PVL TRADERS LTD - Accounts

PVL TRADERS LTD - Accounts

PVL TRADERS LTD - Company Information

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Registered Number: 10883130
England and Wales

 

 

 

PVL TRADERS LTD


Abridged Accounts
 


Period of accounts

Start date: 01 August 2019

End date: 31 July 2020

PVL TRADERS LTD
Contents Page
For the year ended 31 July 2020
Accountant’s report
You consider that the company is exempt from an audit for the year ended 31 July 2020 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
JK ACCOUNTANTS
31 July 2020



....................................................
JK ACCOUNTANTS
10 Woodbine Place
Wanstead
London
E11 2RH
23 October 2020
1
 
 		 Notes
 		 2020
£		   2019
£
Fixed assets      
Tangible fixed assets 2 83,118    78,687 
83,118    78,687 
Current assets      
Stocks 140,000    97,000 
Debtors: amounts falling due within one year 64    0 
Debtors: amounts falling due after one year (50,000)   0 
Cash at bank and in hand 17,542    1,656 
107,606    98,656 
Creditors: amount falling due within one year (154,686)   (123,336)
Net current assets (47,080)   (24,680)
 
Total assets less current liabilities 36,038    54,007 
Creditors: amount falling due after more than one year 0    (50,000)
Net assets 36,038    4,007 
 

Capital and reserves 		     
Called up share capital 100    0 
Profit and loss account 35,938    4,007 
Shareholders funds 36,038    4,007 
 


For the year ended 31 July 2020 the company was entitled to exemption from audit under section 477 of the companies act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476
  2. 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
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 23 October 2020 and were signed by:


--------------------------------
Praneeth KATTURI
Director
2
General Information
PVL TRADERS LTD is a private company, limited by shares, registered in England and Wales, registration number 10883130, registration address 876 Carmarthen Road, Fforestfach, Wales, Swansea, SA5 8HR

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sale taxes.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 33.33% Reducing Balance
Fixtures and Fittings 15% Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and are not depreciated.
Future obligations under such contracts will be treated as rent and  allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £
At 01 August 2019 20,000    5,000    20,000    -    45,000 
Additions 45,021    -    -    3,241    48,262 
Disposals -    -    -    -    - 
At 31 July 2020 65,021    5,000    20,000    3,241    93,262 
Depreciation
At 01 August 2019 -    3,334    3,000    -    6,334 
Charge for year -    -    3,000    810    3,810 
On disposals -    -    -    -    - 
At 31 July 2020 -    3,334    6,000    810    10,144 
Net book values
Closing balance as at 31 July 2020 65,021    1,666    14,000    2,431    83,118 
Opening balance as at 01 August 2019 60,021    1,666    17,000    -    78,687 

The net book value of Land and Buildings includes £20,000(2019 £20,000) in respect of assets leased under finance leases or hire purchase contracts.

3.

Average number of employees

The average monthly number of employees, including directors, during the year was 23 (2019 : 22)
3