Company Registration No. 12089234 (England and Wales)
PNG Solutions Limited
Unaudited accounts
for the year ended 31 July 2024
PNG Solutions Limited
Unaudited accounts
Contents
PNG Solutions Limited
Company Information
for the year ended 31 July 2024
Company Number
12089234 (England and Wales)
Registered Office
19 HEVERSHAM ROAD
BEXLEYHEATH
DA7 5BE
ENGLAND
Accountants
Rustrick Accountants Limited
380A New Hythe lane
Larkfield
Maidstone
Kent
ME20 6RZ
PNG Solutions Limited
Statement of financial position
as at 31 July 2024
Tangible assets
1,455
1,391
Cash at bank and in hand
171,706
148,097
Creditors: amounts falling due within one year
(82,702)
(133,901)
Net current assets
99,543
63,156
Total assets less current liabilities
100,998
64,547
Creditors: amounts falling due after more than one year
(5,600)
(10,400)
Called up share capital
1
1
Profit and loss account
95,397
54,146
Shareholders' funds
95,398
54,147
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 24 April 2025 and were signed on its behalf by
Mr P Grimsley
Director
Company Registration No. 12089234
PNG Solutions Limited
Notes to the Accounts
for the year ended 31 July 2024
PNG Solutions Limited is a private company, limited by shares, registered in England and Wales, registration number 12089234. The registered office is 19 HEVERSHAM ROAD, BEXLEYHEATH, DA7 5BE, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
25% Reducing Balance
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
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 accounts. 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.
PNG Solutions Limited
Notes to the Accounts
for the year ended 31 July 2024
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 August 2023
-
2,527
2,527
At 31 July 2024
233
2,843
3,076
At 1 August 2023
-
1,136
1,136
Charge for the year
58
427
485
At 31 July 2024
58
1,563
1,621
At 31 July 2024
175
1,280
1,455
At 31 July 2023
-
1,391
1,391
Amounts falling due within one year
Trade debtors
10,317
48,738
Accrued income and prepayments
222
222
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
4,400
4,400
Trade creditors
144
13,961
Taxes and social security
26,889
21,393
Loans from directors
43,804
81,193
PNG Solutions Limited
Notes to the Accounts
for the year ended 31 July 2024
7
Creditors: amounts falling due after more than one year
2024
2023
8
Average number of employees
During the year the average number of employees was 1 (2023: 1).