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Registration number: 05858926

Vectorwell Limited

Unaudited Financial Statements

for the Year Ended 30 August 2023

 

Vectorwell Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Vectorwell Limited

(Registration number: 05858926)
Statement of Financial Position as at 30 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

229,839

4,221

Current assets

 

Debtors

5

1,167,834

870,340

Cash at bank and in hand

 

657,862

359,557

 

1,825,696

1,229,897

Creditors: Amounts falling due within one year

6

(1,230,474)

(723,083)

Net current assets

 

595,222

506,814

Total assets less current liabilities

 

825,061

511,035

Provisions for liabilities

(51,279)

-

Net assets

 

773,782

511,035

Capital and reserves

 

Called up share capital

100

100

Retained earnings

773,682

510,935

Shareholders' funds

 

773,782

511,035

 

Vectorwell Limited

(Registration number: 05858926)
Statement of Financial Position as at 30 August 2023

For the financial year ending 30 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 12 July 2024 and signed on its behalf by:
 

.........................................
D J Morris
Director

   
     
 

Vectorwell Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Imperial Buildings
20 - 22 Bull Ring
High Street
Northwich
Cheshire
CW9 5BU
England

These financial statements were authorised for issue by the Board on 12 July 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 statments are prepared in sterling, which is the functional currency of the entity.

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 sales/value added tax, returns, rebates and discounts.

When goods and services are being supplied to customers under long term contract, income is recognised as a percentage completion of the contract. The differences between amounts credited to turnover by this method and stage payments received or receivable, after providing for costs to completion where applicable, is shown in the statement of financial position as amounts recoverable on contracts (debtors) or payments received on account of contracts (creditors).

In respect of long term contracts and contracts for ongoing services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long term contracts and contracts for ongoing services is recognised by reference to the stage of completion.

 

Vectorwell Limited

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

Tangible assets

Tangible assets are stated in the statement of financial position 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

Office equipment

3 year straight line

Leasehold improvements

10% straight line

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the income statement.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 2).

 

Vectorwell Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Leasehold Improvements
 £

Total
£

Cost or valuation

At 31 August 2022

5,844

-

5,844

Additions

61,440

193,118

254,558

At 30 August 2023

67,284

193,118

260,402

Depreciation

At 31 August 2022

1,623

-

1,623

Charge for the year

9,628

19,312

28,940

At 30 August 2023

11,251

19,312

30,563

Carrying amount

At 30 August 2023

56,033

173,806

229,839

At 30 August 2022

4,221

-

4,221

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

1,149,980

684,927

Amounts owed by related parties

907

-

Prepayments

 

14,539

35,175

Other debtors

 

2,408

150,238

   

1,167,834

870,340

 

Vectorwell Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

958,970

276,689

Amounts owed to group undertakings and undertakings in which the company has a participating interest

-

917

Taxation and social security

 

185,595

207,875

Accruals and deferred income

 

3,638

102,681

Other creditors

 

82,271

134,921

 

1,230,474

723,083

7

Parent and ultimate parent undertaking

The company's immediate parent is James Haggerty Building Technologies Group Limited, incorporated in England. The company's registered office is Imperial Buildings, 20 - 22 Bull ring, High Street, Northwich, CW9 5BU.