1 false false false false false false false false false false true false false false false false false No description of principal activity 2022-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 09686786 2022-02-01 2023-01-31 09686786 2023-01-31 09686786 2022-01-31 09686786 2021-02-01 2022-01-31 09686786 2022-01-31 09686786 2021-01-31 09686786 core:PlantMachinery 2022-02-01 2023-01-31 09686786 bus:Director1 2022-02-01 2023-01-31 09686786 core:PlantMachinery 2022-01-31 09686786 core:PlantMachinery 2023-01-31 09686786 core:WithinOneYear 2023-01-31 09686786 core:WithinOneYear 2022-01-31 09686786 core:AfterOneYear 2023-01-31 09686786 core:AfterOneYear 2022-01-31 09686786 core:ShareCapital 2023-01-31 09686786 core:ShareCapital 2022-01-31 09686786 core:RetainedEarningsAccumulatedLosses 2023-01-31 09686786 core:RetainedEarningsAccumulatedLosses 2022-01-31 09686786 core:PlantMachinery 2022-01-31 09686786 bus:SmallEntities 2022-02-01 2023-01-31 09686786 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 09686786 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 09686786 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 09686786 bus:FullAccounts 2022-02-01 2023-01-31 09686786 core:OfficeEquipment 2022-02-01 2023-01-31 09686786 core:OfficeEquipment 2023-01-31 09686786 core:OfficeEquipment 2022-01-31 09686786 bus:Director1 1 2022-02-01 2023-01-31
COMPANY REGISTRATION NUMBER: 09686786
Victor Construction and Development Limited
Filleted Unaudited Financial Statements
31 January 2023
Victor Construction and Development Limited
Financial Statements
Year ended 31 January 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Victor Construction and Development Limited
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
737
982
Current assets
Stocks
3,500
3,500
Debtors
6
86,614
78,534
Cash at bank and in hand
4,846
4,378
--------
--------
94,960
86,412
Creditors: amounts falling due within one year
7
85,479
73,350
--------
--------
Net current assets
9,481
13,062
--------
--------
Total assets less current liabilities
10,218
14,044
Creditors: amounts falling due after more than one year
8
9,325
13,321
Provisions
Taxation including deferred tax
( 1,256)
( 978)
--------
--------
Net assets
2,149
1,701
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
2,148
1,700
-------
-------
Shareholders funds
2,149
1,701
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Victor Construction and Development Limited
Statement of Financial Position (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 26 October 2023 , and are signed on behalf of the board by:
Mr L X Victor
Director
Company registration number: 09686786
Victor Construction and Development Limited
Notes to the Financial Statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revenue recognition Turnover shown in the income statement represents amounts invoiced for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Income tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery - 25% reducing balance
Equipment - 25% reducing balance
Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 February 2022 and 31 January 2023
1,986
2,599
4,585
-------
-------
-------
Depreciation
At 1 February 2022
1,556
2,047
3,603
Charge for the year
107
138
245
-------
-------
-------
At 31 January 2023
1,663
2,185
3,848
-------
-------
-------
Carrying amount
At 31 January 2023
323
414
737
-------
-------
-------
At 31 January 2022
430
552
982
-------
-------
-------
6. Debtors
2023
2022
£
£
Trade debtors
7,135
13,352
Other debtors
79,479
65,182
--------
--------
86,614
78,534
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
3,997
4,005
Trade creditors
7,752
4,633
Corporation tax
22,998
17,443
Social security and other taxes
33,790
32,693
Other creditors
16,942
14,576
--------
--------
85,479
73,350
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
9,325
13,321
-------
--------
9. Director's advances, credits and guarantees
During the year aggregate advances of £34,815 (2022: £46,078) and repayments of £29,681 (2022: £36,515) were made to and from the director. Interest of £1,304 (2022: £1,042) was charged on the overdrawn balance. At the period end, the director owed the company £62,701 (2022: £57,567).