PNG Financial Services Ltd - Abbreviated accounts

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
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