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Company No: 11506270 (England and Wales)

PG GLOBAL LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

PG GLOBAL LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

PG GLOBAL LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
PG GLOBAL LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024
Note 2024 2023
$ $
Fixed assets
Tangible assets 3 11,233 6,848
11,233 6,848
Current assets
Debtors
- due within one year 4 1,496,397 1,688,182
- due after more than one year 4 0 6,482
Cash at bank and in hand 94,521 181,412
1,590,918 1,876,076
Creditors: amounts falling due within one year 5 ( 1,569,384) ( 1,768,519)
Net current assets 21,534 107,557
Total assets less current liabilities 32,767 114,405
Creditors: amounts falling due after more than one year 6 ( 36,571) ( 63,652)
Provision for liabilities 0 ( 753)
Net (liabilities)/assets ( 3,804) 50,000
Capital and reserves
Called-up share capital 7 50,000 50,000
Profit and loss account ( 53,804 ) 0
Total shareholders' (deficit)/funds ( 3,804) 50,000

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of PG Global Limited (registered number: 11506270) were approved and authorised for issue by the Director on 27 May 2025. They were signed on its behalf by:

James Sammut
Director
PG GLOBAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
PG GLOBAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

PG Global 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 Suite 2, 258a High Road, Loughton, IG10 1RB, 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 USD which is the functional currency of the Company and rounded to the nearest $.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings 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 Statement of Financial Position 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.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 13 7

3. Tangible assets

Plant and machinery Fixtures and fittings Total
$ $ $
Cost
At 01 January 2024 10,763 2,832 13,595
Additions 6,823 1,430 8,253
At 31 December 2024 17,586 4,262 21,848
Accumulated depreciation
At 01 January 2024 6,265 482 6,747
Charge for the financial year 3,015 853 3,868
At 31 December 2024 9,280 1,335 10,615
Net book value
At 31 December 2024 8,306 2,927 11,233
At 31 December 2023 4,498 2,350 6,848

4. Debtors

2024 2023
$ $
Debtors: amounts falling due within one year
Trade debtors 1,197,102 855,780
Amounts owed by Group undertakings 0 599,838
Amounts owed by associates 121,877 0
Amounts owed by connected persons 0 3,456
Prepayments and accrued income 121,806 171,753
VAT recoverable 3,379 48,568
Other debtors 52,233 8,787
1,496,397 1,688,182
Debtors: amounts falling due after more than one year
Other debtors 0 6,482

5. Creditors: amounts falling due within one year

2024 2023
$ $
Bank loans 350,812 0
Trade creditors 176,693 105,653
Amounts owed to Group undertakings 476,423 1,096,067
Amounts owed to director 0 593
Accruals 43,988 109,558
Other taxation and social security 17,616 13,040
Other creditors 503,852 443,608
1,569,384 1,768,519

6. Creditors: amounts falling due after more than one year

2024 2023
$ $
Amounts owed to Group undertakings 36,571 63,652

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2024 2023
$ $
Allotted, called-up and fully-paid
50,000 Ordinary shares of US $ 1.00 each 50,000 50,000

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
$ $
within one year 14,613 29,611
between one and five years 0 3,651
14,613 33,262

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
$ $
Unpaid contributions due to the fund (inc. in other creditors) 1,534 489

9. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
$ $
Amounts owed to related parties included in Creditors note 5 476,423 1,096,067
Amounts owed to related parties included in Creditors note 6 36,571 63,652
Amounts owed from Group undertakings included in Debtors note 4 121,877 599,838
Amounts owed from ultimate controlling party included in Debtors note 4 0 3,456

Transactions with the entity's director

2024 2023
$ $
Amounts owed to directors shown in Creditors note 5 0 593

Advances were made to the directors during the year totalling $5,423. The amount owed by the company to the directors at the year end was $nil (2023: $593).