PVS Glass Solutions Ltd 10042115 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is building completion and finishing Digita Accounts Production Advanced 6.30.9574.0 true 10042115 2022-03-01 2023-02-28 10042115 2023-02-28 10042115 bus:OrdinaryShareClass1 2023-02-28 10042115 core:CurrentFinancialInstruments 2023-02-28 10042115 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 10042115 core:Non-currentFinancialInstruments 2023-02-28 10042115 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 10042115 core:FurnitureFittingsToolsEquipment 2023-02-28 10042115 core:MotorVehicles 2023-02-28 10042115 bus:SmallEntities 2022-03-01 2023-02-28 10042115 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 10042115 bus:FullAccounts 2022-03-01 2023-02-28 10042115 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 10042115 bus:RegisteredOffice 2022-03-01 2023-02-28 10042115 bus:Director1 2022-03-01 2023-02-28 10042115 bus:Director2 2022-03-01 2023-02-28 10042115 bus:Director3 2022-03-01 2023-02-28 10042115 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 10042115 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 10042115 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 10042115 core:MotorVehicles 2022-03-01 2023-02-28 10042115 core:OfficeEquipment 2022-03-01 2023-02-28 10042115 core:VehiclesPlantMachinery 2022-03-01 2023-02-28 10042115 countries:EnglandWales 2022-03-01 2023-02-28 10042115 2022-02-28 10042115 core:FurnitureFittingsToolsEquipment 2022-02-28 10042115 core:MotorVehicles 2022-02-28 10042115 2021-03-01 2022-02-28 10042115 2022-02-28 10042115 bus:OrdinaryShareClass1 2022-02-28 10042115 core:CurrentFinancialInstruments 2022-02-28 10042115 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 10042115 core:Non-currentFinancialInstruments 2022-02-28 10042115 core:Non-currentFinancialInstruments core:AfterOneYear 2022-02-28 10042115 core:FurnitureFittingsToolsEquipment 2022-02-28 10042115 core:MotorVehicles 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10042115

PVS Glass Solutions Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

PVS Glass Solutions Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

PVS Glass Solutions Ltd

Company Information

Directors

Mr Plamen Valkov Sakutov

Mr Nencho Valkov Sakutov

Mrs Elena Vasileva Terzieva

Registered office

17 Blean Grove
London
SE20 8QS

Accountants

Kajaine Accountants Limited
Chartered Accountants
42-46 Station Road
Edgware
Middlesex
HA8 7AB

 

PVS Glass Solutions Ltd

(Registration number: 10042115)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

6,996

8,506

Current assets

 

Debtors

5

359,776

176,310

Cash at bank and in hand

 

190,863

110,659

 

550,639

286,969

Creditors: Amounts falling due within one year

6

(516,015)

(244,143)

Net current assets

 

34,624

42,826

Total assets less current liabilities

 

41,620

51,332

Creditors: Amounts falling due after more than one year

6

(36,070)

(45,851)

Net assets

 

5,550

5,481

Capital and reserves

 

Called up share capital

7

2

2

Profit and loss account

5,548

5,479

Shareholders' funds

 

5,550

5,481

 

PVS Glass Solutions Ltd

(Registration number: 10042115)
Balance Sheet as at 28 February 2023

For the financial year ending 28 February 2023 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 and delivered 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 3 July 2023 and signed on its behalf by:
 

.........................................
Mr Nencho Valkov Sakutov
Director

 

PVS Glass Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 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:
17 Blean Grove
London
SE20 8QS
United Kingdom

These financial statements were authorised for issue by the Board on 3 July 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 - '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.

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.

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.

 

PVS Glass Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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

Motor Vehicle (Owned)

Reducing balance 25%

Office equipment

Reducing balance 25%

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.

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.

 

PVS Glass Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 4).

 

PVS Glass Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

5,893

13,700

19,593

Additions

1,417

-

1,417

At 28 February 2023

7,310

13,700

21,010

Depreciation

At 1 March 2022

1,781

9,306

11,087

Charge for the year

1,828

1,099

2,927

At 28 February 2023

3,609

10,405

14,014

Carrying amount

At 28 February 2023

3,701

3,295

6,996

At 28 February 2022

4,112

4,394

8,506

5

Debtors

Note

2023
£

2022
£

Trade debtors

 

286,584

133,450

Amounts owed by group undertakings and undertakings in which the company has a participating interest

45,800

41,800

Other debtors

 

27,392

1,060

Total current trade and other debtors

 

359,776

176,310

 

PVS Glass Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

181,350

11,173

Taxation and social security

 

11,798

9,324

Other creditors

 

3,819

3,165

Corporation tax payable

 

42,502

35,232

Deferred income

 

200,000

114,270

Directors current account

 

76,546

70,979

 

516,015

244,143

Due after one year

 

Loans and borrowings

8

36,070

45,851

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

36,070

45,851

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Share Capital of £1 each

2

2

2

2

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

36,070

45,851