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COMPANY REGISTRATION NUMBER: 11196245
VCD ASSET MANAGEMENT LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 January 2023
VCD ASSET MANAGEMENT LIMITED
FINANCIAL STATEMENTS
Year ended 31 January 2023
CONTENTS
PAGE
Balance sheet
1
Notes to the financial statements
3
VCD ASSET MANAGEMENT LIMITED
BALANCE SHEET
31 January 2023
2023
2022
Note
£
£
FIXED ASSETS
Tangible assets
5
4,272
5,476
Investments
6
304
304
-------
-------
4,576
5,780
CURRENT ASSETS
Stocks
93,649
51,660
Debtors
7
28,731
27,670
Cash at bank and in hand
10,489
17,964
---------
--------
132,869
97,294
CREDITORS: amounts falling due within one year
8
( 535,296)
( 297,192)
---------
---------
NET CURRENT LIABILITIES
( 402,427)
( 199,898)
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 397,851)
( 194,118)
---------
---------
NET LIABILITIES
( 397,851)
( 194,118)
---------
---------
CAPITAL AND RESERVES
Called up share capital
1,050
1,050
Profit and loss account
( 398,901)
( 195,168)
---------
---------
SHAREHOLDERS FUNDS
( 397,851)
( 194,118)
---------
---------
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 profit and loss account 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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
VCD ASSET MANAGEMENT LIMITED
BALANCE SHEET (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 27 October 2023 , and are signed on behalf of the board by:
Mr E J Batten
Director
Company registration number: 11196245
VCD ASSET MANAGEMENT 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 & Wales. The address of the registered office is 2 Britannia House, Suite D&E, Penny Lane, Cowbridge, Vale of Glamorgan, CF71 7EG, Wales.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on the going concern basis. The accounts show that the company had net liabilities of £397,851 at the balance sheet date. The directors have therefore had to consider the appropriateness of the going concern basis. The company has been able to finance its operations largely because of the support of the directors and other group companies. They will continue to support the company for at least the next twelve months and, with this continuing support, the company will be able to meet its liabilities as they fall due. On the basis of the above, the directors consider it appropriate to prepare the accounts on a going concern basis.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fixtures and equipment
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. TANGIBLE ASSETS
Fixtures and equipment
£
Cost
At 1 February 2022 and 31 January 2023
6,017
-------
Depreciation
At 1 February 2022
541
Charge for the year
1,204
-------
At 31 January 2023
1,745
-------
Carrying amount
At 31 January 2023
4,272
-------
At 31 January 2022
5,476
-------
6. INVESTMENTS
Shares in group undertakings
£
Cost
At 1 February 2022 and 31 January 2023
304
----
Impairment
At 1 February 2022 and 31 January 2023
----
Carrying amount
At 31 January 2023
304
----
At 31 January 2022
304
----
7. DEBTORS
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
14,750
Other debtors
28,731
12,920
--------
--------
28,731
27,670
--------
--------
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
26,266
23,854
Amounts owed to group undertakings and undertakings in which the company has a participating interest
82,385
Social security and other taxes
42,216
25,502
Other creditors
466,814
165,451
---------
---------
535,296
297,192
---------
---------
9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
Included within creditors due within one year are balances totalling £460,644 (2022 - £161,231) due to directors and former directors. Included within debtors are balances totalling £12,875 (2022 - £–) due from a director. These loans are interest free and repayable on demand. The following transactions took place between a director and the company during the year:
£
Drawings 12,875
Closing balance 12,875
10. RELATED PARTY TRANSACTIONS
The company has taken advantage of the exemption provided by Section 33 of Financial Reporting Standard 102 from the requirement to disclose transactions between wholly owned members of the same group.