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Registration number: 04603496

Local V/Dubs Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Local V/Dubs Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Local V/Dubs Limited

(Registration number: 04603496)
Statement of Financial Position as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

6,169

7,228

Current assets

 

Stocks

2,468

2,488

Debtors

6

1,906

750

Cash at bank and in hand

 

11,964

18,310

 

16,338

21,548

Creditors: Amounts falling due within one year

7

(5,490)

(5,254)

Net current assets

 

10,848

16,294

Total assets less current liabilities

 

17,017

23,522

Provisions for liabilities

(1,172)

(1,374)

Net assets

 

15,845

22,148

Capital and reserves

 

Called up share capital

50

50

Profit and loss account

15,795

22,098

Shareholders' funds

 

15,845

22,148

 

Local V/Dubs Limited

(Registration number: 04603496)
Statement of Financial Position as at 30 November 2023 (continued)

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 7 April 2024
 


Mr R Lampkin
Director

 

Local V/Dubs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

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

The address of its registered office is:
26-28 Southernhay East
Exeter
Devon
EX1 1NS

Principal activity

The principal activity of the company is the maintenance and repair of motor vehicles.

2

Accounting policies

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 prepared in sterling which is the functional currency of the entity.

Going concern

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

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Turnover

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 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.

 

Local V/Dubs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Taxation

The tax expense for the period comprises current and deferred 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.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Asset class

Amortisation method and rate

Goodwill

10 years

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

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.

 

Local V/Dubs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

 

Local V/Dubs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

3,000

3,000

At 30 November 2023

3,000

3,000

Amortisation

At 1 December 2022

3,000

3,000

At 30 November 2023

3,000

3,000

Carrying amount

At 30 November 2023

-

-

5

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 December 2022

15,308

15,308

Additions

37

37

At 30 November 2023

15,345

15,345

Depreciation

At 1 December 2022

8,080

8,080

Charge for the year

1,096

1,096

At 30 November 2023

9,176

9,176

Carrying amount

At 30 November 2023

6,169

6,169

At 30 November 2022

7,228

7,228

 

Local V/Dubs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

6

Debtors

2023
£

2022
£

Trade debtors

-

750

Prepayments

1,906

-

1,906

750

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

3,372

3,208

Accruals and deferred income

1,402

1,327

Other creditors

716

719

5,490

5,254

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9

Directors advances, credits and guarantees

2023

Balance brought forward
£

Advances to director
£

Balance o/standing
£

Director - unsecured loan, interest free, repayable on demand

(719)

3

(716)

       
     

 

2022

Balance brought forward
£

Advances to director
£

Amounts repaid
£

Balance o/standing
£

Director - unsecured loan, interest free, repayable on demand

(85)

366

(1,000)

(719)