VENDMASTER LIMITED - Accounts

VENDMASTER LIMITED - Accounts

VENDMASTER LIMITED - Company Information

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Registered Number: 03811345
England and Wales

 

 

 


Abridged Accounts

for the year ended 31 July 2023

for

VENDMASTER LIMITED

VENDMASTER LIMITED
Contents Page
For the year ended 31 July 2023
 
 		 Notes
 		 2023
£		   2022
£
Fixed assets      
Tangible fixed assets 3 170,337    27,444 
170,337    27,444 
Current assets      
Stocks 26,286    112,811 
Debtors 93,323    76,392 
Cash at bank and in hand 6,112    6,283 
125,721    195,486 
Creditors: amount falling due within one year (200,223)   (152,739)
Net current assets (74,502)   42,747 
 
Total assets less current liabilities 95,835    70,191 
Creditors: amount falling due after more than one year (23,490)   (32,536)
Provisions for liabilities (29,266)   (4,411)
Net assets 43,079    33,244 
 

Capital and reserves 		     
Called up share capital 4    4 
Reserves 4 19,225    - 
Profit and loss account 23,850    33,240 
Shareholder's funds 43,079    33,244 
 


For the year ended 31 July 2023 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 director acknowledges 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. 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 29 April 2024 and were signed by:


-------------------------------
P B Cane
Director
1
General Information
VENDMASTER LIMITED is a private company, limited by shares, registered in England and Wales, registration number 03811345, registration address 52, Alston Drive, Bradwell Abbey, Milton Keynes, MK13 9HB.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
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 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures and Fittings 25% Reducing Balance
Computer Equipment 25% Reducing Balance
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.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 10 (2022 : 11).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £
At 01 August 2022 274,121    68,139    16,251    23,713    382,224 
Additions 167,174    5,791    -    7,509    180,474 
Disposals -    -    -    -    - 
Revaluations 19,225    -    -    -    19,225 
At 31 July 2023 460,520    73,930    16,251    31,222    581,923 
Depreciation
At 01 August 2022 268,619    53,089    15,546    17,526    354,780 
Charge for year 47,976    5,210    177    3,443    56,806 
On disposals -    -    -    -    - 
At 31 July 2023 316,595    58,299    15,723    20,969    411,586 
Net book values
Closing balance as at 31 July 2023 143,925    15,631    528    10,253    170,337 
Opening balance as at 01 August 2022 5,502    15,050    705    6,187    27,444 


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