REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
PNG ASSETS 1 LTD |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Work in progress |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | 8 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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 |
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 |
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 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
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 |
Other creditors | 13,537 | 11,397 |
Amounts owed to group undertakings |
VAT | 2,097 | 475 |
Loan - Septer Limited | - | 102,500 |
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: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
8. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 | ( |
) |
Deficit for the year | ( |
) |
At 31 December 2023 | ( |
) |
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. |