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Company No: 11506270 (England and Wales)

PG GLOBAL LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

PG GLOBAL LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

PG GLOBAL LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
PG GLOBAL LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
$ $
Fixed assets
Tangible assets 3 6,848 1,789
Investments 4 0 1
6,848 1,790
Current assets
Debtors
- due within one year 5 1,688,182 2,203,984
- due after more than one year 5 6,482 0
Cash at bank and in hand 181,412 222,043
1,876,076 2,426,027
Creditors: amounts falling due within one year 6 ( 1,832,171) ( 2,167,135)
Net current assets 43,905 258,892
Total assets less current liabilities 50,753 260,682
Creditors: amounts falling due after more than one year 7 0 ( 210,682)
Provision for liabilities ( 753) 0
Net assets 50,000 50,000
Capital and reserves
Called-up share capital 8 50,000 50,000
Total shareholders' funds 50,000 50,000

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of PG Global Limited (registered number: 11506270) were approved and authorised for issue by the Director on 15 July 2024. They were signed on its behalf by:

James Sammut
Director
PG GLOBAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
PG GLOBAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

PG Global Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in . The address of the Company's registered office is .

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of PG Global Limited is considered to be US Dollars because that is the currency of the primary economic environment in which the Company operates.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
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 financial statements. 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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 7 7

3. Tangible assets

Plant and machinery Fixtures and fittings Total
$ $ $
Cost
At 01 January 2023 6,439 1,669 8,108
Additions 4,324 1,618 5,942
Disposals 0 ( 455) ( 455)
At 31 December 2023 10,763 2,832 13,595
Accumulated depreciation
At 01 January 2023 5,743 576 6,319
Charge for the financial year 522 361 883
Disposals 0 ( 455) ( 455)
At 31 December 2023 6,265 482 6,747
Net book value
At 31 December 2023 4,498 2,350 6,848
At 31 December 2022 696 1,093 1,789

4. Fixed asset investments

Investments in subsidiaries

2023
$
Cost
At 01 January 2023 1
Disposals ( 1)
At 31 December 2023 0
Carrying value at 31 December 2023 0
Carrying value at 31 December 2022 1

5. Debtors

2023 2022
$ $
Debtors: amounts falling due within one year
Trade debtors 855,780 1,539,745
Amounts owed by Group undertakings 599,838 252,990
Amounts owed by connected persons 3,456 3,824
Amounts owed by director 0 3,323
Prepayments and accrued income 171,753 108,792
Deferred tax asset 0 357
VAT recoverable 48,568 286,085
Other debtors 8,787 8,868
1,688,182 2,203,984
Debtors: amounts falling due after more than one year
Other debtors 6,482 0

6. Creditors: amounts falling due within one year

2023 2022
$ $
Trade creditors 105,653 10,120
Amounts owed to Group undertakings 1,096,067 1,040,706
Amounts owed to director 593 0
Other loans 63,652 0
Accruals 109,558 47,705
Taxation and social security 13,040 63,278
Other creditors 443,608 1,005,326
1,832,171 2,167,135

There are no amounts included above in respect of which any security has been given by the small entity.

7. Creditors: amounts falling due after more than one year

2023 2022
$ $
Bank loans 0 210,682

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2023 2022
$ $
Allotted, called-up and fully-paid
50,000 Ordinary shares of US $ 1.00 each 50,000 50,000

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
$ $
within one year 29,611 0
between one and five years 3,651 0
33,262 0

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
$ $
Unpaid contributions due to the fund (inc. in other creditors) 489 553

10. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
$ $
Amounts owed to related parties included in Creditors note 6 1,096,067 1,040,706
Amounts owed from Group undertakings included in Debtors note 5 599,838 252,990
Amounts owed from ultimate controlling party included in Debtors note 5 3,456 3,824

Transactions with the entity's director

2023 2022
$ $
Amounts owed from directors shown in Creditors note 6 593 0
Amounts owed by directors shown in Debtors note 5 0 3,323

Advances were made to the directors during the year totalling $3,843. The amount owed by the company at the year end was $593 (2022: $3,323 owed to the company).