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Registered Number: 06114624
England and Wales

 

 

 

VIP GRINDERS LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 4 7,004    9,340 
7,004    9,340 
Current assets      
Stocks 2,000    2,000 
Debtors 93,501    86,387 
Cash at bank and in hand 83,489    80,885 
178,990    169,272 
Creditors: amount falling due within one year (182,066)   (164,386)
Net current assets (3,076)   4,886 
 
Total assets less current liabilities 3,928    14,226 
Creditors: amount falling due after more than one year (11,667)   (21,667)
Provisions for liabilities (1,530)   (1,569)
Net assets (9,269)   (9,010)
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account (9,369)   (9,110)
Shareholders' funds (9,269)   (9,010)
 


For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 08 August 2024 and were signed on its behalf by:


-------------------------------
P J Donovan
Director
1
General Information
VIP Grinders Limited is a private company, limited by shares, registered in England and Wales, registration number 06114624, registration address Merlin House, Brunel Road, Theale, Reading, Berkshire, RG7 4AB.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102(1A) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern
The accounts are prepared on a going concern basis. The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.
Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax, and is recognised at the time of invoicing.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year and and that are expected to apply to the reversal of the timing difference.

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.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. 
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant and machinery - 25% on reducing balance 
Computer equipment - 25% on reducing balance
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Stocks and work in progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any forseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Pension costs and other post - retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
Debtors
Short term debtors are measured at transaction price less any impairment. Loans receivable are measured at initially at fair value, net of transaction costs, and are measured subsequently at amortised costs using the effective interest method.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans are measured initially at fair value, net of transaction costs, and are subsequently measured at amortised costs using the effective interest method.
2.

Average number of employees

Average number of employees during the year was 4 (2023 : 4).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 April 2023 110,000    110,000 
Additions  
Disposals  
At 31 March 2024 110,000    110,000 
Amortisation
At 01 April 2023 110,000    110,000 
Charge for year  
On disposals  
At 31 March 2024 110,000    110,000 
Net book values
At 31 March 2024  
At 31 March 2023  


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 April 2023 114,519    11,022    9,358    134,899 
Additions      
Disposals      
At 31 March 2024 114,519    11,022    9,358    134,899 
Depreciation
At 01 April 2023 106,360    11,022    8,177    125,559 
Charge for year 2,040      296    2,336 
On disposals      
At 31 March 2024 108,400    11,022    8,473    127,895 
Net book values
Closing balance as at 31 March 2024 6,119      885    7,004 
Opening balance as at 01 April 2023 8,159      1,181    9,340 


5.

Advances and Credits



Mr M G Hicks
At the balance sheet date the following debit balance existed on Mr M G Hick's directors loan account. The loan account is interest free and repayable on demand.

Current year (2024)
Brought Forward
£
Amount
£
Interest
£
Repaid
£
Written Off
£
Waived
£
Carry Forward
£
Mr M G Hicks(9,766)312 12,170 (21,624)
-976631201217000-21624
Previous year (2023)
Brought Forward
£
Amount
£
Interest
£
Repaid
£
Written Off
£
Waived
£
Carry Forward
£
Mr M G Hicks728 312 10,806 (9,766)
72831201080600-9766
6.

Director’s loan

Director's Advances, Credits And Guarantees

At the balance sheet date there was a credit balance of £38,328 (2023: £39,189 credit) on Mr P J Donovan's Directors loan account.

The loan is interest free with no fixed date for repayment.


7.

Debtors: amounts falling due within one year

.   2024
£
  2023
£
Trade Debtors 88,055  83,337 
Other Debtors 5,446  3,050 
93,501  86,387 

8.

Creditors: amounts falling due within one year

.   2024
£
  2023
£
Trade Creditors 8,331  934 
Bank Loans & Overdrafts 10,000  10,000 
Corporation Tax 122,991  101,731 
PAYE & Social Security 1,212  1,196 
Accrued Expenses 1,546  1,025 
Other Creditors 1,866  306 
Directors' Current Accounts 16,705  29,423 
VAT 19,415  19,771 
182,066  164,386 

9.

Creditors: amounts falling due after more than one year

.   2024
£
  2023
£
Bank Loans & Overdrafts 11,667  21,667 
11,667  21,667 

10.

Leasing Agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

                                                                                             
.   Current
£
  Previous
£
Within one year 11,760  11,760 
Between one and five years 35,280  35,280 
In more than five years 3,920  15,680 
50,960  62,720 


2