Company registration number 06315530 (England and Wales)
PROPERTY INSPECTION & VALIDATION SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PROPERTY INSPECTION & VALIDATION SERVICES LIMITED
COMPANY INFORMATION
Directors
Mr J S Williams
Mrs M Williams
Company number
06315530
Registered office
Unit 8 Sterling Park
Pedmore Road
Brierley Hill
West Midlands
DY5 1TB
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank Plc
Ariel House
2138 Coventry Road
Sheldon
Birmingham
B26 3JW
PROPERTY INSPECTION & VALIDATION SERVICES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
PROPERTY INSPECTION & VALIDATION SERVICES LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PROPERTY INSPECTION & VALIDATION SERVICES LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Property Inspection & Validation Services Limited for the year ended 30 September 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Property Inspection & Validation Services Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Property Inspection & Validation Services Limited and state those matters that we have agreed to state to the board of directors of Property Inspection & Validation Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Property Inspection & Validation Services Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Property Inspection & Validation Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Property Inspection & Validation Services Limited. You consider that Property Inspection & Validation Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Property Inspection & Validation Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ormerod Rutter Limited
15 April 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
PROPERTY INSPECTION & VALIDATION SERVICES LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
196,406
183,830
Investments
5
70,000
70,000
266,406
253,830
Current assets
Stocks
43,166
32,183
Debtors
6
1,052,230
903,580
Cash at bank and in hand
173,196
56,026
1,268,592
991,789
Creditors: amounts falling due within one year
7
(614,508)
(485,001)
Net current assets
654,084
506,788
Total assets less current liabilities
920,490
760,618
Creditors: amounts falling due after more than one year
9
(387,114)
(293,346)
Provisions for liabilities
9
(37,251)
(27,771)
Net assets
496,125
439,501
Capital and reserves
Called up share capital
11
84
84
Share premium account
216,866
216,866
Profit and loss reserves
279,175
222,551
Total equity
496,125
439,501

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

PROPERTY INSPECTION & VALIDATION SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 15 April 2024 and are signed on its behalf by:
Mr J S Williams
Director
Company Registration No. 06315530
PROPERTY INSPECTION & VALIDATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
1
Accounting policies
Company information

Property Inspection & Validation Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 8 Sterling Park, Pedmore Road, Brierley Hill, West Midlands, United Kingdom, DY5 1TB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.

1.3
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, has been fully amortised over its estimated useful life of five years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Computer equipment
25% on reducing balance
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

PROPERTY INSPECTION & VALIDATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -

 

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.10

Factoring arrangements

The company has entered into a factoring agreement for certain trade debtors. Amounts due from factored customers are included within trade debtors, with the amount due to the factoring company included within other creditors.

PROPERTY INSPECTION & VALIDATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
7
6
3
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2022 and 30 September 2023
33,483
Amortisation and impairment
At 1 October 2022 and 30 September 2023
33,483
Carrying amount
At 30 September 2023
-
0
At 30 September 2022
-
0
4
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2022
9,556
590
103,737
213,567
327,450
Additions
-
0
-
0
-
0
88,560
88,560
Disposals
-
0
-
0
-
0
(77,738)
(77,738)
At 30 September 2023
9,556
590
103,737
224,389
338,272
Depreciation and impairment
At 1 October 2022
5,017
482
66,692
71,429
143,620
Depreciation charged in the year
1,136
28
9,263
36,906
47,333
Eliminated in respect of disposals
-
0
-
0
-
0
(49,087)
(49,087)
At 30 September 2023
6,153
510
75,955
59,248
141,866
Carrying amount
At 30 September 2023
3,403
80
27,782
165,141
196,406
At 30 September 2022
4,539
108
37,045
142,138
183,830
PROPERTY INSPECTION & VALIDATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
70,000
70,000
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
261,284
199,829
Other debtors
790,946
703,751
1,052,230
903,580
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
44,929
87,036
Trade creditors
193,973
69,848
Taxation and social security
69,993
74,126
Other creditors
305,613
253,991
614,508
485,001
8
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Hire purchase contracts
177,889
123,502
Bank loans
289,502
290,939
Other creditors
175,614
155,672
570,114
258,769

Hire purchase contracts are secured on the assets which they relate to.

 

Within bank loans is a loan secured by way of a government-back guarantee.

 

Other creditors are secured by way of a fixed and floating charge over the company.

PROPERTY INSPECTION & VALIDATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 8 -
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
244,573
203,903
Other creditors
142,541
89,443
387,114
293,346
10
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
37,251
27,771
11
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
84
84
84
84
12
Ultimate controlling party

The ultimate controlling party is Mr J S Williams.

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