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REGISTERED NUMBER: 09964786 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

VECTARE LIMITED

VECTARE LIMITED (REGISTERED NUMBER: 09964786)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


VECTARE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: P J Nathanail
D A Rezai-Kalantary





REGISTERED OFFICE: 29 Arboretum Street
Nottingham
Nottinghamshire
NG1 4JA





REGISTERED NUMBER: 09964786 (England and Wales)





ACCOUNTANTS: Lemans
29 Arboretum Street
Nottingham
Nottinghamshire
NG1 4JA

VECTARE LIMITED (REGISTERED NUMBER: 09964786)

BALANCE SHEET
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 1
Tangible assets 5 3,534,661 1,299,784
3,534,661 1,299,785

CURRENT ASSETS
Debtors 6 1,052,152 548,753
Cash at bank 1,091,362 519,891
2,143,514 1,068,644
CREDITORS
Amounts falling due within one year 7 2,224,709 772,675
NET CURRENT (LIABILITIES)/ASSETS (81,195 ) 295,969
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,453,466

1,595,754

CREDITORS
Amounts falling due after more than one
year

8

(2,067,323

)

(766,256

)

PROVISIONS FOR LIABILITIES 9 (451,673 ) (209,491 )
NET ASSETS 934,470 620,007

CAPITAL AND RESERVES
Called up share capital 10 10 10
Retained earnings 934,460 619,997
SHAREHOLDERS' FUNDS 934,470 620,007

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

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

The directors acknowledge their 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.

VECTARE LIMITED (REGISTERED NUMBER: 09964786)

BALANCE SHEET - continued
31 MARCH 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 Board of Directors and authorised for issue on 17 November 2023 and were signed on its behalf by:





D A Rezai-Kalantary - Director


VECTARE LIMITED (REGISTERED NUMBER: 09964786)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Vectare 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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
Revenue is measured once the company is satisfied that the ownership and control of the goods or services has passed (or been delivered) to the customer. For intangible products or services, the company recognises the revenue once the client has received the benefits in full. Where intangible products are provided to a client over a period of time, the revenue is recognised when the customer has been invoiced and is not entitled to a refund. Revenue is presented net of value added tax (VAT), rebates and discounts.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of two years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 33% on cost and Over lease term : straight line basis
Computer equipment - 50% on cost

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 balance sheet date.


VECTARE LIMITED (REGISTERED NUMBER: 09964786)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 103 (2022 - 44 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 30,125
AMORTISATION
At 1 April 2022 30,124
Amortisation for year 1
At 31 March 2023 30,125
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 1

VECTARE LIMITED (REGISTERED NUMBER: 09964786)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 354 34,336 1,669,383 64,720 1,768,793
Additions 123,246 12,572 3,261,601 23,301 3,420,720
Disposals - - (244,000 ) - (244,000 )
At 31 March 2023 123,600 46,908 4,686,984 88,021 4,945,513
DEPRECIATION
At 1 April 2022 52 7,869 416,028 45,060 469,009
Charge for year 23,050 7,171 935,058 21,297 986,576
Eliminated on disposal - - (44,733 ) - (44,733 )
At 31 March 2023 23,102 15,040 1,306,353 66,357 1,410,852
NET BOOK VALUE
At 31 March 2023 100,498 31,868 3,380,631 21,664 3,534,661
At 31 March 2022 302 26,467 1,253,355 19,660 1,299,784

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2022 1,554,995
Additions 3,139,760
Disposals (244,000 )
At 31 March 2023 4,450,755
DEPRECIATION
At 1 April 2022 363,472
Charge for year 887,514
Eliminated on disposal (44,733 )
At 31 March 2023 1,206,253
NET BOOK VALUE
At 31 March 2023 3,244,502
At 31 March 2022 1,191,523

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 754,778 266,114
Amounts owed by participating interests 8,456 -
Other debtors 272,418 278,108
Prepayments 16,500 4,531
1,052,152 548,753

VECTARE LIMITED (REGISTERED NUMBER: 09964786)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Hire purchase contracts 960,563 314,042
Trade creditors 836,304 339,855
Corporation tax - 195
Social security and other taxes 86,968 16,781
Other creditors 214,462 -
Directors' current accounts 99,990 99,990
Accrued expenses 26,422 1,812
2,224,709 772,675

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Hire purchase contracts 2,067,323 766,256

9. PROVISIONS FOR LIABILITIES
31.3.23 31.3.22
£    £   
Deferred tax 451,673 209,491

Deferred
tax
£   
Balance at 1 April 2022 209,491
Provided during year 242,182
Balance at 31 March 2023 451,673

Deferred taxation is calculated at 25% (2022 - 19%) and relates to accelerated capital allowances in excess of depreciation and on unutilised losses.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
10 Ordinary £1 10 10