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REGISTERED NUMBER: 11312856 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PNG ASSETS 1 LTD

PNG ASSETS 1 LTD (REGISTERED NUMBER: 11312856)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PNG ASSETS 1 LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr K Hounsell
Mr T Revill





REGISTERED OFFICE: 71-75 Shelton Street
Covent Garden
London
England
WC2H 9JQ





REGISTERED NUMBER: 11312856 (England and Wales)





ACCOUNTANTS: Grant Thornton Limited
Chartered Accountants
St James Place
St James Street
St Peter Port
Guernsey
GY1 2NZ

PNG ASSETS 1 LTD (REGISTERED NUMBER: 11312856)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 59,325 71,018

CURRENT ASSETS
Work in progress - 1,650
Debtors 5 8,776 8,144
Cash at bank 7,889 1,522
16,665 11,316
CREDITORS
Amounts falling due within one year 6 (145,322 ) (145,093 )
NET CURRENT LIABILITIES (128,657 ) (133,777 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(69,332

)

(62,759

)

CAPITAL AND RESERVES
Called up share capital 7 1,000 1,000
Retained earnings 8 (70,332 ) (63,759 )
SHAREHOLDERS' FUNDS (69,332 ) (62,759 )

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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.

PNG ASSETS 1 LTD (REGISTERED NUMBER: 11312856)

BALANCE SHEET - continued
31 DECEMBER 2023


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 Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:




Mr K Hounsell - Director



Mr T Revill - Director


PNG ASSETS 1 LTD (REGISTERED NUMBER: 11312856)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

2. ACCOUNTING POLICIES

Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling (£) being the functional and presentational currency of the Company.

Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going Concern
The directors, having considered the Company's objectives and available resources along with its projected income and expenditure, are satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

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.

Charge point infrastructure - 10% on cost
Charge point units - 20% on cost

Stocks
Stock is valued as per director's valuation.

PNG ASSETS 1 LTD (REGISTERED NUMBER: 11312856)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Taxation
Taxation represents the sum of tax currently payable and deferred tax.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Cash and cash equivalents
Cash and cash equivalents represent those balances held within the Company's bank accounts and in term deposits of three months or less.

Debtors
Short term debtors are measured at transaction price less any impairment.

Creditors
Short term creditors are measured at the transaction price.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 January 2023
and 31 December 2023 93,004
DEPRECIATION
At 1 January 2023 21,986
Charge for year 11,693
At 31 December 2023 33,679
NET BOOK VALUE
At 31 December 2023 59,325
At 31 December 2022 71,018

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 8,776 8,144

PNG ASSETS 1 LTD (REGISTERED NUMBER: 11312856)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 3,124 4,412
Other creditors 13,537 11,397
Amounts owed to group undertakings 126,564 26,309
VAT 2,097 475
Loan - Septer Limited - 102,500
145,322 145,093

The loans are unsecured, interest free and repayable on demand.

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

8. RESERVES
Retained
earnings
£   

At 1 January 2023 (63,759 )
Deficit for the year (6,573 )
At 31 December 2023 (70,332 )

9. FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENCIES

For each site where the Company owns and operates charge points, the capital investment is secured by either a 10 year lease or a 10 year concession agreement. Apart from one site (ABP Millbay Docks) no fixed rental is paid to the site owner, but all site owners are entitled to a 10% or 15% share of the operating profits, which is paid either quarterly or annually. The future commitments cannot be reliably measured and so are not included in these financial statements.

10. RELATED PARTY TRANSACTIONS

Summary of transactions with parent and group undertakings

Plug-N-Go EV Limited
During the year transactions amounting to £ 21,150 were made with Plug-N-Go EV Limited (2022:
£17,503). At the balance sheet date £ 126,564 was owed to Plug-N-Go EV Limited (2021: £26,309).

Septer Limited
Septer Limited is a company with common ownership. At the balance sheet date 'Nil' was owed to Septer Limited (2022: £102,500).

The immediate controlling party is Plug-N-Go EV Limited. The directors believe the ultimate controlling parties of the company to be Mr T Revill and Mr K Hounsell.

PNG ASSETS 1 LTD (REGISTERED NUMBER: 11312856)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


11. SUBSEQUENT EVENTS

There are no subsequent events from the reporting date to the date of signing of these financial statements.