2022-04-012023-03-312023-03-31false02319141VEGA ENVIRONMENTAL CONSULTANTS 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VEGA ENVIRONMENTAL CONSULTANTS LIMITED

Registered Number
02319141
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

VEGA ENVIRONMENTAL CONSULTANTS LIMITED
Company Information
for the year from 1 April 2022 to 31 March 2023

Directors

BROWN, Alison
BROWN, Edward James
BROWN, Edward
BROWN, Ronald
PONTON, Andrea Clare

Registered Address

Church Building Station Road
Seaton Delaval
Whitley Bay
NE25 0PT

Registered Number

02319141 (England and Wales)
VEGA ENVIRONMENTAL CONSULTANTS LIMITED
Statement of Financial Position
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets5330,837486,790
330,837486,790
Current assets
Debtors7356,649379,957
Cash at bank and on hand215,831226,398
572,480606,355
Creditors amounts falling due within one year8(228,386)(224,491)
Net current assets (liabilities)344,094381,864
Total assets less current liabilities674,931868,654
Creditors amounts falling due after one year9(43,333)(63,333)
Provisions for liabilities10(38,823)(78,000)
Net assets592,775727,321
Capital and reserves
Called up share capital100100
Revaluation reserve98,103180,291
Profit and loss account494,572546,930
Shareholders' funds592,775727,321
The financial statements were approved and authorised for issue by the Board of Directors on 15 November 2023, and are signed on its behalf by:
BROWN, Edward
Director
Registered Company No. 02319141
VEGA ENVIRONMENTAL CONSULTANTS LIMITED
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
3.Accounting policies
Turnover policy
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 and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-50
Fixtures and fittings15-
Vehicles25-
Office Equipment-4
Taxation policy
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 policy
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 and operations policy
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 the Income Statement
Government grants and other government assistance policy
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
Leases policy
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Employee benefits policy
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
4.Employee information

20232022
Average number of employees during the year3130
5.Property, plant and equipment

Land & buildings

Vehicles

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 April 22375,839204,967154,85542,267777,928
Additions--4,1411,1005,241
Revaluations(205,839)---(205,839)
Disposals-(8,400)--(8,400)
At 31 March 23170,000196,567158,99643,367568,930
Depreciation and impairment
At 01 April 2295,02059,394102,99333,731291,138
Charge for year6,48836,0907,8664,35654,800
On disposals-(7,186)--(7,186)
Other adjustments(100,659)---(100,659)
At 31 March 2384988,298110,85938,087238,093
Net book value
At 31 March 23169,151108,26948,1375,280330,837
At 31 March 22280,819145,57351,8628,536486,790
The freehold land and property owned by the company was independently valued as at 12 December 2022 on an existing use basis by McGillivrays Chartered Surveyors.
6.Description of financial commitments other than capital commitments
The total future minimum lease payments under non-cancellable operating leases are as follows: Not later than 1 year £26,128 (2022, £26,128). Later than 1 year and not later than 5 years £Nil (2022, £26,128).
7.Debtors

2023

2022

££
Trade debtors / trade receivables302,850240,511
Other debtors42,008127,681
Prepayments and accrued income11,79111,765
Total356,649379,957
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
8.Creditors within one year

2023

2022

££
Trade creditors / trade payables42,64833,648
Bank borrowings and overdrafts20,00020,000
Taxation and social security107,433115,798
Other creditors44,34140,361
Accrued liabilities and deferred income13,96414,684
Total228,386224,491
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
9.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts43,33363,333
Total43,33363,333
10.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)38,82378,000
Total38,82378,000