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Company Registration No. 12089234 (England and Wales)
PNG Solutions Limited Unaudited accounts for the year ended 31 July 2023
PNG Solutions Limited Unaudited accounts Contents
Page
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PNG Solutions Limited Company Information for the year ended 31 July 2023
Director
Mr P Grimsley
Company Number
12089234 (England and Wales)
Registered Office
19 HEVERSHAM ROAD BEXLEYHEATH DA7 5BE ENGLAND
Accountants
Rustrick Accountants Limited 380A New Hythe lane Larkfield Maidstone Kent ME20 6RZ
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PNG Solutions Limited Statement of financial position as at 31 July 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,391 
1,272 
Current assets
Debtors
48,960 
18,353 
Cash at bank and in hand
148,097 
66,688 
197,057 
85,041 
Creditors: amounts falling due within one year
(133,901)
(60,471)
Net current assets
63,156 
24,570 
Total assets less current liabilities
64,547 
25,842 
Creditors: amounts falling due after more than one year
(10,400)
(15,200)
Net assets
54,147 
10,642 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
54,146 
10,641 
Shareholders' funds
54,147 
10,642 
For the year ending 31 July 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 director acknowledges his 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 and authorised for issue on 23 April 2024 and were signed on its behalf by
Mr P Grimsley Director Company Registration No. 12089234
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PNG Solutions Limited Notes to the Accounts for the year ended 31 July 2023
1
Statutory information
PNG Solutions Limited is a private company, limited by shares, registered in England and Wales, registration number 12089234. The registered office is 19 HEVERSHAM ROAD, BEXLEYHEATH, DA7 5BE, ENGLAND.
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.
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:
Computer equipment
25% Reducing Balance
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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PNG Solutions Limited Notes to the Accounts for the year ended 31 July 2023
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Computer equipment 
£ 
Cost or valuation
At cost 
At 1 August 2022
1,944 
Additions
583 
At 31 July 2023
2,527 
Depreciation
At 1 August 2022
672 
Charge for the year
464 
At 31 July 2023
1,136 
Net book value
At 31 July 2023
1,391 
At 31 July 2022
1,272 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
48,738 
18,353 
Accrued income and prepayments
222 
- 
48,960 
18,353 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
4,400 
4,400 
VAT
11,853 
515 
Trade creditors
13,961 
11,552 
Taxes and social security
21,393 
2,157 
Other creditors
601 
1,114 
Loans from directors
81,193 
40,233 
Accruals
500 
500 
133,901 
60,471 
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PNG Solutions Limited Notes to the Accounts for the year ended 31 July 2023
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
10,400 
15,200 
8
Average number of employees
During the year the average number of employees was 1 (2022: 1).
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