Volly Engineering Limited
Registered number: 09699622
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 90,294 93,299
Current assets
Cash at bank and in hand (18,912) 8,869
Creditors: amounts falling due within one year 4 (66,930) (82,378)
Net current assets/(liabilities) (85,842) (73,509)
Total assets less current liabilities 4,452 19,790
Creditors: amounts falling due after more than one year 5 (4,389) (14,557)
Net assets/(liabilities) 63 5,233
Capital and reserves
Called up share capital 1 1
Profit and loss account 62 5,232
Shareholders' funds 63 5,233
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Wojciech Tomasz
Director
Approved by the board on 28 September 2023
Volly Engineering Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% Straight line
Motor vehicles 18% Reducing balance
Debtors
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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 12 14
3 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 August 2022 89,721 92,173 181,894
Additions 28,940 - 28,940
At 31 July 2023 118,661 92,173 210,834
Depreciation
At 1 August 2022 42,051 46,544 88,595
Charge for the year 23,732 8,213 31,945
At 31 July 2023 65,783 54,757 120,540
Net book value
At 31 July 2023 52,878 37,416 90,294
At 31 July 2022 47,670 45,629 93,299
4 Creditors: amounts falling due within one year 2023 2022
£ £
Accrual (3,125) (3,438)
Corporation tax 17,172 24,139
PAYE and national insurance 7,674 11,280
VAT liabilities 51,564 32,605
Director's accounts (17,129) 1,688
Other creditors - -
Finance lease and HP contracts < 1 year 10,774 16,104
66,930 82,378
5 Creditors: amounts falling due after one year 2023 2022
£ £
Finance lease and HP contracts > 1 year 4,389 14,557
6 Profit and loss account 2023
£
At 1 August 2022 5,232
Profit/(loss) for the year 123,830
Dividend (129,000)
At 31 July 2023 62
7 Dividends 2023 2022
£ £
Dividends for which the company became liable during the year:
Dividends paid 129,000 156,300
129,000 156,300
8 Related party transactions
Included within the creditors at the year end is £17,129 (2022: (£1,688)) due from the company directors. During the period the company paid £222,839 of expenses on behalf of the directors and the directors introduced £204,022 into the company.
9 Controlling party
The ultimate controlling parties are the directors and shareholders Mr Wojciech Tomasz and Mrs Dorota Tomasz.
10 Other information
Volly Engineering Limited is a private company limited by shares and incorporated in England. Its registered office is:
30 St Helier Close
Blackburn
BB2 4EB
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