Panalitix UK Limited - Accounts

Panalitix UK Limited - Accounts

PANALITIX UK LIMITED - Company Information

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Registered Number: 09821526
England and Wales

 

 

 

PANALITIX UK LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 July 2019

End date: 30 June 2020

Panalitix UK Limited
Contents Page
For the year ended 30 June 2020
Directors Colin Dunn
Mark Ferris
Registered Number 09821526
Registered Office The Old School
188 Liscard Road
Wallasey
Wirral
CH44 5TN
Accountants Woods Squared Limited
The Old School
188 Liscard Road
Wallasey
Wirral
CH44 5TN
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The directors present their annual report and the financial statements for the year ended 30 June 2020
Principal activities
The principal activity of the company during the financial year was that of a professional membership organisation.
Directors
The directors who served the company throughout the year were as follows:
Colin Dunn
Mark Ferris

Statement of directors' responsibilities
The directors are responsible for preparing the directors’ report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to
  • select suitable accounting policies and then apply them consistently
  • make judgments and accounting estimates that are reasonable and prudent
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business
The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report was approved by the board and signed on its behalf by:


----------------------------------
Colin Dunn
Director

Date approved: 11 March 2021
2
 
 		 Notes
 		 2020
£		   2019
£
Current assets      
Debtors: amounts falling due within one year 2 7,069    6,942 
Cash at bank and in hand 3,201    304 
10,270    7,246 
Creditors: amount falling due within one year 3 (359,142)   (346,944)
Net current liabilities (348,872)   (339,698)
 
Total assets less current liabilities (348,872)   (339,698)
Net liabilities (348,872)   (339,698)
 

Capital and reserves 		     
Called up share capital 100    100 
Profit and loss account (348,972)   (339,798)
Shareholders funds (348,872)   (339,698)
 


For the year ended 30 June 2020 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with Section 476
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 11 March 2021 and were signed on its behalf by:


--------------------------------
Colin Dunn
Director
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General Information
Panalitix UK Limited is a private company, limited by shares , registered in England and Wales , registration number 09821526 , registration address The Old School, 188 Liscard Road, Wallasey, Wirral, CH44 5TN.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The Directors have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. In addition, the parent company has undertaken to provide financial support as and when required to ensure the Company is able to meet its obligations as they fall due. As such, the financial statements have been prepared on a going concern basis.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
2.

Debtors: amounts falling due within one year

2020
£		   2019
£
Trade Debtors (59)   (69)
Prepayments & Accrued Income -    26 
VAT 7,128    6,985 
7,069    6,942 

3.

Creditors: amount falling due within one year

2020
£		   2019
£
Trade Creditors -    2,235 
Deferred Income -    874 
Amounts Owed to Group Undertakings 359,142    341,765 
Accrued Expenses -    2,070 
359,142    346,944 

4.

Average number of employees

Average number of employees during the year was 0 (2019 : 0)
5.

Controlling Party

As at the Statement of Financial Position date the company was a wholly owned subsidiary of Panalitix Global Ltd, a company incorporated in Australia.

On 15 October 2020 Panalitix Global Ltd transferred 100% of it's shares in the company to Panalitix Technology Solutions Pty Ltd, a company incorporated in Australia.  Therefore the company is now a wholly owned subsidiary of Panalitix Technology Solutions Pty Ltd.
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