VERTEX CARS LTD

Company Registration Number:
11736010 (England and Wales)

Unaudited statutory accounts for the year ended 29 November 2022

Period of accounts

Start date: 01 December 2021

End date: 29 November 2022

VERTEX CARS LTD

Contents of the Financial Statements

for the Period Ended 29 November 2022

Company Information - 3
Balance sheet - 4
Additional notes - 6
Balance sheet notes - 9

VERTEX CARS LTD

Company Information

for the Period Ended 29 November 2022




Registered office: Langley Railway Station Yard
Station Road
Slough
Berkshire
GBR
SL3 6DB
Company Registration Number: 11736010 (England and Wales)

VERTEX CARS LTD

Balance sheet

As at 29 November 2022


Notes

2022
£

2021
£
Fixed assets
Tangible assets: 4 466,462 289,291
Total fixed assets: 466,462 289,291
Current assets
Stocks: 114,360 160,901
Debtors: 5 50,624 56,528
Cash at bank and in hand: 19,506 18,865
Total current assets: 184,490 236,294
Creditors: amounts falling due within one year: 6 ( 397,294 ) ( 452,918 )
Net current assets (liabilities): ( 212,804 ) ( 216,624 )
Total assets less current liabilities: 253,658 72,667
Total net assets (liabilities): 253,658 72,667

The notes form part of these financial statements

VERTEX CARS LTD

Balance sheet continued

As at 29 November 2022


Notes

2022
£

2021
£
Capital and reserves
Called up share capital: 100 100
Profit and loss account: 253,558 72,567
Shareholders funds: 253,658 72,667

For the year ending 29 November 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 23 October 2023
And Signed On Behalf Of The Board By:

Name: Mr Rana Farooq
Status: Director

The notes form part of these financial statements

VERTEX CARS LTD

Notes to the Financial Statements

for the Period Ended 29 November 2022

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    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 from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

    Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
    Motor Vehicles 10% Reducing balance

    Other accounting policies

    Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

VERTEX CARS LTD

Notes to the Financial Statements

for the Period Ended 29 November 2022

  • 2. Employees


    2022

    2021
    Average number of employees during the period 4 4

VERTEX CARS LTD

Notes to the Financial Statements

for the Period Ended 29 November 2022

  • 3. Off balance sheet disclosure

    No

VERTEX CARS LTD

Notes to the Financial Statements

for the Period Ended 29 November 2022

4. Tangible assets

Motor vehicles Total
Cost £ £
At 01 December 2021 321,434 321,434
Additions 229,000 229,000
Disposals - -
Revaluations - -
Transfers - -
At 29 November 2022 550,434 550,434
Depreciation
At 01 December 2021 32,143 32,143
Charge for year 51,829 51,829
On disposals - -
Other adjustments - -
At 29 November 2022 83,972 83,972
Net book value
At 29 November 2022 466,462 466,462
At 30 November 2021 289,291 289,291

VERTEX CARS LTD

Notes to the Financial Statements

for the Period Ended 29 November 2022

5. Debtors


2022
£

2021
£
Trade debtors 50,624 34,016
Other debtors 22,512
Total 50,624 56,528

VERTEX CARS LTD

Notes to the Financial Statements

for the Period Ended 29 November 2022

6.Creditors: amounts falling due within one year note


2022
£

2021
£
Trade creditors 201,756 269,337
Taxation and social security 18,958 16,661
Other creditors 176,580 166,920
Total 397,294 452,918