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Company Registration No. 11566236 (England and Wales)
PONGOLO LTD Unaudited accounts for the year ended 30 September 2023
PONGOLO LTD Unaudited accounts Contents
Page
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PONGOLO LTD Company Information for the year ended 30 September 2023
Directors
Henry John Magoveny Pescod Alexander Michael Woods
Company Number
11566236 (England and Wales)
Registered Office
FLAT 2 1-6 ROWHILL MANSIONS ROWHILL ROAD LONDON E5 8ED UNITED KINGDOM
Accountants
Accounts and Legal Consultants Ltd Suite 1-3 The Hop Exchange 24 Southwark Street London SE1 1TY
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PONGOLO LTD Accountants' report
Accountants' report to the board of directors of PONGOLO LTD on the preparation of the unaudited statutory accounts for the year ended 30 September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of PONGOLO LTD for the year ended 30 September 2023 as set out on pages 5 - 8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of PONGOLO LTD, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of PONGOLO LTD and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PONGOLO LTD and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that PONGOLO LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of PONGOLO LTD. You consider that PONGOLO LTD 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 accounts of PONGOLO LTD. 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 accounts.
Accounts and Legal Consultants Ltd Suite 1-3 The Hop Exchange 24 Southwark Street London SE1 1TY 3 April 2024
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PONGOLO LTD Statement of financial position as at 30 September 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,228 
2,351 
Current assets
Inventories
3,956 
4,989 
Debtors
430 
- 
Cash at bank and in hand
11,522 
30,960 
15,908 
35,949 
Creditors: amounts falling due within one year
(25,200)
(31,276)
Net current (liabilities)/assets
(9,292)
4,673 
Total assets less current liabilities
(8,064)
7,024 
Creditors: amounts falling due after more than one year
(107,799)
(116,915)
Net liabilities
(115,863)
(109,891)
Capital and reserves
Called up share capital
2 
2 
Profit and loss account
(115,865)
(109,893)
Shareholders' funds
(115,863)
(109,891)
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts 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 FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 5 December 2023 and were signed on its behalf by
Henry John Magoveny Pescod Director Company Registration No. 11566236
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PONGOLO LTD Notes to the Accounts for the year ended 30 September 2023
1
Statutory information
PONGOLO LTD is a private company, limited by shares, registered in England and Wales, registration number 11566236. The registered office is FLAT 2 1-6 ROWHILL MANSIONS, ROWHILL ROAD, LONDON, E5 8ED, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Going concern
The financial statements have been prepared on a going concern basis. The Directors have prepared financial forecasts through to September 2024. In the light of these, together with their understanding of the marketplace, products, risk and uncertainties, the Directors consider there to be sufficient resources to operate for the foreseeable future. The Board has concluded that the going concern assumption is appropriate in preparing these financial statements.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
4 years straight line basis
Computer equipment
4 years straight line basis
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
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PONGOLO LTD Notes to the Accounts for the year ended 30 September 2023
4
Tangible fixed assets
Plant & machinery 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 October 2022
3,898 
593 
4,491 
At 30 September 2023
3,898 
593 
4,491 
Depreciation
At 1 October 2022
1,868 
272 
2,140 
Charge for the year
975 
148 
1,123 
At 30 September 2023
2,843 
420 
3,263 
Net book value
At 30 September 2023
1,055 
173 
1,228 
At 30 September 2022
2,030 
321 
2,351 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
430 
- 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
4,249 
6,635 
Trade creditors
8,795 
12,709 
Taxes and social security
2,747 
1,057 
Other creditors
9,409 
10,875 
25,200 
31,276 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Other creditors
23,312 
32,430 
Loans from directors
84,487 
84,485 
107,799 
116,915 
8
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Henry John Magoveny Pescod
Directors' loan account
(84,485)
- 
- 
(84,485)
Adjustment
- 
- 
2 
(2)
(84,485)
- 
2 
(84,487)
The company owes £84,487 to director. The loan is interest free and is repayable in the foreseeable future.
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PONGOLO LTD Notes to the Accounts for the year ended 30 September 2023
9
Average number of employees
During the year the average number of employees was 8 (2022: 5).
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