Pyle Developments SPV Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 12432545 (England and Wales)

PYLE DEVELOPMENTS SPV LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

29 JANUARY 2020 TO 31 JANUARY 2021

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTORS:

D R Payne

A C Shakespeare

REGISTERED OFFICE:

1 Gloster Place

Newport

NP19 7EG

REGISTERED NUMBER:

12432545 (England and Wales)

ACCOUNTANTS:

Gerald Thomas

Chartered Accountants

3 New Mill Court

Swansea Enterprise Park

Swansea

SA7 9FG

CURRENT ASSETS

Stocks

183,746

Debtors

4

200

Cash at bank

43,194

227,140

CREDITORS

Amounts falling due within one year

5

8,300

NET CURRENT ASSETS

218,840

TOTAL ASSETS LESS CURRENT LIABILITIES

218,840

CREDITORS

Amounts falling due after more than one year

6

219,440

NET LIABILITIES

(600

)

CAPITAL AND RESERVES

Called up share capital

200

Retained earnings

(800

)

(600

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 January 2021.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 January 2021 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 14 October 2021 and were signed on its behalf by:

D R Payne - Director

1.	STATUTORY INFORMATION

Pyle Developments SPV 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.

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.

Government grants

Grants are credited to deferred revenue when entitlement to the grant has been established. Grants

towards capital expenditure are then released to the profit and loss account over the useful life of the

assets. Grants towards revenue expenditure are released to the profit and loss account as the related

expenditure incurred.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

The following interest has been recognised in closing stock at the balance sheet date, £6,940.

Taxation

Taxation for the period 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 period 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.

Financial

instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities, including trade and other creditors and bank loans, are initially recognised at transaction.

Going concern

In preparing the financial statements, the director has considered the current financial position and has

also assessed the financial future of the business. The director has concluded that it is appropriate to

prepare the financial statements on a going concern basis. In forming this conclusion the director has

considered the company's net liabilities and the loss reported in the current financial year.

In considering Coronavirus (COVID-19), the director has taken steps to mitigate the risk to the company

and although there is uncertainty, the director is confident that all reasonable measures which can be

taken, have been taken.

After making enquiries, the director has a reasonable expectation that the company has adequate

resources to continue in operational existence for the foreseeable future and to meet its financial

obligations as they fall due. Accordingly, the director continues to adopt the going concern basis in

preparing the annual report and accounts.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL.

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Other debtors

200

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Bank loans and overdrafts

7,500

Other creditors

800

8,300

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

£

Bank loans

42,500

Other creditors

176,940

219,440

Amounts falling due in more than five years:

Repayable by instalments

Investors loans

176,940

7.	SECURED DEBTS

The loans are secured by legal charge over the properties to which they relate. The amount secured

is £176,940.

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 31 January 2021:

£

D R Payne and A C Shakespeare

Balance outstanding at start of period

-

Amounts advanced

200

Amounts repaid

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of period

200

The loans are unsecured, interest-free and repayable on demand.