Registered number
13971901
Diverse Vinyl Distribution Ltd
Filleted Accounts
31 March 2023
Diverse Vinyl Distribution Ltd
Registered number: 13971901
Balance Sheet
as at 31 March 2023
Notes 2023
£
Fixed assets
Intangible assets 3 45,000
Tangible assets 4 2,469
47,469
Current assets
Stocks 16,749
Debtors 5 46,882
Cash at bank and in hand 26,335
89,966
Creditors: amounts falling due within one year 6 (84,797)
Net current assets 5,169
Net assets 52,638
Capital and reserves
Called up share capital 100
Profit and loss account 52,538
Shareholders' funds 52,638
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Jarrett
Director
Approved by the board on 21 July 2023
Diverse Vinyl Distribution Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.
Debtors and creditors receivable/payable within one year
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 administrative expenses.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023
Number
Average number of persons employed by the company 1
3 Intangible fixed assets £
Goodwill:
Cost
Additions 50,000
At 31 March 2023 50,000
Amortisation
Provided during the year 5,000
At 31 March 2023 5,000
Net book value
At 31 March 2023 45,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
Additions 3,292
At 31 March 2023 3,292
Depreciation
Charge for the year 823
At 31 March 2023 823
Net book value
At 31 March 2023 2,469
5 Debtors 2023
£
Trade debtors 46,882
6 Creditors: amounts falling due within one year 2023
£
Trade creditors 36,131
Taxation and social security costs 22,402
Other creditors 26,264
84,797
7 Controlling party
The Company is controlled by the Directors.
8 Other information
Diverse Vinyl Distribution Ltd is a private company limited by shares and incorporated in England. Its registered office is:
10 Charles Street
Newport
NP20 1JU
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