Company Registration No. SC367545 (Scotland)
VFM (IRVINE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
VFM (IRVINE) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
VFM (IRVINE) LIMITED
BALANCE SHEET
AS AT 31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Investment properties
2
-
375,000
Current assets
Stocks
375,000
-
Debtors
3
200,147
218,452
Cash at bank and in hand
53
233
575,200
218,685
Creditors: amounts falling due within one year
4
(248,135)
(261,457)
Net current assets/(liabilities)
327,065
(42,772)
Total assets less current liabilities
327,065
332,228
Provisions for liabilities
-
(71,250)
Net assets
327,065
260,978
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
327,063
260,976
Total equity
327,065
260,978

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

For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 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.

VFM (IRVINE) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2018
31 March 2018
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 17 September 2018
Mrs D Brown
Director
Company Registration No. SC367545
VFM (IRVINE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
1
Accounting policies
Company information

VFM (Irvine) Limited is a private company limited by shares incorporated in Scotland. The registered office is 2A Boswell Park, Ayr, Ayrshire, KA7 1NP.

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.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 recovered.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.4
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

VFM (IRVINE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 4 -

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.

1.5
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.

1.6
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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Investment property
2018
£
Fair value
At 1 April 2017
375,000
Transfers
(375,000)
At 31 March 2018
-
VFM (IRVINE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 5 -
3
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
(1)
-
Other debtors
200,148
218,452
200,147
218,452
4
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
230,104
252,552
Trade creditors
-
355
Corporation tax
856
-
Other creditors
17,175
8,550
248,135
261,457
5
Loans and overdrafts
2018
2017
£
£
Bank loans
230,104
252,552
Payable within one year
230,104
252,552

Lancashire Mortgage Corporation Limited holds a bond and floating charge over the land held by the company.

6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary of £1 each
2
2
2
2
7
Related party transactions
VFM (IRVINE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
7
Related party transactions
(Continued)
- 6 -

The following amounts were outstanding at the reporting end date:

2018
2017
Amounts owed to related parties
£
£
Other related parties
15,375
7,500

The following amounts were outstanding at the reporting end date:

2018
Balance
Amounts owed by related parties
£
Other related parties
200,148
2017
Balance
Amounts owed in previous period
£
Other related parties
218,452
8
Control

The company was under the control of Mrs D Brown throughout the current and previous year.

2018-03-312017-04-01falseCCH SoftwareCCH Accounts Production 2018.221No description of principal activity17 September 2018Mrs D BrownSC3675452017-04-012018-03-31SC3675452018-03-31SC3675452017-03-31SC367545core:CurrentFinancialInstruments2018-03-31SC367545core:CurrentFinancialInstruments2017-03-31SC367545core:ShareCapital2018-03-31SC367545core:ShareCapital2017-03-31SC367545core:RetainedEarningsAccumulatedLosses2018-03-31SC367545core:RetainedEarningsAccumulatedLosses2017-03-31SC367545core:ShareCapitalOrdinaryShares2018-03-31SC367545core:ShareCapitalOrdinaryShares2017-03-31SC367545bus:Director12017-04-012018-03-31SC367545bus:OrdinaryShareClass12017-04-012018-03-31SC367545bus:OrdinaryShareClass12018-03-31SC367545bus:PrivateLimitedCompanyLtd2017-04-012018-03-31SC367545bus:FRS1022017-04-012018-03-31SC367545bus:AuditExemptWithAccountantsReport2017-04-012018-03-31SC367545bus:SmallCompaniesRegimeForAccounts2017-04-012018-03-31SC367545bus:FullAccounts2017-04-012018-03-31xbrli:purexbrli:sharesiso4217:GBP