Company Registration No. 04516741 (England and Wales)
PEOPLE VALUE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
PAGES FOR FILING WITH REGISTRAR
PEOPLE VALUE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PEOPLE VALUE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
3
100,743
114,466
Current assets
Stocks
86,522
46,656
Debtors
4
1,933,345
1,037,110
Cash at bank and in hand
325,467
400,532
2,345,334
1,484,298
Creditors: amounts falling due within one year
5
(1,869,274)
(1,379,648)
Net current assets
476,060
104,650
Total assets less current liabilities
576,803
219,116
Provisions for liabilities
(4,012)
(4,696)
Net assets
572,791
214,420
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
572,789
214,418
Total equity
572,791
214,420

The director of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and signed by the director and authorised for issue on 29 September 2017
M R Morgan
Director
PEOPLE VALUE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2016
- 2 -
Company Registration No. 04516741
PEOPLE VALUE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
- 3 -
1
Accounting policies
Company information

People Value Limited is a private company limited by shares incorporated in England and Wales. The registered office is Victor House, Wheatley Business Centre, Old London Road, Wheatley, Oxford, OX33 1XW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

These financial statements for the year ended 31 December 2016 are the first financial statements of People Value Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.2
Turnover

Turnover represents amounts receivable for the provision of services, net of VAT.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Period of lease
Plant and machinery
20% Straight Line
Boat
10% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.5
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

PEOPLE VALUE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

PEOPLE VALUE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

1.11

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 28 (2015 - 25).

PEOPLE VALUE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 6 -
3
Tangible fixed assets
Leasehold improvements
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2016
3,420
239,010
242,430
Additions
-
8,657
8,657
At 31 December 2016
3,420
247,667
251,087
Depreciation and impairment
At 1 January 2016
2,565
125,399
127,964
Depreciation charged in the year
855
21,525
22,380
At 31 December 2016
3,420
146,924
150,344
Carrying amount
At 31 December 2016
-
100,743
100,743
At 31 December 2015
855
113,611
114,466
4
Debtors
2016
2015
Amounts falling due within one year:
£
£
Trade debtors
1,556,579
893,974
Other debtors
376,766
143,136
1,933,345
1,037,110
5
Creditors: amounts falling due within one year
2016
2015
Notes
£
£
Bank loans and overdrafts
-
66,667
Trade creditors
852,280
740,478
Corporation tax
121,765
27,858
Other taxation and social security
219,317
32,659
Other creditors
640,515
472,189
Accruals and deferred income
35,397
39,797
1,869,274
1,379,648

The company's bankers, Royal Bank of Scotland plc, have a debenture secured against the assets of the company in repsect of the total bank borrowings.

PEOPLE VALUE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 7 -
6
Called up share capital
2016
2015
£
£
Ordinary share capital
Issued and fully paid
131 Ordinary A shares of 1p each
1.31
1.31
032 Ordinary B shares of 1p each
0.32
0.32
009 Ordinary C shares of 1p each
0.09
0.09
028 Ordinary D shares of 1p each
0.28
0.28
2
2
7
Related party transactions

During the year the company sold goods and services to Intelligent Card Solutions Limited amounting to £150 (2015: £115,372). Included in debtors is £1,609,586 (2015: £73,980) owed by Intelligent Card Solutions Limited, a company in which M R Morgan is a director and majority shareholder.

 

During the year ended 31 December 2016, royalty payments totaling £27,483 were paid to the People Value SSAS in relation to intellectual property owned by it and leased to the company (2015: £161,492 ). The People Value SSAS is a pension scheme for the benefit of the director.

 

During the year ended 31 December 2016 ,the company made sales of £977,359 (2015: £1,266,307) to TSC Membership Limited, a company in which M R Morgan is a director and majority shareholder. At 31 December 2016 £11,082 (2015: £148,215 ) was owed to the company.

 

 

 

8
Director's transactions

Dividends totalling £96,627 (2015 - £83,025) were paid in the year in respect of shares held by the company's directors.

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