Company registration number 08765725 (England and Wales)
VM AND DISPLAY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
VM AND DISPLAY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
VM AND DISPLAY LTD (REGISTERED NUMBER: 08765725)
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
232
Current assets
Debtors
4
97,974
101,808
Cash at bank and in hand
27,506
8,753
125,480
110,561
Creditors: amounts falling due within one year
5
(83,345)
(58,129)
Net current assets
42,135
52,432
Total assets less current liabilities
42,367
52,432
Creditors: amounts falling due after more than one year
6
(35,000)
(40,000)
Net assets
7,367
12,432
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
7,365
12,430
Total equity
7,367
12,432
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
VM AND DISPLAY LTD (REGISTERED NUMBER: 08765725)
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 August 2024 and are signed on its behalf by:
A J Colclough
Director
VM AND DISPLAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information
VM And Display Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 15 Avenue Road, Kings Lynn, Norfolk, PE30 5NN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for services net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
33% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
VM AND DISPLAY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
3
Tangible fixed assets
Computer equipment
£
Cost
At 1 December 2022
1,456
Additions
333
Disposals
(1,457)
At 30 November 2023
332
Depreciation and impairment
At 1 December 2022
1,456
Depreciation charged in the year
101
Eliminated in respect of disposals
(1,457)
At 30 November 2023
100
Carrying amount
At 30 November 2023
232
At 30 November 2022
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
19,230
26,422
Other debtors
78,744
75,386
97,974
101,808
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
5,000
5,000
Trade creditors
60,702
38,155
Taxation and social security
14,124
11,569
Other creditors
3,519
3,405
83,345
58,129
VM AND DISPLAY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
35,000
40,000
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
15,000
20,000
7
Financial commitments, guarantees and contingent liabilities
During the year to 30 November 2020, the company borrowed £40,000 from its bankers for a Bounce Back Loan. During the year to 30 November 2021, the company borrowed an additional £10,000. As part of this loan scheme, the UK government has guaranteed the advance and will pay the interest and fees due for the first 12 months. As at the balance sheet date, the balance outstanding to the company's bankers was £40,000.
9
Directors' transactions
At the balance sheet date, the company was owed £26,506 (2021 - £26,354) by a director of the company. This balance is included in other debtors and is subject to interest at 2% and is repayable on demand.
At the balance sheet date, the company was also owed £26,506 (2021 - £26,354) by another director of the company. This balance is included in other debtors and is subject to interest at 2% and is repayable on demand.