2022-01-012022-12-312022-12-31false03711141VEAR HOLDINGS 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VEAR HOLDINGS LIMITED

Registered Number
03711141
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2022

VEAR HOLDINGS LIMITED
Company Information
for the year from 1 January 2022 to 31 December 2022

Director

WATERS, Timothy Cyril

Registered Address

C/O Wej Financial Management Ltd Botley Mills
Mill Hill
Southampton
SO30 2GB

Registered Number

03711141 (England and Wales)
VEAR HOLDINGS LIMITED
Balance Sheet as at
31 December 2022

Notes

2022

2021

£

£

£

£

Fixed assets
Tangible assets74,4582,922
Investments897,72597,725
102,183100,647
Current assets
Debtors10594,790635,575
Cash at bank and on hand34,35254,241
629,142689,816
Creditors amounts falling due within one year11(26,669)(23,172)
Net current assets (liabilities)602,473666,644
Total assets less current liabilities704,656767,291
Net assets704,656767,291
Capital and reserves
Called up share capital100100
Share premium479,925479,925
Profit and loss account224,631287,266
Shareholders' funds704,656767,291
The financial statements were approved and authorised for issue by the Director on 23 September 2023, and are signed on its behalf by:
WATERS, Timothy Cyril
Director
Registered Company No. 03711141
VEAR HOLDINGS LIMITED
Notes to the Financial Statements
for the year ended 31 December 2022

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
3.Principal activities
The principal activity of the company in the year under review was that of a holding company.
4.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided to write off the cost, less estimated residual values of all tangible fixed assets, except freehold land and buildings, evenly over their expected useful lives. It is calculated at the following rate:

Reducing balance (%)
Plant and machinery25
Vehicles33
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Taxation policy
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Investments policy
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Valuation of financial instruments policy
The company only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and debt instruments are subsequently measured at amortised cost.
5.Critical estimates and judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The director does not consider there to be any significant judgements or estimates.
6.Employee information

20222021
Average number of employees during the year32
7.Property, plant and equipment

Plant & machinery

Vehicles

Total

£££
Cost or valuation
At 01 January 22-8,6508,650
Additions3,333-3,333
At 31 December 223,3338,65011,983
Depreciation and impairment
At 01 January 22-5,7285,728
Charge for year8339641,797
At 31 December 228336,6927,525
Net book value
At 31 December 222,5001,9584,458
At 31 December 21-2,9222,922
8.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 January 2297,72597,725
At 31 December 2297,72597,725
Net book value
At 31 December 2297,72597,725
At 31 December 2197,72597,725

Notes

1Investments in group undertakings and participating interests
9.Dividends proposed and payable
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
10.Debtors

2022

2021

££
Trade debtors / trade receivables73,96373,963
Amounts owed by group undertakings-46,638
Other debtors514,748514,974
Prepayments and accrued income6,079-
Total594,790635,575
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
11.Creditors within one year

2022

2021

££
Trade creditors / trade payables-5,233
Amounts owed to related parties13,124-
Taxation and social security8215,223
Other creditors8,4248,716
Accrued liabilities and deferred income4,3004,000
Total26,66923,172
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.