Vortayn Limited 01628220 false 2020-09-01 2021-08-31 2021-08-31 The principal activity of the company is that of property ownership. Digita Accounts Production Advanced 6.30.9574.0 true 01628220 2020-09-01 2021-08-31 01628220 2021-08-31 01628220 bus:OrdinaryShareClass1 2021-08-31 01628220 bus:OrdinaryShareClass2 2021-08-31 01628220 core:AcceleratedTaxDepreciationDeferredTax 2021-08-31 01628220 core:RetainedEarningsAccumulatedLosses 2021-08-31 01628220 core:ShareCapital 2021-08-31 01628220 core:SharePremium 2021-08-31 01628220 core:CurrentFinancialInstruments 2021-08-31 01628220 core:CurrentFinancialInstruments core:WithinOneYear 2021-08-31 01628220 core:Non-currentFinancialInstruments core:AfterOneYear 2021-08-31 01628220 core:Goodwill 2021-08-31 01628220 core:FurnitureFittings 2021-08-31 01628220 core:PlantMachinery 2021-08-31 01628220 1 2021-08-31 01628220 bus:SmallEntities 2020-09-01 2021-08-31 01628220 bus:AuditExemptWithAccountantsReport 2020-09-01 2021-08-31 01628220 bus:FullAccounts 2020-09-01 2021-08-31 01628220 bus:SmallCompaniesRegimeForAccounts 2020-09-01 2021-08-31 01628220 bus:RegisteredOffice 2020-09-01 2021-08-31 01628220 bus:CompanySecretaryDirector1 2020-09-01 2021-08-31 01628220 bus:Director1 2020-09-01 2021-08-31 01628220 bus:OrdinaryShareClass1 2020-09-01 2021-08-31 01628220 bus:OrdinaryShareClass2 2020-09-01 2021-08-31 01628220 bus:PrivateLimitedCompanyLtd 2020-09-01 2021-08-31 01628220 bus:Agent1 2020-09-01 2021-08-31 01628220 core:Goodwill 2020-09-01 2021-08-31 01628220 core:FurnitureFittings 2020-09-01 2021-08-31 01628220 core:FurnitureFittingsToolsEquipment 2020-09-01 2021-08-31 01628220 core:PlantMachinery 2020-09-01 2021-08-31 01628220 1 2020-09-01 2021-08-31 01628220 countries:AllCountries 2020-09-01 2021-08-31 01628220 2020-08-31 01628220 core:Goodwill 2020-08-31 01628220 core:FurnitureFittings 2020-08-31 01628220 core:PlantMachinery 2020-08-31 01628220 2019-09-01 2020-08-31 01628220 2020-08-31 01628220 bus:OrdinaryShareClass1 2020-08-31 01628220 bus:OrdinaryShareClass2 2020-08-31 01628220 core:AcceleratedTaxDepreciationDeferredTax 2020-08-31 01628220 core:RetainedEarningsAccumulatedLosses 2020-08-31 01628220 core:ShareCapital 2020-08-31 01628220 core:SharePremium 2020-08-31 01628220 core:CurrentFinancialInstruments 2020-08-31 01628220 core:CurrentFinancialInstruments core:WithinOneYear 2020-08-31 01628220 core:Non-currentFinancialInstruments core:AfterOneYear 2020-08-31 01628220 core:Goodwill 2020-08-31 01628220 core:FurnitureFittings 2020-08-31 01628220 core:PlantMachinery 2020-08-31 01628220 1 2020-08-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01628220

Vortayn Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2021

 

Vortayn Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 10

 

Vortayn Limited

Company Information

Directors

Mr I S Hannen

Mr B Olds

Company secretary

Mr B Olds

Registered office

C/o Bissell & Brown
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ

Accountants

Bissell & Brown Midlands Ltd
Chartered Certified Accountants
Charter House, 56 High Street
Sutton Coldfield
West Midlands
B72 1UJ

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Vortayn Limited
for the Year Ended 31 August 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Vortayn Limited for the year ended 31 August 2021 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.

