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REGISTERED NUMBER: 07837695 (England and Wales)















V & C (SW) Limited

Unaudited Financial Statements

for the Year Ended 31 January 2023






V & C (SW) Limited (Registered number: 07837695)






Contents of the Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


V & C (SW) Limited

Company Information
for the Year Ended 31 January 2023







DIRECTORS: V P McCormick
J L McCormick
M Russell
M S Price





REGISTERED OFFICE: 17 Saron Close
Penyrheol
Swansea
SA4 4FB





REGISTERED NUMBER: 07837695 (England and Wales)





ACCOUNTANTS: O'Brien and Partners
Accountants & Business Advisors
Highdale House
7 Centre Court
Treforest Industrial Estate
Pontypridd
Rhondda Cynon Taff
CF37 5YR

V & C (SW) Limited (Registered number: 07837695)

Balance Sheet
31 January 2023

31.1.23 31.1.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 51,533 37,450

CURRENT ASSETS
Stocks 38,355 3,775
Debtors 5 2,013,558 1,615,878
Cash at bank and in hand 511,120 521,030
2,563,033 2,140,683
CREDITORS
Amounts falling due within one year 6 1,240,887 1,211,729
NET CURRENT ASSETS 1,322,146 928,954
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,373,679

966,404

CREDITORS
Amounts falling due after more than one year 7 153,972 192,296
NET ASSETS 1,219,707 774,108

CAPITAL AND RESERVES
Called up share capital 9 1,040 1,000
Share premium 34,785 34,785
Retained earnings 1,183,882 738,323
SHAREHOLDERS' FUNDS 1,219,707 774,108

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2023 and were signed on its behalf by:





V P McCormick - Director


V & C (SW) Limited (Registered number: 07837695)

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

1. STATUTORY INFORMATION

V & C (SW) 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Revenue is measured recognised when goods are delivered and legal title has passed. It is recognised at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances.

The company provides plastering and painting services. Turnover is recognised in the accounting period in which the services are rendered when the outcome of the contract can be estimated reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

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 Income Statement, 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

V & C (SW) Limited (Registered number: 07837695)

Notes to the Financial Statements - continued
for the Year Ended 31 January 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 77 (2022 - 73 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 February 2022 465 7,584 130,893 47,577 186,519
Additions 161 4,500 29,450 - 34,111
At 31 January 2023 626 12,084 160,343 47,577 220,630
DEPRECIATION
At 1 February 2022 384 6,894 97,874 43,917 149,069
Charge for year 34 936 17,236 1,822 20,028
At 31 January 2023 418 7,830 115,110 45,739 169,097
NET BOOK VALUE
At 31 January 2023 208 4,254 45,233 1,838 51,533
At 31 January 2022 81 690 33,019 3,660 37,450

Included within the net book value of £45,234 (2022: £33,019) is £16,152 (2022: £24,228) relating to assets held under hire purchase agreements.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Trade debtors 1,040,539 1,127,908
Other debtors 745,328 268,162
Directors' current accounts 127,138 119,435
VAT 47,093 84,373
Prepayments and accrued income 53,460 16,000
2,013,558 1,615,878

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Bank loans and overdrafts 34,593 23,215
Hire purchase contracts 3,876 3,877
Trade creditors 420,903 549,379
Tax 139,941 46,268
Social security and other taxes 83,821 93,274
Other creditors 249,749 206,922
Accruals and deferred income 308,004 288,794
1,240,887 1,211,729

V & C (SW) Limited (Registered number: 07837695)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.1.23 31.1.22
£    £   
Bank loans - 2-5 years 140,297 174,745
Hire purchase contracts 13,675 17,551
153,972 192,296

8. SECURED DEBTS

The following secured debts are included within creditors:

31.1.23 31.1.22
£    £   
Bank loans 174,890 197,960
Hire purchase contracts 17,551 21,428
192,441 219,388

Hire purchase contracts are secured on assets to which they relate.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.23 31.1.22
value: £    £   
370 A Ordinary £1 370 370
370 B Ordinary £1 370 370
215 C Ordinary £1 215 215
25 D Ordinary £1 25 25
20 E Ordinary £1 20 10
20 F Ordinary £1 20 10
10 G Ordinary £1 10 -
10 H Ordinary £1 10 -
1,040 1,000

The following shares were issued during the year for cash at par :

10 E Ordinary shares of £1
10 F Ordinary shares of £1
10 G Ordinary shares of £1
10 H Ordinary shares of £1

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2023 and 31 January 2022:

31.1.23 31.1.22
£    £   
V P McCormick and J L McCormick
Balance outstanding at start of year 114,970 100,233
Amounts advanced 101,656 137,237
Amounts repaid (94,170 ) (122,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 122,456 114,970

V & C (SW) Limited (Registered number: 07837695)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

M Russell
Balance outstanding at start of year 4,467 4,306
Amounts advanced 35,065 30,167
Amounts repaid (34,849 ) (30,006 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 4,683 4,467

Interest at 2.50% (2022: 2.50%) was charged by the Company on the average balances due from the Directors. These loans are repayable on demand.