Company registration number SC680845 (Scotland)
VTC REPAIRS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
VTC REPAIRS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
VTC REPAIRS LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,098
11,700
Current assets
Debtors
4
2,563
490
Cash at bank and in hand
27,637
20,564
30,200
21,054
Creditors: amounts falling due within one year
5
(10,369)
(13,556)
Net current assets
19,831
7,498
Total assets less current liabilities
28,929
19,198
Provisions for liabilities
(1,729)
(2,223)
Net assets
27,200
16,975
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
27,100
16,875
Total equity
27,200
16,975

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 year ended 30 November 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 member has not required the company to obtain an audit of its financial statements for the year 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 23 February 2024
Mr S Gracie
Director
Company Registration No. SC680845
VTC REPAIRS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information

VTC Repairs Limited is a private company limited by shares incorporated in Scotland. The registered office is 8/66 Glen Esk Drive, Darnley, Glasgow, United Kingdom, G53 7QW.

1.1
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown inclusive of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:

Plant and machinery
25% Reducing Balance
Motor vehicles
25% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Taxation

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

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.

VTC REPAIRS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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 year was:

2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 December 2022
-
0
14,400
14,400
Additions
330
-
0
330
At 30 November 2023
330
14,400
14,730
Depreciation and impairment
At 1 December 2022
-
0
2,700
2,700
Depreciation charged in the year
7
2,925
2,932
At 30 November 2023
7
5,625
5,632
Carrying amount
At 30 November 2023
323
8,775
9,098
At 30 November 2022
-
0
11,700
11,700
VTC REPAIRS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,354
490
Prepayments and accrued income
209
-
0
2,563
490
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other borrowings
864
135
Trade creditors
-
0
7,200
Corporation tax
7,819
4,637
Accruals and deferred income
1,686
1,584
10,369
13,556
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
2023-11-302022-12-01false23 February 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr S GraciefalseSC6808452022-12-012023-11-30SC6808452023-11-30SC6808452022-11-30SC680845core:PlantMachinery2023-11-30SC680845core:MotorVehicles2023-11-30SC680845core:PlantMachinery2022-11-30SC680845core:MotorVehicles2022-11-30SC680845core:CurrentFinancialInstrumentscore:WithinOneYear2023-11-30SC680845core:CurrentFinancialInstrumentscore:WithinOneYear2022-11-30SC680845core:CurrentFinancialInstruments2023-11-30SC680845core:CurrentFinancialInstruments2022-11-30SC680845core:ShareCapital2023-11-30SC680845core:ShareCapital2022-11-30SC680845core:RetainedEarningsAccumulatedLosses2023-11-30SC680845core:RetainedEarningsAccumulatedLosses2022-11-30SC680845bus:Director12022-12-012023-11-30SC680845core:MotorVehicles2022-12-012023-11-30SC6808452021-12-012022-11-30SC680845core:PlantMachinery2022-11-30SC680845core:MotorVehicles2022-11-30SC6808452022-11-30SC680845core:PlantMachinery2022-12-012023-11-30SC680845bus:PrivateLimitedCompanyLtd2022-12-012023-11-30SC680845bus:SmallCompaniesRegimeForAccounts2022-12-012023-11-30SC680845bus:FRS1022022-12-012023-11-30SC680845bus:AuditExemptWithAccountantsReport2022-12-012023-11-30SC680845bus:FullAccounts2022-12-012023-11-30xbrli:purexbrli:sharesiso4217:GBP