Silverfin false 31/01/2023 01/02/2022 31/01/2023 Mr Matthew Franks 28/11/2019 Mr Miles Lovegrove 28/11/2019 Mr Ross Sundercombe 30/03/2017 02 October 2023 The principle activity of the company during the financial year was property development. 08864085 2023-01-31 08864085 bus:Director1 2023-01-31 08864085 bus:Director2 2023-01-31 08864085 bus:Director3 2023-01-31 08864085 2022-01-31 08864085 core:CurrentFinancialInstruments 2023-01-31 08864085 core:CurrentFinancialInstruments 2022-01-31 08864085 core:Non-currentFinancialInstruments 2023-01-31 08864085 core:Non-currentFinancialInstruments 2022-01-31 08864085 core:ShareCapital 2023-01-31 08864085 core:ShareCapital 2022-01-31 08864085 core:RevaluationReserve 2023-01-31 08864085 core:RevaluationReserve 2022-01-31 08864085 core:CapitalRedemptionReserve 2023-01-31 08864085 core:CapitalRedemptionReserve 2022-01-31 08864085 core:RetainedEarningsAccumulatedLosses 2023-01-31 08864085 core:RetainedEarningsAccumulatedLosses 2022-01-31 08864085 core:ConstructionInProgressAssetsUnderConstruction 2022-01-31 08864085 core:Vehicles 2022-01-31 08864085 core:FurnitureFittings 2022-01-31 08864085 core:OtherPropertyPlantEquipment 2022-01-31 08864085 core:ConstructionInProgressAssetsUnderConstruction 2023-01-31 08864085 core:Vehicles 2023-01-31 08864085 core:FurnitureFittings 2023-01-31 08864085 core:OtherPropertyPlantEquipment 2023-01-31 08864085 bus:OrdinaryShareClass1 2023-01-31 08864085 bus:OrdinaryShareClass2 2023-01-31 08864085 2022-02-01 2023-01-31 08864085 bus:FullAccounts 2022-02-01 2023-01-31 08864085 bus:SmallEntities 2022-02-01 2023-01-31 08864085 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 08864085 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 08864085 bus:Director1 2022-02-01 2023-01-31 08864085 bus:Director2 2022-02-01 2023-01-31 08864085 bus:Director3 2022-02-01 2023-01-31 08864085 core:Vehicles core:TopRangeValue 2022-02-01 2023-01-31 08864085 core:FurnitureFittings core:BottomRangeValue 2022-02-01 2023-01-31 08864085 core:FurnitureFittings core:TopRangeValue 2022-02-01 2023-01-31 08864085 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-02-01 2023-01-31 08864085 2021-02-01 2022-01-31 08864085 core:ConstructionInProgressAssetsUnderConstruction 2022-02-01 2023-01-31 08864085 core:Vehicles 2022-02-01 2023-01-31 08864085 core:FurnitureFittings 2022-02-01 2023-01-31 08864085 core:OtherPropertyPlantEquipment 2022-02-01 2023-01-31 08864085 core:Non-currentFinancialInstruments 2022-02-01 2023-01-31 08864085 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 08864085 bus:OrdinaryShareClass1 2021-02-01 2022-01-31 08864085 bus:OrdinaryShareClass2 2022-02-01 2023-01-31 08864085 bus:OrdinaryShareClass2 2021-02-01 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 08864085 (England and Wales)

PVM PROPERTY LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2023
Pages for filing with the registrar

PVM PROPERTY LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2023

Contents

PVM PROPERTY LIMITED

BALANCE SHEET

As at 31 January 2023
PVM PROPERTY LIMITED

BALANCE SHEET (continued)

