PVM Management & Consultancy Limited Company Accounts

PVM Management & Consultancy Limited Company Accounts

PVM MANAGEMENT & CONSULTANCY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09326399
PVM MANAGEMENT & CONSULTANCY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2016
PVM MANAGEMENT & CONSULTANCY LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2016
Contents
Pages
Officers and professional advisers
1
Directors' report
2
Income statement
3
Statement of financial position
4
Notes to the financial statements
5 to 8
The following pages do not form part of the financial statements
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
10
Detailed income statement
11
PVM MANAGEMENT & CONSULTANCY LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Ms M Alifuoco
Mr P Vassilakakis
Registered office
Lynton House
7-12 Tavistock Square
London
United Kingdom
WC1H 9BQ
Accountants
BSG Valentine
Chartered Accountants
Lynton House
7-12 Tavistock Square
London WC1H 9BQ
PVM MANAGEMENT & CONSULTANCY LIMITED
DIRECTORS' REPORT
YEAR ENDED 31 DECEMBER 2016
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2016 .
Directors
The directors who served the company during the year were as follows:
Ms M Alifuoco
Mr P Vassilakakis
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 29 September 2017 and signed on behalf of the board by:
Mr P Vassilakakis
Director
Registered office:
Lynton House
7-12 Tavistock Square
London
United Kingdom
WC1H 9BQ
PVM MANAGEMENT & CONSULTANCY LIMITED
INCOME STATEMENT
YEAR ENDED 31 DECEMBER 2016
Period from
Year to
25 Nov 14 to
31 Dec 16
31 Dec 15
Note
£
£
Turnover
324,109
288,653
---------
---------
Gross profit
324,109
288,653
Administrative expenses
( 211,722)
( 126,883)
---------
---------
Operating profit
112,387
161,770
---------
---------
Profit before taxation
4
112,387
161,770
Tax on profit
( 22,264)
( 32,354)
---------
---------
Profit for the financial year
90,123
129,416
---------
---------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
PVM MANAGEMENT & CONSULTANCY LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2016
2016
2015
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,067
–
Current assets
Debtors
6
15,704
26,286
Cash at bank and in hand
303,062
239,880
---------
---------
318,766
266,166
Creditors: amounts falling due within one year
7
( 100,194)
( 136,650)
---------
---------
Net current assets
218,572
129,516
---------
---------
Total assets less current liabilities
219,639
129,516
---------
---------
Net assets
219,639
129,516
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
219,539
129,416
---------
---------
Members funds
219,639
129,516
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their 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 29 September 2017 , and are signed on behalf of the board by:
Mr P Vassilakakis
Director
Company registration number: 09326399
PVM MANAGEMENT & CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2016
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lynton House, 7-12 Tavistock Square, London, WC1H 9BQ, United Kingdom.
2. 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.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 25 November 2014. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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
-
33% straight line
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2015: 1 ).
4. Profit before taxation
Profit before taxation is stated after charging:
Period from
Year to
25 Nov 14 to
31 Dec 16
31 Dec 15
£
£
Depreciation of tangible assets
533
–
----
----
5. Tangible assets
Equipment
Total
£
£
Cost
Additions
1,600
1,600
-------
-------
At 31 December 2016
1,600
1,600
-------
-------
Depreciation
Charge for the year
533
533
-------
-------
At 31 December 2016
533
533
-------
-------
Carrying amount
At 31 December 2016
1,067
1,067
-------
-------
At 31 December 2015
–
–
-------
-------
6. Debtors
2016
2015
£
£
Trade debtors
–
10,627
Other debtors
15,704
15,659
--------
--------
15,704
26,286
--------
--------
7. Creditors: amounts falling due within one year
2016
2015
£
£
Corporation tax
22,265
32,354
Social security and other taxes
17,670
25,706
Other creditors
60,259
78,590
---------
---------
100,194
136,650
---------
---------
8. Directors' advances, credits and guarantees
At the balance sheet date, the company owed an amount of £43,046 (2015: £53,265) to its directors. This amount is interest free and repayable on demand.
9. Controlling party
The company was under the control of Mr P Vassilakakis and Ms M Alifuoco throughout the current period. Ms M Alifuoco is the sole shareholder.
10. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 25 November 2014.
No transitional adjustments were required in equity or profit or loss for the Period.
PVM MANAGEMENT & CONSULTANCY LIMITED
MANAGEMENT INFORMATION
YEAR ENDED 31 DECEMBER 2016
The following pages do not form part of the financial statements.
PVM MANAGEMENT & CONSULTANCY LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PVM MANAGEMENT & CONSULTANCY LIMITED
YEAR ENDED 31 DECEMBER 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of PVM Management & Consultancy Limited for the year ended 31 December 2016, which comprise the income statement, statement of financial position and the related notes 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of PVM Management & Consultancy Limited, as a body, in accordance with the terms of our engagement letter dated 24 November 2014. Our work has been undertaken solely to prepare for your approval the financial statements of PVM Management & Consultancy Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PVM Management & Consultancy Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that PVM Management & Consultancy Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of PVM Management & Consultancy Limited. You consider that PVM Management & Consultancy 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 financial statements of PVM Management & Consultancy 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 financial statements.
BSG Valentine Chartered Accountants
Lynton House 7-12 Tavistock Square London WC1H 9BQ
29 September 2017
PVM MANAGEMENT & CONSULTANCY LIMITED
DETAILED INCOME STATEMENT
YEAR ENDED 31 DECEMBER 2016
Period from
Year to
25 Nov 14 to
31 Dec 16
31 Dec 15
£
£
Turnover
324,109
288,653
---------
---------
Gross profit
324,109
288,653
Overheads
Administrative expenses
Rent rates and water
15,000
10,920
Travel and subsistence
96,579
71,190
Telephone
3,600
3,600
Computer expenses
3,600
–
Printing postage and stationery
4,487
1,882
Sundry expenses
3,213
3,918
Bank charges
2,551
832
Foreign currency gains/losses
3,062
331
Consultancy fees
58,333
–
Accountancy fees
6,880
6,000
Directors salaries
13,884
28,210
Depreciation of tangible assets
533
–
---------
---------
211,722
126,883
---------
---------
Operating profit
112,387
161,770
---------
---------
Profit before taxation
112,387
161,770
---------
---------