PXVN LIMITED Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 04383594

PXVN LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2021

PXVN LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2021

Contents	Pages

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	3 to 5

PXVN LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

Director	Mr J A Galani

Registered office	51 Draycott Place
	London
	SW3 3DB

Accountants	BSG Valentine (UK) LLP
	Chartered Accountants
	Lynton House
	7 - 12 Tavistock Square
	London
	WC1H 9BQ

PXVN LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2021

	2021		2020
Note	£	£	£	£

FIXED ASSETS

Tangible assets	4	1,159	–
Investments	5	276,761	808,826
		---------	---------
		277,920	808,826

CURRENT ASSETS

Cash at bank and in hand	199,535		243

CREDITORS: amounts falling due within one year	6	( 892,598)		( 822,754)
		---------		---------
NET CURRENT LIABILITIES			( 693,063)		( 822,511)
			---------		---------
TOTAL ASSETS LESS CURRENT LIABILITIES			( 415,143)		( 13,685)
			---------		--------
NET LIABILITIES			( 415,143)		( 13,685)
			---------		--------

CAPITAL AND RESERVES

Called up share capital	9,999	9,999
Profit and loss account	( 425,142)	( 23,684)
	---------	--------
SHAREHOLDERS DEFICIT	( 415,143)	( 13,685)
	---------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 16 September 2022 , and are signed on behalf of the board by:

Mr J A Galani
Director

Company registration number: 04383594

PXVN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 51 Draycott Place, London, SW3 3DB.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	25% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 January 2021	–	–
Additions	1,357	1,357
	-------	-------
At 31 December 2021	1,357	1,357
	-------	-------
Depreciation
At 1 January 2021	–	–
Charge for the year	198	198
	-------	-------
At 31 December 2021	198	198
	-------	-------
Carrying amount
At 31 December 2021	1,159	1,159
	-------	-------
At 31 December 2020	–	–
	-------	-------

5. Investments

	Other investments other than loans
	£
Cost
At 1 January 2021 and 31 December 2021	808,826
	---------
Impairment
At 1 January 2021	–
Impairment losses	532,065
	---------
At 31 December 2021	532,065
	---------

Carrying amount
At 31 December 2021	276,761
	---------
At 31 December 2020	808,826
	---------

6. Creditors: amounts falling due within one year

	2021	2020
	£	£
Corporation tax	27,686	–
Social security and other taxes	3,719	3,759
Other creditors	861,193	818,995
	---------	---------
	892,598	822,754
	---------	---------