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REGISTERED NUMBER: 07224770 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

VGTEC LIMITED

VGTEC LIMITED (REGISTERED NUMBER: 07224770)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


VGTEC LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: Ms J S Bullough
J A Teal





REGISTERED OFFICE: Jasmine House - Unit C1
Cunliffe Road
Whitebirk Industrial Estate
Blackburn
Lancashire
BB1 5UA





REGISTERED NUMBER: 07224770 (England and Wales)





ACCOUNTANTS: Turner Accountants
Chartered Accountants
9 Victoria Rd
Fulwood
Preston
Lancashire
PR2 8ND

VGTEC LIMITED (REGISTERED NUMBER: 07224770)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 154,781 138,636

CURRENT ASSETS
Stocks 99,312 27,607
Debtors 5 194,020 60,107
Cash at bank 421,772 746,736
715,104 834,450
CREDITORS
Amounts falling due within one year 6 311,688 409,225
NET CURRENT ASSETS 403,416 425,225
TOTAL ASSETS LESS CURRENT
LIABILITIES

558,197

563,861

CREDITORS
Amounts falling due after more than one
year

7

(24,046

)

(33,125

)

PROVISIONS FOR LIABILITIES 8 (27,462 ) (26,341 )
NET ASSETS 506,689 504,395

CAPITAL AND RESERVES
Called up share capital 9 102 102
Retained earnings 506,587 504,293
SHAREHOLDERS' FUNDS 506,689 504,395

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

VGTEC LIMITED (REGISTERED NUMBER: 07224770)

BALANCE SHEET - continued
31 MAY 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 October 2023 and were signed on its behalf by:





J A Teal - Director


VGTEC LIMITED (REGISTERED NUMBER: 07224770)

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


1. STATUTORY INFORMATION

Vgtec Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvement of property - 5% on reducing balance
Plant and machinery - Straight line over 6 years
Motor vehicle - 20% on reducing balance
Computer equipment - Straight line over 6 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
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 or deferred taxation assets and liabilities are not discounted.

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
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 year 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

VGTEC LIMITED (REGISTERED NUMBER: 07224770)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 14 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2022 352,369
Additions 54,661
At 31 May 2023 407,030
DEPRECIATION
At 1 June 2022 213,733
Charge for year 38,516
At 31 May 2023 252,249
NET BOOK VALUE
At 31 May 2023 154,781
At 31 May 2022 138,636

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 151,970 18,520
Other debtors 42,050 41,587
194,020 60,107

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,122 10,208
Trade creditors 138,620 137,891
Taxation and social security 82,356 146,477
Other creditors 80,590 114,649
311,688 409,225

VGTEC LIMITED (REGISTERED NUMBER: 07224770)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 24,046 33,125

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 27,462 26,341

Deferred
tax
£   
Balance at 1 June 2022 26,341
Provided during year 1,121
Balance at 31 May 2023 27,462

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary A £1 100 100
1 Ordinary B £1 1 1
1 Ordinary C £1 1 1
102 102