VAIL HOMES LIMITED
Registered number: 11110386
Abridged Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 4,965 5,518
Current assets
Stocks 189,915 315,547
Debtors 3,002 1,480
Cash at bank and in hand 10,141 28,626
203,058 345,653
Creditors: amounts falling due within one year (340,219) (476,657)
Net current liabilities (137,161) (131,004)
Net liabilities (132,196) (125,486)
Capital and reserves
Called up share capital 1 1
Profit and loss account (132,197) (125,487)
Shareholders' funds (132,196) (125,486)
The director is 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 director acknowledges his 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.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
J Hendry
Director
Approved by the board on 2 February 2024
VAIL HOMES LIMITED
Notes to the Abridged Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The abridged 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:
Pland & equipment 10% on written down value
Motor vehicles 10% on written down value
Fixtures and equipment 10% on written down value
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.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Total
£
Cost
At 1 January 2023 7,374
At 31 December 2023 7,374
Depreciation
At 1 January 2023 1,856
Charge for the year 553
At 31 December 2023 2,409
Net book value
At 31 December 2023 4,965
At 31 December 2022 5,518
4 Other information
VAIL HOMES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Lindfield
Burley Road
Brockenhurst
Hampshire
SO42 7TB
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