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Company No: 11203122 (England and Wales)

PMG DEVELOPMENT LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

PMG DEVELOPMENT LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

PMG DEVELOPMENT LIMITED

COMPANY INFORMATION

For the financial year ended 29 February 2024
PMG DEVELOPMENT LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 29 February 2024
DIRECTOR Michael Robert Hall
SECRETARY Tristan Stephen Hobbs
REGISTERED OFFICE 28 Cathedral Road
Cardiff
CF11 9LJ
Wales
United Kingdom
COMPANY NUMBER 11203122 (England and Wales)
ACCOUNTANT Gravita Business Services Limited
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
PMG DEVELOPMENT LIMITED

BALANCE SHEET

As at 29 February 2024
PMG DEVELOPMENT LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Current assets
Stocks 3 12,665 0
Debtors 4 15,120 25,794
Cash at bank and in hand 527 229,232
28,312 255,026
Creditors: amounts falling due within one year 5 ( 93,312) ( 311,668)
Net current liabilities (65,000) (56,642)
Total assets less current liabilities (65,000) (56,642)
Net liabilities ( 65,000) ( 56,642)
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 65,100 ) ( 56,742 )
Total shareholders' deficit ( 65,000) ( 56,642)

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of PMG Development Limited (registered number: 11203122) were approved and authorised for issue by the Director on 17 February 2025. They were signed on its behalf by:

Michael Robert Hall
Director
PMG DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
PMG DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

PMG Development Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 28 Cathedral Road, Cardiff, CF11 9LJ, Wales, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the balance sheet and likely future cash flows at the date of approving these financial statements.

The Company is supported through loans from the shareholders and Company director. The director has confirmed that these loans will not be recalled for at least 12 months from the date of signing these financial statements, unless the Company has the available funds to do so, and that they have the financial resources available to provide this support if needed, for at least 12 months from the date of signing these financial statements. Based on this and the minimal costs incurred by the Company, the director believes that any foreseeable debts can be met for at least 12 months from the signing of these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Stocks

2024 2023
£ £
Stocks 12,665 0

4. Debtors

2024 2023
£ £
Amounts owed by related parties 0 13,607
Other taxation and social security 15,120 12,187
15,120 25,794

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 7,923 0
Shareholder loans 5,000 0
Amounts owed to related parties 21,945 0
Corporation tax 48,944 307,668
Other creditors 9,500 4,000
93,312 311,668

Amounts owed to related parties are repayable on demand and do not bear interest.

6. Related party transactions

The total aggregate directors remuneration for the year was £Nil (2023: £Nil).

Included within creditors is an unsecured directors' loan of £5,000 (2022: £nil) owed to, Michael Hall. The loan is interest free and are repayable on demand.

Included within creditors is an unsecured shareholder's loan of £5,000 (2022: £nil) owed to, Paul Guy. The loan is interest free and are repayable on demand

Included within creditors is an unsecured loan of £21,945 (2023: £Nil) owed to PMG Energy Limtied a company under common control. The loan is interest free and does not have a fixed repayment date.

Included within debtors is an unsecured loan of £Nil (2023: £13,607) owed by Guy-Hall Property Limited a company under common control. The loan is interest free and does not have a fixed repayment date.

7. Ultimate controlling party

There is no ultimate controlling party.