Company registration number 11439043 (England and Wales)
PROPERTY INSULATION & VALIDATION SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PROPERTY INSULATION & VALIDATION SERVICES LIMITED
COMPANY INFORMATION
Director
Mr J S Williams
Company number
11439043
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
Colmore Row
PO Box 1000
Birmingham
West Midlands
BX1 1LT
PROPERTY INSULATION & VALIDATION SERVICES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
PROPERTY INSULATION & VALIDATION SERVICES LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PROPERTY INSULATION & 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 Insulation & 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 Insulation & 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 Insulation & Validation Services Limited and state those matters that we have agreed to state to the board of directors of Property Insulation & 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 Insulation & 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 Insulation & 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 Insulation & Validation Services Limited. You consider that Property Insulation & 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 Insulation & 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 INSULATION & VALIDATION SERVICES LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
2
2
Tangible assets
4
7,432
7,484
7,434
7,486
Current assets
Stocks
77,973
84,234
Debtors
5
593,970
314,874
Cash at bank and in hand
56,187
4,029
728,130
403,137
Creditors: amounts falling due within one year
6
(616,952)
(373,788)
Net current assets
111,178
29,349
Total assets less current liabilities
118,612
36,835
Creditors: amounts falling due after more than one year
7
(30,305)
(29,167)
Net assets
88,307
7,668
Capital and reserves
Called up share capital
9
1,150
1,150
Share premium account
149,850
149,850
Profit and loss reserves
(62,693)
(143,332)
Total equity
88,307
7,668

The director of the company has 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 director acknowledges his 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 INSULATION & VALIDATION SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 15 April 2024
Mr J S Williams
Director
Company registration number 11439043 (England and Wales)
PROPERTY INSULATION & VALIDATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
1
Accounting policies
Company information

Property Insulation & 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
Going concern

These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

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.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.5
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 equipment
15% on reducing balance
Fixtures and fittings
25% on reducing balance
1.6
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.

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

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.

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

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
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.11

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.

2
Employees

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

2023
2022
Number
Number
Total
8
7
PROPERTY INSULATION & VALIDATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2022 and 30 September 2023
5
Amortisation and impairment
At 1 October 2022
3
Amortisation charged for the year
1
At 30 September 2023
3
Carrying amount
At 30 September 2023
2
At 30 September 2022
3
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 October 2022
15,000
-
0
15,000
Additions
-
0
1,428
1,428
At 30 September 2023
15,000
1,428
16,428
Depreciation and impairment
At 1 October 2022
7,516
-
0
7,516
Depreciation charged in the year
1,123
357
1,480
At 30 September 2023
8,639
357
8,996
Carrying amount
At 30 September 2023
6,361
1,071
7,432
At 30 September 2022
7,484
-
0
7,484
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
346,975
108,914
Other debtors
246,995
205,960
593,970
314,874
PROPERTY INSULATION & VALIDATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
5,348
10,000
Trade creditors
103,979
88,252
Taxation and social security
24,557
50,418
Other creditors
483,068
225,118
616,952
373,788
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
30,305
29,167
8
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
35,653
39,167
Other creditors
134,702
-
170,355
39,167
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
Other creditors are secured by way of a fixed and floating charge over the company.
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,150
1,150
1,150
1,150
10
Ultimate controlling party

The ultimate controlling party is Mr J S Williams.

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