REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
PANGAEA TWO ACQUISITION HOLDINGS XXIIB |
LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
PANGAEA TWO ACQUISITION HOLDINGS XXIIB |
LIMITED |
PANGAEA TWO ACQUISITION HOLDINGS XXIIB |
LIMITED (REGISTERED NUMBER: 11309654) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
PANGAEA TWO ACQUISITION HOLDINGS XXIIB |
LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
First Floor, Templeback |
10 Temple back |
Bristol |
BS1 6FL |
PANGAEA TWO ACQUISITION HOLDINGS XXIIB |
LIMITED (REGISTERED NUMBER: 11309654) |
BALANCE SHEET |
31 DECEMBER 2022 |
31/12/22 | 31/12/21 |
as restated |
Notes | $ | $ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Revaluation reserve |
Other reserves |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
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. |
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 |
PANGAEA TWO ACQUISITION HOLDINGS XXIIB |
LIMITED (REGISTERED NUMBER: 11309654) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
Pangaea Two Acquisition Holdings XXIIB Limited is a |
The Company’s functional and presentational currency is US Dollars (USD) and the financial statements have been rounded to the nearest Dollar ($). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Pangaea Two Acquisition Holdings XXIIB Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Investments in subsidiaries |
Investments in subsidiaries are held at fair value with gains and losses recognised in the profit and loss account. During the year investment has been transferred to the shareholders of the Company. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. |
Basic financial liabilities |
Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction price. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into US Dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into US Dollars at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Going concern |
The financial statements have been prepared on a going concern basis as the parent undertakings, Pangaea Two, LP and Pangaea Two Parallel, LP, have indicated that they will continue to support the company financially for at least 12 months from the date of the accounts. The directors have assessed the ability of the parent to provide this support and have no concerns with the ability of the parent company to provide this support. |
PANGAEA TWO ACQUISITION HOLDINGS XXIIB |
LIMITED (REGISTERED NUMBER: 11309654) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2021 - NIL). |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
$ |
Cost or valuation |
At 1 January 2022 |
Disposals | ( |
) |
At 31 December 2022 |
Net book value |
At 31 December 2022 |
At 31 December 2021 |
On 11 October 2022 the shares held by Pangaea Two Acquisition Holdings XXIIB Limited for TH International Limited were distributed to Pangaea Two Acquisition Holdings XXIIB Limited's shareholders for no consideration. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/22 | 31/12/21 |
as restated |
$ | $ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/22 | 31/12/21 |
as restated |
$ | $ |
Trade creditors |
Other creditors |
7. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Cartesian Capital Group, LLC a company registered in the United States of America. |