Registration number:
PGP Glass UK Limited
for the Period from 1 April 2023 to 31 July 2023
PGP Glass UK Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
PGP Glass UK Limited
Company Information
Directors |
Mr N S Patel Mr V Shah Mr A K Tulsian |
Registered office |
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Accountants |
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PGP Glass UK Limited
(Registration number: 05516173)
Balance Sheet as at 31 July 2023
Note |
31 July |
31 March |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
150,000 |
150,000 |
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Retained earnings |
- |
443,825 |
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Shareholders' funds |
150,000 |
593,825 |
For the financial period ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
These financial statements were approved and authorised for issue by the
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PGP Glass UK Limited
Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 July 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
Basis of preparation
During the previous year, the business was transferred to another group entity, for the purpose of exercising better control over the business activities at group level and the company ceased trading activities. Accordingly, the directors have not prepared the financial statements on a going concern basis. In preparation of the financial statements on an alternate basis, management has continued to apply the requirements of FRS 102, taking into account that the Company is not expected to continue as a going concern in the foreseeable future. No adjustments were necessary to the carrying amounts reported, and accordingly no gain or loss was realised. There is no impact on the financial statements as a result of this basis of preparation.
The financial statements are prepared in UK Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the significant risks and rewards associated with the of ownership goods have transferred to the buyer; the amount of revenue can be measured reliably; it is probable that the economic benefits associated with the transaction will flow to the entity; and the costs incurred in respect of the transaction can be measured reliably.
PGP Glass UK Limited
Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 July 2023 (continued)
2 |
Accounting policies (continued) |
Tax
The tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods comprises direct materials and, where applicable and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
PGP Glass UK Limited
Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 July 2023 (continued)
2 |
Accounting policies (continued) |
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Financial instruments
Classification
Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.
Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Impairment
For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Staff numbers |
The average monthly number of persons employed by the company (including directors) during the period, was
PGP Glass UK Limited
Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 July 2023 (continued)
Debtors |
31 July |
31 March |
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Other debtors |
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Prepayments |
- |
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Corporation tax recoverable |
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- |
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Creditors |
Note |
31 July |
31 March |
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Due within one year |
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Amounts owed to group undertakings |
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- |
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Accrued expenses |
- |
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Corporation tax payable |
- |
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Dividends |
31 July |
31 March |
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£ |
£ |
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Interim dividend of £ |
439,678 |
- |
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Share capital |
Allotted, called up and fully paid shares
31 July |
31 March |
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No. |
£ |
No. |
£ |
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150,000 |
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150,000 |
PGP Glass UK Limited
Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 July 2023 (continued)
Related party transactions |
The company has taken advantage of the exemption provided in FRS 102 Section 1A from disclosing transactions with members of the same group that are wholly owned.
Parent and ultimate parent undertaking |
The ultimate parent is
These financial statements are available upon request from:
6th Floor, Piramal Tower Annexe,
Ganpatrao Kadam Marg,
Peninsula Corporate Park,
Opp. Worli Naka,
Lower Parel (West),
Mumbai, 400013,
India
There is no one controlling party.