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Registration number: 11453606

Vulcan 63-65 Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

image-name
 

Vulcan 63-65 Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Vulcan 63-65 Limited

Company Information

Directors

Mr Graham Halfacree

Mrs Korrine Charlotte Sampson

Registered office

Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

Accountants

Lucraft Hodgson & Dawes LLP
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

 

Vulcan 63-65 Limited

(Registration number: 11453606)
Balance Sheet as at 31 July 2023

Note

2023
 £

2022
 £

Fixed Assets

 

Investment property

4

81,000

81,000

Current assets

 

Stocks

5

224,108

150,000

Debtors

6

-

1

Cash at bank and in hand

 

2,450

1,436

 

226,558

151,437

Creditors: Amounts falling due within one year

7

(268,978)

(189,654)

Net current liabilities

 

(42,420)

(38,217)

Total assets less current liabilities

 

38,580

42,783

Creditors: Amounts falling due after more than one year

7

(31,952)

(37,136)

Net assets

 

6,628

5,647

Capital and Reserves

 

Called up share capital

100

100

Profit and loss account

6,528

5,547

Total equity

 

6,628

5,647

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 April 2024 and signed on its behalf by:
 

 

Vulcan 63-65 Limited

(Registration number: 11453606)
Balance Sheet as at 31 July 2023

.........................................
Mrs Korrine Charlotte Sampson
Director

   
     
 

Vulcan 63-65 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF
England

These financial statements were authorised for issue by the Board on 24 April 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.

The financial statements are presented in Sterling, which is the functional currency of the company.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Vulcan 63-65 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

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.

 

Vulcan 63-65 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
 No.

2022
 No.

Administration and support

1

1

1

1

4

Investment properties

2023
 £

At 1 August

81,000

5

Stocks

2023
 £

2022
 £

Work in progress

224,108

150,000

 

Vulcan 63-65 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

6

Debtors

Current

2023
£

2022
£

Prepayments

-

1

7

Creditors

Creditors: amounts falling due within one year

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

8

6,755

6,755

Trade Creditors

 

-

54

Social security and other taxes

 

1,066

1,333

Other payables

 

160,002

80,202

Accrued expenses

 

100,910

100,880

Corporation tax liability

245

430

 

268,978

189,654

Due after one year

 

Loans and borrowings

8

31,952

37,136

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

31,952

37,136

 

Vulcan 63-65 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

8

Loans and borrowings

2023
 £

2022
 £

Non-current loans and borrowings

Bank borrowings

31,952

37,136

2023
 £

2022
 £

Current loans and borrowings

Bank borrowings

6,755

6,755

9

Related party transactions

Loans to related parties

 

Parent

2022
£

At start of period

4,048

Repaid

(4,048)

At end of period

-

Terms of loans to related parties

During the year the company provided a loan to HGP Developments Limited. The loan was interest fee, unsecured and repayable on demand.