PNG Financial Services Ltd - Abbreviated accounts

Registered number

03823398

PNG Financial Services Ltd

Abbreviated Accounts

31 July 2016

PNG Financial Services Ltd
Registered number:		03823398
Abbreviated Balance Sheet
as at 31 July 2016

Notes			2016			2015
£				£
Fixed assets
Tangible assets	2		127			170

Current assets
Debtors		-			4,425
Cash at bank and in hand		15,019			99
		15,019			4,524

Creditors: amounts falling due within one year		(1,246)			(5,034)

Net current assets/(liabilities)			13,773			(510)

Net assets/(liabilities)			13,900			(340)

Capital and reserves
Called up share capital	3		100			100
Profit and loss account			13,800			(440)

Shareholders' funds			13,900			(340)

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.



P.N.Grant
Director
Approved by the board on 27 August 2016

PNG Financial Services Ltd
Notes to the Abbreviated Accounts
for the year ended 31 July 2016

1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

	Turnover
	Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

	Depreciation
	Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

	Plant and machinery			25% reducing balance


	Deferred taxation
	Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.


2	Tangible fixed assets					£

	Cost
	At 1 August 2015					34,980
	Disposals					(23,683)
	At 31 July 2016					11,297

	Depreciation
	At 1 August 2015					34,810
	Charge for the year					43
	On disposals					(23,683)
	At 31 July 2016					11,170

	Net book value
	At 31 July 2016					127
	At 31 July 2015					170


3	Share capital	Nominal		2016		2016		2015
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		100		100		100