This report is made solely to the Board of Directors of Vortayn Limited, as a body, in accordance with the terms of our engagement letter dated 14 October 2021. Our work has been undertaken solely to prepare for your approval the accounts of Vortayn Limited and state those matters that we have agreed to state to the Board of Directors of Vortayn Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at
http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/october/factsheet-163-audit-exempt-
companies.html.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Vortayn Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Vortayn Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Vortayn Limited. You consider that Vortayn Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Vortayn Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Bissell & Brown Midlands Ltd
Chartered Certified Accountants
Charter House, 56 High Street
Sutton Coldfield
West Midlands
B72 1UJ


17 August 2022

 

Vortayn Limited

(Registration number: 01628220)
Balance Sheet as at 31 August 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

7

2,579

3,036

Investment property

8

387,241

387,241

 

389,820

390,277

Current assets

 

Debtors

9

55,502

125

Cash at bank and in hand

 

47,093

34,121

 

102,595

34,246

Creditors: Amounts falling due within one year

10

(78,456)

(43,690)

Net current assets/(liabilities)

 

24,139

(9,444)

Total assets less current liabilities

 

413,959

380,833

Creditors: Amounts falling due after more than one year

10

(25,000)

(25,000)

Provisions for liabilities

(664)

(577)

Net assets

 

388,295

355,256

Capital and reserves

 

Called up share capital

11

200,002

200,002

Share premium reserve

10,000

10,000

Profit and loss account

178,293

145,254

Total equity

 

388,295

355,256

For the financial year ending 31 August 2021 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report or the Profit and Loss Account has been taken.

Approved and authorised by the Board on 17 August 2022 and signed on its behalf by:
 

.........................................
Mr B Olds
Company secretary and director

   
     
 

Vortayn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021

1

General information

The company is a private company limited by share capital, incorporated in England & Wales. The company's registration number is 01628220.

The address of its registered office is:
C/o Bissell & Brown
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ
United Kingdom

The principal place of business is:
60 Montagu Court
Newcastle upon Tyne
NE3 4JL

These financial statements were authorised for issue by the Board on 17 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Vortayn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021 (continued)

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

15% reducing balance

Fixtures and fittings

15% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Vortayn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed (including directors) during the year was 4 (2020 - 4).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2021
 £

2020
 £

Depreciation expense

457

536

 

Vortayn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021 (continued)

5

Taxation

Deferred tax

Deferred tax assets and liabilities

2021

Liability
£

Accelerated capital allowances

663

   

2020

Liability
£

Accelerated capital allowances

577

   

6

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2020

43,500

43,500

Disposals

(43,500)

(43,500)

At 31 August 2021

-

-

Amortisation

At 1 September 2020

43,500

43,500

Amortisation eliminated on disposals

(43,500)

(43,500)

At 31 August 2021

-

-

Carrying amount

At 31 August 2021

-

-

At 31 August 2020

-

-

 

Vortayn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021 (continued)

7

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 September 2020

45,960

112,336

158,296

At 31 August 2021

45,960

112,336

158,296

Depreciation

At 1 September 2020

43,819

111,441

155,260

Charge for the year

322

135

457

At 31 August 2021

44,141

111,576

155,717

Carrying amount

At 31 August 2021

1,819

760

2,579

At 31 August 2020

2,141

895

3,036

8

Investment properties

2021
£

At 1 September 2020

387,241

At 31 August 2021

387,241

There has been no valuation of investment property by an independent valuer.

9

Debtors

2021
£

2020
£

Trade debtors

54,000

-

Prepayments

1,502

125

55,502

125

 

Vortayn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021 (continued)

10

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and overdrafts

10.1

25,713

7,713

Trade creditors

 

29,051

1,134

Taxation and social security

 

8,810

11,900

Other creditors

 

2,647

3,235

Accrued expenses

 

6,083

13,927

Corporation tax liability

 

6,152

5,781

 

78,456

43,690

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

10.1

25,000

25,000

10.1

Loans and borrowings

2021
£

2020
£

Current loans and borrowings

Loans from directors

25,713

7,713

Bank borrowings

Bounce Back Loan is denominated in £ with a nominal interest rate of 2.5%, and the final instalment is due on 1 June 2026. The carrying amount at year end is £25,000 (2020 - £25,000).

 

Vortayn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021 (continued)

11

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary B share of £1 each

200,000

200,000

200,000

200,000

Ordinary share of £1 each

2

2

2

2

 

200,002

200,002

200,002

200,002

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
Holders of the ordinary share capital have a right to vote and receive dividends.