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COMPANY REGISTRATION NUMBER: 11714756
Viatek Services Ltd
Filleted Unaudited Financial Statements
31 December 2023
Viatek Services Ltd
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Viatek Services Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
59,655
13,889
Current assets
Debtors
6
62,978
37,871
Investments
7
10,000
10,000
Cash at bank and in hand
32,380
8,194
---------
--------
105,358
56,065
Creditors: amounts falling due within one year
8
47,433
32,217
---------
--------
Net current assets
57,925
23,848
---------
--------
Total assets less current liabilities
117,580
37,737
Creditors: amounts falling due after more than one year
9
58,074
28,288
---------
--------
Net assets
59,506
9,449
---------
--------
Capital and reserves
Called up share capital
3
3
Profit and loss account
59,503
9,446
--------
-------
Shareholders funds
59,506
9,449
--------
-------
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 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 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 .
Viatek Services Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 17 September 2024 , and are signed on behalf of the board by:
Mr T-B Petcu
Director
Company registration number: 11714756
Viatek Services Ltd
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 PO Box VIATEK, Canterbury Inovation Centre, University Road, Canterbury, CT2 7FG, England.
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
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current 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.
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:
Motor vehicles
-
25% straight line
Equipment
-
25% 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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 January 2023
11,205
7,910
19,115
Additions
52,375
4,070
56,445
Disposals
( 1,249)
( 1,249)
--------
--------
--------
At 31 December 2023
63,580
10,731
74,311
--------
--------
--------
Depreciation
At 1 January 2023
1,420
3,806
5,226
Charge for the year
9,348
1,331
10,679
Disposals
( 1,249)
( 1,249)
--------
--------
--------
At 31 December 2023
10,768
3,888
14,656
--------
--------
--------
Carrying amount
At 31 December 2023
52,812
6,843
59,655
--------
--------
--------
At 31 December 2022
9,785
4,104
13,889
--------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
61,905
31,407
Other debtors
1,073
6,464
--------
--------
62,978
37,871
--------
--------
7. Investments
2023
2022
£
£
Investments
10,000
10,000
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,836
9,962
Trade creditors
2,063
3,570
Corporation tax
7,654
6,156
Social security and other taxes
15,871
9,979
Other creditors
12,009
2,550
--------
--------
47,433
32,217
--------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,164
28,288
Other creditors
37,910
--------
--------
58,074
28,288
--------
--------
10. Director's advances, credits and guarantees
At the year end the director owed the company £1,073 (2022: directors owed the company £6,484). During the year the company made advances of £18,888 to the directors and the directors made repayments of £27,000. During the year no interest was charged on overdrawn balances.