VBC Management Ltd 07446965 false 2022-12-01 2023-11-30 2023-11-30 The principal activity of the company is that of modeling consultancy. Digita Accounts Production Advanced 6.30.9574.0 true 07446965 2022-12-01 2023-11-30 07446965 2023-11-30 07446965 core:CurrentFinancialInstruments 2023-11-30 07446965 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 07446965 core:Non-currentFinancialInstruments 2023-11-30 07446965 core:Non-currentFinancialInstruments core:AfterOneYear 2023-11-30 07446965 core:Goodwill 2023-11-30 07446965 core:OfficeEquipment 2023-11-30 07446965 bus:SmallEntities 2022-12-01 2023-11-30 07446965 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 07446965 bus:FilletedAccounts 2022-12-01 2023-11-30 07446965 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 07446965 bus:RegisteredOffice 2022-12-01 2023-11-30 07446965 bus:Director1 2022-12-01 2023-11-30 07446965 bus:Director2 2022-12-01 2023-11-30 07446965 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 07446965 bus:Agent1 2022-12-01 2023-11-30 07446965 core:Goodwill 2022-12-01 2023-11-30 07446965 core:OfficeEquipment 2022-12-01 2023-11-30 07446965 countries:AllCountries 2022-12-01 2023-11-30 07446965 2022-11-30 07446965 core:Goodwill 2022-11-30 07446965 core:OfficeEquipment 2022-11-30 07446965 2021-12-01 2022-11-30 07446965 2022-11-30 07446965 core:CurrentFinancialInstruments 2022-11-30 07446965 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 07446965 core:Non-currentFinancialInstruments 2022-11-30 07446965 core:Non-currentFinancialInstruments core:AfterOneYear 2022-11-30 07446965 core:Goodwill 2022-11-30 07446965 core:OfficeEquipment 2022-11-30 iso4217:GBP xbrli:pure

Registration number: 07446965

VBC Management Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

VBC Management Ltd

Contents

Company Information

1

Accountants' Report

2

Statement of Financial Position

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

VBC Management Ltd

Company Information

Directors

C Lang

Ms V J Lang

Registered office

163 Herne Hill
London
SE24 9LR

Accountants

DSK Partners LLP
Chartered Accountants
163 Herne Hill
London
SE24 9LR

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
VBC Management Ltd
for the Year Ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of VBC Management Ltd for the year ended 30 November 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of VBC Management Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of VBC Management Ltd and state those matters that we have agreed to state to the Board of Directors of VBC Management Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than VBC Management Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that VBC Management Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of VBC Management Ltd. You consider that VBC Management Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of VBC Management Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

DSK Partners LLP
Chartered Accountants
163 Herne Hill
London
SE24 9LR

28 August 2024

 

VBC Management Ltd

(Registration number: 07446965)
Statement of Financial Position as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

40,000

45,000

Tangible assets

5

1,767

2,104

 

41,767

47,104

Current assets

 

Stocks

6

38,995

-

Debtors

7

79,457

130,278

Cash at bank and in hand

 

8,315

6,013

 

126,767

136,291

Creditors: Amounts falling due within one year

8

(149,949)

(119,144)

Net current (liabilities)/assets

 

(23,182)

17,147

Total assets less current liabilities

 

18,585

64,251

Creditors: Amounts falling due after more than one year

8

(15,670)

(25,797)

Net assets

 

2,915

38,454

Capital and reserves

 

Called up share capital

2

2

Retained earnings

2,913

38,452

Shareholders' funds

 

2,915

38,454

 

VBC Management Ltd

(Registration number: 07446965)
Statement of Financial Position as at 30 November 2023 (continued)

For the financial 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 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.

Approved and authorised by the Board on 28 August 2024 and signed on its behalf by:
 

C Lang
Director

Ms V J Lang
Director

 
     
 

VBC Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
163 Herne Hill
London
SE24 9LR
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.

The presentation currency of the financial statements is Pound Sterling (£) rounded to the nearest Pound.

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.

Tax

The tax expense for the period comprises current 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.

 

VBC Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

The current income 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Office Equipment

25% Straight line method

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 % Straight line method

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.

 

VBC Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

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.

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 income statement 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.

 

VBC Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities, or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

100,000

100,000

At 30 November 2023

100,000

100,000

Amortisation

At 1 December 2022

55,000

55,000

Amortisation charge

5,000

5,000

At 30 November 2023

60,000

60,000

Carrying amount

At 30 November 2023

40,000

40,000

At 30 November 2022

45,000

45,000

 

VBC Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 December 2022

6,563

6,563

Additions

445

445

At 30 November 2023

7,008

7,008

Depreciation

At 1 December 2022

4,459

4,459

Charge for the year

782

782

At 30 November 2023

5,241

5,241

Carrying amount

At 30 November 2023

1,767

1,767

At 30 November 2022

2,104

2,104

6

Stocks

2023
£

2022
£

Work in progress

38,995

-

7

Debtors

Current

2023
£

2022
£

Trade debtors

78,497

130,278

Prepayments

960

-

 

79,457

130,278

 

VBC Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

10,168

9,872

Trade creditors

 

10,642

1,580

Taxation and social security

 

53,753

79,538

Accruals and deferred income

 

4,505

2,513

Other creditors

 

70,881

25,641

 

149,949

119,144

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

15,670

25,797

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

15,670

25,797

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,128

9,872

Bank overdrafts

40

-

10,168

9,872