Company Registration No. 11566236 (England and Wales)
PONGOLO LTD
Unaudited accounts
for the year ended 30 September 2023
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
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
PONGOLO LTD
Statement of financial position
as at 30 September 2023
Tangible assets
1,228
2,351
Cash at bank and in hand
11,522
30,960
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)
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
PONGOLO LTD
Notes to the Accounts
for the year ended 30 September 2023
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 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 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.
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
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
At 30 September 2023
1,055
173
1,228
At 30 September 2022
2,030
321
2,351
Amounts falling due within one year
6
Creditors: amounts falling due within one year
2023
2022
Trade creditors
8,795
12,709
Taxes and social security
2,747
1,057
Other creditors
9,409
10,875
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
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Henry John Magoveny Pescod
Directors' loan account
(84,485)
-
-
(84,485)
The company owes £84,487 to director. The loan is interest free and is repayable in the foreseeable future.
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).