Registered number
11663585
LEGACY VAPE HUB UK LIMITED
Filleted Accounts
31 March 2024
LEGACY VAPE HUB UK LIMITED
Registered number: 11663585
Balance Sheet
as at 31 March 2024
Notes 2024 2022
£ £
Fixed assets
Tangible assets 3 45,984 57,651
Current assets
Stocks 2,900,619 7,915,619
Debtors 4 1,706,399 3,402,209
Cash at bank and in hand 489,483 97,565
5,096,501 11,415,393
Creditors: amounts falling due within one year 5 (4,042,525) (9,614,868)
Net current assets 1,053,976 1,800,525
Net assets 1,099,960 1,858,176
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,099,860 1,858,076
Shareholders' funds 1,099,960 1,858,176
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs Preeti Kaur Arora
Director
Approved by the board on 20 September 2024
LEGACY VAPE HUB UK LIMITED
Notes to the Accounts
for the period from 1 December 2022 to 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 18% Reducing balance
Fixtures, fittings, tools and equipment 18% Reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2022
Number Number
Average number of persons employed by the company 9 7
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 December 2022 29,687 40,620 70,307
Additions 1,204 - 1,204
At 31 March 2024 30,891 40,620 71,511
Depreciation
At 1 December 2022 5,344 7,312 12,656
Charge for the period 5,560 7,311 12,871
At 31 March 2024 10,904 14,623 25,527
Net book value
At 31 March 2024 19,987 25,997 45,984
At 30 November 2022 24,343 33,308 57,651
4 Debtors 2024 2022
£ £
Trade debtors 1,396,045 3,241,770
Other debtors 310,354 160,439
1,706,399 3,402,209
5 Creditors: amounts falling due within one year 2024 2022
£ £
Trade creditors 2,979,193 6,822,852
Taxation and social security costs 1,046,712 2,077,353
Other creditors 16,620 714,663
4,042,525 9,614,868
6 Other information
LEGACY VAPE HUB UK LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Unit 3 Jury Street Manchester M8 8FN
LEGACY VAPE HUB UK LIMITED 11663585 false 2022-12-01 2024-03-31 2024-03-31 VT Final Accounts April 2024 Mrs Preeti Kaur Arora No description of principal activity 11663585 2021-12-01 2022-11-30 11663585 core:WithinOneYear 2022-11-30 11663585 core:ShareCapital 2022-11-30 11663585 core:RetainedEarningsAccumulatedLosses 2022-11-30 11663585 2022-12-01 2024-03-31 11663585 bus:PrivateLimitedCompanyLtd 2022-12-01 2024-03-31 11663585 bus:AuditExempt-NoAccountantsReport 2022-12-01 2024-03-31 11663585 bus:Director40 2022-12-01 2024-03-31 11663585 1 2022-12-01 2024-03-31 11663585 2 2022-12-01 2024-03-31 11663585 core:PlantMachinery 2022-12-01 2024-03-31 11663585 core:Vehicles 2022-12-01 2024-03-31 11663585 countries:England 2022-12-01 2024-03-31 11663585 bus:FRS102 2022-12-01 2024-03-31 11663585 bus:FilletedAccounts 2022-12-01 2024-03-31 11663585 2024-03-31 11663585 core:WithinOneYear 2024-03-31 11663585 core:ShareCapital 2024-03-31 11663585 core:RetainedEarningsAccumulatedLosses 2024-03-31 11663585 core:PlantMachinery 2024-03-31 11663585 core:Vehicles 2024-03-31 11663585 2022-11-30 11663585 core:PlantMachinery 2022-11-30 11663585 core:Vehicles 2022-11-30 iso4217:GBP xbrli:pure