Company Registration No. 09545277 (England and Wales)
VINTAS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
VINTAS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
VINTAS LIMITED
BALANCE SHEET
AS AT
30 MARCH 2021
30 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Current assets
Stocks
51,000
9,200
Debtors
5
21,730
7,459
Cash at bank and in hand
6,967
5,518
79,697
22,177
Creditors: amounts falling due within one year
6
(49,853)
(49,428)
Net current assets/(liabilities)
29,844
(27,251)
Creditors: amounts falling due after more than one year
7
(45,092)
-
0
Net liabilities
(15,248)
(27,251)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(15,348)
(27,351)
Total equity
(15,248)
(27,251)

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 30 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has 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.

The financial statements were approved and signed by the director and authorised for issue on 6 September 2022
S B Turner
Director
Company Registration No. 09545277
VINTAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2021
- 2 -
1
Accounting policies
Company information

Vintas Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Woodpath, Southsea, Hampshire, United Kingdom, PO5 3DX.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

These financial statements relate to Vintas Limited as an individual entity.

1.2
Going concern

The accounts have been drawn up on a going concern basis as described in the notes to the financial statements.

1.3
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.

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.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

VINTAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2021
1
Accounting policies
(Continued)
- 3 -
1.5
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 cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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.

1.8
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

VINTAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2021
1
Accounting policies
(Continued)
- 4 -
1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
1
1
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 31 March 2020 and 30 March 2021
9,400
Depreciation and impairment
At 31 March 2020 and 30 March 2021
9,400
Carrying amount
At 30 March 2021
-
0
At 30 March 2020
-
0
VINTAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2021
- 5 -
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
120
-
0
Other debtors
20,510
7,459
20,630
7,459
2021
2020
Amounts falling due after more than one year:
£
£
Other debtors
1,100
-
0
Total debtors
21,730
7,459
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
4,908
852
Taxation and social security
42,170
45,876
Other creditors
2,775
2,700
49,853
49,428
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
45,092
-
0
8
Directors' transactions

During the year the directors had the following advances:

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Directors loan
-
807
7,501
8,308
807
7,501
8,308
VINTAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2021
8
Directors' transactions
(Continued)
- 6 -

The advance is interest free and repayable on demand.

 

During the year the sum of £13,295 (2020 - £19,077) was paid to Mr S Turner (director) as subcontractor costs.

9
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. This is after taking into account the current impact of COVID-19.

 

The company has entered into a payment arrangement with its principal creditor and secure financing post year end to enable it to continue to trade. On the basis of the above the director considers that the going concern basis is deemed appropriate for the preparation of these financial statements.

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