As at 31 January 2023
Note 2023 2022
£ £
Restated - note 2
Fixed assets
Tangible assets 4 104,364 412,649
Investment property 5 751,898 303,501
856,262 716,150
Current assets
Stocks 3,066,243 1,658,018
Debtors 6 504,210 381,769
Cash at bank and in hand 7 29,362 18,196
3,599,815 2,057,983
Creditors: amounts falling due within one year 8 ( 1,968,297) ( 1,754,020)
Net current assets 1,631,518 303,963
Total assets less current liabilities 2,487,780 1,020,113
Creditors: amounts falling due after more than one year 9 ( 1,634,591) ( 177,363)
Provision for liabilities ( 12,403) ( 14,733)
Net assets 840,786 828,017
Capital and reserves
Called-up share capital 10 70 70
Revaluation reserve 144,223 144,223
Capital redemption reserve 30 30
Profit and loss account 696,463 683,694
Total shareholders' funds 840,786 828,017

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

Directors' responsibilities:

The financial statements of PVM Property Limited (registered number: 08864085) were approved and authorised for issue by the Board of Directors on 02 October 2023. They were signed on its behalf by:

Mr Miles Lovegrove
Director
PVM PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
PVM PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

PVM Property Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Fluid Branding - Unit 31, Esam Carluddon Technology Park, Carluddon, St. Austell, PL26 8WE, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Construction contracts

Turnover and costs from contracts are recognised based on the stage of completion.
If it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line, reducing balance basis over its expected useful life, as follows:

Assets under construction not depreciated
Vehicles 4 years straight line
Fixtures and fittings 5 - 15 years straight line
Other property, plant and equipment 20 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Prior year adjustment

It was noted during the year that the balance of £353,719 held in work in progress was held in error and should of been assets under the course of construction. A prior period adjustment has been posted in the current year to correct this. This created an increase in the assets under construction balance of £353,719 and a decrease in the WIP balance of £353,719.

As previously reported Adjustment As restated
Year ended 31 January 2022 £ £ £
Work in progress 2,011,737 (353,719) 1,658,018
Assets under the course of construction 0 353,719 353,719
0 0 0

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

4. Tangible assets

Assets under construc-
tion
Vehicles Fixtures and fittings Other property, plant
and equipment
Total
£ £ £ £ £
Cost
At 01 February 2022 353,719 23,500 64,424 19,800 461,443
Additions 94,678 2,335 58,662 0 155,675
Transfers ( 448,397) 0 0 0 ( 448,397)
At 31 January 2023 0 25,835 123,086 19,800 168,721
Accumulated depreciation
At 01 February 2022 0 5,875 34,999 7,920 48,794
Charge for the financial year 0 6,459 8,114 990 15,563
At 31 January 2023 0 12,334 43,113 8,910 64,357
Net book value
At 31 January 2023 0 13,501 79,973 10,890 104,364
At 31 January 2022 353,719 17,625 29,425 11,880 412,649

5. Investment property

Investment property
£
Valuation
As at 01 February 2022 303,501
Transfers to and from property, plant and equipment 448,397
As at 31 January 2023 751,898

Valuation

The property valuations were confirmed by the directors to be true and fair as at 31 January 2023.

6. Debtors

2023 2022
£ £
Trade debtors 26,108 32,584
Other debtors 478,102 349,185
504,210 381,769

7. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 29,362 18,196

8. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,880 10,000
Trade creditors 148,554 44,797
Corporation tax 26,094 131,710
Other taxation and social security 1,508 7,535
Other creditors 1,781,261 1,559,978
1,968,297 1,754,020

9. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 1,530,591 177,363
Other creditors 104,000 0
1,634,591 177,363

The bank borrowings are interest bearing and secured against the assets of the company.

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
60 Ordinary A shares of £ 1.00 each 60 60
10 Ordinary B shares of £ 1.00 each 10 10
70 70

11. Related party transactions

Transactions with the entity's directors

Transactions with directors
During the year the directors had advances from the company of £51,400 (2022 - £Nil) and made repayments to the company of £43,500 (2022 - £Nil). At the year end there is an amount of £7,900 (2022 - £Nil) included within Other Debtors.

Other related party transactions

2023 2022
£ £
At start of period 273,811 123,818
Advances 159,761 149,993
Repayments (3,000) 0
At end of period 430,572 273,811

Of this balance, £nil relates to shareholders of the company and £430,572 (2021 - £273,811) relates to amounts owed by companies under common control.

During the year, £1,737,507 (2022 - £1,540,347) related to amounts owed to related companies.