PV01 Financial Limited - Period Ending 2016-05-31

Registration number: 05297934

PV01 Financial Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2016
 

Walker & Sutcliffe
Chartered Accountants
12 Greenhead Road
Huddersfield
West Yorkshire
HD1 4EN

PV01 Financial Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
PV01 Financial Limited
for the Year Ended 31 May 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of PV01 Financial Limited for the year ended 31 May 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of PV01 Financial Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of PV01 Financial Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PV01 Financial Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that PV01 Financial Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of PV01 Financial Limited. You consider that PV01 Financial Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of PV01 Financial Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Walker & Sutcliffe
Chartered Accountants
12 Greenhead Road
Huddersfield
West Yorkshire
HD1 4EN

17 February 2017

Page 1

PV01 Financial Limited
(Registration number: 05297934)
Abbreviated Balance Sheet at 31 May 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					1,475			1,981
Current assets
Debtors					52,498			40,773
Cash at bank and in hand					36,986			95,066
					89,484			135,839
Creditors: Amounts falling due within one year					(850)			(19,054)
Net current assets					88,634			116,785
Net assets					90,109			118,766
Capital and reserves
Called up share capital		3			2			2
Profit and loss account					90,107			118,764
Shareholders' funds					90,109			118,766

For the year ending 31 May 2016 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 directors acknowledge their 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 .

Approved by the Board on 17 February 2017 and signed on its behalf by:

.........................................
Mrs C M Hutt
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

PV01 Financial Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... 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 January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	33% reducing balance

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 June 2015		7,340			7,340
Additions		222			222
At 31 May 2016		7,562			7,562
Depreciation
At 1 June 2015		5,359			5,359
Charge for the year		728			728
At 31 May 2016		6,087			6,087
Net book value
At 31 May 2016		1,475			1,475
At 31 May 2015		1,981			1,981

Page 3

PV01 Financial Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £1 each		2			2			2			2

4	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mrs C M Hutt
Directors Loan Account - Interest charged at a commercial rate on overdrawn loan account	46,821	-	-	-

Page 4