Registered number
09348562
PPV Solutions Ltd
Filleted Accounts
31 December 2023
PPV Solutions Ltd
Registered number: 09348562
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 518,627 534,293
518,627 534,293
Current assets
Stocks 29,695 13,668
Debtors 4 962,157 687,015
Cash at bank and in hand 55,695 130,834
1,047,547 831,517
Creditors: amounts falling due within one year 5 (1,205,945) (946,125)
Net current liabilities (158,398) (114,608)
Total assets less current liabilities 360,229 419,685
Creditors: amounts falling due after more than one year 6 (283,981) (325,432)
Provisions for liabilities (35,750) (32,483)
Net assets 40,498 61,770
Capital and reserves
Called up share capital 100 100
Revaluation reserve 8 39,248 41,568
Profit and loss account 1,150 20,102
Shareholders' funds 40,498 61,770
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Mr L Joyce
Director
Approved by the board on 1 May 2024
PPV Solutions Ltd
Notes to the Accounts
for the year ended 31 December 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:
Land and buildings no depreciation charge
Plant and machinery 20% reducing balance
Office equipment, fixtures and fittings 33% and 25% reducing balance and over 3 years
Motor vehicles 25% 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.
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.
Finance costs
Finance costs are charged to profit and 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 intially recognised as a reduction in the proceeds of the associated capital instrument.
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.
Interest income
Interest income is recognised in the profit and loss using the effective interest method.
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 17 14
3 Tangible fixed assets
Land and buildings Plant and machinery Office equipment, fixtures and fittings Motor vehicles Total
£ £ £ £ £
Cost
At 1 January 2023 333,623 8,165 93,327 171,997 607,112
Additions 8,161 - 17,170 23,495 48,826
Disposals - - - (10,829) (10,829)
At 31 December 2023 341,784 8,165 110,497 184,663 645,109
Depreciation
At 1 January 2023 - 3,288 43,540 25,991 72,819
Charge for the year - 975 22,906 37,530 61,411
On disposals - - - (7,748) (7,748)
At 31 December 2023 - 4,263 66,446 55,773 126,482
Net book value
At 31 December 2023 341,784 3,902 44,051 128,890 518,627
At 31 December 2022 333,623 4,877 49,787 146,006 534,293
Freehold land and buildings: 2023 2022
£ £
Historical cost 290,466 282,305
Revaluation 2020 51,318 51,318
341,784 333,623
4 Debtors 2023 2022
£ £
Trade debtors 749,088 594,537
Amounts owed by group undertakings and undertakings in which the company has a participating interest 16,778 -
Other debtors 196,291 92,478
962,157 687,015
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 36,659 34,576
Obligations under finance lease and hire purchase contracts 27,541 21,652
Trade creditors 627,545 622,959
Proceeds of factored debts 297,302 110,053
Taxation and social security costs 184,112 141,640
Other creditors 32,786 15,245
1,205,945 946,125
The amount of £297,302 (2022: £110,053) included within proceeds of factored debt is secured against the trade debtors of the company.
Bank loans of £26,659 (2022: £24,576), due within one year, are secured by the company.
Obligations under finance lease and hire purchase contracts of £27,541 (2022: £21,652), due within one year, are secured by the company.
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 173,758 210,499
Obligations under finance lease and hire purchase contracts 110,223 114,933
283,981 325,432
Bank loans of £159,591 (2022: £186,332), due after more than one year, are secured by the company.
Obligations under finance lease and hire purchase contracts of £110,223 (2022: £114,933), due after more than one year, are secured by the company.
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 60,614 63,399
60,614 63,399
8 Revaluation reserve 2023 2022
£ £
At 1 January 2023 41,568 50,292
Transfer to profit and loss account (2,320) (8,724)
At 31 December 2023 39,248 41,568
9 Pension commitments
The company contributes to a defined contribution scheme for its employees. At the balance sheet date there were outstanding contributions of £2,814 (2022: £3,148). This amount is included within other creditors.
10 Loans to directors
During the year loans made to director 1 totalled £34,761 (2022: £53,773) and repayments totalled £14,688
(2022: £28,613). The amount owed by director 1 to the company at the year end totalled £46,357 (2022: £25,530)
Interest of £754 (2022: £401) has been charged on this loan. This amount is included within other debtors.
During the year loans made to director 2 totalled £30,823 (2022: £41,611) and repayments totalled £8,825
(2022: £14,763). The amount owed by director 2 to the company at the year end totalled £45,626 (2022: £22,886)
Interest of £742 (2022: £227) has been charged on this loan. This amount is included within other debtors.
During the year loans made to director 3 totalled £25,389 (2022: £42,663) and repayments totalled £6,912
(2022: £23,053). The amount owed by director 3 to the company at the year end totalled £38,831 (2022: £19,721)
Interest of £633 (2022: £181) has been charged on this loan. This amount is included within other debtors.
11 Related party transactions
During the year, the company loaned £16,778 to a company under common control. The rate of interest charged is 0%. At the balance sheet date £16,778 was owed from J & Co. Group Ltd, this balance is included in amounts owed from group undertakings.
12 Other information
PPV Solutions Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 41 Mere View
Yaxley
Peterborough
PE7 3HS
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