0 false false false true false false false false false false true false false false false false false No description of principal activity 2020-11-18 Sage Accounts Production Advanced 2020 - FRS102_2019 15,147 15,147 15,147 2,437 2,437 280 280 2,157 1 1 1 xbrli:pure xbrli:shares iso4217:GBP 13028597 2020-11-18 2022-03-31 13028597 2022-03-31 13028597 core:Subsidiary1 2020-11-18 2022-03-31 13028597 bus:OrdinaryShareClass1 2020-11-18 2022-03-31 13028597 bus:Director2 2020-11-18 2022-03-31 13028597 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2020-11-18 2022-03-31 13028597 core:WithinOneYear 2022-03-31 13028597 core:ShareCapital 2022-03-31 13028597 core:RetainedEarningsAccumulatedLosses 2022-03-31 13028597 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-31 13028597 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2022-03-31 13028597 core:CostValuation core:Non-currentFinancialInstruments 2022-03-31 13028597 core:Non-currentFinancialInstruments 2022-03-31 13028597 bus:SmallEntities 2020-11-18 2022-03-31 13028597 bus:AuditExemptWithAccountantsReport 2020-11-18 2022-03-31 13028597 bus:FullAccounts 2020-11-18 2022-03-31 13028597 bus:SmallCompaniesRegimeForAccounts 2020-11-18 2022-03-31 13028597 bus:PrivateLimitedCompanyLtd 2020-11-18 2022-03-31 13028597 bus:OrdinaryShareClass1 2022-03-31 13028597 core:ComputerEquipment 2020-11-18 2022-03-31 13028597 core:ComputerEquipment 2022-03-31
COMPANY REGISTRATION NUMBER: 13028597
Vandelay Holdings Limited
Filleted Unaudited Financial Statements
For the period ended
31 March 2022
Vandelay Holdings Limited
Statement of Financial Position
31 March 2022
31 Mar 22
Note
£
£
Fixed assets
Intangible assets
4
15,147
Tangible assets
5
2,157
Investments
6
1
--------
17,305
Current assets
Debtors
7
11,869
Cash at bank and in hand
324,499
---------
336,368
Creditors: amounts falling due within one year
8
341,632
---------
Net current liabilities
5,264
--------
Total assets less current liabilities
12,041
--------
Net assets
12,041
--------
Capital and reserves
Called up share capital
9
250,001
Profit and loss account
( 237,960)
---------
Shareholders funds
12,041
---------
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 Section 1A of 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 statement of comprehensive income has not been delivered.
For the period ending 31 March 2022 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 period 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 .
These financial statements were approved by the board of directors and authorised for issue on 12 August 2022 , and are signed on behalf of the board by:
A Schweber
Director
Company registration number: 13028597
Vandelay Holdings Limited
Notes to the Financial Statements
Period from 18 November 2020 to 31 March 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 110-112 Lancaster Road, Barnet, EN4 8AL, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, '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. Going Concern The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have 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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Office Equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or liability is recognised only when the company becomes a party to the contractual provisions of the financial instrument. Basic financial assets, which include trade and other debtors and cash, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade and other creditors, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
4. Intangible assets
Development costs
£
Cost
Additions
15,147
--------
At 31 March 2022
15,147
--------
Amortisation
At 18 November 2020 and 31 March 2022
--------
Carrying amount
At 31 March 2022
15,147
--------
5. Tangible assets
Office Equipment
£
Cost
At 18 November 2020
Additions
2,437
-------
At 31 March 2022
2,437
-------
Depreciation
At 18 November 2020
Charge for the period
280
-------
At 31 March 2022
280
-------
Carrying amount
At 31 March 2022
2,157
-------
6. Investments
Shares in group undertakings
£
Cost
At 18 November 2020
Additions
1
----
At 31 March 2022
1
----
Impairment
At 18 November 2020 and 31 March 2022
----
Carrying amount
At 31 March 2022
1
----
Subsidiaries, associates and other investments
Class of share
Percentage of shares held
Subsidiary undertakings
Lucra Technologies Limited
Ordinary
100
7. Debtors
31 Mar 22
£
Other debtors
11,869
--------
8. Creditors: amounts falling due within one year
31 Mar 22
£
Trade creditors
38,856
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1
Other creditors
302,775
---------
341,632
---------
Included in other creditors are convertible loan notes with a balance of £290,000 at 31 March 2022. The loan notes are interest-free and have no fixed repayment date. The loans shall be converted and proceeds used to subscribe for shares as soon as Vandelay Technologies Limited has raised at least £100,000 by way of investment in new shares. If converted, subscription price will equal 75% of average price at which new shares are issued as part of the new investment. Vandelay Technologies Limited shall allot and issue the number of shares to which both persons are entitled, thus extinguishing the loans. Both persons may give Vandelay Technologies Limited notice to to repay the loan if the new investment is not received by 31 December 2022. Given the fixed-for-fixed criteria is not met, i.e. the exchange is not a fixed amount of cash for a fixed number of the company's own equity instruments, the loan has been recognised as a liability.
9. Called up share capital
Issued, called up and fully paid
31 Mar 22
No.
£
Ordinary shares of £ 1 each
250,001
250,001
---------
---------