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COMPANY REGISTRATION NUMBER: 3294783
THE VITALE GROUP LIMITED
Filleted Unaudited Financial Statements
31 December 2023
THE VITALE GROUP LIMITED
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
39,147
40,590
Current assets
Stocks
357,250
221,642
Debtors
6
284,425
295,926
Cash at bank and in hand
108,093
167,004
---------
---------
749,768
684,572
Creditors: amounts falling due within one year
7
160,420
98,146
---------
---------
Net current assets
589,348
586,426
---------
---------
Total assets less current liabilities
628,495
627,016
Provisions
Taxation including deferred tax
834
968
---------
---------
Net assets
627,661
626,048
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
627,659
626,046
---------
---------
Shareholders funds
627,661
626,048
---------
---------
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 statement of income and retained earnings has not been delivered.
For the year ending 31st 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
THE VITALE GROUP LIMITED
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 13 September 2024 , and are signed on behalf of the board by:
Mr A N G Stennett
Director
Company registration number: 3294783
THE VITALE GROUP LIMITED
Notes to the Financial Statements
Year ended 31st 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 34 Gawer Park, Chester, Cheshire, CH1 4DA.
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.
Revenue recognition
Revenue recognition, which is stated net of vat, depends on the type of revenue concerned. Rental income is recognised over the period of the lease. Interest income and expense is recognised on an accruals basis. Turnover represents total invoice value, excluding VAT, of sales invoices raised during the year.
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. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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:
Property improvements
-
2% reducing balance
Fixtures & fittings
-
15% reducing balance
Equipment
-
15% reducing balance
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1st January 2023 and 31st December 2023
41,581
13,735
18,898
74,214
--------
--------
--------
--------
Depreciation
At 1st January 2023
6,250
11,549
15,825
33,624
Charge for the year
707
306
430
1,443
--------
--------
--------
--------
At 31st December 2023
6,957
11,855
16,255
35,067
--------
--------
--------
--------
Carrying amount
At 31st December 2023
34,624
1,880
2,643
39,147
--------
--------
--------
--------
At 31st December 2022
35,331
2,186
3,073
40,590
--------
--------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
207,793
193,434
Other debtors
76,632
102,492
---------
---------
284,425
295,926
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
121,179
58,147
Social security and other taxes
929
1,191
Other creditors
38,312
38,808
---------
--------
160,420
98,146
---------
--------
8. Related party transactions
The company was under the control of Tordel Investments Ltd a company based in Jersey throughout the current and previous year.