Registered number
09252288
P N G Procurement Limited
Filleted Accounts
31 October 2023
P N G Procurement Limited
Registered number: 09252288
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 64,665 64,665
Current assets
Debtors 4 13,110 14,490
Cash at bank and in hand 310,318 272,202
323,428 286,692
Creditors: amounts falling due within one year 5 (35,914) (45,984)
Net current assets 287,514 240,708
Net assets 352,179 305,373
Capital and reserves
Called up share capital 100 100
Profit and loss account 352,079 305,273
Shareholders' funds 352,179 305,373
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P. Geisler
Director
Approved by the board on 19 July 2024
P N G Procurement Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Investments
Other
investments
£
Cost
At 1 November 2022 64,665
At 31 October 2023 64,665
4 Debtors 2023 2022
£ £
Trade debtors 13,110 14,490
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 1,647 1,914
Taxation and social security costs 30,782 27,681
Other creditors 3,485 16,389
35,914 45,984
6 Other information
P N G Procurement Limited is a private company limited by shares and incorporated in England. Its registered office is:
Ground Floor
111 Cornwallis Road
Upper Holloway
London
N19 4LQ
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