Vintage Central Limited |
Notes to the Accounts |
for the year ended 31 March 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102 (as applicable to small companies), The Financial Reporting Standard applicable in the UK and Republic of Ireland. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover comprises revenue earned from the sale of goods, this is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
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Tangible fixed assets |
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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: |
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Fixtures, fittings and computers |
over 4 years |
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Stocks |
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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. |
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Debtors |
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Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are also recognised at transaction price including any transaction costs. |
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Creditors |
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Short term creditors are measured at transaction price. Loans and other financial liabilities are also recognised at transaction price net of any transaction costs. |
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Taxation |
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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. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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3 |
Tangible fixed assets |
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Fixtures, fittings and computers |
£ |
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Cost |
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At 1 April 2023 |
1,899 |
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At 31 March 2024 |
1,899 |
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Depreciation |
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At 1 April 2023 |
941 |
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Charge for the year |
458 |
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At 31 March 2024 |
1,399 |
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Net book value |
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At 31 March 2024 |
500 |
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At 31 March 2023 |
958 |
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4 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Prepayments and accrued income |
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- |
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1,104 |
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Other debtors |
1,740 |
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- |
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1,740 |
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1,104 |
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5 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Corporation tax |
- |
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4,192 |
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Other taxes and social security costs |
408 |
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408 |
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Directors loans |
16,869 |
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11,376 |
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Accruals and deferred income |
2,820 |
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1,380 |
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20,097 |
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17,356 |
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6 |
Controlling party |
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The company is under the control of N Smith |
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7 |
Other information |
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Vintage Central Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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74 Sir Richards Drive |
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Harborne |
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Birmingham |
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B17 8SH |