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REGISTERED NUMBER: 00259981 (England and Wales)















Audited Financial Statements for the Year Ended 31st December 2024

for

Pongees Limited

Pongees Limited (Registered number: 00259981)

Contents of the Financial Statements
for the Year Ended 31st December 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Pongees Limited

Company Information
for the Year Ended 31st December 2024







DIRECTORS: Mr C Hausamann
Mr N Moore
Mr W G Steele





SECRETARY: Ms J Machardie





REGISTERED OFFICE: Unit 9 Schooner Park
Schooner Court
Crossways Business Park
Dartford
Kent
DA2 6NW





REGISTERED NUMBER: 00259981 (England and Wales)





AUDITORS: Beak Kemmenoe
Chartered Accountants
& Statutory Auditors
1-3 Manor Road
Chatham
Kent
ME4 6AE

Pongees Limited (Registered number: 00259981)

Balance Sheet
31st December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 600 3,436
Tangible assets 5 620,029 639,535
620,629 642,971

CURRENT ASSETS
Stocks 6 1,187,054 1,255,191
Debtors 7 259,031 290,921
Cash at bank and in hand 255,488 55,624
1,701,573 1,601,736
CREDITORS
Amounts falling due within one year 8 893,296 870,184
NET CURRENT ASSETS 808,277 731,552
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,428,906

1,374,523

CREDITORS
Amounts falling due after more than one
year

9

(320,135

)

(356,916

)

PROVISIONS FOR LIABILITIES (41,467 ) (24,582 )
NET ASSETS 1,067,304 993,025

CAPITAL AND RESERVES
Called up share capital 12 1,000,000 1,000,000
Retained earnings 67,304 (6,975 )
SHAREHOLDERS' FUNDS 1,067,304 993,025

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 1st May 2025 and were signed on its behalf by:





Mr C Hausamann - Director


Pongees Limited (Registered number: 00259981)

Notes to the Financial Statements
for the Year Ended 31st December 2024


1. STATUTORY INFORMATION

Pongees 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.

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.

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

In preparing the financial statements of the company, advantage has been taken of the following disclosure
exemptions available to qualifying entities;

- No cashflow statement or net debt reconciliation has been presented;

- Disclosures in respect of financial instruments measured at amortised cost have not been provided.

Going concern
The directors have reviewed the future profit and cash flow projections in conjunction with the current economic climate, in order to express an opinion on the adequacy of working capital and the ability for the company to continue as a going concern for the foreseeable future. The directors continue to forecast that the company will comfortably operate within its financial constraints for a period of at least 12 months from the approval of the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

In preparing the financial statements the directors have made the following judgements:

The directors have concluded that the net realisable value of stock exceeds the value held at the reporting date.

Pongees Limited (Registered number: 00259981)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2024


2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable from the provision of goods, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sales of goods is recognised when the company has transferred the significant risks and
rewards of ownership to the buyer and it is probable that the Company will receive the previously agreed upon payment. These criteria are considered to be met when the goods are delivered to the buyer.

Website development costs
Website development costs are initially measured at cost. After initial recognition, website development costs are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website development costs are depreciated evenly over 5 years representing their estimated useful life.

Tangible fixed assets
Tangible fixed assets are stated in the balance sheet at cost less accumulated depreciation. The cost of tangible fixed assets includes directly attributable costs incurred in their acquisition and installation.

Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost
Plant and machinery etc - 20% on reducing balance and 2% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stock items are constantly reviewed to determine if the net realisable value has fallen below the carrying amount. Net realisable value is based on estimated selling price less additional costs of disposal.

Pongees Limited (Registered number: 00259981)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2024


2. ACCOUNTING POLICIES - continued

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.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

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.

Debt instruments that comply with all of the conditions of paragraph 11.9 of FRS 102 are classified as 'basic'. For debt instruments that do not meet the conditions of FRS 102.11.9, the company considers whether the debt instrument is consistent with the principle in paragraph 11.9A of FRS 102 in order to determine whether it can be classified as basic. Instruments classified as 'basic' financial instruments are measured subsequently at amortised cost using the effective interest method. Debt instruments that have no stated interest rate (and do not constitute financing transaction) and are classified as payable or receivable within one year are initially measured at an undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

With the exception of some hedging instruments, other debt instruments not meeting conditions of being 'basic' financial instruments are measured at fair value through profit or loss.

Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

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.


Pongees Limited (Registered number: 00259981)

Notes to the Financial Statements - continued
for the Year Ended 31st December 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate. The company makes monthly pension contributions in accordance with auto enrolment rules and employment contracts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 14 ) .

4. INTANGIBLE FIXED ASSETS
Website
development
costs
£   
COST
At 1st January 2024
and 31st December 2024 29,268
AMORTISATION
At 1st January 2024 25,832
Amortisation for year 2,836
At 31st December 2024 28,668
NET BOOK VALUE
At 31st December 2024 600
At 31st December 2023 3,436

Pongees Limited (Registered number: 00259981)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2024


5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st January 2024 547,571 386,486 934,057
Additions - 11,300 11,300
At 31st December 2024 547,571 397,786 945,357
DEPRECIATION
At 1st January 2024 87,570 206,952 294,522
Charge for year 10,951 19,855 30,806
At 31st December 2024 98,521 226,807 325,328
NET BOOK VALUE
At 31st December 2024 449,050 170,979 620,029
At 31st December 2023 460,001 179,534 639,535

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1st January 2024
and 31st December 2024 19,995
DEPRECIATION
At 1st January 2024 3,999
Charge for year 3,199
At 31st December 2024 7,198
NET BOOK VALUE
At 31st December 2024 12,797
At 31st December 2023 15,996

6. STOCKS
2024 2023
£    £   
Stocks 1,187,054 1,255,191

Pongees Limited (Registered number: 00259981)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2024


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 199,036 244,853
Other debtors and prepayments 59,995 46,068
259,031 290,921

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 30,501 35,650
Hire purchase contracts (see note 10) 3,443 3,049
Trade creditors 367,758 379,362
Corporation tax 19,867 20,878
Social security and other taxes 94,316 80,496
Other creditors and accruals 87,020 60,258
Directors' current accounts 290,391 290,491
893,296 870,184

The director's current account balance is interest free and repayable on demand.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 30,839 30,142
Bank loans - 2-5 years 94,788 92,495
Bank loans more 5 yr by instal 183,785 220,113
Hire purchase contracts (see note 10) 10,723 14,166
320,135 356,916

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 183,785 220,113

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 3,443 3,049
Between one and five years 10,723 14,166
14,166 17,215

Pongees Limited (Registered number: 00259981)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2024


10. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 48,075 40,608
Between one and five years 151,851 95,951
In more than five years 51,908 50,795
251,834 187,354

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 340,313 378,400
Hire purchase 14,166 17,215
354,479 395,615

NatWest has a legal charge over the company's freehold property and a debenture over the remaining assets of the company.

Obligations under hire purchase contracts are secured on the assets concerned.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000,000 Ordinary £1 1,000,000 1,000,000

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Natalie Harrison FCA FCCA CTA TEP (Senior Statutory Auditor)
for and on behalf of Beak Kemmenoe

14. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

15. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr C Hausamann.