Company No: 11506270 (England and Wales)

Contents

• Company Information
• Statement of Financial Position
• Notes to the Unaudited Financial Statements

DIRECTOR	James Stephen Sammut
REGISTERED OFFICE	Jubilee House The Drive
	Great Warley
	Brentwood
	England
	CM13 3FR
	United Kingdom
COMPANY NUMBER	11506270(England and Wales)
CHARTERED ACCOUNTANTS	Bishop Fleming LLP
	1-3 College Yard
	Worcester
	WR1 2LB

		2020		2019
	Note	$		$
Fixed assets
Tangible assets	3	2,763		4,372
		2,763		4,372
Current assets
Debtors
- due within one year	4	703,500		1,207,828
- due after more than one year	4	37,220		0
Cash at bank and in hand		137,280		383,945
		878,000		1,591,773
Creditors
Amounts falling due within one year	5	( 747,921)		( 1,546,145)
Net current assets		130,079		45,628
Total assets less current liabilities		132,842		50,000
Creditors
Amounts falling due after more than one year	6	( 340,180)		0
Net (liabilities)/assets		( 207,338)		50,000
Capital and reserves
Called-up share capital		50,000		50,000
Profit and loss account		( 257,338 )		0
Total shareholders' (deficit)/funds		( 207,338)		50,000

For the financial year ending 31 December 2020 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of PG Global Limited (registered number: 11506270) were approved and authorised for issue by the Director on 26 May 2021. They were signed on its behalf by:

James Stephen Sammut Director

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.

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 . The address of the Company's registered office is .

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.

The functional currency of PG Global Limited is considered to be US Dollars because that is the currency of the primary economic environment in which the Company operates.

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 Comprehensive Income 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

The Company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income 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 Comprehensive Income 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property 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:

Fixtures and fittings - 20% Straight line
Computer equipment - 25% 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.

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 include cash in hand, deposits held at call with banks 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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

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

	2020		2019
	Number		Number
Monthly average number of persons employed by the Company during the year, including director	11		14

3. Tangible assets

	Fixtures and fittings		Computer equipment		Total
	$		$		$
Cost/Valuation
At 01 January 2020	455		5,525		5,980
At 31 December 2020	455		5,525		5,980
Accumulated depreciation
At 01 January 2020	227		1,381		1,608
Charge for the financial year	228		1,381		1,609
At 31 December 2020	455		2,762		3,217
Net book value
At 31 December 2020	0		2,763		2,763
At 31 December 2019	228		4,144		4,372

4. Debtors

	2020		2019
	$		$
Debtors: amounts falling due within one year
Trade debtors	506,433		943,234
Prepayments and accrued income	106,212		96,633
VAT recoverable	62,398		167,676
Other debtors	28,457		285
	703,500		1,207,828
Debtors: amounts falling due after more than one year
Deferred tax asset	37,220		0

5. Creditors: amounts falling due within one year

	2020		2019
	$		$
Trade creditors	53,608		21,103
Amounts owed to Group undertakings	378,226		798,067
Other creditors	297,773		621,693
Accruals	7,169		62,669
Corporation tax	0		24,422
Other taxation and social security	11,145		18,191
	747,921		1,546,145

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

	2020		2019
	$		$
Bank loans	340,180		0

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

7. Financial commitments

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.

8. Related party transactions

Transactions with owners holding a participating interest in the entity

	2020		2019
	$		$
Owed to related parties	360,000		798,067