PV01 Financial Limited - Period Ending 2017-05-31

Registration number: 05297934

PV01 Financial Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2017

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

PV01 Financial Limited

Contents

Company Information	1
Accountants' Report	2
Statement of Comprehensive Income	3
Balance Sheet	4
Statement of Changes in Equity	5
Notes to the Financial Statements	6 to 9

PV01 Financial Limited

Company Information

Directors

Mr S P Hutt Mrs C M Hutt

Registered office

12 Greenhead Road Huddersfield West Yorkshire HD1 4EN

Accountants

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

Page 1

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 2017

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 2017 as set out on pages 3 to 9 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 the Board of Directors of PV01 Financial Limited, 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 November 2017

Page 2

PV01 Financial Limited

Statement of Comprehensive Income for the Year Ended 31 May 2017

	Note	2017 £	2016 £
Loss for the year		(14,961)	(12,307)
Total comprehensive income for the year		(14,961)	(12,307)

The notes on pages 6 to 9 form an integral part of these financial statements.

Page 3

PV01 Financial Limited

(Registration number: 05297934)
Balance Sheet as at 31 May 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	1,330	1,476
Current assets
Debtors	5	23,229	52,497
Cash at bank and in hand		27,366	36,986
		50,595	89,483
Creditors: Amounts falling due within one year	6	(850)	(850)
Net current assets		49,745	88,633
Net assets		51,075	90,109
Capital and reserves
Called up share capital		2	2
Profit and loss account		51,073	90,107
Total equity		51,075	90,109

For the financial year ending 31 May 2017 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

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

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

Mrs C M Hutt

Director

The notes on pages 6 to 9 form an integral part of these financial statements.

Page 4

PV01 Financial Limited

Statement of Changes in Equity for the Year Ended 31 May 2017

	Share capital £	Profit and loss account £	Total £
At 1 June 2016	2	90,107	90,109
Loss for the year	-	(14,961)	(14,961)
Total comprehensive income	-	(14,961)	(14,961)
Dividends	-	(24,073)	(24,073)
At 31 May 2017	2	51,073	51,075

	Share capital £	Profit and loss account £	Total £
At 1 June 2015	2	118,764	118,766
Loss for the year	-	(12,307)	(12,307)
Total comprehensive income	-	(12,307)	(12,307)
Dividends	-	(16,350)	(16,350)
At 31 May 2016	2	90,107	90,109

The notes on pages 6 to 9 form an integral part of these financial statements.

Page 5

PV01 Financial Limited

Notes to the Financial Statements for the Year Ended 31 May 2017

1	General information

The company is a private company limited by share capital incorporated in England & Wales.

The address of its registered office is:
12 Greenhead Road
Huddersfield
West Yorkshire
HD1 4EN

The principal place of business is:
6 Blatchington Road
Tunbridge Wells
Kent
TN2 5EG
United Kingdom

These financial statements were authorised for issue by the Board on 17 November 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency is £ sterling.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Page 6

PV01 Financial Limited

Notes to the Financial Statements for the Year Ended 31 May 2017

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2016 - 1).

Page 7

PV01 Financial Limited

Notes to the Financial Statements for the Year Ended 31 May 2017

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 June 2016	7,563	7,563
Additions	511	511
At 31 May 2017	8,074	8,074
Depreciation
At 1 June 2016	6,087	6,087
Charge for the year	657	657
At 31 May 2017	6,744	6,744
Carrying amount
At 31 May 2017	1,330	1,330
At 31 May 2016	1,476	1,476

5

Debtors

	2017 £	2016 £
Other debtors	23,229	52,497
Total current trade and other debtors	23,229	52,497

6

Creditors

	Note	2017 £	2016 £
Due within one year
Other creditors		850	850

Page 8

PV01 Financial Limited

Notes to the Financial Statements for the Year Ended 31 May 2017

7

Dividends

Final dividends paid

	2017 £	2016 £
Final dividend of £12,036.73 (2016 - £8,175) per each Ordinary share	24,073.46	16,350

8	Related party transactions

Transactions with directors

2017	At 1 June 2016 £	Advances to directors £	Repayments by director £	At 31 May 2017 £
Mrs C M Hutt
Directors Loan Accounts - Interest charged at a commercial rate on overdrawn loan account	49,447	20,000	(49,173)	20,274

2016	Advances to directors £	At 31 May 2016 £
Mrs C M Hutt
Directors Loan Accounts - Interest charged at a commercial rate on overdrawn loan account	49,447	49,447

Directors' remuneration

The directors' remuneration for the year was as follows:

	2017 £	2016 £
Remuneration	13,000	10,000

9	Transition to FRS 102

There are no adjustments to disclose in relation to the transition to FRS102 in the current year.

Page 9