1 October 2022 v2024.4.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP040691582022-10-012023-09-30040691582023-09-30040691582022-09-3004069158core:WithinOneYear2023-09-3004069158core:WithinOneYear2022-09-3004069158core:AfterOneYear2023-09-3004069158core:AfterOneYear2022-09-3004069158core:ShareCapital2023-09-3004069158core:ShareCapital2022-09-3004069158core:RetainedEarningsAccumulatedLosses2023-09-3004069158core:RetainedEarningsAccumulatedLosses2022-09-3004069158bus:Director12022-10-012023-09-3004069158bus:RegisteredOffice2022-10-012023-09-3004069158core:NetGoodwill2022-10-012023-09-3004069158core:Goodwill2022-10-012023-09-3004069158core:FurnitureFittings2022-10-012023-09-3004069158core:OfficeEquipment2022-10-012023-09-30040691582021-10-012022-09-3004069158core:NetGoodwill2023-09-3004069158core:PlantMachinery2023-09-3004069158core:PlantMachinery2022-10-0104069158core:PlantMachinery2022-10-012023-09-3004069158core:PlantMachinery2022-09-300406915812022-10-012023-09-3004069158countries:EnglandWales2022-10-012023-09-3004069158bus:AuditExempt-NoAccountantsReport2022-10-012023-09-3004069158bus:PrivateLimitedCompanyLtd2022-10-012023-09-3004069158bus:SmallEntities2022-10-012023-09-3004069158bus:FullAccounts2022-10-012023-09-30
Company registration number:
04069158
Vincent Accountancy & Taxation Services Limited
Unaudited Filleted Financial Statements for the year ended
30 September 2023
Vincent Accountancy & Taxation Services Limited
Statement of Financial Position
30 September 2023
20232022
Note££
Fixed assets    
Tangible assets 6
2,748
 
3,664
 
Current assets    
Debtors 7
32,682
 
49,229
 
Cash at bank and in hand
33,952
 
44,027
 
66,634
 
93,256
 
Creditors: amounts falling due within one year 8
(52,297
)
(64,539
)
Net current assets
14,337
 
28,717
 
Total assets less current liabilities 17,085   32,381  
Creditors: amounts falling due after more than one year 9
(13,000
)
(20,800
)
Net assets
4,085
 
11,581
 
Capital and reserves    
Called up share capital
103
 
103
 
Profit and loss account
3,982
 
11,478
 
Shareholders funds
4,085
 
11,581
 
For the year ending
30 September 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 financial statements for the year in question in accordance with section 476;
  • The director acknowledges 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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
13 February 2024
, and are signed on behalf of the board by:
J Vincent
Director
Company registration number:
04069158
Vincent Accountancy & Taxation Services Limited
Notes to the Financial Statements
Year ended
30 September 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
14 The Cloisters
,
Littlehampton
,
West Sussex
,
BN17 5ST
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Current tax

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.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation 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. However, the increase is recognised in profit or loss to the extent that 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. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill
5% straight line

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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. However, the increase is recognised in profit or loss to the extent that 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. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
25% reducing balance
Office equipment
25% 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.

Defined contribution pension plan

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.

4 Average number of employees

The average number of persons employed by the company during the year was
3
(2022:
3.00
).

5 Intangible assets

Goodwill
£
Cost  
At
1 October 2022
and
30 September 2023
60,000
 
Amortisation  
At
1 October 2022
and
30 September 2023
60,000
 
Carrying amount  
At
30 September 2023
-  
At 30 September 2022 -  

6 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 October 2022
and
30 September 2023
21,573
 
Depreciation  
At
1 October 2022
17,909
 
Charge
916
 
At
30 September 2023
18,825
 
Carrying amount  
At
30 September 2023
2,748
 
At 30 September 2022
3,664
 

7 Debtors

20232022
££
Trade debtors
28,647
 
44,007
 
Other debtors
4,035
 
5,222
 
32,682
 
49,229
 

8 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
7,800
 
7,800
 
Trade creditors
3,823
 
4,286
 
Taxation and social security
19,155
 
22,231
 
Other creditors
21,519
 
30,222
 
52,297
 
64,539
 

9 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
13,000
 
20,800