Company registration number 04899710 (England and Wales)
VULCAN TO THE SKY ENTERPRISES LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
VULCAN TO THE SKY ENTERPRISES LIMITED
COMPANY INFORMATION
Director
M Walters
(Appointed 1 January 2023)
Company number
04899710
Registered office
Unit 4 Delta Court Third Avenue
Doncaster Sheffield Airport
Doncaster
DN9 3GN
Accountants
Newby Castleman LLP
West Walk Building
110 Regent Road
Leicester
LE1 7LT
VULCAN TO THE SKY ENTERPRISES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Information for management
-
VULCAN TO THE SKY ENTERPRISES LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
221
423
Current assets
Stocks
76,841
78,439
Debtors
4
6,284
12,234
Cash at bank and in hand
9,665
8,511
92,790
99,184
Creditors: amounts falling due within one year
5
(218,452)
(193,555)
Net current liabilities
(125,662)
(94,371)
Net liabilities
(125,441)
(93,948)
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
(125,442)
(93,949)
Total equity
(125,441)
(93,948)
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 31 October 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 members have 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 by the board of directors and authorised for issue on 26 July 2024 and are signed on its behalf by:
M Walters
Director
Company registration number 04899710 (England and Wales)
VULCAN TO THE SKY ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
Company information
Vulcan to the Sky Enterprises Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4 Delta Court Third Avenue, Doncaster Sheffield Airport, Doncaster, DN9 3GN.
1.1
Basis of preparation
These financial statements have been prepared in accordance with applicable accounting standards including 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. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Going concern
The company meets its day to day working capital requirements through support from its parent undertaking. The parent undertaking has confirmed their intention to continue to provide sufficient financial support as required. On this basis, the director considertrues it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the financial support by the parent undertaking.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for merchandise goods in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from the sale of merchandise goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Royalty income, which is earned based on a percentage of sales or a fixed amount per product sold, is recognised on an accruals basis.
1.4
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
20% per annum of cost
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises invoice price net of any discounts received. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
VULCAN TO THE SKY ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
1.7
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Gift Aid payable to the parent undertaking, Vulcan to the Sky Trust Limited, is charged to the profit and loss account. The estimate of Gift Aid payable is the lesser of the Company's taxable profits for the period and the balance of the Company's reserves which is available for distribution.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
4
VULCAN TO THE SKY ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 and 31 October 2023
12,660
Depreciation and impairment
At 1 November 2022
12,237
Depreciation charged in the year
202
At 31 October 2023
12,439
Carrying amount
At 31 October 2023
221
At 31 October 2022
423
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,278
669
Other debtors
4,006
11,565
6,284
12,234
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
9,147
2,950
Amounts owed to group undertakings
200,839
186,841
Taxation and social security
6,655
967
Other creditors
1,811
2,797
218,452
193,555
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
VULCAN TO THE SKY ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
7
Related party transactions
The company has taken advantage of the exemption offered by FRS 102 from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared by the ultimate parent company.
8
Parent company
The ultimate parent company is Vulcan to the Sky Trust, a registered charity.
Vulcan to the Sky Trust prepares group financial statements and copies can be obtained from Vulcan to the Sky Trust, Unit 4 Delta Court, Third Avenue, Doncaster Sheffield Airport, Doncaster, DN9 3GN.
The director considers that there is no ultimate controlling party.