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REGISTERED NUMBER: SC351802 (Scotland)













Unaudited Financial Statements

for the Year Ended 31 December 2023

for

VTEC SOLUTIONS LIMITED

VTEC SOLUTIONS LIMITED (REGISTERED NUMBER: SC351802)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


VTEC SOLUTIONS LIMITED

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: P Cochrane
Mrs C Cochrane





REGISTERED OFFICE: 6th Floor, Gordon Chambers
90 Mitchell Street
Glasgow
G1 3NQ





REGISTERED NUMBER: SC351802 (Scotland)





ACCOUNTANTS: Cornerstone Glasgow Ltd
6th Floor
Gordon Chambers
90 Mitchell Street
Glasgow
Lanarkshire
G1 3NQ

VTEC SOLUTIONS LIMITED (REGISTERED NUMBER: SC351802)

Balance Sheet
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 29,807 36,336

CURRENT ASSETS
Debtors 5 177,312 218,624
Cash at bank and in hand 142,584 129,036
319,896 347,660
CREDITORS
Amounts falling due within one year 6 250,216 228,230
NET CURRENT ASSETS 69,680 119,430
TOTAL ASSETS LESS CURRENT
LIABILITIES

99,487

155,766

CREDITORS
Amounts falling due after more than one
year

7

23,977

38,132
NET ASSETS 75,510 117,634

CAPITAL AND RESERVES
Called up share capital 34 34
Capital redemption reserve 70 70
Retained earnings 75,406 117,530
SHAREHOLDERS' FUNDS 75,510 117,634

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

VTEC SOLUTIONS LIMITED (REGISTERED NUMBER: SC351802)

Balance Sheet - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





P Cochrane - Director


VTEC SOLUTIONS LIMITED (REGISTERED NUMBER: SC351802)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Vtec Solutions Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on a reducing balance basis
Fixtures and fittings - 25% on a reducing balance basis
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on a straight line basis

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 11 ) .

VTEC SOLUTIONS LIMITED (REGISTERED NUMBER: SC351802)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 742 25,239 30,699 115,379 172,059
Additions - 997 - 4,762 5,759
At 31 December 2023 742 26,236 30,699 120,141 177,818
DEPRECIATION
At 1 January 2023 742 19,498 7,035 108,506 135,781
Charge for year - 1,622 5,916 4,692 12,230
At 31 December 2023 742 21,120 12,951 113,198 148,011
NET BOOK VALUE
At 31 December 2023 - 5,116 17,748 6,943 29,807
At 31 December 2022 - 5,741 23,664 6,873 36,278

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 125,540 171,898
Other debtors 51,772 46,726
177,312 218,624

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 4,175 4,175
Trade creditors 185,733 150,686
Taxation and social security 44,222 57,363
Other creditors 6,086 6,006
250,216 228,230

VTEC SOLUTIONS LIMITED (REGISTERED NUMBER: SC351802)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans 19,106 29,086
Hire purchase contracts 4,871 9,046
23,977 38,132