Company Registration No. 04418196 (England and Wales)
PROVECTUS REMEDIATION LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
LB GROUP
Swift House
Ground Floor
18 Hoffmanns Way
Chelmsford
Essex
UK
CM1 1GU
PROVECTUS REMEDIATION LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
PROVECTUS REMEDIATION LTD
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
155,867
99,499
Current assets
Stocks
4
39,500
24,938
Debtors falling due after more than one year
5
1,105,259
-
Debtors falling due within one year
5
1,026,096
1,693,581
Cash at bank and in hand
201,834
408,743
2,372,689
2,127,262
Creditors: amounts falling due within one year
6
(1,249,987)
(1,121,311)
Net current assets
1,122,702
1,005,951
Total assets less current liabilities
1,278,569
1,105,450
Creditors: amounts falling due after more than one year
7
(311,960)
(12,991)
Provisions for liabilities
8
(10,000)
(10,512)
Net assets
956,609
1,081,947
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
956,509
1,081,847
Total equity
956,609
1,081,947
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
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 by the board of directors and authorised for issue on 17 December 2020 and are signed on its behalf by:
Miss J Kelly
Mr S Langford
Director
Director
Company Registration No. 04418196
PROVECTUS REMEDIATION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 2 -
1
Accounting policies
Company information
Provectus Remediation Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
9 Kingsdale Business Centre, Regina Road, Chelmsford, Essex, UK, CM1 1PE.
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors continue to adopt the going concern basis in preparing these accounts. The company is reliant on the continued support of the group and these accounts do not represent any adjustments that may be required as a result of the withdrawal of that support.
true
1.3
Turnover
Turnover is recognised on receipt of an application from the customer. Turnover is recognised net of Value Added Tax.
In respect of long term contract and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.4
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:
Land and buildings Leasehold
5 years straight line
Plant and machinery
25 % straight line
Fixtures, fittings & equipment
3 years straight line
Computer equipment
3 years 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
.
PROVECTUS REMEDIATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents
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.
1.8
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.
PROVECTUS REMEDIATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 4 -
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
paymen
ts 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. A
m
ounts 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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Provisions
Provisions are recognised when the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i
s
measured at present value
,
the unwinding of the discount is recognised as a finance cost in profit or loss in the period
in which
it arises.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
PROVECTUS REMEDIATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 5 -
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.12
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
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
2
2
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2019
9,429
414,672
424,101
Additions
4,895
122,694
127,589
At 31 December 2019
14,324
537,366
551,690
Depreciation and impairment
At 1 January 2019
8,339
316,263
324,602
Depreciation charged in the year
1,296
69,925
71,221
At 31 December 2019
9,635
386,188
395,823
Carrying amount
At 31 December 2019
4,689
151,178
155,867
At 31 December 2018
1,090
98,409
99,499
PROVECTUS REMEDIATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 6 -
4
Work in progress
2019
2018
£
£
Work in progress
39,500
24,938
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
768,730
339,820
Amounts owed by group undertakings
-
1,103,145
Other debtors
257,366
250,616
1,026,096
1,693,581
2019
2018
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
1,105,259
-
Total debtors
2,131,355
1,693,581
6
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans
85,470
-
Trade creditors
879,595
577,701
Amounts owed to group undertakings
-
176,165
Taxation and social security
255,796
142,217
Other creditors
29,126
225,228
1,249,987
1,121,311
7
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
117,150
-
Other creditors
194,810
12,991
311,960
12,991
PROVECTUS REMEDIATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 7 -
8
Provisions for liabilities
2019
2018
£
£
10,000
10,512
Provisions are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Stuart Sheldrick.
The auditor was LB Group Limited (Chelmsford).
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
134,102
145,034
The following amounts were outstanding at the reporting end date:
11
Related party transactions
The following amounts were outstanding at the reporting end date:
2019
2018
Amounts due from related parties
£
£
Subsidiary under common control
1,105,259
1,103,145
Parent company
(186,742)
(176,165)
Other information
During the year, the company paid management charges to its parent company of £1,100,000 (2018: £1,088,750).
During the year dividends of £419,000 (2018: £133,500) were paid to the parent company.
PROVECTUS REMEDIATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 8 -
12
Parent company
The company is a 100% owned subsidiary of The Brownfield Holding Company Limited. The registered office of The Brownfield Holding company is the same as for Provectus Remediation being 9 Kingsdale Business Centre, Regina Road, Chelmsford, Essex, CM1 1PE.
2019-12-31
2019-01-01
false
18 December 2020
CCH Software
CCH Accounts Production 2020.200
No description of principal activity
This audit opinion is unqualified
Miss J Kelly
Mr S Langford
Miss J Kelly
04418196
2019-01-01
2019-12-31
04418196
2019-12-31
04418196
2018-12-31
04418196
core:LandBuildings
2019-12-31
04418196
core:OtherPropertyPlantEquipment
2019-12-31
04418196
core:LandBuildings
2018-12-31
04418196
core:OtherPropertyPlantEquipment
2018-12-31
04418196
core:Non-currentFinancialInstruments
core:AfterOneYear
2019-12-31
04418196
core:WithinOneYear
2019-12-31
04418196
core:CurrentFinancialInstruments
core:WithinOneYear
2019-12-31
04418196
core:CurrentFinancialInstruments
core:WithinOneYear
2018-12-31
04418196
core:Non-currentFinancialInstruments
core:AfterOneYear
2018-12-31
04418196
core:CurrentFinancialInstruments
2019-12-31
04418196
core:CurrentFinancialInstruments
2018-12-31
04418196
core:Non-currentFinancialInstruments
2019-12-31
04418196
core:Non-currentFinancialInstruments
2018-12-31
04418196
core:ShareCapital
2019-12-31
04418196
core:ShareCapital
2018-12-31
04418196
core:RetainedEarningsAccumulatedLosses
2019-12-31
04418196
core:RetainedEarningsAccumulatedLosses
2018-12-31
04418196
bus:Director1
2019-01-01
2019-12-31
04418196
bus:Director2
2019-01-01
2019-12-31
04418196
core:LandBuildings
core:LongLeaseholdAssets
2019-01-01
2019-12-31
04418196
core:PlantMachinery
2019-01-01
2019-12-31
04418196
core:FurnitureFittings
2019-01-01
2019-12-31
04418196
core:ComputerEquipment
2019-01-01
2019-12-31
04418196
2018-01-01
2018-12-31
04418196
core:LandBuildings
2018-12-31
04418196
core:OtherPropertyPlantEquipment
2018-12-31
04418196
2018-12-31
04418196
core:LandBuildings
2019-01-01
2019-12-31
04418196
core:OtherPropertyPlantEquipment
2019-01-01
2019-12-31
04418196
core:WithinOneYear
2018-12-31
04418196
bus:PrivateLimitedCompanyLtd
2019-01-01
2019-12-31
04418196
bus:SmallCompaniesRegimeForAccounts
2019-01-01
2019-12-31
04418196
bus:FRS102
2019-01-01
2019-12-31
04418196
bus:Audited
2019-01-01
2019-12-31
04418196
bus:CompanySecretary1
2019-01-01
2019-12-31
04418196
bus:FullAccounts
2019-01-01
2019-12-31
xbrli:pure
xbrli:shares
iso4217:GBP