Company registration number 05307155 (England and Wales)
VANDASHIELD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
VANDASHIELD LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
VANDASHIELD LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
331,680
121,081
Current assets
Debtors
4
2,974,891
3,380,740
Cash at bank and in hand
1,444,754
1,550,545
4,419,645
4,931,285
Creditors: amounts falling due within one year
5
(4,762,347)
(4,677,653)
Net current (liabilities)/assets
(342,702)
253,632
Net (liabilities)/assets
(11,022)
374,713
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
7
(11,122)
374,613
Total equity
(11,022)
374,713
The director of the company has 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
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 and signed by the director and authorised for issue on 16 September 2024
M Morris
Director
Company registration number 05307155 (England and Wales)
VANDASHIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Vandashield Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, 3 Dorset Rise, London, EC4Y 8EN.
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 pound sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound sterling.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Fixed asset investments
Fixed asset investments are stated at cost less provision for permanent diminution in value.
1.3
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
VANDASHIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
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.
1.7
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into pound sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Employees
The company had no employees, other than its director, during the current or prior year.
3
Fixed asset investments
2023
2022
£
£
Other investments other than loans
331,680
121,081
VANDASHIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Fixed asset investments
(Continued)
- 4 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2023
121,081
Additions
250,000
Disposals
(39,401)
At 31 December 2023
331,680
Carrying amount
At 31 December 2023
331,680
At 31 December 2022
121,081
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
97,691
80,142
Other debtors
2,877,200
3,300,598
2,974,891
3,380,740
Included within other debtors at the year end was a loan of £291,048 owed by the director (2022: £334,359). Interest is charged on the balance at 2.25% per annum and included within other debtors is accrued interest of £33,461 (2022: £27,106).
5
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
3,262
Other creditors
4,762,347
4,674,391
4,762,347
4,677,653
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
50
50
50
50
Ordinary B shares of £1 each
50
50
50
50
100
100
100
100
VANDASHIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
7
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
374,613
369,018
(Loss)/profit for the year
(385,735)
5,595
At the end of the year
(11,122)
374,613
8
Related party transactions
During the year the company entered into the following related party transactions and had the following balances outstanding at 31 December 2023:
i) The company has previously provided loans to a company under common control, at the year end £413,232 was outstanding (2022: £413,232).
Due to uncertainty over this company's ability to repay its indebtedness, the capital balance had previously been fully provided against and no interest income has been recognised as the loan is regarded as non-performing.
ii) At the year end the company owed a subsidiary undertaking £42,370 (2022: £42,370). The balance is interest free, unsecured and repayable on demand.
iii) The company has previously received loans from another company under common control and at the year end £3,152,522 was outstanding (2022: £3,059,466). The loan is interest bearing with interest currently accruing at 3%. The balance at the year end includes accrued interest of £1,132,238 (2022: £1,039,182).
iv) A shareholder has made interest free loans to the company, at the year end £1,571,803 was outstanding (2022: £1,571,803). This loan is repayable on demand.
Details of related party transactions with the director of the company are set out in note 6 to the financial statements.