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REGISTERED NUMBER: 04589072 (England and Wales)









VICTORY MACHINE TOOLS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






VICTORY MACHINE TOOLS LIMITED (REGISTERED NUMBER: 04589072)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


VICTORY MACHINE TOOLS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: R B L Blackburn
Mrs D A Blackburn





SECRETARY: R B L Blackburn





REGISTERED OFFICE: 3a Wingate Road
Gosport
Hampshire
PO12 4DR





REGISTERED NUMBER: 04589072 (England and Wales)





ACCOUNTANTS: Morris Crocker
Chartered Accountants
Station House
North Street
Havant
Hampshire
PO9 1QU

VICTORY MACHINE TOOLS LIMITED (REGISTERED NUMBER: 04589072)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 80,866 45,113

CURRENT ASSETS
Stocks 2,400 2,400
Debtors 5 151,865 127,716
Cash at bank 36,586 192,687
190,851 322,803
CREDITORS
Amounts falling due within one year 6 41,787 114,385
NET CURRENT ASSETS 149,064 208,418
TOTAL ASSETS LESS CURRENT
LIABILITIES

229,930

253,531

PROVISIONS FOR LIABILITIES 13,348 5,311
NET ASSETS 216,582 248,220

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 216,580 248,218
SHAREHOLDERS' FUNDS 216,582 248,220

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 27 August 2024 and were signed on its behalf by:



R B L Blackburn - Director


VICTORY MACHINE TOOLS LIMITED (REGISTERED NUMBER: 04589072)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Victory Machine Tools Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the value of goods and services supplied by the company, net of value added tax and trade discounts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 15% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties and investments in non-puttable ordinary shares.

Trade and other debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

Trade and other creditors
Short term trade 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 measured subsequently at amortised cost using the effective interest method

Deferred tax
Deferred tax is recognised in respect of all timing differences at the balance sheet date, except as otherwise required in the paragraphs below.

Unrelieved 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.

Deferred tax shall not be recognised on permanent differences, other than a business combination where assets (other than goodwill) give rise to an deferred tax asset or liability.

VICTORY MACHINE TOOLS LIMITED (REGISTERED NUMBER: 04589072)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 25,261 64,891 39,755 7,794 137,701
Additions 20,786 203 66,987 343 88,319
Disposals - (30,783 ) (51,754 ) (747 ) (83,284 )
At 31 March 2024 46,047 34,311 54,988 7,390 142,736
DEPRECIATION
At 1 April 2023 4,837 53,124 27,901 6,726 92,588
Charge for year 1,977 1,521 8,059 634 12,191
Eliminated on disposal - (28,954 ) (13,208 ) (747 ) (42,909 )
At 31 March 2024 6,814 25,691 22,752 6,613 61,870
NET BOOK VALUE
At 31 March 2024 39,233 8,620 32,236 777 80,866
At 31 March 2023 20,424 11,767 11,854 1,068 45,113

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 86,457 123,128
Amounts owed by group undertakings 60,945 -
Other debtors 4,463 4,588
151,865 127,716

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 7,047 13,999
Amounts owed to group undertakings - 11,250
Taxation and social security 25,354 80,953
Other creditors 9,386 8,183
41,787 114,385

VICTORY MACHINE TOOLS LIMITED (REGISTERED NUMBER: 04589072)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. PARENT COMPANY

Victory Machine Holdings Limited registered in England and Wales.

Registered office address is 3a Wingate Road, Gosport, Hampshire, PO12 4DR.