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Registration number: 08874960

Vida Workspaces Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Vida Workspaces Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Vida Workspaces Limited

Company Information

Directors

Mr M D Edworthy

Mr P N Scantlebury

Registered office

Winslade House
Winslade Drive
Clyst St Mary
EX5 1FY

Accountants

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

 

Vida Workspaces Limited

(Registration number: 08874960)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,098

1,638

Current assets

 

Debtors

5

376,797

448,077

Cash at bank and in hand

 

3,816

53

 

380,613

448,130

Creditors: Amounts falling due within one year

7

(454,019)

(419,343)

Net current (liabilities)/assets

 

(73,406)

28,787

Total assets less current liabilities

 

(72,308)

30,425

Creditors: Amounts falling due after more than one year

7

(19,399)

(22,993)

Net (liabilities)/assets

 

(91,707)

7,432

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(91,708)

7,431

Shareholders' (deficit)/funds

 

(91,707)

7,432

 

Vida Workspaces Limited

(Registration number: 08874960)
Balance Sheet as at 31 December 2023

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 September 2024 and signed on its behalf by:
 

.........................................

Mr M D Edworthy

Director

 

Vida Workspaces Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Winslade House
Winslade Drive
Clyst St Mary
EX5 1FY
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance
These financial statements have been prepared using the historic cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Going concern

The company has incurred a loss during the year of £99,136 (2022: £416). As at year end, the company's balance sheet shows net current liabilities and an overall balance sheet deficiency of £91,707 (2022: surplus of £7,432). Accordingly, the Directors have considered the basis upon which the accounts should be prepared and determine whether a going conrcen policy remains appropriate. The accounts have been prepared on a going concern basis, as the Directors and connected companies which have provided financial support to the Company, will continue to do so, to enable the company to return to profitability. The Directors have reviewed the position for 12 months form the date the accounts were approved.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Vida Workspaces Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date.

Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

33% Straight Line Method

Office and computer equipment

33% Reducing Balance Method

Debtors

Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Creditors

Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Vida Workspaces Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

34,926

34,926

At 31 December 2023

34,926

34,926

Depreciation

At 1 January 2023

33,288

33,288

Charge for the year

540

540

At 31 December 2023

33,828

33,828

Carrying amount

At 31 December 2023

1,098

1,098

At 31 December 2022

1,638

1,638

5

Debtors

2023
£

2022
£

Trade debtors

2,808

2,240

Prepayments

9,327

5,690

Other debtors

364,662

440,147

376,797

448,077

6

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

19,399

22,993

2023
£

2022
£

Current loans and borrowings

Bank borrowings

3,660

3,660

 

Vida Workspaces Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

6

3,660

3,660

Trade creditors

 

263,207

199,162

Taxation and social security

 

15,950

2,282

Accruals and deferred income

 

4,147

2,843

Other creditors

 

167,055

211,396

 

454,019

419,343