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Registration number: 11370528

Volt Entrepreneurs Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Volt Entrepreneurs Limited
(Registration number: 11370528)

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Volt Entrepreneurs Limited
(Registration number: 11370528)

Company Information

Director

S Khuri

Company secretary

G Cordani

Registered office

1 Colleton Crescent
Exeter
Devon
EX2 4DG

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Volt Entrepreneurs Limited
(Registration number: 11370528)

Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

3,967

6,361

Tangible assets

5

1,959

2,600

 

5,926

8,961

Current assets

 

Debtors

6

2,223

1,313

Cash at bank and in hand

 

30,780

7,091

 

33,003

8,404

Creditors: Amounts falling due within one year

7

(62,545)

(71,914)

Net current liabilities

 

(29,542)

(63,510)

Net liabilities

 

(23,616)

(54,549)

Capital and reserves

 

Called up share capital

24

24

Profit and loss account

(23,640)

(54,573)

Total equity

 

(23,616)

(54,549)

For the financial year ending 31 May 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 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 20 February 2024
 

.........................................
S Khuri
Director

 

Volt Entrepreneurs Limited
(Registration number: 11370528)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
1 Colleton Crescent
Exeter
Devon
EX2 4DG

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.

Going concern

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

Despite showing negative equity, the company has generated sales income during the year and there is sufficient continued support for the company until it becomes profitable. As such, the director considers the going concern basis to be appropriate.

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.

 

Volt Entrepreneurs Limited
(Registration number: 11370528)

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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

Office equipment

20% straight line basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Company website

20% straight line basis

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.

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.

 

Volt Entrepreneurs Limited
(Registration number: 11370528)

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

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.

3

Staff numbers

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

 

Volt Entrepreneurs Limited
(Registration number: 11370528)

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

4

Intangible assets

Company website
 £

Total
£

Cost or valuation

At 1 June 2022

11,968

11,968

At 31 May 2023

11,968

11,968

Amortisation

At 1 June 2022

5,607

5,607

Amortisation charge

2,394

2,394

At 31 May 2023

8,001

8,001

Carrying amount

At 31 May 2023

3,967

3,967

At 31 May 2022

6,361

6,361

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

3,544

3,544

Additions

70

70

At 31 May 2023

3,614

3,614

Depreciation

At 1 June 2022

944

944

Charge for the year

711

711

At 31 May 2023

1,655

1,655

Carrying amount

At 31 May 2023

1,959

1,959

At 31 May 2022

2,600

2,600

 

Volt Entrepreneurs Limited
(Registration number: 11370528)

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

6

Debtors

2023
£

2022
£

Other debtors

24

24

Prepayments and accrued income

2,199

1,289

Total current trade and other debtors

2,223

1,313

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

50,000

70,000

Trade creditors

 

-

742

Taxation and social security

 

3,612

62

Other creditors

 

1,470

360

Accrued expenses

 

7,463

750

 

62,545

71,914

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

50,000

70,000