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Registration number: 01724259

S.V.C. Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

Pages for filing with Registrar

 

S.V.C. Limited

Contents


 

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

S.V.C. Limited

Company Information


 

Director

Mr P A Hodgson

Company secretary

Mrs J Hodgson

Registered office

Suite 1
Belvedere
Fulwood
Preston
Lancashire
PR2 9NU

 

S.V.C. Limited

(Registration number: 01724259)

Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Current assets

 

Stocks

1,533

1,533

Debtors

6

32,761

29,160

Other financial assets

5

237,050

378,324

Cash at bank and in hand

 

6,182

782

 

277,526

409,799

Creditors: Amounts falling due within one year

7

(6,620)

(45,473)

Net assets

 

270,906

364,326

Capital and reserves

 

Called up share capital

28,824

28,824

Retained earnings

242,082

335,502

Shareholders' funds

 

270,906

364,326

 

S.V.C. Limited

(Registration number: 01724259)

Balance Sheet as at 31 July 2023 (continued)

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.

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 Profit and Loss Account.

Approved and authorised by the director on 25 January 2024
 

.........................................
Mr P A Hodgson
Director

 

S.V.C. Limited

Notes to the 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:
Suite 1
Belvedere
Fulwood
Preston
Lancashire
PR2 9NU

These financial statements were authorised for issue by the director on 25 January 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 prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Tax

The tax expense for the period comprises 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.

 

S.V.C. Limited

Notes to the Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

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.

Tangible assets

Tangible assets are stated in the balance sheet 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

10% Reducing balance

Fixtures and fittings

10% Reducing balance

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

S.V.C. Limited

Notes to the Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods comprises direct materials. 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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

S.V.C. Limited

Notes to the Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
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 statement of financial position 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 liability simultaneously.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. As equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

 

3

Staff numbers

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

 

S.V.C. Limited

Notes to the Financial Statements for the Year Ended 31 July 2023 (continued)

4

Tangible assets

Fixtures and fittings
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 August 2022

7,503

22,928

30,431

At 31 July 2023

7,503

22,928

30,431

Depreciation

At 1 August 2022

7,503

22,928

30,431

At 31 July 2023

7,503

22,928

30,431

Carrying amount

At 31 July 2023

-

-

-

At 31 July 2022

-

-

-

 

S.V.C. Limited

Notes to the Financial Statements for the Year Ended 31 July 2023 (continued)

5

Investments

2023
£

2022
£

Current financial assets

Financial assets at fair value through profit and loss

237,050

378,324

Financial assets at fair value through profit and loss
£

Current financial assets

Cost or valuation

At 1 August 2022

378,324

Fair value adjustments

(12,208)

Additions

30,255

Disposals

(56,584)

Transfers

(102,737)

At 31 July 2023

237,050

Carrying amount

At 31 July 2023

237,050

6

Debtors

Current

2023
£

2022
£

Trade debtors

4,414

4,414

Other debtors

28,347

24,746

 

32,761

29,160

 

S.V.C. Limited

Notes to the Financial Statements for the Year Ended 31 July 2023 (continued)

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

571

976

Other creditors

 

5,218

43,742

Accruals and deferred income

 

831

755

 

6,620

45,473