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COMPANY REGISTRATION NUMBER: 02943841
VIBRA-TECHNICS AUTOMOTIVE LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 November 2023
VIBRA-TECHNICS AUTOMOTIVE LIMITED
STATEMENT OF FINANCIAL POSITION
30 November 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
116,688
140,080
CURRENT ASSETS
Stocks
66,286
60,625
Debtors
6
53,102
68,100
Cash at bank and in hand
155,026
113,464
---------
---------
274,414
242,189
CREDITORS: amounts falling due within one year
7
55,874
44,119
---------
---------
NET CURRENT ASSETS
218,540
198,070
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
335,228
338,150
PROVISIONS
29,442
26,615
---------
---------
NET ASSETS
305,786
311,535
---------
---------
CAPITAL AND RESERVES
Called up share capital fully paid
2,123
2,123
Capital redemption reserve
677
677
Profit and loss account
302,986
308,735
---------
---------
SHAREHOLDERS FUNDS
305,786
311,535
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
VIBRA-TECHNICS AUTOMOTIVE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 5 August 2024 , and are signed on behalf of the board by:
Mr P A Bentley
Director
Company registration number: 02943841
VIBRA-TECHNICS AUTOMOTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 22 Alexander Court, Fleming Road, Earlstrees Ind Estate, Corby, NN17 4SW.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
5. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
£
Cost
At 1 December 2022
191,312
6,808
89,493
8,615
296,228
Additions
541
1,041
1,582
---------
-------
--------
-------
---------
At 30 November 2023
191,853
6,808
89,493
9,656
297,810
---------
-------
--------
-------
---------
Depreciation
At 1 December 2022
88,106
5,090
54,548
8,404
156,148
Charge for the year
15,563
256
8,738
417
24,974
---------
-------
--------
-------
---------
At 30 November 2023
103,669
5,346
63,286
8,821
181,122
---------
-------
--------
-------
---------
Carrying amount
At 30 November 2023
88,184
1,462
26,207
835
116,688
---------
-------
--------
-------
---------
At 30 November 2022
103,206
1,718
34,945
211
140,080
---------
-------
--------
-------
---------
6. DEBTORS
2023
2022
£
£
Trade debtors
51,137
55,252
Other debtors
1,965
12,848
--------
--------
53,102
68,100
--------
--------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
24,894
34,409
Corporation tax
12,981
Social security and other taxes
13,446
5,356
Other creditors
4,553
4,354
--------
--------
55,874
44,119
--------
--------