6
1 August 2024
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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
06313384
2023-01-01
2023-12-31
06313384
2023-12-31
06313384
2022-12-31
06313384
2022-01-01
2022-12-31
06313384
2022-12-31
06313384
2021-12-31
06313384
core:PlantMachinery
2023-01-01
2023-12-31
06313384
core:FurnitureFittings
2023-01-01
2023-12-31
06313384
core:MotorVehicles
2023-01-01
2023-12-31
06313384
bus:Director2
2023-01-01
2023-12-31
06313384
core:WithinOneYear
2023-12-31
06313384
core:WithinOneYear
2022-12-31
06313384
core:ShareCapital
2023-12-31
06313384
core:ShareCapital
2022-12-31
06313384
core:RetainedEarningsAccumulatedLosses
2023-12-31
06313384
core:RetainedEarningsAccumulatedLosses
2022-12-31
06313384
bus:SmallEntities
2023-01-01
2023-12-31
06313384
bus:Audited
2023-01-01
2023-12-31
06313384
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
06313384
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
06313384
bus:AbridgedAccounts
2023-01-01
2023-12-31
STATEMENT OF CONSENT TO PREPARE FINANCIAL STATEMENTS |
|
All of the members of VAR Services Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
06313384
FILLETED FINANCIAL STATEMENTS |
|
DIRECTORS' RESPONSIBILITIES STATEMENT |
|
YEAR ENDED 31 DECEMBER 2023
The directors are responsible for preparing the directors' report and the Financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare Financial statements for each financial year. Under that law the directors have elected to prepare the Financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the Financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these Financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the Financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the Financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ABRIDGED STATEMENT OF FINANCIAL POSITION |
|
31 December 2023
Fixed assets
Tangible assets |
5 |
|
28,454 |
|
36,318 |
|
|
|
|
|
|
Current assets
Stocks |
58,456 |
|
– |
|
Debtors |
273,395 |
|
416,302 |
|
Cash at bank and in hand |
351,633 |
|
159,113 |
|
|
------------ |
|
------------ |
|
|
683,484 |
|
575,415 |
|
|
|
|
|
|
Creditors: amounts falling due within one year |
538,441 |
|
486,628 |
|
|
------------ |
|
------------ |
|
Net current assets |
|
145,043 |
|
88,787 |
|
|
------------ |
|
------------ |
Total assets less current liabilities |
|
173,497 |
|
125,105 |
|
|
------------ |
|
------------ |
Net assets |
|
173,497 |
|
125,105 |
|
|
------------ |
|
------------ |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
100 |
|
100 |
Profit and loss account |
|
173,397 |
|
125,005 |
|
|
------------ |
|
------------ |
Shareholders funds |
|
173,497 |
|
125,105 |
|
|
------------ |
|
------------ |
|
|
|
|
|
These Financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
These Financial statements were approved by the
board of directors
and authorised for issue on
1 August 2024
, and are signed on behalf of the board by:
Company registration number:
06313384
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 DECEMBER 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Nunn Brook Road, Huthwaite, Sutton-in-Ashfield, Nottinghamshire, NG17 2HU.
2.
Statement of compliance
These Financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The Financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The Financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The Turnover shown in the profit and loss account represents the realisable value of goods and services rendered during the year, net of discounts and exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and machinery |
- |
33% straight line |
|
Fixtures and fittings |
- |
33% straight line |
|
Motor vehicles |
- |
33% straight line |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
6
(2022:
5
).
5.
Tangible assets
|
£ |
Cost |
|
At 1 January 2023 |
59,359 |
Additions |
15,518 |
Disposals |
(
20,500) |
|
------------ |
At 31 December 2023 |
54,377 |
|
------------ |
Depreciation |
|
At 1 January 2023 |
23,041 |
Charge for the year |
14,684 |
Disposals |
(
11,802) |
|
------------ |
At 31 December 2023 |
25,923 |
|
------------ |
Carrying amount |
|
At 31 December 2023 |
28,454 |
|
------------ |
At 31 December 2022 |
36,318 |
|
------------ |
|
|
6.
Contingencies
The group bank borrowing facility is secured by fixed and floating debenture charges against the company's assets and against the freehold property owned by A.F. Switchgear (Holdings) Limited. There is an unlimited composite company guarantee in place between A.F. Switchgear (Holdings) Limited, A F Switchgear Limited, A F Fabrications Limited, Preedcrete Limited and VAR Services Limited in favour of HSBC Bank Plc.
7.
Summary audit opinion
The auditor's report dated
1 August 2024
was
unqualified
.
The senior statutory auditor was
K S Chambers
, for and on behalf of
Langard Lifford Hall Limited
.
8.
Related party transactions
There were no related party transactions during the year that require disclosure.
9.
Controlling party
The company's parent company at the balance sheet date, and the only company to prepare consolidated financial statements in the group, was
A.F. Switchgear (Holdings) Limited
, a company registered in England and Wales whose registered office is located on Nunn Brook Road, Sutton-in-Ashfield, Nottinghamshire, NG17 2HU. Group consolidated financial statements are available from Companies House, Crown Way, Cardiff, CF14 3UZ.