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Registration number: 11774648

Vesaevus Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 January 2023

 

Vesaevus Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

Vesaevus Ltd

Company Information

 

Director

Mr G Sicignano

Registered office



31 Sackville Street
Manchester
M1 3LZ

 

 

Vesaevus Ltd

(Registration number: 11774648)
Abridged Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

91,420

1,383

Investments

5

125,223

-

 

216,643

1,383

Current assets

 

Stocks

6

10,000

3,000

Debtors

7

-

133,677

Cash at bank and in hand

 

108,141

74,724

 

118,141

211,401

Creditors: Amounts falling due within one year

(167,902)

(107,419)

Net current (liabilities)/assets

 

(49,761)

103,982

Total assets less current liabilities

 

166,882

105,365

Accruals and deferred income

 

(4,820)

(7,199)

Net assets

 

162,062

98,166

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

161,962

98,066

Shareholders' funds

 

162,062

98,166

For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Vesaevus Ltd

(Registration number: 11774648)
Abridged Balance Sheet as at 31 January 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 11 October 2023
 

.........................................
Mr G Sicignano
Director

 

Vesaevus Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
31 Sackville Street
Manchester
M1 3LZ
England

These financial statements were authorised for issue by the director on 11 October 2023.

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 abridged 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 abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

 

Vesaevus Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% Reducing Balance

Plant & Machinery

33% Straight Line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Vesaevus Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 23 (2022 - 12).

 

Vesaevus Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 February 2022

-

1,000

1,197

2,197

Revaluations

65,892

-

-

65,892

Additions

-

15,106

16,960

32,066

At 31 January 2023

65,892

16,106

18,157

100,155

Depreciation

At 1 February 2022

-

50

764

814

Charge for the year

-

2,631

5,290

7,921

At 31 January 2023

-

2,681

6,054

8,735

Carrying amount

At 31 January 2023

65,892

13,425

12,103

91,420

At 31 January 2022

-

950

433

1,383

Included within the net book value of land and buildings above is £65,892 (2022 - £Nil) in respect of freehold land and buildings.
 

5

Investments

Cost or valuation

Provision

Carrying amount

At 31 January 2023

2023
£

2022
£

Other investments

125,223

-

 

Vesaevus Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

6

Stocks

2023
£

2022
£

Other inventories

10,000

3,000

7

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

         

9

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £400.00 (2022 - £250.00) per each Ordinary share

 

40,000

 

25,000

         

10

Related party transactions

 

Vesaevus Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

Transactions with the director

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Mr G Sicignano

(675)

2,260

(86,523)

(84,938)

         
       

Mr U Sicignano

(42,023)

42,023

-

-

         
       

 

2022

At 1 February 2021
£

Advances to director
£

At 31 January 2022
£

Mr G Sicignano

-

(675)

(675)

       
     

Mr U Sicignano

(18,032)

(23,991)

(42,023)

       
     

 

 

Vesaevus Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

15,468

22,098

Contributions paid to money purchase schemes

129

476

15,597

22,574