PV Renewable Energy Limited - Period Ending 2015-10-31

Registration number: 07744166

PV Renewable Energy Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2015
 

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

PV Renewable Energy Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Registration number: 07744166

PV Renewable Energy Limited
Balance Sheet as at 31 October 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets		2			17,065			22,469
Current assets
Stocks					2,952			573
Debtors					8,875			12,346
Cash at bank and in hand					9,386			14,145
					21,213			27,064
Creditors: Amounts falling due within one year		3			(17,523)			(16,643)
Net current assets					3,690			10,421
Total assets less current liabilities					20,755			32,890
Creditors: Amounts falling due after more than one year		3			(5,433)			(10,867)
Net assets					15,322			22,023
Capital and reserves
Called up share capital		4			1			1
Profit and loss account					15,321			22,022
Shareholders' funds					15,322			22,023

For the year ending 31 October 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

Approved by the director on 10 June 2016

R D Franks
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

PV Renewable Energy Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts invoiced, net of value added tax, in respect of the installation of renewable energy products to customers.

Amortisation

During the year an initial payment was made to purchase a franchise. The payment has been amortised in full as the company did not proceed with the purchase as it was not considered to be commercial following changes to legislation which reduced confidence within the market place.

Asset class	Amortisation method and rate
Franchise	In full over 1 year

Depreciation

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

Asset class	Depreciation method and rate
Office equipment	20% Straight Line Method
Fixtures & Fittings	20% Straight Line Method
Plant and Machinery	20% Straight Line Method
Motor Vehicles	25% Reducing Balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Hire purchase and leasing

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Page 2

PV Renewable Energy Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2015
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 November 2014		5,500			23,626			29,126
Additions		-			320			320
At 31 October 2015		5,500			23,946			29,446
Depreciation
At 1 November 2014		5,500			1,157			6,657
Charge for the year		-			5,724			5,724
At 31 October 2015		5,500			6,881			12,381
Net book value
At 31 October 2015		-			17,065			17,065
At 31 October 2014		-			22,469			22,469

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		5,434			5,433
Amounts falling due after more than one year		5,433			10,867
Total secured creditors		10,867			16,300

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		1			1			1			1

Page 3