Registered number
05997143
THE VILLAGE FACTORY LIMITED
Filleted Accounts
30 November 2023
THE VILLAGE FACTORY LIMITED
Registered number: 05997143
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 19,704 23,201
Current assets
Stocks 14,905 12,725
Debtors 4 24,315 51,038
Cash at bank and in hand 119,865 48,763
159,085 112,526
Creditors: amounts falling due within one year 5 (105,565) (50,033)
Net current assets 53,520 62,493
Total assets less current liabilities 73,224 85,694
Creditors: amounts falling due after more than one year 6 (18,047) (27,557)
Provisions for liabilities (3,744) (4,408)
Net assets 51,433 53,729
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 50,433 52,729
Shareholder's funds 51,433 53,729
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Papacosta
Director
Approved by the board on 26 July 2024
THE VILLAGE FACTORY LIMITED
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% on cost
Motor vehicles 15% on cost
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 30 30
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 December 2022 46,335 21,495 67,830
At 30 November 2023 46,335 21,495 67,830
Depreciation
At 1 December 2022 40,330 4,299 44,629
Charge for the year 273 3,224 3,497
At 30 November 2023 40,603 7,523 48,126
Net book value
At 30 November 2023 5,732 13,972 19,704
At 30 November 2022 6,005 17,196 23,201
4 Debtors 2023 2022
£ £
Trade debtors 24,315 46,467
Other debtors - 4,571
24,315 51,038
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 4,167 4,167
Trade creditors 69,378 18,857
Taxation and social security costs 30,070 25,259
Other creditors 1,950 1,750
105,565 50,033
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 18,047 27,557
7 Other information
THE VILLAGE FACTORY LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
596 Green Lanes
Palmers Green
London
N13 5RY
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