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COMPANY REGISTRATION NUMBER: 04590233
Vtech Systems Limited
Filleted Unaudited Financial Statements
31 December 2023
Vtech Systems Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
24,268
32,370
Current assets
Stocks
90,000
83,000
Debtors
7
495,634
200,772
Cash at bank and in hand
26,525
77,525
---------
---------
612,159
361,297
Creditors: amounts falling due within one year
8
420,411
304,231
---------
---------
Net current assets
191,748
57,066
---------
--------
Total assets less current liabilities
216,016
89,436
Creditors: amounts falling due after more than one year
9
90,792
139,679
---------
---------
Net assets/(liabilities)
125,224
( 50,243)
---------
---------
Capital and reserves
Called up share capital
4
4
Profit and loss account
125,220
( 50,247)
---------
--------
Shareholders funds/(deficit)
125,224
( 50,243)
---------
--------
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 .
Vtech Systems Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 23 September 2024 , and are signed on behalf of the board by:
Mr S J Aram
Director
Company registration number: 04590233
Vtech Systems Limited
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 H4 Unit 14, Milton Road, Didcot, Oxon, OX11 7HH.
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
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Leasehold Workshop
-
10% reducing balance
Plant & Machinery
-
25% reducing balance
Fixtures & Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Office Equipment
-
25% reducing balance
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2022: 15 ).
5. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2023
2022
£
£
Equity dividends on ordinary shares
80,000
----
--------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jan 2023
23,457
928
13,328
41,080
17,931
96,724
Additions
1,500
1,500
Disposals
( 14,945)
( 14,945)
--------
-------
--------
--------
--------
--------
At 31 Dec 2023
23,457
2,428
13,328
26,135
17,931
83,279
--------
-------
--------
--------
--------
--------
Depreciation
At 1 Jan 2023
13,286
867
11,217
25,766
13,218
64,354
Charge for the year
1,017
390
528
2,942
1,178
6,055
Disposals
( 11,398)
( 11,398)
--------
-------
--------
--------
--------
--------
At 31 Dec 2023
14,303
1,257
11,745
17,310
14,396
59,011
--------
-------
--------
--------
--------
--------
Carrying amount
At 31 Dec 2023
9,154
1,171
1,583
8,825
3,535
24,268
--------
-------
--------
--------
--------
--------
At 31 Dec 2022
10,171
61
2,111
15,314
4,713
32,370
--------
-------
--------
--------
--------
--------
7. Debtors
2023
2022
£
£
Trade debtors
215,433
108,582
Other debtors
280,201
92,190
---------
---------
495,634
200,772
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
57,290
48,047
Trade creditors
203,131
167,244
Corporation tax
94,730
65,852
Social security and other taxes
25,621
11,388
Other creditors
39,639
11,700
---------
---------
420,411
304,231
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
90,792
139,679
--------
---------
10. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2023
2022
£
£
Recognised in other operating income:
Government grants recognised directly in income
986
----
----
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
18,278
26,840
Later than 1 year and not later than 5 years
23,856
--------
--------
18,278
50,696
--------
--------
12. Director's advances, credits and guarantees
At the beginning of the year the director owed the company £92,190 in respect of previous loan advances. Additional net loan advances totalling £155,399 were made during the period, both of which were still owing to the company at the year end. The maximum loan outstanding at any time was £247,589. Interest was charged on the average outstanding balance.
13. Related party transactions
The company was under the control of the managing Director Mr S J Aram and his wife, throughout this period.