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Registration number: 9941272

Vigo Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Vigo Holdings Limited

(Registration number: 9941272)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

197

634

Investments

5

773,345

773,345

 

773,542

773,979

Current assets

 

Stocks

6

499

499

Debtors

7

8,765

4,502

Cash at bank and in hand

 

7,232

10,261

 

16,496

15,262

Creditors: Amounts falling due within one year

8

(740,822)

(619,473)

Net current liabilities

 

(724,326)

(604,211)

Net assets

 

49,216

169,768

Capital and reserves

 

Called up share capital

9

200

200

Retained earnings

49,016

169,568

Shareholders' funds

 

49,216

169,768

For the financial year ending 31 December 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.

Approved and authorised by the Board on 9 September 2022 and signed on its behalf by:
 

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

S A Pitts
Director

 

Vigo Holdings Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit D
Dunkeswell Business Park
The Airfield
Honiton
Devon
EX14 4LF

These financial statements were authorised for issue by the Board on 9 September 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.

Revenue recognition

Turnover comprises the management charges receivable for the period.

Tax

The tax expense for the period comprises current 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.

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.

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:

 

Vigo Holdings Limited

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

Asset class

Depreciation method and rate

Fixtures & fittings

3 years straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Vigo Holdings Limited

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

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.

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 by the company (including directors) during the year, was 3 (2020 - 3).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2021

2,161

2,161

At 31 December 2021

2,161

2,161

Depreciation

At 1 January 2021

1,528

1,528

Charge for the year

436

436

At 31 December 2021

1,964

1,964

Carrying amount

At 31 December 2021

197

197

At 31 December 2020

634

634

 

Vigo Holdings Limited

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

5

Investments

2021
£

2020
£

Investments in subsidiaries

773,345

773,345

Subsidiaries

£

Cost or valuation

At 1 January 2021

773,345

At 31 December 2021

773,345

Provision

At 1 January 2021

-

At 31 December 2021

-

Carrying amount

At 31 December 2021

773,345

At 31 December 2020

773,345

 

Vigo Holdings Limited

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

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights held

     

2021

2020

Subsidiary undertakings

Vigo Limited

Unit D
Dunkeswell Business Park
The Airfield
Honiton
Devon
EX14 4LF

Ordinary

100%

100%

 

England

     

Subsidiary undertakings

Vigo Limited

The principal activity of Vigo Limited is the supply of products and services to drink producers.

6

Stocks

2021
£

2020
£

Other inventories

499

499

 

Vigo Holdings Limited

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

7

Debtors

Current

2021
£

2020
£

Other debtors

8,765

4,502

8

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

739,314

584,316

Taxation and social security

 

733

1,872

Accruals and deferred income

 

651

776

Other creditors

 

124

32,509

 

740,822

619,473

9

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary A of £1 each

100

100

100

100

Ordinary B of £1 each

100

100

100

100

 

200

200

200

200