ProVu Communications Limited Company Accounts

COMPANY REGISTRATION NUMBER: 03748320

PROVU COMMUNICATIONS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

30 April 2017

PROVU COMMUNICATIONS LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2017

Contents	Pages

Balance sheet 1 to 2

Notes to the financial statements 3 to 8

PROVU COMMUNICATIONS LIMITED

BALANCE SHEET

30 April 2017

	2017	2016
Note	£	£

Fixed assets

Tangible assets	5	98,841	84,252

Current assets

Stocks	6	514,119	596,977
Debtors	7	735,306	709,093
Cash at bank and in hand		1,197,977	511,040
		------------	------------
		2,447,402	1,817,110

Creditors: amounts falling due within one year	8	( 916,096)	( 767,161)
		------------	------------
Net current assets		1,531,306	1,049,949
		------------	------------
Total assets less current liabilities		1,630,147	1,134,201

Provisions

Taxation including deferred tax	9	( 8,934)	–
		------------	------------
Net assets		1,621,213	1,134,201
		------------	------------

Capital and reserves

Called up share capital	11	400	400
Profit and loss account		1,620,813	1,133,801
		------------	------------
Members funds		1,621,213	1,134,201
		------------	------------

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 FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

For the year ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

PROVU COMMUNICATIONS LIMITED

BALANCE SHEET (continued)

30 April 2017

These financial statements were approved by the board of directors and authorised for issue on 9 January 2018 , and are signed on behalf of the board by:

D S Garland

Director

Company registration number: 03748320

PROVU COMMUNICATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2017

1. General information

The company is a private company limited by shares, registered in England and Wales, company number 03748320 . The address of the registered office is Savile Mill, Savile Street, Milnsbridge, Huddersfield, HD3 4PG.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 15.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Building alterations	-	25% reducing balance
Fixtures and fittings	-	25% reducing balance
Demo room stock	-	25% reducing balance
Computer equipment	-	25% reducing balance
Plant and machinery	-	25% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 19 (2016: 17 ).

5. Tangible assets

	Building alterations	Fixtures and fittings	Demo room stock	Computer equipment	Plant and machinery	Total
	£	£	£	£	£	£
Cost
At 1 May 2016	90,725	18,117	5,000	61,709	–	175,551
Additions	38,367	354	–	8,433	518	47,672
	------------	------------	------------	------------	------------	------------
At 30 Apr 2017	129,092	18,471	5,000	70,142	518	223,223
	------------	------------	------------	------------	------------	------------
Depreciation
At 1 May 2016	38,035	12,094	5,000	36,170	–	91,299
Charge for the year	22,866	1,594	–	8,493	130	33,083
	------------	------------	------------	------------	------------	------------
At 30 Apr 2017	60,901	13,688	5,000	44,663	130	124,382
	------------	------------	------------	------------	------------	------------
Carrying amount
At 30 Apr 2017	68,191	4,783	–	25,479	388	98,841
	------------	------------	------------	------------	------------	------------
At 30 Apr 2016	52,690	6,023	–	25,539	–	84,252
	------------	------------	------------	------------	------------	------------

6. Stocks

	2017	2016
	£	£
Consumables and goods for resale	514,119	596,977
	------------	------------

7. Debtors

	2017	2016
	£	£
Trade debtors	733,295	704,445
Prepayments and accrued income	2,011	4,648
	------------	------------
	735,306	709,093
	------------	------------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	628,747	576,138
Accruals and deferred income	45,344	20,703
Corporation tax	102,811	60,127
Social security and other taxes	139,194	110,193
	------------	------------
	916,096	767,161
	------------	------------

9. Provisions

	Deferred tax (note 10)
	£
At 1 May 2016	–
Charge against provision	8,934
	------------
At 30 April 2017	8,934
	------------

10. Deferred tax

The deferred tax included in the balance sheet is as follows:

	2017	2016
	£	£
Included in provisions (note 9)	8,934	–
	------------	------------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2017	2016
	£	£
Accelerated capital allowances	8,934	–
	------------	------------

11. Called up share capital

Issued, called up and fully paid

	2017		2016
	No.	£	No.	£
A Ordinary shares of £ 1 each	190	190	190	190
B Ordinary shares of £ 1 each	120	120	120	120
C Ordinary shares of £ 1 each	30	30	30	30
D Ordinary shares of £ 1 each	20	20	20	20
E Ordinary shares of £ 1 each	20	20	20	20
F Ordinary shares of £1 each	20	20	20	20
	------------	------------	------------	------------
	400	400	400	400
	------------	------------	------------	------------

The F Ordinary shares of £1 each do not carry any voting rights. Otherwise the various classes of share rank pari passu.

12. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2017	2016
	£	£
Not later than 1 year	–	18,000
Later than 1 year and not later than 5 years	72,000	–
	------------	------------
	72,000	18,000
	------------	------------

13. Related party transactions

During the year the company paid rent amounting to £18,000 (2016:18,000) to MW SIPP Trustees for the benefit of P J Bryant's pension scheme. The company also paid management fees of £15,700 (2016:35,697) to Bryant & Associates, a business interest of one of the directors, Mr P J Bryant. At 30 April 2017 the company owed £nil (2016:£nil) to Bryant & Associates in respect of these transactions. In addition the company provided services to Bryant & Associates amounting to £212 (2016 £1,470).

14. Controlling party

The company is a wholly owned subsidiary of ProVu Holdings Limited. There is no one controlling party of this company.

15. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 May 2015.

No transitional adjustments were required in equity or profit or loss for the year.