Pavlos Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC480920 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

FOR

PAVLOS LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Mr M Mouzakis

REGISTERED OFFICE:

7 Royal Crescent

Glasgow

G3 7SL

REGISTERED NUMBER:

SC480920 (Scotland)

ACCOUNTANTS:

K M Stewart & Company

7 Royal Crescent

Glasgow

G3 7SL

BANKERS:

Barclays Bank PLC

1 Churchill Place

London

E14 5HP

FIXED ASSETS

Tangible assets

3

2,244

2,991

CURRENT ASSETS

Stocks

4

-

12,970

Debtors

5

-

5,144

Cash at bank

5,123

12,070

5,123

30,184

CREDITORS

Amounts falling due within one year

6

4,563

7,615

NET CURRENT ASSETS

560

22,569

TOTAL ASSETS LESS CURRENT LIABILITIES

2,804

25,560

PROVISIONS FOR LIABILITIES

426

568

NET ASSETS

2,378

24,992

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

8

2,278

24,892

SHAREHOLDERS' FUNDS

2,378

24,992

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the director on 15 January 2020 and were signed by:

Mr M Mouzakis - Director

1.	STATUTORY INFORMATION

Pavlos Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and

registered office address can be found on the Company Information page.

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.

Functional currency

The financial statements are presented in British Pounds Sterling which is the functional currency. Figures are shown

to the nearest whole pound.

Significant judgements and estimates

The preparation of financial statements requires the use of certain accounting estimates . It also requires the

Directors to exercise judgement in applying the Companies Accounting policies. The areas requiring a higher

degree of judgement, or complexity, and areas where assumptions or estimates are most significant to the

financial statements, are disclosed below:

Estimation Uncertainty

Useful life of properties, plant and equipment

The Company assesses the useful life of its properties, plant and equipment and estimates the annual charge to

bedepreciated based on this.

Recoverability of Debtors

The Company assesses the recoverability of Debtors on an individual basis, taking into consideration payment

history, and perceived liquidity. Where it is considered that there is a higher than normal risk to the

recoverability of these, provision is made against the recoverability of these debts.

Key Judgements made in the application of Accounting Policies

a) Exemptions taken in the application of FRS 102

The Company has considered and taken advantage of the following exemptions in its application of FRS 102:

i) The Company has not revisited previous accounting estimates.

Turnover

Turnover represents net invoiced sales of medical practitioner services.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Financial instruments

Classification

The Company believes all financial instruments are Basic Financial Instruments. Therefore, the Company

recognises these in accordance with Section 11 of the Financial Reporting Standard.

Recognition and measurement

The company's debt instruments are measured at amortised cost using the effective interest rate method.

Impairment

Financial instruments are reviewed annually for impairment.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of

financial position 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Debtors

Debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when

there is objective evidence that the asset is impaired.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash on hand and cash at bank with a short term of maturity,

being twelve months or less, from the opening of the deposit or similar account.

Creditors

Creditors are recognised where the company has a present obligation resulting from a past event and are recognised at

the settlement amount due after allowing for any trade discounts due.

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 July 2018

and 30 June 2019

7,489

DEPRECIATION

At 1 July 2018

4,498

Charge for year

747

At 30 June 2019

5,245

NET BOOK VALUE

At 30 June 2019

2,244

At 30 June 2018

2,991

4.

STOCKS

2019

2018

£

£

Stocks

-

12,970

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

-

5,144

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Taxation and social security

-

5,069

Other creditors

4,563

2,546

4,563

7,615

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

£1

100

100

8.

RESERVES

Retained

earnings

£

At 1 July 2018

24,892

Deficit for the year

(18,614

)

Dividends

(4,000

)

At 30 June 2019

2,278