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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.