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Company registration number: 10298718
VAH Corporation Ltd
Unaudited filleted financial statements
31 July 2023
VAH Corporation Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
VAH Corporation Ltd
Directors and other information
Directors Miss Harbinder Sidhu
Company number 10298718
Registered office 13 Freeland Park
Wareham Road
Poole
Dorset
BH16 6FA
VAH Corporation Ltd
Statement of financial position
31 July 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 4 574 895
Investments 5 - 599,063
_______ _______
574 599,958
Current assets
Debtors 6 5 5
Cash at bank and in hand 159,635 35,854
_______ _______
159,640 35,859
Creditors: amounts falling due
within one year 7 ( 88,475) ( 12,548)
_______ _______
Net current assets 71,165 23,311
_______ _______
Total assets less current liabilities 71,739 623,269
Creditors: amounts falling due
after more than one year 10 - ( 604,310)
Provisions for liabilities - ( 4,813)
_______ _______
Net assets 71,739 14,146
_______ _______
Capital and reserves
Called up share capital 5 5
Revaluation reserve - ( 15,833)
Profit and loss account 71,734 29,974
_______ _______
Shareholders funds 71,739 14,146
_______ _______
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 April 2024 , and are signed on behalf of the board by:
Miss Harbinder Sidhu
Director
Company registration number: 10298718
VAH Corporation Ltd
Notes to the financial statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Lytchett House, 13 Freeland Park, Wareham Road, Poole, Dorset, BH16 6FA.
2. Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ('FRS 102') and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a fair view. The financial statements are prepared in Sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
3. Staff costs
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
The aggregate payroll costs incurred during the year were:
2023 2022
£ £
Wages and salaries 13,593 4,150
Other pension costs 16,100 -
_______ _______
29,693 4,150
_______ _______
4. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 August 2022 and 31 July 2023 3,019 3,019
_______ _______
Depreciation
At 1 August 2022 2,124 2,124
Charge for the year 321 321
_______ _______
At 31 July 2023 2,445 2,445
_______ _______
Carrying amount
At 31 July 2023 574 574
_______ _______
At 31 July 2022 895 895
_______ _______
5. Investments
Other investments other than loans Total
£ £
Cost
At 1 August 2022 599,063 599,063
Disposals ( 599,063) ( 599,063)
_______ _______
At 31 July 2023 - -
_______ _______
Impairment
At 1 August 2022 and 31 July 2023 - -
_______ _______
Carrying amount
At 31 July 2023 - -
_______ _______
At 31 July 2022 599,063 599,063
_______ _______
6. Debtors
2023 2022
£ £
Other debtors 5 5
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Corporation tax 16,948 3,345
Other creditors 71,527 9,203
_______ _______
88,475 12,548
_______ _______
At the financial year end, other creditors include rental deposit of £2,984 (2022: £2,984) taken in advance from the tenant.
Other creditors also include £59,310 (2022: £NIL) company owed to the director Miss Harbinder Sidhu. This loan is repayable on demand and the rate of interest charged is 0%.
10. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts - 604,310
_______ _______
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Miss Harbinder Sidhu ( 1,849) ( 1,830) ( 3,679)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Miss Harbinder Sidhu ( 27) ( 1,822) ( 1,849)
_______ _______ _______