Caseware UK (AP4) 2023.0.135 2023.0.135 2023-09-302023-09-302022-06-01falsemotor vehicle sales and repairs66falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09748390 2022-06-01 2023-09-30 09748390 2021-06-01 2022-05-31 09748390 2023-09-30 09748390 2022-05-31 09748390 c:Director1 2022-06-01 2023-09-30 09748390 c:Director2 2022-06-01 2023-09-30 09748390 d:PlantMachinery 2022-06-01 2023-09-30 09748390 d:PlantMachinery 2023-09-30 09748390 d:PlantMachinery 2022-05-31 09748390 d:CurrentFinancialInstruments 2023-09-30 09748390 d:CurrentFinancialInstruments 2022-05-31 09748390 d:Non-currentFinancialInstruments 2023-09-30 09748390 d:Non-currentFinancialInstruments 2022-05-31 09748390 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 09748390 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 09748390 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 09748390 d:Non-currentFinancialInstruments d:AfterOneYear 2022-05-31 09748390 d:ShareCapital 2023-09-30 09748390 d:ShareCapital 2022-05-31 09748390 d:RetainedEarningsAccumulatedLosses 2023-09-30 09748390 d:RetainedEarningsAccumulatedLosses 2022-05-31 09748390 c:OrdinaryShareClass1 2022-06-01 2023-09-30 09748390 c:OrdinaryShareClass1 2023-09-30 09748390 c:OrdinaryShareClass1 2022-05-31 09748390 c:FRS102 2022-06-01 2023-09-30 09748390 c:AuditExemptWithAccountantsReport 2022-06-01 2023-09-30 09748390 c:FullAccounts 2022-06-01 2023-09-30 09748390 c:PrivateLimitedCompanyLtd 2022-06-01 2023-09-30 09748390 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-06-01 2023-09-30 09748390 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-09-30 09748390 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-05-31 09748390 e:PoundSterling 2022-06-01 2023-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09748390










P & V QUALITY CARS LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2023

 
P & V QUALITY CARS LTD
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2 - 3
Notes to the financial statements
 
 
4 - 9


 
P & V QUALITY CARS LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF P & V QUALITY CARS LTD
FOR THE PERIOD ENDED 30 SEPTEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of P & V Quality Cars Ltd for the period 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 P & V Quality Cars Ltd, as a body, in accordance with the terms of our engagement letter dated 19 July 2023Our work has been undertaken solely to prepare for your approval the financial statements of P & V Quality Cars Ltd  and state those matters that we have agreed to state to the Board of directors of P & V Quality Cars Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than P & V Quality Cars Ltd and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that P & V Quality Cars Ltd 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 P & V Quality Cars Ltd. You consider that P & V Quality Cars Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or review of the financial statements of P & V Quality Cars Ltd. 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.

  



M+A Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
 
Date: 
25 March 2024
Page 1

 
P & V QUALITY CARS LTD
REGISTERED NUMBER: 09748390

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

30 September 2023
31 May 2022
£
£

Fixed assets
  

Tangible assets
 4 
-
4,160

  
-
4,160

Current assets
  

Stocks
  
-
114,807

Debtors: amounts falling due within one year
 5 
24,080
4,419

Cash at bank and in hand
  
68,007
65,815

  
92,087
185,041

Creditors: amounts falling due within one year
 6 
(26,957)
(68,767)

Net current assets
  
 
 
65,130
 
 
116,274

Total assets less current liabilities
  
65,130
120,434

Creditors: amounts falling due after more than one year
 7 
(22,588)
(36,597)

Provisions for liabilities
  

Deferred tax
  
-
(788)

  
 
 
-
 
 
(788)

Net assets
  
42,542
83,049


Capital and reserves
  

Called up share capital 
 8 
2
2

Profit and loss account
  
42,540
83,047

  
42,542
83,049


Page 2

 
P & V QUALITY CARS LTD
REGISTERED NUMBER: 09748390
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr P Taylor
................................................
Mrs V Banham
Director
Director


Date: 25 March 2024

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
P & V QUALITY CARS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023

1.


General information

The Company is a private company incorporated in the United Kingdom and limited by shares. It is registered in England and Wales. The address of its registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ.  The principle place of trade is Swardeston.
The company's principal activity is that of motor vehicle sales and repairs. 
The company ceased to trade on 30 September 2023.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company ceased to trade on 30 September 2023.

Page 4

 
P & V QUALITY CARS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 5

 
P & V QUALITY CARS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax.

Deferred tax balances are recognised in respect of timing differences that have originated but not reversed by the balance sheet date.
Current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 6

 
P & V QUALITY CARS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the period was 6 (2022 - 6).

Page 7

 
P & V QUALITY CARS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023

4.


Tangible fixed assets







Plant and machinery

£





At 1 June 2022
6,155


Additions
10,909


Disposals
(17,064)



At 30 September 2023

-





At 1 June 2022
1,995


Disposals
(1,995)



At 30 September 2023

-



Net book value



At 30 September 2023
-



At 31 May 2022
4,160


5.


Debtors

30 September
31 May
2023
2022
£
£


Trade debtors
2,050
4,419

Other debtors
22,030
-

24,080
4,419


Page 8

 
P & V QUALITY CARS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023

6.


Creditors: Amounts falling due within one year

30 September
31 May
2023
2022
£
£

Bank loans
9,717
9,271

Trade creditors
9,001
17,707

Other taxation and social security
6,877
22,120

Other creditors
164
16,716

Accruals and deferred income
1,198
2,953

26,957
68,767



7.


Creditors: Amounts falling due after more than one year

30 September
31 May
2023
2022
£
£

Bank loans
22,588
36,597

22,588
36,597



8.


Share capital

30 September
31 May
2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
2
2



9.


Related party transactions

As at 01 June 2022, the balance on the joint directors' loan account was £16,375 owing to the directors from the company. During the year, the company made payments on behalf of the directors totalling £114,855, and the directors advanced the company £77,165. The balance on the joint directors' loan account as at 30 September 2023 was £21,315 owing to the company from the directors. The loan is repayable on demand and no interest was charged.

 
Page 9