Registered number
04304551
Costsave PVC-U Limited
Report and Accounts
31 March 2023
Costsave PVC-U Limited
Registered number: 04304551
Balance Sheet
as at 31 March 2023
31st March 31st March
Notes 2023 2022
Fixed assets £ £
Tangible assets 3 4,160 5,200
Current assets
Stocks 960 960
Debtors 4 86,382 105,307
Cash at bank and in hand 36,962 15,897
124,304 122,164
Creditors: amounts falling due within one year 5 (101,252) (93,387)
Net current assets 23,052 28,777
Total assets less current liabilities 27,212 33,977
Creditors: amounts falling due after more than one year 6 (23,288) (32,584)
Net assets 3,924 1,393
Capital and reserves
Called up share capital 2 2
Profit and loss account 3,922 1,391
Shareholders' funds 3,924 1,393
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr AJ Lynn
Director
Approved by the board on 9 November 2023
Costsave PVC-U Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Motor vehicles 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax liabilities are not discounted.
31st March 31st March
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Motor vehicles
£
Cost
At 1 April 2022 6,500
At 31 March 2023 6,500
Depreciation
At 1 April 2022 1,300
Charge for the year 1,040
At 31 March 2023 2,340
Net book value
At 31 March 2023 4,160
At 31 March 2022 5,200
31st March 31st March
4 Debtors 2023 2022
£ £
Trade debtors 24,274 37,141
Director's loan account 45,655 50,110
Prepaid expenses 1,850 3,453
Other debtors 14,603 14,603
86,382 105,307
5 Creditors: amounts falling due within one year
Bank loan 9,599 22,701
Trade creditors 33,465 14,770
Other taxation and social security costs 57,728 55,916
Accrued expenses 460 -
101,252 93,387
6 Creditors: amounts falling due after more than one year
Bank loan 23,288 32,584
23,288 32,584
31st March 31st March
7 Related party transactions 2023 2022
£ £
Mr AJ Lynn
Director
Loan to the director 45,655 50,110
Total 45,655 50,110
8 Other information
Costsave PVC-U Limited is a private company limited by shares and incorporated in England and Wales. The registered office is:
18 Melrose Crescent
Higher Poynton
Cheshire
SK12 1UT
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