Registered number
09190623
VERTEX TRADING (UK) LIMITED
Filleted Accounts
31 August 2023
VERTEX TRADING (UK) LIMITED
Registered number: 09190623
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 201 245
Current assets
Stocks 118,120 130,445
Debtors 4 - 313,209
Cash at bank and in hand 2,004 14,229
120,124 457,883
Creditors: amounts falling due within one year 5 (89,607) (418,730)
Net current assets 30,517 39,153
Total assets less current liabilities 30,718 39,398
Creditors: amounts falling due after more than one year 6 (30,260) (39,236)
Net assets 458 162
Capital and reserves
Called up share capital 100 100
Profit and loss account 358 62
Shareholder's funds 458 162
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.
J Jitender
Director
Approved by the board on 28 May 2024
VERTEX TRADING (UK) LIMITED
Notes to the Accounts
for the year ended 31 August 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 18% reducing balance
Fixtures, fittings, tools and equipment 18% reducing balance
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.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 3
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2022 1,200
At 31 August 2023 1,200
Depreciation
At 1 September 2022 955
Charge for the year 44
At 31 August 2023 999
Net book value
At 31 August 2023 201
At 31 August 2022 245
4 Debtors 2023 2022
£ £
Trade debtors - 313,209
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 14,332 202,490
Corporation tax 3,195 3,126
Directors loan account 71,950 125,110
Other taxes and social security costs 130 2,964
Other creditors - 85,040
89,607 418,730
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 30,260 39,236
7 Other information
VERTEX TRADING (UK) LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Suite-2 Sinckot House
211 Station Road
Harrow
England
HA1 2TP
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