404) |
| Balance Sheet - continued |
| 28 February 2018 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on by: |
| Panacea (Scotland) Limited (Registered number: SC393404) |
| Notes to the Financial Statements |
| for the Year Ended 28 February 2018 |
| 1. | STATUTORY INFORMATION |
| Panacea (Scotland) Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
| value added tax and other sales taxes. |
| Tangible fixed assets |
| Motor vehicles | - |
| Computer equipment | - |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in |
| fair value is recognised in profit or loss. |
| Stocks |
| Work in progress is valued at the lower of cost and net realisable value. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in |
| bringing stocks to their present location and condition. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
| lease. |
| Panacea (Scotland) Limited (Registered number: SC393404) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2018 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 March 2017 |
| Additions |
| At 28 February 2018 |
| DEPRECIATION |
| At 1 March 2017 |
| Charge for year |
| At 28 February 2018 |
| NET BOOK VALUE |
| At 28 February 2018 |
| At 28 February 2017 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 March 2017 |
| Additions |
| Disposals | ( |
) |
| Revaluations | 259,029 |
| At 28 February 2018 |
| NET BOOK VALUE |
| At 28 February 2018 |
| At 28 February 2017 |
| Fair value at 28 February 2018 is represented by: |
| £ |
| Valuation in 2018 | 1,450,000 |
| The directors have revalued the properties based on current market conditions. |
| Panacea (Scotland) Limited (Registered number: SC393404) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2018 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 28.2.18 | 28.2.17 |
| £ | £ |
| Other debtors |
| Sundry debtors | - | 550,674 |
| Tax |
| VAT |
| Prepayments and accrued income |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 28.2.18 | 28.2.17 |
| £ | £ |
| Tax |
| Social security and other taxes |
| Other creditors |
| Inter company loan account | 71,330 | 66,330 |
| Sundry creditors | 16,092 | - |
| Directors' current accounts | 537,785 | 259,495 |
| Accrued expenses |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 28.2.18 | 28.2.17 |
| £ | £ |
| Debentures | 990,985 | 854,985 |
| Mortgages | 2,114,055 | 1,643,538 |
| 9. | RESERVES |
| Revaluation |
| reserve |
| £ |
| Property revaluation reserve | 259,029 |
| At 28 February 2018 |
| Panacea (Scotland) Limited |
| Report of the Accountants to the Directors of |
| Panacea (Scotland) Limited |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual |
| unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
| a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the |
| Report of the Directors are not required to be filed with the Registrar of Companies. |
| As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 28 February 2018 set out on pages two to six and you consider that the company is exempt from an audit. |
| In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
| Upper Floor |
| Comac House |
| 2 Coddington Crescent |
| Eurocentral |
| Lanarkshire |
| ML1 4YF |