Panoptic Solutions Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 04318557 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2016

for

Panoptic Solutions Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M C Templeton

I.D. Dickinson

SECRETARY:

M C Templeton

REGISTERED OFFICE:

Pentax House

South Hill Avenue

South Harrow

Middlesex

HA2 0DU

REGISTERED NUMBER:

04318557 (England and Wales)

ACCOUNTANTS:

Ingwe Services Limited

Pentax House

South Hill Avenue

South Harrow

Middlesex

HA2 0DU

FIXED ASSETS

Tangible assets

3

-

3

CURRENT ASSETS

Debtors

4

34,175

42,050

CREDITORS

Amounts falling due within one year

5

92,481

101,727

NET CURRENT LIABILITIES

(58,306

)

(59,677

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(58,306

)

(59,674

)

CAPITAL AND RESERVES

Called up share capital

5,800

5,800

Retained earnings

(64,106

)

(65,474

)

SHAREHOLDERS' FUNDS

(58,306

)

(59,674

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 27 September 2017 and were signed on its behalf by:

M C Templeton - Director

1.	STATUTORY INFORMATION

Panoptic Solutions Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost

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.

Going concern

The company has secured a significant contract, the final value of which has yet to be confirmed. On this basis

the accounts have been prepared on a going concern basis.

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2016

6,927

Disposals

(6,927

)

At 31 December 2016

-

DEPRECIATION

At 1 January 2016

6,924

Eliminated on disposal

(6,924

)

At 31 December 2016

-

NET BOOK VALUE

At 31 December 2016

-

At 31 December 2015

3

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade debtors

34,175

42,050

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Bank loans and overdrafts

7

5,490

Trade creditors

790

936

Amounts owed to associated company

34,471

38,545

Taxation and social security

2,268

2,411

Other creditors

54,945

54,345

92,481

101,727

6.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.16

31.12.15

£

£

Bank overdrafts

7

5,490

The directors have provided security for the overdraft and bank loans.