Vegas Kitchens and Interior Solutions Ltd 07343644 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is Glass product suppliers and kitchens Digita Accounts Production Advanced 6.30.9574.0 true true 07343644 2022-09-01 2023-08-31 07343644 2023-08-31 07343644 core:RetainedEarningsAccumulatedLosses 2023-08-31 07343644 core:ShareCapital 2023-08-31 07343644 core:CurrentFinancialInstruments 2023-08-31 07343644 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 07343644 core:Non-currentFinancialInstruments 2023-08-31 07343644 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 07343644 core:FurnitureFittings 2023-08-31 07343644 core:MotorVehicles 2023-08-31 07343644 core:OfficeEquipment 2023-08-31 07343644 bus:SmallEntities 2022-09-01 2023-08-31 07343644 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 07343644 bus:FullAccounts 2022-09-01 2023-08-31 07343644 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 07343644 bus:RegisteredOffice 2022-09-01 2023-08-31 07343644 bus:Director1 2022-09-01 2023-08-31 07343644 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 07343644 core:FurnitureFittings 2022-09-01 2023-08-31 07343644 core:MotorVehicles 2022-09-01 2023-08-31 07343644 core:OfficeEquipment 2022-09-01 2023-08-31 07343644 core:PlantMachinery 2022-09-01 2023-08-31 07343644 countries:EnglandWales 2022-09-01 2023-08-31 07343644 2022-08-31 07343644 core:FurnitureFittings 2022-08-31 07343644 core:MotorVehicles 2022-08-31 07343644 core:OfficeEquipment 2022-08-31 07343644 2021-09-01 2022-08-31 07343644 2022-08-31 07343644 core:RetainedEarningsAccumulatedLosses 2022-08-31 07343644 core:ShareCapital 2022-08-31 07343644 core:CurrentFinancialInstruments 2022-08-31 07343644 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 07343644 core:Non-currentFinancialInstruments 2022-08-31 07343644 core:Non-currentFinancialInstruments core:AfterOneYear 2022-08-31 07343644 core:FurnitureFittings 2022-08-31 07343644 core:MotorVehicles 2022-08-31 07343644 core:OfficeEquipment 2022-08-31 iso4217:GBP xbrli:pure

Registration number: 07343644

Vegas Kitchens and Interior Solutions Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Vegas Kitchens and Interior Solutions Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Vegas Kitchens and Interior Solutions Ltd

Company Information

Director

A Cobb

Registered office

First Floor, Oriac House, Unit 10
The Glenmore Centre
Shearway Business Park
Folkestone
Kent
CT19 4RJ

Accountants

Beresfords
Chartered Certified Accountants
1-2 Rhodium Point
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

 

Vegas Kitchens and Interior Solutions Ltd

(Registration number: 07343644)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

59,555

50,582

Current assets

 

Stocks

5

64,500

6,250

Debtors

6

237,151

333,667

Cash at bank and in hand

 

274,286

405,632

 

575,937

745,549

Creditors: Amounts falling due within one year

7

(267,375)

(275,289)

Net current assets

 

308,562

470,260

Total assets less current liabilities

 

368,117

520,842

Creditors: Amounts falling due after more than one year

7

(17,500)

(27,509)

Provisions for liabilities

(7,932)

(7,932)

Net assets

 

342,685

485,401

Capital and reserves

 

Called up share capital

100

100

Retained earnings

342,585

485,301

Shareholders' funds

 

342,685

485,401

 

Vegas Kitchens and Interior Solutions Ltd

(Registration number: 07343644)
Balance Sheet as at 31 August 2023 (continued)

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 22 November 2023
 

.........................................
A Cobb
Director

   
     
 

Vegas Kitchens and Interior Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
First Floor, Oriac House, Unit 10
The Glenmore Centre
Shearway Business Park
Folkestone
Kent
CT19 4RJ

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Vegas Kitchens and Interior Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Plant and machinery etc

33% on reducing balance and 25% on reducing balance

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.

 

Vegas Kitchens and Interior Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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 the director) during the year, was 4 (2022 - 4).

 

Vegas Kitchens and Interior Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

57,571

2,489

61,750

121,810

Additions

23,027

6,592

-

29,619

At 31 August 2023

80,598

9,081

61,750

151,429

Depreciation

At 1 September 2022

41,665

1,941

27,622

71,228

Charge for the year

9,734

2,380

8,532

20,646

At 31 August 2023

51,399

4,321

36,154

91,874

Carrying amount

At 31 August 2023

29,199

4,760

25,596

59,555

At 31 August 2022

15,906

548

34,128

50,582

5

Stocks

2023
£

2022
£

Other inventories

64,500

6,250

6

Debtors

Current

2023
£

2022
£

Trade debtors

150,461

249,318

Prepayments

1,501

-

Other debtors

85,189

84,349

 

237,151

333,667

 

Vegas Kitchens and Interior Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

60,026

78,854

Trade creditors

 

154,562

105,363

Taxation and social security

 

37,130

85,665

Accruals and deferred income

 

5,657

5,407

Other creditors

 

10,000

-

 

267,375

275,289

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

17,500

27,509

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

17,500

27,509

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

9,996

Other loans

49,652

68,500

Directors current account

374

358

60,026

78,854