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Registered number: 09314699
Pangea Connected Limited
Report And Financial Statements
INFORMATION FOR FILING WITH THE REGISTRAR
31 December 2020
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Pangea Connected Limited
Registered number:09314699
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BALANCE SHEET
as at 31 December 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income and directors' report in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 September 2021.
The notes on pages 2 to 6 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2020
Pangea Connected Limited is a private company, limited by shares, incorporated in the United Kingdom and registered in England and Wales. Its principal activity is the provision of Global M2M and IOT solutions.
The Company's registered address is c/o Teacher Stern LLP, 37-41 Bedford Row, London, WC1R 4JH. Its principal place of business is Office 6 & 7, Millennium House, Eden Street, Kingston-upon-Thames, Surrey, KT1 1BL.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
Turnover comprises revenue recognised by the Company in respect of goods and services supplied during the year, exclusive of value added tax.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
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NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2020
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The Company does not trade in financial instruments and all such instruments arise directly from operations. All trade and other debtors are initially recognised at transaction value, as none contain in substance financing transactions. Thereafter trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The Company does not hold collateral against its trade and other receivables so its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment. All cash held with banks with strong external credit ratings. Trade and other creditors and accruals are initially recognised at transaction value as none represent financing transactions. They are removed from the balance sheet when they are settled. As the Company only has short term receivabls and payables, its net current asset position is a reasonable measure of its liquidity at any given time.
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The average monthly number of employees, including directors, during the year was 13 (2019 -9).
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NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2020
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Prepayments and accrued income
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NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2020
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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The bank loan is unsecured.
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2020
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Allotted, called up and fully paid
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10,000 Ordinary shares of £0.10 each
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Related party transactions
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During the year the Company made sales of £11,557 (2019: £103,396) to a company with certain directors and shareholders in common. The Company was also charged £105,178 (2019: £245,135) by the same company. At the balance sheet date a net amount of £7,035 (2019: £68,675) was due from the Company in respect of these transactions.
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