PV01 Financial Limited - Period Ending 2019-05-31
PV01 Financial Limited - Period Ending 2019-05-31
Registration number:
PV01 Financial Limited
for the Year Ended 31 May 2019
Chartered Accountants
12 Greenhead Road
Huddersfield
West Yorkshire
HD1 4EN
PV01 Financial Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
PV01 Financial Limited
Company Information
Directors |
Mr S P Hutt Mrs C M Hutt |
Registered office |
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Accountants |
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Page 1 |
PV01 Financial Limited
(Registration number: 05297934)
Balance Sheet as at 31 May 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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|
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Profit and loss account |
(10,486) |
10,432 |
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Total equity |
(10,484) |
10,434 |
For the financial year ending 31 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Page 2 |
PV01 Financial Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2019
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
The principal place of business is:
6 Blatchington Road
Tunbridge Wells
Kent
TN2 5EG
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentational currency is £ sterling.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Page 3 |
PV01 Financial Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2019
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
33% reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Page 4 |
PV01 Financial Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2019
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 June 2018 |
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Additions |
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At 31 May 2019 |
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Depreciation |
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At 1 June 2018 |
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Charge for the year |
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At 31 May 2019 |
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Carrying amount |
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At 31 May 2019 |
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At 31 May 2018 |
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Debtors |
2019 |
2018 |
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Trade debtors |
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- |
Other debtors |
- |
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Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Loans and borrowings |
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- |
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Taxation and social security |
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- |
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Accruals and deferred income |
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Other creditors |
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Page 5 |
PV01 Financial Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2019
Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
Loans and borrowings |
2019 |
2018 |
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Current loans and borrowings |
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Bank overdrafts |
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- |
Dividends |
Interim dividends paid
2019 |
2018 |
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Interim dividend of £Nil (2018 - £ |
- |
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Related party transactions |
Transactions with directors |
2019 |
At 1 June 2018 |
Repayments by director |
At 31 May 2019 |
Mrs C M Hutt |
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Directors Loan Accounts - Interest charged at 2.5% (2017:3%) per annum and is repayable on demand |
( |
( |
( |
2018 |
At 1 June 2017 |
Advances to directors |
Repayments by director |
At 31 May 2018 |
Mrs C M Hutt |
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Directors Loan Accounts - Interest charged at 2.5% (2017:3%) per annum and is repayable on demand |
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( |
( |
Page 6 |
PV01 Financial Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2019
Directors' remuneration
The directors' remuneration for the year was as follows:
2019 |
2018 |
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Remuneration |
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Page 7 |