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No description of principal activity
2022-08-10
Sage Accounts Production Advanced 2023 - FRS102_2023
42,699
42,699
8,540
8,540
34,159
xbrli:pure
xbrli:shares
iso4217:GBP
14287285
2022-08-10
2023-08-31
14287285
2023-08-31
14287285
2022-08-09
14287285
core:NetGoodwill
2022-08-10
2023-08-31
14287285
core:PlantMachinery
2022-08-10
2023-08-31
14287285
core:FurnitureFittings
2022-08-10
2023-08-31
14287285
bus:LeadAgentIfApplicable
2022-08-10
2023-08-31
14287285
bus:Director1
2022-08-10
2023-08-31
14287285
bus:Director2
2022-08-10
2023-08-31
14287285
core:NetGoodwill
2023-08-31
14287285
core:PlantMachinery
2023-08-31
14287285
core:FurnitureFittings
2023-08-31
14287285
core:WithinOneYear
2023-08-31
14287285
core:ShareCapital
2023-08-31
14287285
core:RetainedEarningsAccumulatedLosses
2023-08-31
14287285
bus:SmallEntities
2022-08-10
2023-08-31
14287285
bus:AuditExemptWithAccountantsReport
2022-08-10
2023-08-31
14287285
bus:SmallCompaniesRegimeForAccounts
2022-08-10
2023-08-31
14287285
bus:PrivateLimitedCompanyLtd
2022-08-10
2023-08-31
14287285
bus:FullAccounts
2022-08-10
2023-08-31
COMPANY REGISTRATION NUMBER:
14287285
Victoria Motors Stocksbridge Ltd |
|
Filleted Unaudited Financial Statements |
|
Victoria Motors Stocksbridge Ltd |
|
Period from 10 August 2022 to 31 August 2023
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
4 |
|
|
Victoria Motors Stocksbridge Ltd |
|
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Victoria Motors Stocksbridge Ltd |
|
Period from 10 August 2022 to 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Victoria Motors Stocksbridge Ltd for the period ended 31 August 2023, which comprise the statement of financial position 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Victoria Motors Stocksbridge Ltd, as a body, in accordance with the terms of our engagement letter dated 27 October 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Victoria Motors Stocksbridge Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Victoria Motors Stocksbridge Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Victoria Motors Stocksbridge Ltd 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 Victoria Motors Stocksbridge Ltd. You consider that Victoria Motors Stocksbridge Ltd 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 Victoria Motors Stocksbridge Ltd. 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.
HEBBLETHWAITES
Chartered accountants
2 Westbrook Court
Sharrow Vale Road
Sheffield
S11 8YZ
6 November 2023
Victoria Motors Stocksbridge Ltd |
|
Statement of Financial Position |
|
31 August 2023
Fixed assets
Intangible assets |
5 |
34,159 |
Tangible assets |
6 |
28,242 |
|
-------- |
|
62,401 |
|
|
|
Current assets
Stocks |
2,000 |
Debtors |
7 |
1,585 |
Cash at bank and in hand |
164,108 |
|
--------- |
|
167,693 |
|
|
|
Creditors: amounts falling due within one year |
8 |
143,941 |
|
--------- |
Net current assets |
23,752 |
|
-------- |
Total assets less current liabilities |
86,153 |
|
|
|
Provisions |
3,342 |
|
-------- |
Net assets |
82,811 |
|
-------- |
|
|
Victoria Motors Stocksbridge Ltd |
|
Statement of Financial Position (continued) |
|
31 August 2023
Capital and reserves
Called up share capital |
4 |
Profit and loss account |
82,807 |
|
-------- |
Shareholders funds |
82,811 |
|
-------- |
|
|
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 comprehensive income has not been delivered.
For the period ending 31 August 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 period 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
.
These financial statements were approved by the
board of directors
and authorised for issue on
3 November 2023
, and are signed on behalf of the board by:
Mr R H Clough |
Mr M I Batty |
Director |
Director |
|
|
Company registration number:
14287285
Victoria Motors Stocksbridge Ltd |
|
Notes to the Financial Statements |
|
Period from 10 August 2022 to 31 August 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 Victoria Motors, Victoria Street, Stocksbridge, Sheffield, S36 1GY, England.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make adjustments, 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. In the opinion of management, there are no areas of judgement or key sources of estimation uncertainty that have a significant effect on the financial statements, other than those highlighted below.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill |
- |
20% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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.
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 and machinery |
- |
25% straight line |
|
Fixtures and fittings |
- |
25% straight line |
|
|
|
|
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.
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. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial Instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
5
.
5.
Intangible assets
|
Goodwill |
|
£ |
Cost |
|
Additions |
42,699 |
|
-------- |
At 31 August 2023 |
42,699 |
|
-------- |
Amortisation |
|
Charge for the period |
8,540 |
|
-------- |
At 31 August 2023 |
8,540 |
|
-------- |
Carrying amount |
|
At 31 August 2023 |
34,159 |
|
-------- |
|
|
6.
Tangible assets
|
Plant and machinery |
Fixtures and fittings |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 10 August 2022 |
– |
– |
– |
Additions |
33,739 |
1,595 |
35,334 |
|
-------- |
------- |
-------- |
At 31 August 2023 |
33,739 |
1,595 |
35,334 |
|
-------- |
------- |
-------- |
Depreciation |
|
|
|
At 10 August 2022 |
– |
– |
– |
Charge for the period |
6,937 |
155 |
7,092 |
|
-------- |
------- |
-------- |
At 31 August 2023 |
6,937 |
155 |
7,092 |
|
-------- |
------- |
-------- |
Carrying amount |
|
|
|
At 31 August 2023 |
26,802 |
1,440 |
28,242 |
|
-------- |
------- |
-------- |
|
|
|
|
7.
Debtors
|
31 Aug 23 |
|
£ |
Trade debtors |
1,585 |
|
------- |
|
|
8.
Creditors:
amounts falling due within one year
|
31 Aug 23 |
|
£ |
Trade creditors |
13,261 |
Social security and other taxes |
42,403 |
Other creditors |
88,277 |
|
--------- |
|
143,941 |
|
--------- |
|
|