0 false false false false true false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 15,147 228,357 243,504 243,504 15,147 2,437 280 609 889 1,548 2,157 1 50,000 50,001 50,001 1 xbrli:pure xbrli:shares iso4217:GBP 13028597 2022-04-01 2023-03-31 13028597 2023-03-31 13028597 2022-03-31 13028597 2020-11-18 2022-03-31 13028597 2022-03-31 13028597 2020-11-17 13028597 core:Subsidiary1 2022-04-01 2023-03-31 13028597 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 13028597 bus:Director2 2022-04-01 2023-03-31 13028597 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-04-01 2023-03-31 13028597 core:AfterOneYear 2023-03-31 13028597 core:WithinOneYear 2023-03-31 13028597 core:WithinOneYear 2022-03-31 13028597 core:ShareCapital 2023-03-31 13028597 core:ShareCapital 2022-03-31 13028597 core:SharePremium 2023-03-31 13028597 core:RetainedEarningsAccumulatedLosses 2023-03-31 13028597 core:RetainedEarningsAccumulatedLosses 2022-03-31 13028597 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 13028597 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-31 13028597 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-31 13028597 core:CostValuation core:Non-currentFinancialInstruments 2022-03-31 13028597 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-03-31 13028597 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 13028597 core:Non-currentFinancialInstruments 2023-03-31 13028597 core:Non-currentFinancialInstruments 2022-03-31 13028597 bus:SmallEntities 2022-04-01 2023-03-31 13028597 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 13028597 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 13028597 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 13028597 bus:FullAccounts 2022-04-01 2023-03-31 13028597 bus:OrdinaryShareClass1 2023-03-31 13028597 bus:OrdinaryShareClass1 2022-03-31 13028597 core:OfficeEquipment 2022-04-01 2023-03-31 13028597 core:OfficeEquipment 2023-03-31 13028597 core:OfficeEquipment 2022-03-31 13028597 1 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: 13028597
Vandelay Holdings Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2023
Vandelay Holdings Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
4
243,504
15,147
Tangible assets
5
1,548
2,157
Investments
6
50,001
1
---------
--------
295,053
17,305
Current assets
Debtors
7
70,413
11,869
Cash at bank and in hand
71,808
324,499
---------
---------
142,221
336,368
Creditors: amounts falling due within one year
8
19,608
341,632
---------
---------
Net current assets/(liabilities)
122,613
( 5,264)
---------
--------
Total assets less current liabilities
417,666
12,041
---------
--------
Net assets
417,666
12,041
---------
--------
Capital and reserves
Called up share capital
9
327,168
250,001
Share premium account
432,833
Profit and loss account
( 342,335)
( 237,960)
---------
---------
Shareholders funds
417,666
12,041
---------
---------
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 year ending 31 March 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 .
These financial statements were approved by the board of directors and authorised for issue on 3 October 2023 , and are signed on behalf of the board by:
A Schweber
Director
Company registration number: 13028597
Vandelay Holdings Limited
Notes to the Financial Statements
Year ended 31 March 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 110-112 Lancaster Road, Barnet, EN4 8AL, 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. The 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 directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The investors have agreed to meet all short and long term debt as they fall due. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
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.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
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:
Office Equipment
-
25% 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.
Financial instruments
A financial asset or liability is recognised only when the company becomes a party to the contractual provisions of the financial instrument. Basic financial assets, which include trade and other debtors and cash, 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. Basic financial liabilities, which include trade and other creditors, 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. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
4. Intangible assets
Development costs
£
Cost
At 1 April 2022
15,147
Additions
228,357
---------
At 31 March 2023
243,504
---------
Amortisation
At 1 April 2022 and 31 March 2023
---------
Carrying amount
At 31 March 2023
243,504
---------
At 31 March 2022
15,147
---------
5. Tangible assets
Office Equipment
£
Cost
At 1 April 2022 and 31 March 2023
2,437
-------
Depreciation
At 1 April 2022
280
Charge for the year
609
-------
At 31 March 2023
889
-------
Carrying amount
At 31 March 2023
1,548
-------
At 31 March 2022
2,157
-------
6. Investments
Shares in group undertakings
£
Cost
At 1 April 2022
1
Additions
50,000
--------
At 31 March 2023
50,001
--------
Impairment
At 1 April 2022 and 31 March 2023
--------
Carrying amount
At 31 March 2023
50,001
--------
At 31 March 2022
1
--------
Subsidiaries, associates and other investments
Class of share
Percentage of shares held
Subsidiary undertakings
Lucra Technologies Limited
Ordinary
100
7. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
25,399
Other debtors
45,014
11,869
--------
--------
70,413
11,869
--------
--------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
25,399
--------
----
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
38,856
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1
Other creditors
19,608
302,775
--------
---------
19,608
341,632
--------
---------
The convertible loan notes of £290,000 included in Other Creditors in the prior year have been converted to equity as at 6 October 2022.
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
327,168
327,168
250,001
250,001
---------
---------
---------
---------
On 6 October 2022 16,250 ordinary shares at nominal value of £1 were issued at £8 per share and 48,334 ordinary shares at nominal value of £1 were issued at £6 per share. On 31 March 2023, 12,583 ordinary shares at nominal value of £1 were issued at £7.15 per share.
10. Events after the end of the reporting period
The following shares were issued following the year end: - 1,678 shares of £1 nominal value were issued for £7.15 per share - 9,379 shares of £1 nominal value were issued for £8.21 per share
11. Related party transactions
The company has taken advantage of exemption under FRS 102 section 1A from the requirement to disclose related party transactions with group undertakings.