Vehicle Innovations Limited 03482408 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is maintenance and repair of motor vehicles. Digita Accounts Production Advanced 6.30.9574.0 true true 03482408 2023-01-01 2023-12-31 03482408 2023-12-31 03482408 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 03482408 bus:SmallEntities 2023-01-01 2023-12-31 03482408 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03482408 bus:FilletedAccounts 2023-01-01 2023-12-31 03482408 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03482408 bus:RegisteredOffice 2023-01-01 2023-12-31 03482408 bus:CompanySecretaryDirector1 2023-01-01 2023-12-31 03482408 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03482408 countries:EnglandWales 2023-01-01 2023-12-31 03482408 2022-01-01 2022-12-31 03482408 2022-12-31 03482408 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 iso4217:GBP xbrli:pure

Company No: 03482408

Vehicle Innovations Limited

Unaudited Financial Statements

Year Ended

31 December 2023

 

Vehicle Innovations Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Vehicle Innovations Limited

Company Information

Director

J S Legris

Company secretary

J S Legris

Registered office

Unit 1 Big Tree Farmhous
Thornicombe
Blandford Forum
Dorset
DT11 9AQ

Accountants

Brett Pittwood
Suite 8 Bourne Gate
25 Bourne Valley Road
Poole
Dorset
BH12 1DY

 

Vehicle Innovations Limited

(Registration number: 03482408)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Cash at bank and in hand

 

146

953

Creditors: Amounts falling due within one year

4

(12,107)

(7,061)

Net liabilities

 

(11,961)

(6,108)

Capital and reserves

 

Called up share capital

3

3

Retained earnings

(11,964)

(6,111)

Shareholders' deficit

 

(11,961)

(6,108)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 10 September 2024
 

J S Legris
Company secretary and director

 

Vehicle Innovations Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 1 Big Tree Farmhous
Thornicombe
Blandford Forum
Dorset
DT11 9AQ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Vehicle Innovations Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
Financial assets

Basic financial assets
Basic financial assets, which include trade debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial liabilities
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 company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Vehicle Innovations Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

4

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

165

165

Accruals and deferred income

720

960

Other creditors

11,222

5,936

12,107

7,061