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Registered number: 05458200










VECTOR DESIGN CONSULTANCY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
VECTOR DESIGN CONSULTANCY LIMITED
REGISTERED NUMBER: 05458200

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 6 
191,578
225,030

  
191,578
225,030

Current assets
  

Debtors: amounts falling due within one year
 7 
282,259
468,976

Cash at bank and in hand
 8 
522,598
336,354

  
804,857
805,330

Creditors: amounts falling due within one year
 9 
(222,307)
(245,054)

Net current assets
  
 
 
582,550
 
 
560,276

Total assets less current liabilities
  
774,128
785,306

Provisions for liabilities
  

Deferred tax
 10 
(5,046)
(9,005)

  
 
 
(5,046)
 
 
(9,005)

Net assets
  
769,082
776,301


Capital and reserves
  

Called up share capital 
 11 
2
2

Profit and loss account
 12 
769,080
776,299

  
769,082
776,301


Page 1

 
VECTOR DESIGN CONSULTANCY LIMITED
REGISTERED NUMBER: 05458200

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



Mr S E Fielding
Mr C P B Jones
Director
Director


Date: 25 September 2023
Date:25 September 2023

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
VECTOR DESIGN CONSULTANCY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Vector Design Consultancy Limited is a private limited company incorporated in England and Wales. The address of its registered office and principal place of business is Church Farm Barns, Copson Lane, Stadhampton,Oxford, OX44 7TZ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
VECTOR DESIGN CONSULTANCY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Leasehold Property
-
4% to 15% reducing balance
Motor vehicles
-
20% reducing balance
Fixtures & fittings
-
20% to 35% reducing balance
Computer equipment
-
20% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Financial instruments

The Company only enters into basis financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
VECTOR DESIGN CONSULTANCY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.10

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 5

 
VECTOR DESIGN CONSULTANCY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.15

Dividends

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 15 (2022 - 17).

Page 6

 
VECTOR DESIGN CONSULTANCY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
129,105
133,931

Adjustments in respect of previous periods
(5)
5


129,100
133,936


Total current tax
129,100
133,936

Deferred tax


Origination and reversal of timing differences
(3,959)
(7,518)

Changes to tax rates
-
3,966

Total deferred tax
(3,959)
(3,552)


Taxation on profit on ordinary activities
125,141
130,384

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - the same as) the standard rate of corporation tax in the UK of 19% (2022 - 19%) as set out below:

2023
2022
£
£


Profit on ordinary activities before tax
651,063
668,573


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
123,702
127,029

Effects of:


Fixed assets differences
1,590
632

Expenses not deductible for tax purposes
805
558

Unexplained difference
(1)
(1)

Adjustments to tax charge in respect of prior periods
(5)
5

Remeasurement of deferred tax for changes in tax rates
(950)
2,161

Total tax charge for the year
125,141
130,384


Factors that may affect future tax charges

The Goverment has announced that the main corporation tax rate will increase to 25%  from 1 April 2023.

Page 7

 
VECTOR DESIGN CONSULTANCY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Dividends

2023
2022
£
£


Dividends paid on equity capital
533,141
576,051

533,141
576,051


6.


Tangible fixed assets





Land and buildings
Motor vehicles
Furniture, fittings and equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2022
158,569
189,690
188,411
536,670


Additions
-
69,990
4,658
74,648


Disposals
(2,222)
(108,250)
(22,941)
(133,413)



At 31 March 2023

156,347
151,430
170,128
477,905



Depreciation


At 1 April 2022
109,322
59,631
142,687
311,640


Charge for the year on owned assets
2,677
35,575
10,288
48,540


Disposals
(2,222)
(48,711)
(22,920)
(73,853)



At 31 March 2023

109,777
46,495
130,055
286,327



Net book value



At 31 March 2023
46,570
104,935
40,073
191,578



At 31 March 2022
49,247
130,059
45,724
225,030


7.


Debtors

2023
2022
£
£


Trade debtors
227,073
433,912

Prepayments and accrued income
55,186
35,064

282,259
468,976


Page 8

 
VECTOR DESIGN CONSULTANCY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
522,598
336,354

522,598
336,354



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
11,346
22,136

Corporation tax
129,102
133,931

Other taxation and social security
79,325
76,280

Obligations under finance lease and hire purchase contracts
-
6,463

Other creditors
2,534
6,067

Accruals and deferred income
-
177

222,307
245,054



10.


Deferred taxation




2023


£






At beginning of year
(9,005)


Charged to profit or loss
3,959



At end of year
(5,046)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(5,046)
(9,005)

(5,046)
(9,005)

Page 9

 
VECTOR DESIGN CONSULTANCY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



200 (2022 - 200) Ordinary shares of £0.01 each
2
2



12.


Reserves

Profit & loss account

This reserve records retained earnings and accumulated losses.


13.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £18,744 (2022: £18,259). Contributions totalling £Nil (2022: £208) were payable to the fund at the balance sheet date.


14.


Related party transactions

During the year, Vector Design Consultancy Limited paid dividends totalling £533,141 (2022: 576,051) to its parent company, Vector Design Holdings Ltd.


15.


Controlling party

It is the opinion of the directors that the ultimate parent of the Company is Vector Design Holdings Ltd and that the controlling parties are Mr S E Fielding and Mr C P B Jones by virtue of their shareholdings in that company.


Page 10