P V Projects Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: 03296321 (England and Wales)

P V PROJECTS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J P Cleary

S C Smallman

R D Buchanan

S A Masker

REGISTERED OFFICE:

Grosvenor Court

Winchester Road

Ampfield

Hampshire

SO51 9BD

REGISTERED NUMBER:

03296321 (England and Wales)

FIXED ASSETS

Intangible assets

4

8,334

41,667

Tangible assets

5

56,636

50,188

64,970

91,855

CURRENT ASSETS

Debtors

6

696,417

700,272

Cash at bank and in hand

262,009

243,436

958,426

943,708

CREDITORS

Amounts falling due within one year

7

(483,049

)

(491,041

)

NET CURRENT ASSETS

475,377

452,667

TOTAL ASSETS LESS CURRENT LIABILITIES

540,347

544,522

PROVISIONS FOR LIABILITIES

(18,000

)

(16,000

)

NET ASSETS

522,347

528,522

CAPITAL AND RESERVES

Called up share capital

1,002

1,002

Retained earnings

521,345

527,520

SHAREHOLDERS' FUNDS

522,347

528,522

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 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 Board of Directors on 20 July 2017 and were signed on its behalf by:

S C Smallman - Director

1.	STATUTORY INFORMATION

P V Projects 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 FRS 102 "The Financial Reporting Standards

applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as

applicable to companies subject to the small companies regime.

The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure

is required to show a true and fair view.

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

amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain

financial instruments at fair value. The principal accounting policies adopted are set out below.

These financial statements are the first financial statements P V Projects Ltd have prepared in accordance with

Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of

Ireland' (FRS 102), as applied to smaller entities by the adoption of Section 1A of FRS 102. The financial

statements of P V Projects Ltd for the year ended 31 December 2015 were prepared in accordance with previous

UK GAAP.

Some of the FRS 102 recognition, measurement, presentation and disclosure requirements and accounting policy

choices differ from previous UK GAAP. Consequently, the directors have amended certain accounting policies

to comply with FRS 102.

There have been no transitional adjustments.

Turnover

Turnover represents net sales during the year (excluding value added tax and disbursements) adjusted for

accrued and deferred income where applicable.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of three years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Fixtures and fittings

-

15% Straight line

Computer equipment

-

25% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and

the carrying value of the asset and is recognised in the income statement.

Financial instruments

The Company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes

party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and cash and bank balances are initially

measured at transaction price including transaction costs and are subsequently carried at amortised cost using the

effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is

measured at the present value of the future receipts discounted at a market rate of interest.

Financial Liabilities

Basic financial liabilities which include trade and other payables, are initially measured at transaction price and

subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the

debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity Instruments

Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct

issue costs. Dividend's payable on equity instruments are recognised as liabilities once they are no longer at the

discretion of the company

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

Contributions are paid into individual employees' personal pension plans. The cost is charges to the profit and

loss account in the year in which they become payable.

Employee ownership trust

On 21 December 2015, the company established the P V Projects Employee Ownership Trust for the benefit of

employees. Monies held in this trust are held by independent trustees and managed at their own discretion.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2015 - 25 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2016

and 31 December 2016

100,000

AMORTISATION

At 1 January 2016

58,333

Charge for year

33,333

At 31 December 2016

91,666

NET BOOK VALUE

At 31 December 2016

8,334

At 31 December 2015

41,667

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2016

83,962

86,336

170,298

Additions

2,657

26,032

28,689

Disposals

(1,963

)

(14,706

)

(16,669

)

At 31 December 2016

84,656

97,662

182,318

DEPRECIATION

At 1 January 2016

64,670

55,440

120,110

Charge for year

5,221

16,854

22,075

Eliminated on disposal

(1,963

)

(14,540

)

(16,503

)

At 31 December 2016

67,928

57,754

125,682

NET BOOK VALUE

At 31 December 2016

16,728

39,908

56,636

At 31 December 2015

19,292

30,896

50,188

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

475,566

490,144

Amounts owed by group undertakings

200,000

200,000

Other debtors

20,851

10,128

696,417

700,272

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

14,763

9,896

Taxation and social security

262,704

264,351

Other creditors

205,582

216,794

483,049

491,041

8.	RELATED PARTY DISCLOSURES

Included in administrative expenses in the profit and loss account is £53,955 (2015: £55,826) relating to rent

paid to Mr and Mrs Cleary, both of whom are directors of the company during the year.

PV Projects Employee Ownership Trust

Shareholder

During the year, the company guaranteed debts on the Trust's behalf totalling £1,880,645. £400,000 of the debt is

due within one year. The debt is owed by the Trust to the former PV Projects Ltd shareholders who sold their

shares to the Trust in December 2015 in order to create an employee owned structure.

During the year, the company made contributions to the Trust totalling £500,000 (2015: £500,000).

The amount due from the related party at the balance sheet date is £200,000 (2015: £200,000)

9.	ULTIMATE CONTROLLING PARTY

The members of PV Projects Trustees Limited are considered to be the ultimate controlling parties. PV Projects

Trustees Limited is the corporate trustee of the PV Projects Employee Ownership Trust.