REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
PANGAEA THREE ACQUISITION HOLDINGS I, |
LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
PANGAEA THREE ACQUISITION HOLDINGS I, |
LTD |
PANGAEA THREE ACQUISITION HOLDINGS I, |
LTD (REGISTERED NUMBER: 11926199) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
PANGAEA THREE ACQUISITION HOLDINGS I, |
LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2024 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
First Floor, Templeback |
10 Temple back |
Bristol |
BS1 6FL |
PANGAEA THREE ACQUISITION HOLDINGS I, |
LTD (REGISTERED NUMBER: 11926199) |
BALANCE SHEET |
30 APRIL 2024 |
30/4/24 | 30/4/23 |
Notes | $ | $ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve |
Retained earnings |
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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
PANGAEA THREE ACQUISITION HOLDINGS I, |
LTD (REGISTERED NUMBER: 11926199) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
Pangaea Three Acquisition Holdings I, Ltd is a |
The Company's functional and presentational currency is US Dollars (USD) and the financial statements have been rounded to the nearest dollar ($). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Other investments |
The other investments represent non-material equity holdings in unlisted entities. They are held at fair value with increase recognised in other comprehensive income. |
A decreased in revaluation is recognised in other comprehensive income to the extent of any previous recognised revaluation increase. If a revaluation decrease exceed the accumulated revaluation gains recognised in other comprehensive income, the excess is recognised in profit and loss. |
A revaluation is carried out annually using the share values of the investments held to determine their value. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. |
Basic financial liabilities |
Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction price. |
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 balance sheet date. |
PANGAEA THREE ACQUISITION HOLDINGS I, |
LTD (REGISTERED NUMBER: 11926199) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into US Dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into US Dollars at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | FIXED ASSET INVESTMENTS |
Other |
investments |
$ |
Cost or valuation |
At 1 May 2023 |
Revaluations | ( |
) |
Reclassification/transfer | ( |
) |
At 30 April 2024 |
Net book value |
At 30 April 2024 |
At 30 April 2023 |
Cost or valuation at 30 April 2024 is represented by: |
Other |
investments |
$ |
Valuation in 2024 | (1,124,425 | ) |
Cost | 4,000,006 |
2,875,581 |
5. | DEBTORS |
30/4/24 | 30/4/23 |
$ | $ |
Amounts falling due within one year: |
Prepayments |
Amounts falling due after more than one year: |
Deferred tax |
Aggregate amounts |
PANGAEA THREE ACQUISITION HOLDINGS I, |
LTD (REGISTERED NUMBER: 11926199) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/4/24 | 30/4/23 |
$ | $ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Accrued expenses |
7. | ULTIMATE CONTROLLING PARTY |
The company is a wholly owned subsidiary of Pangaea Three-B, LP, an entity incorporated in Cayman Islands. |
There is no ultimate controlling party. |