Registered number
07273461
Vuetek Systems Limited
Filleted Accounts
30 April 2023
Vuetek Systems Limited
Registered number: 07273461
Balance Sheet
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 24,564 28,961
Current assets
Stocks 66,592 54,170
Debtors 4 126,493 125,733
Cash at bank and in hand 17,747 48,547
210,832 228,450
Creditors: amounts falling due within one year 5 (42,232) (32,641)
Net current assets 168,600 195,809
Total assets less current liabilities 193,164 224,770
Creditors: amounts falling due after more than one year 6 - (6,703)
Provisions for liabilities (681) (6,832)
Net assets 192,483 211,235
Capital and reserves
Called up share capital 100 100
Profit and loss account 192,383 211,135
Shareholders' funds 192,483 211,235
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.
Mr M A Barker
Director
Approved by the board on 10 November 2023
Vuetek Systems Limited
Notes to the Accounts
for the year ended 30 April 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 and from 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.
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:
Motor vehicles 25% reducing balance
Leasehold land and buildings 10% straight line
Plant and machinery 33.3% reducing balance
Fixtures, fittings, tools and equipment 10% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
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, less any impairment losses for bad and doubtful debts.
Creditors
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.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 6
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 May 2022 11,335 36,928 28,601 76,864
Additions - 1,782 - 1,782
At 30 April 2023 11,335 38,710 28,601 78,646
Depreciation
At 1 May 2022 5,668 18,688 23,547 47,903
Charge for the year 1,134 3,781 1,264 6,179
At 30 April 2023 6,802 22,469 24,811 54,082
Net book value
At 30 April 2023 4,533 16,241 3,790 24,564
At 30 April 2022 5,667 18,240 5,054 28,961
4 Debtors 2023 2022
£ £
Trade debtors 88,691 107,657
Amounts owed by group undertakings and undertakings in which the company has a participating interest 29,599 11,859
Other debtors 8,203 6,217
126,493 125,733
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 7,536 10,000
Trade creditors 21,169 11,762
Taxation and social security costs 11,050 8,554
Other creditors 2,477 2,325
42,232 32,641
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans - 6,703
7 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 120,176 56,111
8 Other information
Vuetek Systems Limited is a private company limited by shares and incorporated in England. Its registered office is:
B20 Ribble Court
Red Scar Business Park
Preston
PR2 5NJ
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