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Company registration number: 09472195
Vapour Group Ltd
Unaudited filleted financial statements
31 March 2023
Vapour Group Ltd
Contents
Statement of financial position
Notes to the financial statements
Vapour Group Ltd
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 2,596 3,614
_______ _______
2,596 3,614
Current assets
Stocks 7 22,717 16,850
Debtors 8 17,577 12,730
Cash at bank and in hand 36,430 53,554
_______ _______
76,724 83,134
Creditors: amounts falling due
within one year 9 ( 48,798) ( 46,263)
_______ _______
Net current assets 27,926 36,871
_______ _______
Total assets less current liabilities 30,522 40,485
Creditors: amounts falling due
after more than one year 10 ( 29,915) ( 39,682)
Provisions for liabilities 11 ( 494) ( 687)
_______ _______
Net assets 113 116
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 13 16
_______ _______
Shareholder funds 113 116
_______ _______
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 March 2024 , and are signed on behalf of the board by:
Mrs Catherine Carden
Director
Company registration number: 09472195
Vapour Group Ltd
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 86 - 90 Paul Street, London, England, EC2A 4NE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in 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 financial assets and liabilities.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.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.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % straight line
Computer equipment - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
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. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tax on profit
Major components of tax expense
2023 2022
£ £
Current tax:
UK current tax expense 3,606 3,777
_______ _______
Deferred tax:
Origination and reversal of timing differences ( 193) 415
_______ _______
Tax on profit 3,413 4,192
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Computer equipment Total
£ £ £
Cost
At 1 April 2022 and 31 March 2023 2,350 8,099 10,449
_______ _______ _______
Depreciation
At 1 April 2022 - 6,835 6,835
Charge for the year 588 430 1,018
_______ _______ _______
At 31 March 2023 588 7,265 7,853
_______ _______ _______
Carrying amount
At 31 March 2023 1,762 834 2,596
_______ _______ _______
At 31 March 2022 2,350 1,264 3,614
_______ _______ _______
7. Stocks
2023 2022
£ £
Finished goods and goods for resale 22,717 16,850
_______ _______
8. Debtors
2023 2022
£ £
Taxation recoverable 1,029 -
Other debtors - 2,754
Director's loan account - D.Carden 16,548 9,976
_______ _______
17,577 12,730
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 9,768 9,527
Other loans - 9,000
Trade creditors 3,540 3,180
Corporation tax 3,412 3,777
Social security and other taxes 6,066 5,042
Director's loan account - C.Carden 7,811 5,445
Wages and salaries 1,535 -
Other creditors 42 -
Accruals and deferred income 16,624 10,292
_______ _______
48,798 46,263
_______ _______
10. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 29,915 39,682
_______ _______
11. Provisions
Deferred tax (note 12) Total
£ £
At 1 April 2022 687 687
Charges against provisions ( 193) ( 193)
_______ _______
At 31 March 2023 494 494
_______ _______
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 11) 494 687
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 494 687
_______ _______
13. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Dominic Carden 9,976 31,506 ( 24,934) 16,548
Mrs Catherine Carden ( 5,445) 4 ( 2,370) ( 7,811)
_______ _______ _______ _______
4,531 31,510 ( 27,304) 8,737
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Dominic Carden 57,536 16,832 ( 64,392) 9,976
Mrs Catherine Carden ( 3,451) 648 ( 2,642) ( 5,445)
_______ _______ _______ _______
54,085 17,480 ( 67,034) 4,531
_______ _______ _______ _______
14. Related party transactions
Mr Dominic Carden is considered to be a related party of the company by virtue of his directorship and shareholding within the company. At the year end, Mr Dominic Carden owed the company £16,548 (2022: £9,976). The loan is unsecured and with no specific repayment terms. Interest was charged at the official rate.Mrs Catherine Carden is considered to be a related party of the company by virtue of her directorship and shareholding within the company. At the year end, the company owed Mrs Catherin Carden £7,811 (2022: £5,445). The loan is unsecured, interest free and with no specific repayment terms.Mr J Carden is considered to be a related party by virtue of being a close family member. At the year end, the company owed Mr J Carden the sum of £Nil (2022: £9,000). The loan was unsecured, interest free and with no specific repayment terms. JPC Digital Ltd is considered to be a related party by virtue of a common director. During the year, the company charged rent to JPC Digital Ltd in the sum of £Nil (2022: £3,060). At the year end, JPC Digital Ltd owed the company the sum of £Nil (2022: £2,754).