REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
PHEVI LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
PHEVI LTD |
PHEVI LTD (REGISTERED NUMBER: 07633022) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
PHEVI LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Old Casino |
28 Fourth Avenue |
Hove |
East Sussex |
BN3 2PJ |
PHEVI LTD (REGISTERED NUMBER: 07633022) |
BALANCE SHEET |
31 MAY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 3 |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 6 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
PHEVI LTD (REGISTERED NUMBER: 07633022) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared on the basis that the company will continue to be a going concern. If this assumption is not considered valid, then adjustments would need to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets and long term liabilities as current assets and liabilities. |
Turnover |
Turnover represents the following types of income |
- Rental income |
- Income from the sale of properties |
All income is recognised on a receivable basis. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
3. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 June 2023 |
Additions |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
Fair value at 31 May 2024 is represented by: |
£ |
Valuation in 2022 | 437,509 |
Cost | 1,662,675 |
2,100,184 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
VAT |
Prepayments and accrued income |
PHEVI LTD (REGISTERED NUMBER: 07633022) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Directors' loan accounts | 1,453,225 | 1,425,409 |
Accrued expenses |
6. | RESERVES |
Revaluation |
reserve |
£ |
At 1 June 2023 |
and 31 May 2024 |
As at the balance sheet date, the revaluation reserve relating to investment properties stands at £569,794. This is included within profit and loss reserves but is not distributable as it is unrealised. |
7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
During the year, D Morra increased his loan to the company. As at 31 May 2024, the company owed him £725,119 (2023: £711,210). |
During the year, P Papanichola increased his loan to the company. As at 31 May 2024, the company owed him £728,107 (2023: £714,198). |
These balances represented the maximum amounts outstanding during the year and these loans are interest free and repayable on demand. |
8. | ULTIMATE CONTROLLING PARTY |
As there is no majority shareholder the company is controlled by the Board. |
9. | ACCOUNTING BASIS |
As stated in the accounting policy note, these financial statements have been prepared on the basis that the company will continue to be a going concern. During the year the company made a loss of £3,840, and as at the year end the current liabilities exceeded current assets by £1,449,436. |
The validity of this basis depends upon the continued support of the company's directors. The directors confirms that they will give the required support. |