Company Registration Number
04453363
VKM Accountants Limited
Filleted Accounts
31 May 2023
VKM Accountants Limited
Registered number: 04453363
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 225,000 225,000
Tangible assets 4 2,061 1,783
227,061 226,783
Current assets
Debtors 5 50,395 48,026
Cash at bank and in hand 242,399 272,148
292,794 320,174
Creditors: amounts falling due within one year 6 (107,270) (103,809)
Net current assets 185,524 216,365
Total assets less current liabilities 412,585 443,148
Creditors: amounts falling due after more than one year 7 (348,560) (362,801)
Net assets 64,025 80,347
Capital and reserves
Called up share capital 406 406
Profit and loss account 63,619 79,941
Shareholders' funds 64,025 80,347
The directors are 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 directors acknowledge their 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.
Mr V K Mehta, FCA, FCCA
Director
Approved by the board on 7 July 2023
VKM Accountants Limited
Notes to the Accounts
for the year ended 31 May 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 rendering of services. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 over its expected useful life, as follows:
Plant and machinery 25% per annum reducing balance basis
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 7
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2022 225,000
At 31 May 2023 225,000
Amortisation
At 31 May 2023 -
Net book value
At 31 May 2023 225,000
At 31 May 2022 225,000
The directors have taken a detailed review of the business and they have assessed that an impairment of goodwill has not taken place and concluded that no adjustment or charge is required for the year end.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022 47,436
Additions 964
At 31 May 2023 48,400
Depreciation
At 1 June 2022 45,653
Charge for the year 686
At 31 May 2023 46,339
Net book value
At 31 May 2023 2,061
At 31 May 2022 1,783
5 Debtors 2023 2022
£ £
Trade debtors 50,395 48,026
6 Creditors: amounts falling due within one year 2023 2022
£ £
Nest Staff Pension 299 248
Clients balances 46,998 35,561
Taxation and social security costs 59,572 65,616
Other creditors 401 2,384
107,270 103,809
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 30,748 40,494
Director's current account - V K Mehta 202,268 212,009
Director's current account - P B Khadka 48,230 50,806
Director's current account - S Gunesssing 67,314 59,492
348,560 362,801
8 Other information
VKM Accountants Limited is a private company limited by shares and incorporated in England. Its registered office is:
25 Balham High Road
Balham
London
SW12 9AL
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