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Registered number: 07950250
Vitamin Q Limited
Financial Statements
For The Year Ended 29 February 2024
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 07950250
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 6,681 4,409
6,681 4,409
CURRENT ASSETS
Debtors 6 13,907 50
Cash at bank and in hand 78,127 55,948
92,034 55,998
Creditors: Amounts Falling Due Within One Year 7 (28,699 ) (22,083 )
NET CURRENT ASSETS (LIABILITIES) 63,335 33,915
TOTAL ASSETS LESS CURRENT LIABILITIES 70,016 38,324
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,670 ) (838 )
NET ASSETS 68,346 37,486
CAPITAL AND RESERVES
Called up share capital 8 2 2
Income Statement 68,344 37,484
SHAREHOLDERS' FUNDS 68,346 37,486
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For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Howard Stevenson
Director
03/09/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
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Notes to the Financial Statements
1. General Information
Vitamin Q Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07950250 . The registered office is The Greenhouse, 106-108 Ashbourne Road, Derby, DE22 3AG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to income statement over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 33% on reducing balance.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 1 1
1 1
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4. Intangible Assets
Goodwill
£
Cost
As at 1 March 2023 30,000
As at 29 February 2024 30,000
Amortisation
As at 1 March 2023 30,000
As at 29 February 2024 30,000
Net Book Value
As at 29 February 2024 -
As at 1 March 2023 -
5. Tangible Assets
Computer Equipment
£
Cost
As at 1 March 2023 15,593
Additions 5,611
As at 29 February 2024 21,204
Depreciation
As at 1 March 2023 11,184
Provided during the period 3,339
As at 29 February 2024 14,523
Net Book Value
As at 29 February 2024 6,681
As at 1 March 2023 4,409
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 4,250 50
Other debtors 9,657 -
13,907 50
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 108 72
Other creditors 1,320 1,830
Taxation and social security 27,271 20,181
28,699 22,083
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8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
9. Directors Advances, Credits and Guarantees
Included within other debtors are the following loans to the directors:
As at 1 March 2023 Amounts advanced Amounts repaid Amounts written off As at 29 February 2024
£ £ £ £ £
Mr Howard Stevenson 550 (55,567 ) 45,360 - (9,657 )
The above loan is unsecured, interest free and repayable on demand.
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