REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
VEHICLE ACCESSORIES SOLUTIONS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
VEHICLE ACCESSORIES SOLUTIONS LIMITED |
VEHICLE ACCESSORIES SOLUTIONS LIMITED (REGISTERED NUMBER: 07443795) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 November 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
VEHICLE ACCESSORIES SOLUTIONS LIMITED |
COMPANY INFORMATION |
for the year ended 30 November 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
VEHICLE ACCESSORIES SOLUTIONS LIMITED (REGISTERED NUMBER: 07443795) |
ABRIDGED BALANCE SHEET |
30 November 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
VEHICLE ACCESSORIES SOLUTIONS LIMITED (REGISTERED NUMBER: 07443795) |
ABRIDGED BALANCE SHEET - continued |
30 November 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
VEHICLE ACCESSORIES SOLUTIONS LIMITED (REGISTERED NUMBER: 07443795) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 November 2023 |
1. | STATUTORY INFORMATION |
Vehicle Accessories Solutions Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £1. |
The accounts have been prepared in accordance with applicable accounting standards. The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year. |
Turnover |
Turnover comprises the value of sales (net of value added tax) of goods and services provided in the normal course of business. Revenue is recognised in respect of service contracts when the company obtains the right to consideration. |
Tangible fixed assets |
Fixtures & fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
VEHICLE ACCESSORIES SOLUTIONS LIMITED (REGISTERED NUMBER: 07443795) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 November 2023 |
2. | ACCOUNTING POLICIES - continued |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 December 2022 |
Additions |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
5. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
VEHICLE ACCESSORIES SOLUTIONS LIMITED (REGISTERED NUMBER: 07443795) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 November 2023 |
6. | SECURED DEBTS |
The bank lending facility has been secured by fixed and floating charges over the purchased debts and any remaining assets of the company. |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
8. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year. The amount outstanding at the year end was £1,904 (2022: £1,279). |
9. | CONTROLLING INTERESTS |
The directors are considered to be the ultimate controlling parties by virtue of their ability to act in concert in respect of the financial and operating policies of the company. |