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COMPANY REGISTRATION NUMBER: 04389317
Vivienne Taylor Limited
Filleted Unaudited Abridged Financial Statements
31 March 2022
Vivienne Taylor Limited
Abridged Financial Statements
Year ended 31st March 2022
Contents
Page
Chartered certified accountants' report to the board of directors on the preparation of the unaudited statutory abridged financial statements of Vivienne Taylor Limited
1
Abridged statement of financial position
2
Notes to the abridged financial statements
4
Vivienne Taylor Limited
Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of Vivienne Taylor Limited
Year ended 31st March 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Vivienne Taylor Limited for the year ended 31st March 2022, which comprise the abridged statement of financial position and the related notes 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 www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
JAY & JAY PARTNERSHIP LIMITED Chartered Certified Accountants
2 Chesterfield Buildings Westbourne Place Clifton Bristol BS8 1RU
29 August 2022
Vivienne Taylor Limited
Abridged Statement of Financial Position
31 March 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
5
2,690
2,271
Current assets
Stocks
5,400
5,500
Debtors
879
9,865
Investments
6
40,000
Cash at bank and in hand
86,348
71,927
---------
--------
132,627
87,292
Creditors: amounts falling due within one year
38,950
26,551
---------
--------
Net current assets
93,677
60,741
--------
--------
Total assets less current liabilities
96,367
63,012
--------
--------
Net assets
96,367
63,012
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
96,365
63,010
--------
--------
Shareholders funds
96,367
63,012
--------
--------
These abridged 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 income and retained earnings has not been delivered.
For the year ending 31st March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of financial position for the year ending 31st March 2022 in accordance with Section 444(2A) of the Companies Act 2006.
Vivienne Taylor Limited
Abridged Statement of Financial Position (continued)
31 March 2022
These abridged financial statements were approved by the board of directors and authorised for issue on 29 August 2022 , and are signed on behalf of the board by:
Mrs V E Taylor
Director
Company registration number: 04389317
Vivienne Taylor Limited
Notes to the Abridged Financial Statements
Year ended 31st 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 174 Henleaze Road, Henleaze, Bristol, BS9 4NE.
2. Statement of compliance
These abridged 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 abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fixtures & Fittings
-
25% reducing balance
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.
Financial instruments
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 entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2021: 7 ).
5. Tangible assets
£
Cost
At 1st April 2021
20,129
Additions
1,742
--------
At 31st March 2022
21,871
--------
Depreciation
At 1st April 2021
17,858
Charge for the year
1,323
--------
At 31st March 2022
19,181
--------
Carrying amount
At 31st March 2022
2,690
--------
At 31st March 2021
2,271
--------
6. Investments
2022
2021
£
£
Other investments
40,000
--------
----
7. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mrs V E Taylor
( 7,804)
( 2,312)
177
( 9,939)
-------
-------
----
-------
2021
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mrs V E Taylor
( 5,951)
( 2,156)
303
( 7,804)
-------
-------
----
-------
8. Related party transactions
The premises from which the company operates are owned by Mrs V Taylor, the company's director. The company did not pay any rent to Mrs Taylor in the years ended 31st March 2022 or 2021.