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Registration number: 08892407

Vox Ignis Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Vox Ignis Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 7

 

Vox Ignis Limited

Company Information

Directors

A C Smith

J P Kirkup

A W M Davison

M Burns

Registered office

Unit 27
Wearfield
Sunderland Enterprise Park
Sunderland
SR5 2TA

Accountants

Azets
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS

 

Vox Ignis Limited

(Registration number: 08892407)
Statement of Financial Position as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

13,677

14,920

Current assets

 

Stocks

5

241,920

158,774

Debtors

6

319,185

236,610

Cash at bank and in hand

 

523,856

469,593

 

1,084,961

864,977

Creditors: Amounts falling due within one year

7

(160,770)

(98,365)

Net current assets

 

924,191

766,612

Total assets less current liabilities

 

937,868

781,532

Creditors: Amounts falling due after more than one year

7

(25,000)

(25,000)

Net assets

 

912,868

756,532

Capital and reserves

 

Called up share capital

1,875

1,875

Profit and loss account

910,993

754,657

Total equity

 

912,868

756,532

For the financial year ending 28 February 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; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies' regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised for issue by the Board on 2 November 2023 and signed on its behalf by:
 

.........................................
A C Smith
Director

 

Vox Ignis Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is Unit 27, Wearfield, Sunderland Enterprise Park, Sunderland, SR5 2TA.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

The company meets its day to day working capital requirements through cash generated from operations and shareholder loans.

The company’s forecasts and projections for the next twelve months show that the company should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance.

Based on the factors set out above the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Vox Ignis Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

2

Accounting policies (continued)

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Asset class

Depreciation method and rate

 

R&D equipment

15% straight line

 

Fixtures and fittings

15% straight line

 

Plant and machinery

15% straight line

 

Office equipment

25% straight line

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

 

Vox Ignis Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 11).

 

Vox Ignis Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

4

Tangible assets

R&D equipment
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 March 2022

22,019

5,035

1,116

12,140

40,310

Additions

2,858

-

752

56

3,666

At 28 February 2023

24,877

5,035

1,868

12,196

43,976

Depreciation

At 1 March 2022

14,235

2,411

456

8,288

25,390

Charge for the year

2,047

668

231

1,963

4,909

At 28 February 2023

16,282

3,079

687

10,251

30,299

Carrying amount

At 28 February 2023

8,595

1,956

1,181

1,945

13,677

At 28 February 2022

7,784

2,624

660

3,852

14,920

5

Stocks

2023
£

2022
£

Raw materials and consumables

240,061

145,474

Finished goods and goods for resale

1,859

13,300

241,920

158,774

6

Debtors

2023
£

2022
£

Trade debtors

236,292

160,052

Prepayments

4,054

6,304

Other debtors

78,839

70,254

319,185

236,610

 

Vox Ignis Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

56,167

52,021

Taxation and social security

33,788

28,080

Accruals and deferred income

2,200

1,911

Other creditors

51,022

2,161

Directors loan accounts

17,593

14,192

160,770

98,365

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Director's loan account

25,000

25,000