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REGISTERED NUMBER: 06960690 (England and Wales)


















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

FOR

VERSATILE CONTRACTS LIMITED

VERSATILE CONTRACTS LIMITED (REGISTERED NUMBER: 06960690)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 July 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


VERSATILE CONTRACTS LIMITED

COMPANY INFORMATION
for the Year Ended 31 July 2023







DIRECTOR: T R Millington





REGISTERED OFFICE: Company House
Ground Floor Office
Unit 1 Stock Road
Southend on Sea
Essex
SS2 5QF





REGISTERED NUMBER: 06960690 (England and Wales)





ACCOUNTANTS: CLS Accountants Limited
Chartered Certified Accountants
2 Rythe Close
Esher
Surrey
KT10 9DD

VERSATILE CONTRACTS LIMITED (REGISTERED NUMBER: 06960690)

STATEMENT OF FINANCIAL POSITION
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 13,740 19,124

CURRENT ASSETS
Stocks 3,150 3,000
Debtors 5 308,310 282,460
Cash at bank 672,735 550,597
984,195 836,057
CREDITORS
Amounts falling due within one year 6 186,195 152,714
NET CURRENT ASSETS 798,000 683,343
TOTAL ASSETS LESS CURRENT
LIABILITIES

811,740

702,467

PROVISIONS FOR LIABILITIES 3,435 3,634
NET ASSETS 808,305 698,833

CAPITAL AND RESERVES
Called up share capital 50 50
Capital redemption reserve 50 50
Retained earnings 808,205 698,733
SHAREHOLDERS' FUNDS 808,305 698,833

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

VERSATILE CONTRACTS LIMITED (REGISTERED NUMBER: 06960690)

STATEMENT OF FINANCIAL POSITION - continued
31 July 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 November 2023 and were signed by:





T R Millington - Director


VERSATILE CONTRACTS LIMITED (REGISTERED NUMBER: 06960690)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

Versatile Contracts Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

VERSATILE CONTRACTS LIMITED (REGISTERED NUMBER: 06960690)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2022
and 31 July 2023 54,069
DEPRECIATION
At 1 August 2022 34,945
Charge for year 5,384
At 31 July 2023 40,329
NET BOOK VALUE
At 31 July 2023 13,740
At 31 July 2022 19,124

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 171,784 207,811
Amounts recoverable on contract 86,920 47,824
Other debtors 49,606 26,825
308,310 282,460

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade creditors 71,160 38,333
Taxation and social security 60,178 47,059
Other creditors 54,857 67,322
186,195 152,714