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Registration number: 05516173

PGP Glass UK Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 April 2023 to 31 July 2023

 

PGP Glass UK Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

PGP Glass UK Limited

Company Information

Directors

Mr N S Patel

Mr V Shah

Mr A K Tulsian

Registered office

Hygeia Building
Rear Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

Accountants

Aventus Partners Limited
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

 

PGP Glass UK Limited

(Registration number: 05516173)
Balance Sheet as at 31 July 2023

Note

31 July
2023
£

31 March
2023
£

Current assets

 

Debtors

4

1,772

2,630

Cash at bank and in hand

 

587,906

600,658

 

589,678

603,288

Creditors: Amounts falling due within one year

5

(439,678)

(9,463)

Net assets

 

150,000

593,825

Capital and reserves

 

Called up share capital

7

150,000

150,000

Retained earnings

-

443,825

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:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

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 Board on 14 November 2023 and signed on its behalf by:
 

.........................................
Mr N S Patel
Director

 

PGP Glass UK Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Hygeia Building
Rear Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE
United Kingdom

These financial statements were authorised for issue by the Board on 14 November 2023.

2

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
The company enters into basic and non-basic financial instruments transactions that result in the recognition of financial assets and liabilities like current assets held at fair value, trade and other debtors and creditors, loans from related parties.

 Recognition and measurement
The fair value of financial instruments that are actively traded on organised financial markets is determined by reference to market bid prices at the close of business on the balance sheet date. If the mark for a quoted financial investment is not active or the investment is unquoted, the fair value is determined by using valuation techniques.

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
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Profit and loss account.

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.

3

Staff numbers

The average monthly number of persons employed by the company (including directors) during the period, was 3 (2023: 3). The directors are not remunerated though the company.

 

PGP Glass UK Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 July 2023 (continued)

4

Debtors

31 July
2023
£

31 March
2023
£

Other debtors

750

1,542

Prepayments

-

1,088

Corporation tax recoverable

1,022

-

1,772

2,630

5

Creditors

Note

31 July
2023
£

31 March
2023
£

Due within one year

 

Amounts owed to group undertakings

8

439,678

-

Accrued expenses

 

-

9,250

Corporation tax payable

 

-

213

 

439,678

9,463

6

Dividends

   

31 July
2023

 

31 March
2023

   

£

 

£

Interim dividend of £2.9312 (2023: £Nil) per ordinary share

 

439,678

 

-

         

7

Share capital

Allotted, called up and fully paid shares

 

31 July
2023

31 March
2023

 

No.

£

No.

£

Ordinary shares of £1 each

150,000

150,000

150,000

150,000

         
 

PGP Glass UK Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 July 2023 (continued)

8

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.

9

Parent and ultimate parent undertaking

The company's immediate parent is PGP Glass Private Limited, incorporated in India.

 The ultimate parent is Blackstone Group Inc, incorporated in USA.

  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.