Company registration number 14298740 (England and Wales)
VI DEVELOPMENTS LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
VI DEVELOPMENTS LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
VI DEVELOPMENTS LTD
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
Notes
£
£
Fixed assets
Tangible assets
3
41,991
Current assets
Debtors
4
6,938
Cash at bank and in hand
12,965
19,903
Creditors: amounts falling due within one year
5
(31,458)
Net current liabilities
(11,555)
Total assets less current liabilities
30,436
Creditors: amounts falling due after more than one year
6
(29,149)
Provisions for liabilities
(198)
Net assets
1,089
Capital and reserves
Called up share capital
7
100
Profit and loss reserves
989
Total equity
1,089

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 24 April 2024
Mr D C Robinson
Director
Company registration number 14298740 (England and Wales)
VI DEVELOPMENTS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 AUGUST 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 16 August 2022
-
0
-
0
-
Period ended 31 August 2023:
Profit and total comprehensive income
-
989
989
Issue of share capital
7
100
-
100
Balance at 31 August 2023
100
989
1,089
VI DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023
- 3 -
1
Accounting policies
Company information

Vi Developments Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 16 Campbell Street, Wainfelin, Pontypool, NP4 6DU.

1.1
Reporting period

These are the first set of financial statements since incorporation and cover a period of approximately 13 months.

1.2
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 true and 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 the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for promotional services provided. Turnover represents the value of goods and services provided in the normal course of business excluding VAT.

1.4
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% on cost
Motor vehicles
20% on cost
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

VI DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
Number
Total
1
3
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 16 August 2022
-
0
-
0
-
0
Additions
766
42,038
42,804
At 31 August 2023
766
42,038
42,804
Depreciation and impairment
At 16 August 2022
-
0
-
0
-
0
Depreciation charged in the period
112
701
813
At 31 August 2023
112
701
813
Carrying amount
At 31 August 2023
654
41,337
41,991
VI DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2023
- 5 -
4
Debtors
2023
Amounts falling due within one year:
£
Other debtors
6,938
5
Creditors: amounts falling due within one year
2023
£
Other creditors
31,458

Included in other creditors above is a hire purchase liability of £5,389 secured on the company's motor vehicle.

6
Creditors: amounts falling due after more than one year
2023
£
Other creditors
29,149

Included in other creditors above is a hire purchase liability of £29,149 secured on the company's motor vehicle.

7
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary of £1 each
100
100

During the period the company issued 100 Ordinary share of £1 which was fully paid.

8
Directors' transactions

The director operates a current loan account with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn director's fees. The amount outstanding to the director at the period end was £24,569. This amount being included in creditors; amounts falling due within one year.

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