Registered number
05910493
Vicmar Engineering Limited
Unaudited Filleted Accounts
31 August 2023
Vicmar Engineering Limited
Registered number: 05910493
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 19,681 26,238
Current assets
Debtors 4 5,985 29,309
Cash at bank and in hand 7,554 20,238
13,539 49,547
Creditors: amounts falling due within one year 5 (29,142) (62,485)
Net current liabilities (15,603) (12,938)
Total assets less current liabilities 4,078 13,300
Provisions for liabilities (3,774) (4,980)
Net assets 304 8,320
Capital and reserves
Called up share capital 101 101
Profit and loss account 203 8,219
Shareholders' funds 304 8,320
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 her 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.
Mrs VA Evans
Director
Approved by the board on 24 January 2024
Vicmar Engineering Limited
Notes to the Accounts
for the year ended 31 August 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:
Computer equipment 25% on written down value
Office equipment 15% on written down value
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Computer equipment Office equipment Total
£ £ £
Cost
At 1 September 2022 38,539 300 38,839
At 31 August 2023 38,539 300 38,839
Depreciation
At 1 September 2022 12,323 278 12,601
Charge for the year 6,554 3 6,557
At 31 August 2023 18,877 281 19,158
Net book value
At 31 August 2023 19,662 19 19,681
At 31 August 2022 26,216 22 26,238
4 Debtors 2023 2022
£ £
Trade debtors 5,985 29,309
Other debtors - -
5,985 29,309
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 9,469 17,729
Other creditors 19,673 44,756
29,142 62,485
6 Related party transactions
Mr and Mrs Evans control the company by virtue of their shareholdings. Dividends paid during the period amounted to £35000 to Mr and Mrs Evans and immediate family. The dividends were credited to the director's non-interest paying loan account with the company against which regular withdrawals were made. At the year end the company owed the director £19173 (2022: £44291).
7 Other information
Vicmar Engineering Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 16 Eastway Business Village
Olivers Place
Fulwood
Preston
PR2 9WT
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