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REGISTERED NUMBER: 08567237 (England and Wales)















PNG Electrical Limited

Unaudited Financial Statements for the Year Ended 31 March 2024






PNG Electrical Limited (Registered number: 08567237)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


PNG Electrical Limited

Company Information
for the Year Ended 31 March 2024







Director: P N Grimsley





Registered office: 5 Queen Street
Great Yarmouth
Norfolk
NR30 2QP





Registered number: 08567237 (England and Wales)





Accountants: Fairhead Bradford
5 Queen Street
Great Yarmouth
Norfolk
NR30 2QP

PNG Electrical Limited (Registered number: 08567237)

Statement of Financial Position
31 March 2024

31/3/24 31/3/23
Notes £    £    £    £   
Fixed assets
Tangible assets 4 53,693 54,762

Current assets
Stocks 67,046 90,132
Debtors 5 83,633 137,277
Cash at bank and in hand 189,403 153,155
340,082 380,564
Creditors
Amounts falling due within one year 6 116,128 171,236
Net current assets 223,954 209,328
Total assets less current liabilities 277,647 264,090

Creditors
Amounts falling due after more than one
year

7

(28,705

)

(34,260

)

Provisions for liabilities (13,423 ) (10,405 )
Net assets 235,519 219,425

Capital and reserves
Called up share capital 100 100
Retained earnings 235,419 219,325
Shareholders' funds 235,519 219,425

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

PNG Electrical Limited (Registered number: 08567237)

Statement of Financial Position - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 August 2024 and were signed by:





P N Grimsley - Director


PNG Electrical Limited (Registered number: 08567237)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. Statutory information

PNG Electrical Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

PNG Electrical Limited (Registered number: 08567237)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. Accounting policies - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 9 (2023 - 11 ) .

4. Tangible fixed assets
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
Cost
At 1 April 2023 24,916 67,180 10,397 102,493
Additions 7,925 - 5,543 13,468
At 31 March 2024 32,841 67,180 15,940 115,961
Depreciation
At 1 April 2023 7,634 35,037 5,060 47,731
Charge for year 3,781 8,036 2,720 14,537
At 31 March 2024 11,415 43,073 7,780 62,268
Net book value
At 31 March 2024 21,426 24,107 8,160 53,693
At 31 March 2023 17,282 32,143 5,337 54,762

5. Debtors: amounts falling due within one year
31/3/24 31/3/23
£    £   
Trade debtors 70,141 120,117
Other debtors 13,492 17,160
83,633 137,277

6. Creditors: amounts falling due within one year
31/3/24 31/3/23
£    £   
Bank loans and overdrafts 5,556 5,556
Trade creditors 77,806 102,833
Taxation and social security 26,355 40,625
Other creditors 6,411 22,222
116,128 171,236

PNG Electrical Limited (Registered number: 08567237)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. Creditors: amounts falling due after more than one year
31/3/24 31/3/23
£    £   
Bank loans 28,705 34,260

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 6,482 12,037

8. Transition from frs 105 to frs 102

The company's effective date of transition from FRS 105 to FRS 102 is 1 April 2022

As a result of the above, the following transitional adjustments have been made :

Reconciliation of equity :
01/04/2022 31/03/2023
£ £

Net assets as previously reported 110,779 229,830

Adjustments

Provision for deferred tax -8,053 -10,405
Net assets as re-stated 102,726 219,425


Reconciliation of profit or loss:
31/03/2023
£
Reconciliation of profit or loss:
Profit as previously reported 182,031

Adjustments
Provision for deferred tax -2,352

Net profit as re-stated 179,679