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Registration number: 07111816

VFM Procurement Consultation Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

VFM Procurement Consultation Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

VFM Procurement Consultation Limited

(Registration number: 07111816)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,592

2,103

Current assets

 

Debtors

5

20,483

14,394

Cash at bank and in hand

 

20,989

48,976

 

41,472

63,370

Creditors: Amounts falling due within one year

6

(22,310)

(45,569)

Net current assets

 

19,162

17,801

Total assets less current liabilities

 

20,754

19,904

Creditors: Amounts falling due after more than one year

6

(20,304)

(18,850)

Provisions for liabilities

(303)

(400)

Net assets

 

147

654

Capital and reserves

 

Called up share capital

100

100

Retained earnings

47

554

Shareholders' funds

 

147

654

For the financial year ending 31 December 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 Profit and Loss Account.

 

VFM Procurement Consultation Limited

(Registration number: 07111816)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 15 August 2024 and signed on its behalf by:
 

.........................................
A Rocke
Director

.........................................
S M Rocke
Director

 

VFM Procurement Consultation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
14 Slade Leas
Middleton Cheney
Banbury
Oxfordshire
OX17 2NH
England

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

VFM Procurement Consultation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

Furniture, fittings and computer equipment

Straight line over 4 years

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

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

 

VFM Procurement Consultation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

7,209

7,209

Additions

567

567

Disposals

(485)

(485)

At 31 December 2023

7,291

7,291

Depreciation

At 1 January 2023

5,106

5,106

Charge for the year

1,078

1,078

Eliminated on disposal

(485)

(485)

At 31 December 2023

5,699

5,699

Carrying amount

At 31 December 2023

1,592

1,592

At 31 December 2022

2,103

2,103

5

Debtors

Current

2023
£

2022
£

Trade debtors

16,107

10,851

Other debtors

4,376

3,543

 

20,483

14,394

 

VFM Procurement Consultation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loan

3,789

7,800

Trade creditors

 

594

-

Taxation and social security

 

17,927

32,305

Other creditors

 

-

5,464

 

22,310

45,569

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Bank loan

20,304

18,850

7

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

A Rocke

(5,464)

34,829

(28,676)

689

         
       

 

This loan was interest free and repayable on demand. The loan was fully repaid on 5th January 2024.