Pangaea Three Acquisition Holdings I, Lt - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11926199 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

FOR

PANGAEA THREE ACQUISITION HOLDINGS I,

LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

Mr P S Hong

Mr P M Yu

Secretary:

Vistra Cosec Limited

Registered office:

Suite 1,3rd Floor,

11 - 12 St. James's Square,

London

SW1Y 4LB

Registered number:

11926199 (England and Wales)

Accountants:

Vistra Trust Company Limited

First Floor, Templeback

10 Temple back

Bristol

BS1 6FL

FIXED ASSETS

Investments

4

6,927,984

66,263,126

CURRENT ASSETS

Debtors

5

528

-

CREDITORS

Amounts falling due within one year

6

(3,018

)

(9,379

)

NET CURRENT LIABILITIES

(2,490

)

(9,379

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,925,494

66,253,747

CAPITAL AND RESERVES

Called up share capital

7

1

1

Revaluation reserve

8

2,927,977

16,129,958

Other reserves

8

-

46,690,176

Retained earnings

8

3,997,516

3,433,612

SHAREHOLDERS' FUNDS

6,925,494

66,253,747

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 April 2023 and were signed on its behalf by:

Mr P S Hong - Director

1.	STATUTORY INFORMATION

Pangaea Three Acquisition Holdings I, Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the US Dollar ($).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities

Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction price.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Investment

Investments comprise investments in unquoted preference shares which are measured at fair value. Fair value is estimated by using a valuation technique. Any changes in fair value, profits or losses on disposal of investments are taken to the profit and loss account. Income from investments is recognised when entitlement to dividends or interest is established.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	FIXED ASSET INVESTMENTS

Unlisted

investments

$

Cost or valuation

At 1 May 2021

66,263,126

Additions

4,000,006

Disposals

(92,898,814

)

Revaluations

29,563,666

At 30 April 2022

6,927,984

Net book value

At 30 April 2022

6,927,984

At 30 April 2021

66,263,126

Cost or valuation at 30 April 2022 is represented by:

Unlisted

investments

$

Valuation in 2022

2,927,978

Cost

4,000,006

6,927,984

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.22

30.4.21

$

$

Prepayments

528

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.22

30.4.21

$

$

Accrued expenses

3,018

9,379

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.22

30.4.21

value:

$

$

1

Ordinary

1

1

1

8.

RESERVES

Retained

Revaluation

Other

earnings

reserve

reserves

Totals

$

$

$

$

At 1 May 2021

3,433,612

16,129,958

46,690,176

66,253,746

Deficit for the year

(13,300,943

)

(13,300,943

)

Dividends

(25,972,822

)

(25,972,822

)

Movement during the year

-

-

(46,690,176

)

(46,690,176

)

Revaluation reserve

39,837,669

(13,201,981

)

-

26,635,688

At 30 April 2022

3,997,516

2,927,977

-

6,925,493

Other reserves represent capital introduced by the parent company.

During the year, the capital contribution is distributed to the parent company by way of dividend.

9.	ULTIMATE CONTROLLING PARTY

The Company is controlled by the immediate parent, Pangaea Three-B, LP, incorporated in the state of Cayman Islands. Pangaea Three-B, LP is a private equity fund which is centrally managed by Cartesian Capital Group LLC, a registered investment advisor with SEC.