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REGISTERED NUMBER: 02047036 (England and Wales)






























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

P.N.G. ASSOCIATES LIMITED

P.N.G. ASSOCIATES LIMITED (REGISTERED NUMBER: 02047036)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

P.N.G. ASSOCIATES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2023







DIRECTORS: Mr V Gupta
Mrs Z Gupta





SECRETARY: Mr V Gupta





REGISTERED OFFICE: 9 Stoughton Road
Stoneygate
Leicester
Leicestershire
LE2 2EE





REGISTERED NUMBER: 02047036 (England and Wales)

P.N.G. ASSOCIATES LIMITED (REGISTERED NUMBER: 02047036)

BALANCE SHEET
31 AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 257 343
Investment property 5 7,695,000 7,695,000
7,695,257 7,695,343

CURRENT ASSETS
Debtors 6 279 322
Cash at bank and in hand 207,303 99,338
207,582 99,660
CREDITORS
Amounts falling due within one year 7 92,685 91,616
NET CURRENT ASSETS 114,897 8,044
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,810,154

7,703,387

CREDITORS
Amounts falling due after more than one year 8 (719,729 ) (719,729 )

PROVISIONS FOR LIABILITIES 10 (971,100 ) (971,100 )
NET ASSETS 6,119,325 6,012,558

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 11 6,118,325 6,011,558
6,119,325 6,012,558

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 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.

P.N.G. ASSOCIATES LIMITED (REGISTERED NUMBER: 02047036)

BALANCE SHEET - continued
31 AUGUST 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 16 November 2023 and were signed on its behalf by:





Mr V Gupta - Director


P.N.G. ASSOCIATES LIMITED (REGISTERED NUMBER: 02047036)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023


1. STATUTORY INFORMATION

P.N.G. Associates 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The rent receivable by the Company is recognised over the period to which it relates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance

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.

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.

P.N.G. ASSOCIATES LIMITED (REGISTERED NUMBER: 02047036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023


2. ACCOUNTING POLICIES - continued

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 September 2022
and 31 August 2023 52,671
DEPRECIATION
At 1 September 2022 52,328
Charge for year 86
At 31 August 2023 52,414
NET BOOK VALUE
At 31 August 2023 257
At 31 August 2022 343

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2022
and 31 August 2023 7,695,000
NET BOOK VALUE
At 31 August 2023 7,695,000
At 31 August 2022 7,695,000

P.N.G. ASSOCIATES LIMITED (REGISTERED NUMBER: 02047036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023


5. INVESTMENT PROPERTY - continued

Fair value at 31 August 2023 is represented by:
£   
Valuation in 2023 7,695,000

If investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 2,368,245 2,368,245

The investment properties were revalued in December 2022 by Oliver Rayns and Scott City Residential Estate Agents. The director has reviewed the investment property valuation during the year and has deemed the current valuation as appropriate.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 279 322

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 27,465 27,365
Amounts owed to group undertakings 7,500 -
Taxation and social security 36,858 44,567
Other creditors 20,862 19,684
92,685 91,616

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other creditors 719,729 719,729

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 719,729 719,729

The loans are secured against the investment properties of the company. From these loans, the aggregate amount for which security has been given amounted to £719,729 (2022: £719,729).

P.N.G. ASSOCIATES LIMITED (REGISTERED NUMBER: 02047036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023


9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Other loans more 5yrs non-inst 719,729 719,729

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Taxation on revaluation 971,100 971,100

Deferred
tax
£   
Balance at 1 September 2022 971,100
Movement in year
Balance at 31 August 2023 971,100

11. RESERVES
Retained
earnings
£   

At 1 September 2022 6,011,558
Profit for the year 136,767
Dividends (30,000 )
At 31 August 2023 6,118,325

Included in reserves is non distributable reserves of £4,572,317 (2022: £4,572,317).

12. RELATED PARTY DISCLOSURES

A director of P.N.G Associates Limited, is also the sole proprietor of VG Property Management Services. During the year the company was charged £27,000 (2022: £26,000) by VG Property Management Services for management fees. No amounts were owed by the company at the year end.

P.N.G. ASSOCIATES LIMITED (REGISTERED NUMBER: 02047036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023


13. ULTIMATE PARENT UNDERTAKING

The ultimate parent undertaking of the company is PNG Associates Holdings Limited. The registered office and principal place of business of PNG Associates Holdings Limited is 9 Stoughton Road, Leicester, England, LE2 2EE.

The company is the subsidiary undertaking of a small group and as such is not required by the companies Act 2006 to prepare group accounts.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
P.N.G. ASSOCIATES 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.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of P.N.G. Associates Limited for the year ended 31 August 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of P.N.G. Associates Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of P.N.G. Associates Limited and state those matters that we have agreed to state to the Board of Directors of P.N.G. Associates Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than P.N.G. Associates Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that P.N.G. Associates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of P.N.G. Associates Limited. You consider that P.N.G. Associates Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of P.N.G. Associates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Mark J Rees LLP Chartered Accountants
Granville Hall
Granville Road
Leicester
Leicestershire
LE1 7RU


30 November 2023