Vape Unlocked Ltd
Registered number: 14128311
Balance Sheet
as at 30 April 2023
Notes 2023
£
Fixed assets
Tangible assets 3 16,960
Current assets
Stocks 9,000
Cash at bank and in hand 36,507
45,507
Creditors: amounts falling due within one year 4 (24,945)
Net current assets 20,562
Net assets 37,522
Capital and reserves
Called up share capital 1
Profit and loss account 37,521
Shareholders' funds 37,522
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.
A Umarji
Director
Approved by the board on 8 August 2023
Vape Unlocked Ltd
Notes to the Accounts
for the period from 24 May 2022 to 30 April 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.
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 over 5 years
Furniture and Fittings over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
2 Employees 2023
Number
Average number of persons employed by the company 1
3 Tangible fixed assets
Plant & machinery Furniture and fittings Total
£ £ £
Cost
Additions 8,300 12,900 21,200
At 30 April 2023 8,300 12,900 21,200
Depreciation
Charge for the period 1,660 2,580 4,240
At 30 April 2023 1,660 2,580 4,240
Net book value
At 30 April 2023 6,640 10,320 16,960
4 Creditors: amounts falling due within one year 2023
£
PAYE and other taxes 8,864
Corporation tax 4,165
Director's loan account 11,916
24,945
5 Profit and loss account 2023
£
Profit for the year 40,521
Dividend (6,000)
At 30 April 2023 34,521
7 Dividends 2023
£
Dividends for which the company became liable during the year:
Dividends paid 6,000
6,000
6 Related party transactions
Included within the creditors at the year end is £2,240 due to the company director. During the period the company paid £59,046 of expenses on behalf of the director and the director introduced £61,286.
7 Controlling party
The ultimate controlling party is the Director and shareholder Mr Adam Umarji.
8 Other information
Vape Unlocked Ltd is a private company limited by shares and incorporated in England. Its registered office is:
209 Evington Road
Leicester
LE2 1QN
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