Masters VBR Ltd 11897332 false 2022-03-30 2023-03-29 2023-03-29 The principal activity of the company is that of repair and spraying of motor vehicles Digita Accounts Production Advanced 6.30.9574.0 true 11897332 2022-03-30 2023-03-29 11897332 2023-03-29 11897332 bus:OrdinaryShareClass1 2023-03-29 11897332 core:CurrentFinancialInstruments 2023-03-29 11897332 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-29 11897332 core:OtherPropertyPlantEquipment 2023-03-29 11897332 bus:SmallEntities 2022-03-30 2023-03-29 11897332 bus:AuditExemptWithAccountantsReport 2022-03-30 2023-03-29 11897332 bus:FullAccounts 2022-03-30 2023-03-29 11897332 bus:SmallCompaniesRegimeForAccounts 2022-03-30 2023-03-29 11897332 bus:RegisteredOffice 2022-03-30 2023-03-29 11897332 bus:Director1 2022-03-30 2023-03-29 11897332 bus:Director2 2022-03-30 2023-03-29 11897332 bus:OrdinaryShareClass1 2022-03-30 2023-03-29 11897332 bus:PrivateLimitedCompanyLtd 2022-03-30 2023-03-29 11897332 core:OtherPropertyPlantEquipment 2022-03-30 2023-03-29 11897332 core:PlantMachinery 2022-03-30 2023-03-29 11897332 countries:EnglandWales 2022-03-30 2023-03-29 11897332 2022-03-29 11897332 core:OtherPropertyPlantEquipment 2022-03-29 11897332 2021-03-30 2022-03-29 11897332 2022-03-29 11897332 bus:OrdinaryShareClass1 2022-03-29 11897332 core:CurrentFinancialInstruments 2022-03-29 11897332 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-29 11897332 core:OtherPropertyPlantEquipment 2022-03-29 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11897332

Masters VBR Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 29 March 2023

 

Masters VBR Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Masters VBR Ltd

Company Information

Directors

Mr Colin Parry

Mr Julian Medlock

Registered office

1st Floor
8-12 London Street
Southport
Merseyside
PR9 0UE

Accountants

GMR Accountants Ltd
1st Floor
8/12 London Street
Southport
Merseyside
PR9 0UE

 

Masters VBR Ltd

(Registration number: 11897332)
Balance Sheet as at 29 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,392

3,172

Current assets

 

Debtors

5

14,784

18,452

Cash at bank and in hand

 

33,510

31,032

 

48,294

49,484

Creditors: Amounts falling due within one year

6

(40,598)

(43,033)

Net current assets

 

7,696

6,451

Net assets

 

10,088

9,623

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

9,988

9,523

Shareholders' funds

 

10,088

9,623

For the financial year ending 29 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 November 2023 and signed on its behalf by:
 

.........................................
Mr Colin Parry
Director

 

Masters VBR Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1st Floor
8-12 London Street
Southport
Merseyside
PR9 0UE
United Kingdom

These financial statements were authorised for issue by the Board on 23 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Masters VBR Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 March 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment

15% on reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Masters VBR Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 March 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

Masters VBR Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 March 2023

4

Tangible assets

Other tangible assets
 £

Total
£

Cost or valuation

At 30 March 2022

5,200

5,200

At 29 March 2023

5,200

5,200

Depreciation

At 30 March 2022

2,028

2,028

Charge for the year

780

780

At 29 March 2023

2,808

2,808

Carrying amount

At 29 March 2023

2,392

2,392

At 29 March 2022

3,172

3,172

5

Debtors

Current

2023
£

2022
£

Trade debtors

9,443

7,163

Other debtors

5,341

11,289

 

14,784

18,452

 

Masters VBR Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 March 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and overdrafts

7

21,025

24,594

Trade creditors

 

5,730

297

Taxation and social security

 

4,974

6,717

Accruals and deferred income

 

3,250

4,646

Other creditors

 

5,619

6,779

 

40,598

43,033

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

19,749

24,594

Other borrowings

1,276

-

21,025

24,594

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100