Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Tangible assets | 4 |
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Investment property | 5 |
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856,262 | 716,150 | |||
Current assets | ||||
Stocks |
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Debtors | 6 |
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Cash at bank and in hand | 7 |
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3,599,815 | 2,057,983 | |||
Creditors: amounts falling due within one year | 8 | (
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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 | (
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 10 |
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Revaluation reserve |
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Capital redemption reserve |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of PVM Property Limited (registered number:
Mr Miles Lovegrove
Director |
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.
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 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.
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.
Assets under construction | not depreciated |
Vehicles |
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Fixtures and fittings |
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Other property, plant and equipment |
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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.
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.
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 |
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Assets under construc- tion |
Vehicles | Fixtures and fittings | Other property, plant and equipment |
Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 February 2022 |
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Additions |
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Transfers | (
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At 31 January 2023 |
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Accumulated depreciation | |||||||||
At 01 February 2022 |
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Charge for the financial year |
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At 31 January 2023 |
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Net book value | |||||||||
At 31 January 2023 |
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At 31 January 2022 |
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Investment property | |
£ | |
Valuation | |
As at 01 February 2022 |
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Transfers to and from property, plant and equipment | 448,397 |
As at 31 January 2023 |
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Valuation
The property valuations were confirmed by the directors to be true and fair as at 31 January 2023.
2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Cash at bank and in hand |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Corporation tax |
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Other taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Other creditors |
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1,634,591 | 177,363 |
2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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70 | 70 |
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.