Registered number
05052656
PVolume Limited
Filleted Accounts
31 December 2023
PVolume Limited
Registered number: 05052656
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 11,289 11,673
Current assets
Debtors 4 1,037 749
Cash at bank and in hand 11,608 572
12,645 1,321
Creditors: amounts falling due within one year 5 (12,238) (6,281)
Net current assets/(liabilities) 407 (4,960)
Total assets less current liabilities 11,696 6,713
Provisions for liabilities (2,145) (2,218)
Net assets 9,551 4,495
Capital and reserves
Called up share capital 100 100
Profit and loss account 9,451 4,395
Shareholder's funds 9,551 4,495
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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 P Warnock
Director
Approved by the board on 3 July 2024
PVolume Limited
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 rendering of services.
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:
Plant and machinery 25% reducing balance
Bicycles 20% straight line
Home studio 20% straight line
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company - -
3 Tangible fixed assets
Bicycles Equipment Home studio Total
£ £ £ £
Cost
At 1 January 2023 6,055 11,292 9,774 27,121
Additions 130 4,234 - 4,364
At 31 December 2023 6,185 15,526 9,774 31,485
Depreciation
At 1 January 2023 2,629 6,174 6,645 15,448
Charge for the year 1,544 1,719 1,485 4,748
At 31 December 2023 4,173 7,893 8,130 20,196
Net book value
At 31 December 2023 2,012 7,633 1,644 11,289
At 31 December 2022 3,426 5,118 3,129 11,673
4 Debtors 2023 2022
£ £
Prepayments 1,037 749
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 323 490
Directors loan account 11,915 5,791
12,238 6,281
6 Related party transactions
During the year the company rented office space from the director under a licence agreement amounting to £5,982 (2023: £4,997). The amount was credited to the directors loan account in full.
7 Controlling party
The company was under the control of Mr P Warnock throughout the current and previous year by virtue of his 100% shareholding.
8 Other information
PVolume Limited is a private company limited by shares and incorporated in England. Its registered office is:
Ratclife Cottage
2 Toothill Road
Loughborough
Leicestershire
LE11 1PW
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