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REGISTERED NUMBER: 02047036 (England and Wales)






























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

P.N.G. ASSOCIATES LIMITED

P.N.G. ASSOCIATES LIMITED (REGISTERED NUMBER: 02047036)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


P.N.G. ASSOCIATES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: Mr V Gupta
Mrs Z Gupta





SECRETARY: Mr V Gupta





REGISTERED OFFICE: 9 Stoughton Road
Stoneygate
Leicester
Leicestershire
LE2 2EE





REGISTERED NUMBER: 02047036 (England and Wales)

P.N.G. ASSOCIATES LIMITED (REGISTERED NUMBER: 02047036)

BALANCE SHEET
31 AUGUST 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 193 257
Investment property 5 7,695,000 7,695,000
7,695,193 7,695,257

CURRENT ASSETS
Debtors 6 314 279
Cash at bank and in hand 175,656 207,303
175,970 207,582
CREDITORS
Amounts falling due within one year 7 95,204 92,685
NET CURRENT ASSETS 80,766 114,897
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,775,959

7,810,154

CREDITORS
Amounts falling due after more than one
year

8

(719,729

)

(719,729

)

PROVISIONS FOR LIABILITIES 10 (944,695 ) (971,100 )
NET ASSETS 6,111,535 6,119,325

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 11 6,110,535 6,118,325
6,111,535 6,119,325

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 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.

P.N.G. ASSOCIATES LIMITED (REGISTERED NUMBER: 02047036)

BALANCE SHEET - continued
31 AUGUST 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 Board of Directors and authorised for issue on 16 December 2024 and were signed on its behalf by:





Mr V Gupta - Director


P.N.G. ASSOCIATES LIMITED (REGISTERED NUMBER: 02047036)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024


1. STATUTORY INFORMATION

P.N.G. Associates 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 as modified by the revaluation of certain assets.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The rent receivable by the Company is recognised over the period to which it relates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

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.

P.N.G. ASSOCIATES LIMITED (REGISTERED NUMBER: 02047036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


2. ACCOUNTING POLICIES - continued

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 September 2023
and 31 August 2024 52,671
DEPRECIATION
At 1 September 2023 52,414
Charge for year 64
At 31 August 2024 52,478
NET BOOK VALUE
At 31 August 2024 193
At 31 August 2023 257

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2023 7,695,000
Additions 105,621
Revaluations (105,621 )
At 31 August 2024 7,695,000
NET BOOK VALUE
At 31 August 2024 7,695,000
At 31 August 2023 7,695,000

P.N.G. ASSOCIATES LIMITED (REGISTERED NUMBER: 02047036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


5. INVESTMENT PROPERTY - continued

Fair value at 31 August 2024 is represented by:
£   
Valuation in 2024 7,695,000

If investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 2,473,866 2,368,245

The investment properties were revalued in December 2022 by Oliver Rayns and Scott City Residential Estate Agents. The director has reviewed the investment property valuation during the year and has deemed the current valuation as appropriate.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 314 279

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 29,859 27,465
Amounts owed to group undertakings - 7,500
Taxation and social security 43,830 36,858
Other creditors 21,515 20,862
95,204 92,685

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other creditors 719,729 719,729

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst - 719,729

The loans are secured against the investment properties of the company. From these loans, the aggregate amount for which security has been given amounted to £719,729 (2023: £719,729).

P.N.G. ASSOCIATES LIMITED (REGISTERED NUMBER: 02047036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due between two and five years:
Other loans - 2-5 years 719,729 -

Amounts falling due in more than five years:
Repayable otherwise than by instalments
Other loans more 5yrs non-inst - 719,729

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Taxation on revaluation 944,695 971,100

Deferred
tax
£   
Balance at 1 September 2023 971,100
Movement in year (26,405 )
Balance at 31 August 2024 944,695

11. RESERVES
Retained
earnings
£   

At 1 September 2023 6,118,325
Profit for the year 52,210
Dividends (60,000 )
At 31 August 2024 6,110,535

Included in reserves is non distributable reserves of £4,493,101 (2023: £4,572,317).

12. RELATED PARTY DISCLOSURES

A director of P.N.G Associates Limited, is also the sole proprietor of VG Property Management Services. During the year the company was charged £27,000 (2023: £27,000) by VG Property Management Services for management fees. No amounts were owed by the company at the year end.

P.N.G. ASSOCIATES LIMITED (REGISTERED NUMBER: 02047036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


13. ULTIMATE PARENT UNDERTAKING

The ultimate parent undertaking of the company is PNG Associates Holdings Limited. The registered office and principal place of business of PNG Associates Holdings Limited is 9 Stoughton Road, Leicester, England, LE2 2EE.