Caseware UK (AP4) 2022.0.179 2022.0.179 2023-11-302023-11-30falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-11-04Printingtrue2true 14462344 2022-11-03 14462344 2022-11-04 2023-11-30 14462344 2021-11-04 2022-11-03 14462344 2023-11-30 14462344 c:Director1 2022-11-04 2023-11-30 14462344 c:Director2 2022-11-04 2023-11-30 14462344 d:PlantMachinery 2022-11-04 2023-11-30 14462344 d:PlantMachinery 2023-11-30 14462344 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-11-04 2023-11-30 14462344 d:CurrentFinancialInstruments 2023-11-30 14462344 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 14462344 d:ShareCapital 2023-11-30 14462344 d:RetainedEarningsAccumulatedLosses 2023-11-30 14462344 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-11-30 14462344 c:FRS102 2022-11-04 2023-11-30 14462344 c:AuditExempt-NoAccountantsReport 2022-11-04 2023-11-30 14462344 c:AbridgedAccounts 2022-11-04 2023-11-30 14462344 c:PrivateLimitedCompanyLtd 2022-11-04 2023-11-30 iso4217:GBP xbrli:pure

Registered number: 14462344









VMS PRINT LIMITED








FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 NOVEMBER 2023


BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
Note
£

Fixed assets
  

Tangible assets
 4 
4,896

  
4,896

Current assets
  

Stocks
 5 
1,524

Debtors
 6 
6

Cash at bank and in hand
 7 
14,258

  
15,788

Creditors: amounts falling due within one year
 8 
(8,422)

Net current assets
  
 
 
7,366

Total assets less current liabilities
  
12,262

Net assets
  
12,262


Capital and reserves
  

Called up share capital 
  
7

Profit and loss account
  
12,255

Shareholders' funds
  
12,262

Page 1

    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the Period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 April 2024.




Mr F Calcioli
Mr A Hollom
Director
Director

The notes on pages 3 to 7 form part of these financial statements.
Page 2


1.


General information

The Company is incorporated in England and Wales and is limited by shares.  The registered office is located at Yew Tree House, Lewes Road, Forest Row, East Sussex, RH18 5AA. 
The company was incorporated on 04 November 2022 and commenced trading on the 1 December 2022.
The company's principal activity was that of printing labels.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash
Page 4


2.9
Financial instruments (continued)

equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the Period was 2.

Page 5


4.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


Additions
5,760



At 30 November 2023

5,760



Depreciation


Charge for the Period on owned assets
864



At 30 November 2023

864



Net book value



At 30 November 2023
4,896


5.


Stocks

2023
£

Raw materials and consumables
1,524

1,524



6.


Debtors

2023
£


Other debtors
6

6



7.


Cash and cash equivalents

2023
£

Cash at bank and in hand
14,258

14,258


Page 6


8.


Creditors: Amounts falling due within one year

2023
£

Trade creditors
1,995

Corporation tax
2,666

Other taxation and social security
1,411

Accruals and deferred income
2,350

8,422



9.


Financial instruments

2023
£

Financial assets


Financial assets measured at fair value through profit or loss
14,258




Financial assets measured at fair value through profit or loss comprise of cash.

 
Page 7