Company Registration No. 14085213 (England and Wales)
VERTEX DISPLAYS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
VERTEX DISPLAYS LIMITED
COMPANY INFORMATION
Directors
Mr L K Walters
(Appointed 4 May 2022)
Mr R Wardle
(Appointed 4 May 2022)
Company number
14085213
Registered office
Unit 4a Springside
Howard Road
Redditch
Worcestershire
B98 7SE
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
National Westminster Bank Plc
Chatham Customer Service Centre
Waterside Court
Maritime
Chatham
ME4 4RT
VERTEX DISPLAYS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
VERTEX DISPLAYS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF VERTEX DISPLAYS LIMITED FOR THE PERIOD ENDED 31 JANUARY 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Vertex Displays Limited for the period ended 31 January 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Vertex Displays Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Vertex Displays Limited and state those matters that we have agreed to state to the Board of Directors of Vertex Displays Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Vertex Displays Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Vertex Displays Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Vertex Displays Limited. You consider that Vertex Displays Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Vertex Displays Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
5 October 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
VERTEX DISPLAYS LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2023
31 January 2023
- 2 -
2023
Notes
£
£
Fixed assets
Tangible assets
3
49,972
Current assets
Debtors
4
49,076
Cash at bank and in hand
35,153
84,229
Creditors: amounts falling due within one year
5
(53,494)
Net current assets
30,735
Total assets less current liabilities
80,707
Creditors: amounts falling due after more than one year
6
(25,560)
Provisions for liabilities
8
(7,667)
Net assets
47,480
Capital and reserves
Called up share capital
9
100
Profit and loss reserves
47,380
Total equity
47,480
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
VERTEX DISPLAYS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023
31 January 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 5 October 2023 and are signed on its behalf by:
Mr L K Walters
Director
Company Registration No. 14085213
VERTEX DISPLAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023
- 4 -
1
Accounting policies
Company information
Vertex Displays Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4a Springside, Howard Road, Redditch, Worcestershire, B98 7SE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% on reducing balance
Fixtures and fittings
20% on reducing balance
Computer equipment
20% on reducing balance
Motor vehicles
25% on reducing balance
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
VERTEX DISPLAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 7.
VERTEX DISPLAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2023
- 6 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 4 May 2022
Additions
20,517
692
1,321
42,600
65,130
At 31 January 2023
20,517
692
1,321
42,600
65,130
Depreciation and impairment
At 4 May 2022
Depreciation charged in the period
4,105
138
265
10,650
15,158
At 31 January 2023
4,105
138
265
10,650
15,158
Carrying amount
At 31 January 2023
16,412
554
1,056
31,950
49,972
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
£
Motor vehicles
31,950
4
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
22,588
Other debtors
26,488
49,076
5
Creditors: amounts falling due within one year
2023
£
Trade creditors
6,758
Taxation and social security
8,785
Other creditors
37,951
53,494
VERTEX DISPLAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2023
- 7 -
6
Creditors: amounts falling due after more than one year
2023
£
Other creditors
25,560
7
Secured debts
The following secured debts are included within creditors:
2023
£
Hire purchase contracts
35,145
Hire purchase contracts are secured against the assets to which they relate.
8
Provisions for liabilities
2023
£
Deferred tax liabilities
7,667
9
Called up share capital
2023
£
Ordinary share capital
Issued and fully paid
75 Ordinary A of £1 each
75
25 Ordinary B of £1 each
25
100
The following shares were allotted and fully paid for cash at par during the period:
75 Ordinary A shares of £1 each
25 Ordinary B shares of £1 each
10
Ultimate controlling party
The ultimate controlling party is Mr L K Walters.
11
Comparatives
This is the company's first period of trade, therefore there are no comparatives.