2023-01-012023-12-312023-12-31false03711141VEAR HOLDINGS 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VEAR HOLDINGS LIMITED

Registered Number
03711141
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

VEAR HOLDINGS LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

WATERS, Timothy Cyril

Registered Address

Suite Cca Morgan's Yard, Shepherds Road
Bartley
Southampton
SO40 2LH

Registered Number

03711141 (England and Wales)
VEAR HOLDINGS LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets33,1874,458
Investments497,72597,725
100,912102,183
Current assets
Debtors5604,168594,790
Cash at bank and on hand6,94734,352
611,115629,142
Creditors amounts falling due within one year6(15,460)(26,668)
Net current assets (liabilities)595,655602,474
Total assets less current liabilities696,567704,657
Net assets696,567704,657
Capital and reserves
Called up share capital100100
Share premium479,925479,925
Profit and loss account216,542224,632
Shareholders' funds696,567704,657
The financial statements were approved and authorised for issue by the Director on 16 September 2024, and are signed on its behalf by:
WATERS, Timothy Cyril
Director
Registered Company No. 03711141
VEAR HOLDINGS LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
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 for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The director does not consider there to be any significant judgements or estimates.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided to write off the cost, less estimated residual values of all tangible fixed assets, except freehold land and buildings, evenly over their expected useful lives. It is calculated at the following rate:

Reducing balance (%)
Plant and machinery25
Vehicles33
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Financial instruments
The company only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and debt instruments are subsequently measured at amortised cost.
2.Average number of employees

20232022
Average number of employees during the year03
3.Tangible fixed assets

Plant & machinery

Vehicles

Total

£££
Cost or valuation
At 01 January 233,3338,65011,983
At 31 December 233,3338,65011,983
Depreciation and impairment
At 01 January 238336,6927,525
Charge for year6256461,271
At 31 December 231,4587,3388,796
Net book value
At 31 December 231,8751,3123,187
At 31 December 222,5001,9584,458
4.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 January 2397,72597,725
At 31 December 2397,72597,725
Net book value
At 31 December 2397,72597,725
At 31 December 2297,72597,725

Notes

1Investments in group undertakings and participating interests
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables73,96373,963
Amounts owed by group undertakings11,401-
Other debtors512,725514,748
Prepayments and accrued income6,0796,079
Total604,168594,790
6.Creditors: amounts due within one year

2023

2022

££
Amounts owed to related parties-13,124
Taxation and social security238821
Other creditors14,9238,424
Accrued liabilities and deferred income2994,299
Total15,46026,668
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.