Vemco Design Limited
Registered number: 13635300
Balance Sheet
at 30 November 2023
Notes 2023 2022
£ £
Current assets
Debtors 3 45,973 844,702
Cash at bank and in hand 48,895 447,961
94,868 1,292,663
Creditors: amounts falling due within one year 4 (85,174) (1,280,710)
Net current assets 9,694 11,953
Net assets 9,694 11,953
Capital and reserves
Called up share capital 1 1
Profit and loss account 9,693 11,952
Shareholders' funds 9,694 11,953
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Basil Evan Jackson
Director
Approved by the board on 6 September 2024
Vemco Design Limited
Notes to the Financial Statements
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 – The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis and are presented in Sterling (£).
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 rendering of services and is recognised by reference to the stage of completion of the contract.
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.
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.
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that that have been enacted or substantively enacted by the reporting date.
Deferred tax is calculated using the tax rates and laws that that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference and is recognised in respect of all timing differences at the reporting date, except as otherwise indicated. Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Employee benefits
Short-term employee benefits and contributions to defined contribution pension plans are recognised as an expense in the period in which they are incurred.
The company operates stakeholder defined contribution pension schemes for the benefit of the employees and directors. The assets of the pension schemes are administered by an independent pensions provider.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Debtors 2023 2022
£ £
Trade debtors - 382,426
Other taxes and social security - -
Owed by connected company 500 500
Owed by director 9,241 -
Owed by group company 36,232 -
Prepayments and accrued income - 461,776
45,973 844,702
4 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors - 339,279
Owed to group companies - 393,033
Taxation and social security costs 80,855 417,915
Other creditors 694 -
Accruals and deferred income 3,625 130,483
85,174 1,280,710
5 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
B E Jackson
Loan 1 - 9,241 - 9,241
- 9,241 - 9,241
6 Controlling party
Vemco Limited, a company incorporated in England and Wales.
7 Other information
Vemco Design Limited is a private company limited by shares and incorporated in England. Its registered office is:
William James House
Cowley Road
Cambridgeshire
CB4 0WX
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