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Registration number: 01310048

Vapgate Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Vapgate Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Vapgate Limited

Company Information

Directors

Mr SC Patel

Mrs PC Patel

Mr CB Patel

Company secretary

Mr K Bradley

Registered office

Capital House
114-115 Tottenham Court Road
London
W1T 5AH

Accountants

AMR Tax Ltd
Chartered Accountants
PO Box 1022A
Surbiton
Surrey
KT1 9FG

 

Vapgate Limited

(Registration number: 01310048)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Current assets

 

Debtors

4

253

-

Other financial assets

60,000

100,000

Cash at bank and in hand

 

8,952

10,368

 

69,205

110,368

Creditors: Amounts falling due within one year

5

(501)

(2,131)

Net assets

 

68,704

108,237

Capital and reserves

 

Called up share capital

6

66,652

66,652

Retained earnings

2,052

41,585

Shareholders' funds

 

68,704

108,237

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.

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 Profit and Loss Account has been taken.

Approved and authorised by the Board on 14 September 2022 and signed on its behalf by:
 

.........................................
Mr CB Patel
Director

 

Vapgate 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.

The address of its registered office is:
Capital House
114-115 Tottenham Court Road
London
W1T 5AH

These financial statements were authorised for issue by the Board on 14 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.

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.

No deferred tax has been provided in respect of tax losses carried forward as the realisation of this is uncertain.

Depreciation

Asset class

Depreciation method and rate

Leasehold Property

Over the period of the lease

Furniture and Fittings

25% Straight Line

Goodwill

Goodwill arising on acquisitions 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 business acquired.

Amortisation

 

Vapgate Limited

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

Asset class

Amortisation method and rate

Purchased goodwill

Not amortised

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.

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 0 (2020 - 0).

4

debtors

2021
£

2020
£

Other debtors

253

-

253

-

 

Vapgate Limited

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

5

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Taxation and social security

136

40

Accruals and deferred income

300

1,400

Other creditors

65

691

501

2,131

6

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary of £1 each

66,652

66,652

66,652

66,652

         
 

Vapgate Limited

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

7

Related party transactions

Loans to related parties

2021

Other related parties
£

Total
£

At start of period

100,000

100,000

Repaid

(40,000)

(40,000)

At end of period

60,000

60,000

2020

Other related parties
£

Total
£

At start of period

100,000

100,000

At end of period

100,000

100,000

Terms of loans to related parties

Loan to PPP Capital Ltd a company in which the directors have a significant interest. The loan is repayable on demand, interest is charged on the loan at 1% above Libor.