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Registration number: 14259354

VC Global Events Ltd

Unaudited Filleted Financial Statements

for the Period from 27 July 2022 to 31 July 2023

 

VC Global Events Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

VC Global Events Ltd

(Registration number: 14259354)
Balance Sheet as at 31 July 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

813,721

Current assets

 

Stocks

5

90,871

Debtors

6

79,400

Cash at bank and in hand

 

440

 

170,711

Creditors: Amounts falling due within one year

7

(1,126,799)

Net current liabilities

 

(956,088)

Net liabilities

 

(142,367)

Capital and reserves

 

Profit and loss account

(142,367)

Shareholders' deficit

 

(142,367)

For the financial period ending 31 July 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 period 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 August 2024 and signed on its behalf by:
 

.........................................
Mr J C Caulcutt
Director

 

VC Global Events Ltd

Notes to the Unaudited Financial Statements for the Period from 27 July 2022 to 31 July 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:
3RD Floor Lawford House
Albert Place
London
N3 1QA
England

These financial statements were authorised for issue by the Board on 22 August 2024.

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.

The financial statements have been prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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

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.

 

VC Global Events Ltd

Notes to the Unaudited Financial Statements for the Period from 27 July 2022 to 31 July 2023

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

Fixtures and fittings

10% straight line

Leasehold property

Over the lease term

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 1.

 

VC Global Events Ltd

Notes to the Unaudited Financial Statements for the Period from 27 July 2022 to 31 July 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

787,093

87,890

874,983

At 31 July 2023

787,093

87,890

874,983

Depreciation

Charge for the period

52,473

8,789

61,262

At 31 July 2023

52,473

8,789

61,262

Carrying amount

At 31 July 2023

734,620

79,101

813,721

Included within the net book value of land and buildings above is £734,620 in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

Work in progress

90,871

6

Debtors

Current

2023
£

Other debtors

79,400

 

79,400

 

VC Global Events Ltd

Notes to the Unaudited Financial Statements for the Period from 27 July 2022 to 31 July 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

Due within one year

Trade creditors

4,918

Accruals and deferred income

3,000

Other creditors

1,118,881

1,126,799

8

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinary shares of £1 each

1

1

     

9

Related party transactions

Included in other creditor is an amount of £1,118,881 owed to the director. The loans are provided interest free and are unsecured. There are no formal terms and conditions regarding the repayment of the loans.