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Registration number: 09703750

V Management Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

V Management Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

V Management Ltd

(Registration number: 09703750)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

92,702

114,699

Current assets

 

Debtors

5

431,426

393,657

Cash at bank and in hand

 

225,792

201,409

 

657,218

595,066

Creditors: Amounts falling due within one year

6

(383,643)

(484,305)

Net current assets

 

273,575

110,761

Total assets less current liabilities

 

366,277

225,460

Creditors: Amounts falling due after more than one year

6

(44,700)

(102,157)

Provisions for liabilities

(8,153)

-

Net assets

 

313,424

123,303

Capital and reserves

 

Called up share capital

414

414

Share premium reserve

374,837

374,837

Retained earnings

(61,827)

(251,948)

Shareholders' funds

 

313,424

123,303

 

V Management Ltd

(Registration number: 09703750)
Balance Sheet as at 30 September 2023

For the financial 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 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 20 March 2024
 

Mr C Bucknall
Director

   
     
 

V Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
Unit 1 Transigo
Gables Way
Thatcham
Berkshire
RG19 4JZ
England

These financial statements were authorised for issue by the director on 20 March 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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, and rounded to the nearest £.

Going concern

The director has reviewed the supply chains, key customers and the capital resources available and considers that the company has adequate resources in place to continue trading for the foreseeable future. A such the accounts have been prepared on a going concern basis.

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 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.

 

V Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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.

Tax

The tax expense for the period comprises current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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

Land and buildings

8.33% straight line

Furniture, fittings and equipment

25% reducing balance

Plant and machinery

25% 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.

 

V Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

 

V Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 6 (2022 - 4).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2022

239,650

14,370

16,607

270,627

At 30 September 2023

239,650

14,370

16,607

270,627

Depreciation

At 1 October 2022

133,090

8,929

13,909

155,928

Charge for the year

19,963

1,360

674

21,997

At 30 September 2023

153,053

10,289

14,583

177,925

Carrying amount

At 30 September 2023

86,597

4,081

2,024

92,702

At 30 September 2022

106,560

5,441

2,698

114,699

Included within the net book value of land and buildings above is £86,597 (2022 - £106,560) in respect of short leasehold land and buildings.
 

5

Debtors

2023
£

2022
£

Trade debtors

171,663

150,379

Amounts owed by related parties

19,450

16,803

Other debtors

94,167

91,140

Prepayments

146,146

88,932

Deferred tax assets

-

46,403

431,426

393,657

 

V Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

6

Creditors

Due within one year

Note

2023
£

2022
£

 

Bank loans and overdrafts

7

-

69,819

Trade creditors

 

131,631

174,034

Amounts due to related parties

 

-

384

Other related parties

 

422

934

Social security and other taxes

 

27,109

56,949

Other creditors

 

79,401

135,221

Accruals and deferred income

 

145,080

46,964

 

383,643

484,305

Due after one year

 

Loans and borrowings

7

-

27,457

Deferred income

 

44,700

74,700

 

44,700

102,157

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

27,457

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

9,819

Other borrowings

-

60,000

-

69,819

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £859,946 (2022 - £1,065,365).

 

V Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

9

Related party transactions

Summary of transactions with other related parties

A shareholder had made available a loan to the company which was interest free and repayable on demand. This was repaid during the year. At the balance sheet date the amount due to the shareholder was £nil (2022: £60,000).