Registered number
11297546
PVC Collection Services Limited
Filleted Accounts
30 April 2024
PVC Collection Services Limited
Registered number: 11297546
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 241,454 242,663
Current assets
Stocks 5,000 5,000
Debtors 4 50,053 48,773
Cash at bank and in hand 98,652 187,132
153,705 240,905
Creditors: amounts falling due within one year 5 (216,711) (249,568)
Net current liabilities (63,006) (8,663)
Total assets less current liabilities 178,448 234,000
Creditors: amounts falling due after more than one year 6 (50,184) (76,380)
Provisions for liabilities 7 (58,991) (60,666)
Net (liabilities)/assets 69,273 96,954
Capital and reserves
Called up share capital 1 1
Profit and loss account 69,272 96,953
Shareholder's funds 69,273 96,954
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.
S Abson
Director
Approved by the board on 31 October 2024
PVC Collection Services Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
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:
Fixtures and fittings 10% on reducing balance
Plant and machinery 10% on reducing balance
Motor vehicles 20% on 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Fixtures and fittings Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 3,096 213,888 82,946 299,930
Additions - 94,619 3,000 97,619
Disposals - (72,000) - (72,000)
At 30 April 2024 3,096 236,507 85,946 325,549
Depreciation
At 1 May 2023 538 32,140 24,589 57,267
Charge for the year 256 20,435 6,137 26,828
At 30 April 2024 794 52,575 30,726 84,095
Net book value
At 30 April 2024 2,302 183,932 55,220 241,454
At 30 April 2023 2,558 181,748 58,357 242,663
4 Debtors 2024 2023
£ £
Trade debtors 31,720 24,644
Other debtors 8,694 -
Prepayments and accrued income 9,639 24,129
50,053 48,773
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 25,328 7,135
Inter-company account 541 137,874
Taxation and social security costs 180,461 94,178
Other creditors 10,381 10,381
216,711 249,568
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 20,651 31,309
Obligations under finance lease and hire purchase contracts 29,533 43,150
Directors loan account - 1,921
50,184 76,380
7 Provisions for liabilities 2024 2023
£ £
Deferred tax 58,991 60,666
Closing balance 58,991 60,666
8 Controlling party
The controlling party is Abson Holdings Limited.
9 Other information
PVC Collection Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
Rotunda Buildings
Montpellier Exchange
Cheltenham
Glos
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