Registered number
SC217044
Pravera Ltd
Report and Accounts
30 June 2023
M A R K C O Y L E
ACCOUNTANCY SERVICES
Mark Coyle is licensed and regulated by AAT
under licence number 1001280.
Pravera Ltd
Report and accounts
Contents
Page
Company information 1
Director's report 1
Accountants' report 2
Profit and loss account 2
Statement of comprehensive income 3
Balance sheet 3
Statement of changes in equity 4
Notes to the accounts 5
Pravera Ltd
Company Information
Director
Graeme Hume
Accountants
Mark Coyle Accountancy Services
5 Burnside Gardens
Kirkcudbright
DG6 4JY
Bankers
Bank of Scotland
192 King Street
Castle Douglas
Dumfries & Galloway
DG7 1DB
Registered office
Conchieton Business Centre
Twynholm
Kirkcudbright
Dumfries & Galloway
DG6 4TA
Registered number
SC217044
Pravera Ltd
Registered number: SC217044
Director's Report
The director presents his report and accounts for the year ended 30 June 2023.
Principal activities
The company's principal activity during the year continued to be the distribution of natural cosmetics.
Directors
The following persons served as directors during the year:
Graeme Hume
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 7 March 2024 and signed on its behalf.
Graeme Hume
Director
Pravera Ltd
Accountants' Report
Accountants' report to the director of
Pravera Ltd
You consider that the company is exempt from an audit for the year ended 30 June 2023. You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, I have prepared the accounts which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to me.
I have not carried out an audit or any other review, and consequently I do not express any opinion on these accounts.
Mark Coyle Accountancy Services
Accountants
5 Burnside Gardens
Kirkcudbright
DG6 4JY
7 March 2024
Pravera Ltd
Profit and Loss Account
for the year ended 30 June 2023
2023 2022
£ £
Turnover 1,455,656 1,595,865
Cost of sales (935,623) (1,036,623)
Gross profit 520,033 559,242
Marketing costs (108,351) (152,545)
Administrative expenses (438,663) (445,958)
Other operating income 53,594 61,246
Operating profit 26,613 21,985
Loss on the disposal of tangible fixed assets (903) (357)
Interest payable - (152)
Profit before taxation 25,710 21,476
Tax on profit (5,476) (1,582)
Profit for the financial year 20,234 19,894
Pravera Ltd
Registered number: SC217044
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 285 -
Tangible assets 4 70,986 88,115
71,271 88,115
Current assets
Stocks 367,721 359,853
Debtors 5 216,234 241,617
Cash at bank and in hand 55,403 99,180
639,358 700,650
Creditors: amounts falling due within one year 6 (283,565) (343,175)
Net current assets 355,793 357,475
Total assets less current liabilities 427,064 445,590
Creditors: amounts falling due after more than one year 7 (46,986) (76,608)
Provisions for liabilities (11,681) (14,819)
Net assets 368,397 354,163
Capital and reserves
Called up share capital 20 20
Profit and loss account 368,377 354,143
Shareholder's funds 368,397 354,163
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Graeme Hume
Director
Approved by the board on 7 March 2024
Pravera Ltd
Statement of Changes in Equity
for the year ended 30 June 2023
Share Share Re- Profit Total
capital premium valuation and loss
reserve account
£ £ £ £ £
At 1 July 2021 20 - - 334,249 334,269
Profit for the financial year 19,894 19,894
At 30 June 2022 20 - - 354,143 354,163
At 1 July 2022 20 - - 354,143 354,163
Profit for the financial year 20,234 20,234
Dividends (6,000) (6,000)
At 30 June 2023 20 - - 368,377 368,397
Pravera Ltd
Notes to the Accounts
for the year ended 30 June 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, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Depreciation is provided on the following basis:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Fixtures and fittings 25% reducing balance
Office equipment 25% reducing balance
Amortisation is provided on the following basis:
Tenants improvements 10% 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. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous 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. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 11 11
3 Intangible fixed assets £
Trademark:
Cost
Additions 300
At 30 June 2023 300
Amortisation
Provided during the year 15
At 30 June 2023 15
Net book value
At 30 June 2023 285
Goodwill is being written off in equal monthly instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2022 16,554 216,265 50,367 283,186
Additions - 4,878 - 4,878
Disposals - (3,919) - (3,919)
At 30 June 2023 16,554 217,224 50,367 284,145
Depreciation
At 1 July 2022 6,121 162,321 26,629 195,071
Charge for the year 1,042 14,239 5,823 21,104
On disposals - (3,016) - (3,016)
At 30 June 2023 7,163 173,544 32,452 213,159
Net book value
At 30 June 2023 9,391 43,680 17,915 70,986
At 30 June 2022 10,433 53,944 23,738 88,115
5 Debtors 2023 2022
£ £
Trade debtors 195,460 208,397
Other debtors 20,774 33,220
216,234 241,617
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 5,086
Trade creditors 210,428 248,973
Taxation and social security costs 58,969 48,797
Other creditors 14,168 40,319
283,565 343,175
7 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 46,986 76,608
8 Deferred taxation 2023 2022
£ £
At beginning of year (14,819) (16,586)
Charged to profit or loss 3,138 1,767
(11,681) (14,819)
9 Deferred taxation (continued) 2023 2022
The provision for deferred taxation is made up as follows: £ £
Accelerated capital allowances 3,141 1,778
Short term timing differences (3) (11)
3,138 1,767
10 Pension commitments
The company operates a defined contribution pension scheme. The pension cost represents contributions payable by the company and amounted to £5,151 (2022 - £4,659). Contributions totalling £196 (2022 - £181) were payable to the fund at 30 June 2023 and are included in creditors.
11 Controlling party
The company was under the control of Earth Aid Group Ltd, a company incorporated in Scotland and owned by Mr G. Hume, director and sole shareholder, during the period from 23rd March 2016. Prior to this date the company was under the control of Mr G. Hume, director and sole shareholder.
12 Other information
Pravera Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
Conchieton Business Centre
Twynholm
Kirkcudbright
Dumfries & Galloway
DG6 4TA
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