Company registration number SC220715 (Scotland)
VANGUARD VILLATEK LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
VANGUARD VILLATEK LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
VANGUARD VILLATEK LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4
39
Current assets
Debtors
4
432,249
432,249
Cash at bank and in hand
31,471
20,857
463,720
453,106
Creditors: amounts falling due within one year
5
(7,249)
(7,700)
Net current assets
456,471
445,406
Total assets less current liabilities
456,475
445,445
Provisions for liabilities
(10)
Net assets
456,475
445,435
Capital and reserves
Called up share capital
50
50
Capital redemption reserve
6
50
50
Distributable profit and loss reserves
456,375
445,335
Total equity
456,475
445,435
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 3 September 2024 and are signed on its behalf by:
J Leonard
Director
Company Registration No. SC220715
VANGUARD VILLATEK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Vanguard Villatek Ltd is a private company limited by shares incorporated in Scotland. The registered office is 7 Sunert Road, Milltimber, Aberdeenshire, United Kingdom, AB13 0JQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% Straight Line
Computers
25% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
VANGUARD VILLATEK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2023
1,248
14,698
15,946
Disposals
(1,248)
(14,148)
(15,396)
At 31 December 2023
550
550
Depreciation and impairment
At 1 January 2023
1,248
14,659
15,907
Depreciation charged in the year
35
35
Eliminated in respect of disposals
(1,248)
(14,148)
(15,396)
At 31 December 2023
546
546
Carrying amount
At 31 December 2023
4
4
At 31 December 2022
39
39
VANGUARD VILLATEK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
432,249
432,249
5
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
3,414
1,783
Other creditors
3,835
5,917
7,249
7,700
6
Capital redemption reserve
2023
2022
£
£
At the beginning and end of the year
50
50
7
Related party transactions
Transactions with related parties
The following amounts were the balances between Related Parties at the reporting end date:
2023
2022
£
£
Amounts due from related parties
21,250
21,250
8
Directors' transactions
The amount due to the director at the end of the financial year was £432 (2022 - £2,216). The loan has been made on an interest free basis and the repayment terms have not yet been set.