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Registration number: 13253185

V.F.M CATERING-SOLUTIONS LTD

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

V.F.M CATERING-SOLUTIONS LTD

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

V.F.M CATERING-SOLUTIONS LTD

Company Information

Director

Mr Damien Nicholas Marsden

Registered office

64 Chandos Street
Hereford
HR4 0EX

Accountants

Young & Co
St Ethelbert House
Ryelands Street
Hereford
Herefordshire
HR4 0LA

 

V.F.M CATERING-SOLUTIONS LTD

(Registration number: 13253185)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

67,011

69,814

Current assets

 

Stocks

5

22,700

12,000

Debtors

6

28,794

3,612

 

51,494

15,612

Creditors: Amounts falling due within one year

7

(237,084)

(159,298)

Net current liabilities

 

(185,590)

(143,686)

Net liabilities

 

(118,579)

(73,872)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(118,679)

(73,972)

Shareholders' deficit

 

(118,579)

(73,872)

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.

 

V.F.M CATERING-SOLUTIONS LTD

(Registration number: 13253185)
Balance Sheet as at 31 August 2023
(continued)

Approved and authorised by the director on 23 January 2024
 

.........................................
Mr Damien Nicholas Marsden
Director

 

V.F.M CATERING-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.

The address of its registered office is:
64 Chandos Street
Hereford
HR4 0EX
United Kingdom

These financial statements were authorised for issue by the director on 23 January 2024.

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 show a deficit on net assets. This has arisen from losses incurred during the initial period of trading whilst the company was developing its business. The losses were anticipated during this phase of the businesses development and have been funded by loans from directors, shareholders and family loans. The shareholders have indicated that they will continue to provide financial support to the company to enable it to continue trading for the foreseeable future. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from the going concern basis being no longer appropriate.

 

V.F.M CATERING-SOLUTIONS LTD

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

2

Accounting policies (continued)

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.

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

10% of cost per annum

Fixtures and fittings

20% of cost per annum

Computer equipment

33% of cost per annu,

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.

 

V.F.M CATERING-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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

V.F.M CATERING-SOLUTIONS LTD

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

2

Accounting policies (continued)

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 13 (2022 - 11).

 

V.F.M CATERING-SOLUTIONS LTD

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2022

77,757

77,757

Additions

5,829

5,829

At 31 August 2023

83,586

83,586

Depreciation

At 1 September 2022

7,943

7,943

Charge for the year

8,632

8,632

At 31 August 2023

16,575

16,575

Carrying amount

At 31 August 2023

67,011

67,011

At 31 August 2022

69,814

69,814

5

Stocks

2023
£

2022
£

Other inventories

22,700

12,000

 

V.F.M CATERING-SOLUTIONS LTD

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

6

Debtors

Current

2023
£

2022
£

Trade debtors

16,555

3,612

Prepayments

12,239

-

 

28,794

3,612

 

V.F.M CATERING-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

9

23,792

21,036

Trade creditors

 

40,445

-

Taxation and social security

 

23,618

25,149

Accruals and deferred income

 

1,625

2,460

Other creditors

 

147,604

110,653

 

237,084

159,298

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

23,792

21,036

 

V.F.M CATERING-SOLUTIONS LTD

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

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £16,000 (2022 - £16,000).