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Registration number: 04840730

P J Lavis (QMTC) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

































 

image-name

Abacus Accountants
21 Castlewood Avenue
Highweek
NEWTON ABBOT
Devon
TQ12 1NX

 

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Company Information

Director

Mr Peter John Lavis

Company secretary

Mrs Joy Margaret Lavis

Registered office

'Ingleside'
4 Highweek Village
Highweek
NEWTON ABBOT
Devon
TQ12 1QB

Bankers

Santander
Business Banking
301 St Vincent Street
GLASGOW
G2 5NT

Accountants

Abacus Business Management Limited
21 Castlewood Avenue
Highweek
NEWTON ABBOT
Devon
TQ12 1NX

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
P J Lavis (QMTC) Limited
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of P J Lavis (QMTC) Limited for the year ended 31 March 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

Although not a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), wherever possible we have carried out this engagement in accordance with its ethical and other professional requirements.

This report is made solely to the Board of Directors of P J Lavis (QMTC) Limited, as a body, in accordance with the terms of our engagement letter dated 1 April 2019. Our work has been undertaken solely to prepare for your approval the accounts of P J Lavis (QMTC) Limited and state those matters that we have agreed to state to the Board of Directors of P J Lavis (QMTC) Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than P J Lavis (QMTC) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that P J Lavis (QMTC) 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 profit of P J Lavis (QMTC) Limited. You consider that P J Lavis (QMTC) 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 P J Lavis (QMTC) 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.

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

Abacus Business Management Limited
21 Castlewood Avenue
Highweek
NEWTON ABBOT
Devon
TQ12 1NX

23 September 2023

 

(Registration number: 04840730)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

171

209

Current assets

 

Debtors

5

29

-

Cash at bank and in hand

 

17,673

25,203

 

17,702

25,203

Creditors: Amounts falling due within one year

6

(9,581)

(23,474)

Net current assets

 

8,121

1,729

Total assets less current liabilities

 

8,292

1,938

Creditors: Amounts falling due after more than one year

6

(1,637)

(1,637)

Net assets

 

6,655

301

Capital and reserves

 

Called up share capital

7

10

10

Retained earnings

6,645

291

Shareholders' funds

 

6,655

301

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 September 2023
 

.........................................
Mr Peter John Lavis
Director

 

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
'Ingleside'
4 Highweek Village
Highweek
NEWTON ABBOT
Devon
TQ12 1QB
United Kingdom

These financial statements were authorised for issue by the director on 23 September 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and machinery

18% of written down value

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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

Defined contribution pension obligation

Since the company's Workplace Pension automatic enrolment staging date on 1st June 2015 the company has operated a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due although to date no employees have elected to participate in the scheme.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

3,683

3,683

At 31 March 2023

3,683

3,683

Depreciation

At 1 April 2022

3,474

3,474

Charge for the year

38

38

At 31 March 2023

3,512

3,512

Carrying amount

At 31 March 2023

171

171

At 31 March 2022

209

209

5

Debtors

Current

2023
£

2022
£

Prepayments

29

-

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

1,930

2,202

Accruals and deferred income

679

-

Other creditors

2,687

972

Amounts due to related parties

4,285

20,300

9,581

23,474

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other non-current financial liabilities

1,637

1,637

 

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary GBP £1 of £1 each

10

10

10

10

         

8

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £500.00 (2022 - £330.00) per ordinary share

 

5,000

 

3,300

         

9

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

-

9,600