Registration number:
Vardells Limited
for the Year Ended 31 December 2023
Vardells Limited
(Registration number: 03951087)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Shareholders' funds |
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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:
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• |
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 delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and Profit and Loss Account has been taken.
Vardells Limited
(Registration number: 03951087)
Balance Sheet as at 31 December 2023 (continued)
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Director
Vardells Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Accounting policies |
Statutory information
Vardells Limited is a private company, limited by shares, domiciled in England and Wales, company number 03951087. The registered office is at Alexander House, Staden Lane Business Park, Ashbourne Road, Buxton, SK17 9RZ.
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 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.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.
Going concern
After due consideration of all relevant factors, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
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 value added tax, returns, rebates and discounts and after eliminating sales within the company. Turnover is recognised when goods and services are provided to clients.
Foreign currency transactions and balances
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.
Vardells Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
1 |
Accounting policies (continued) |
Deferred tax shall be recognised in respect of all timing differences at the reporting date, except as otherwise required by FRS102. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that 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 income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting 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 charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Property improvements |
25% straight line |
Plant and machinery |
20% reducing balance |
Fixtures and fittings |
15% reducing balance |
Motor vehicles |
25% reducing balance |
Stocks
Stock is valued at the lower of cost and net realisable value.
Defined contribution pension obligation
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.
Financial instruments
Vardells Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Property improvements |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Disposals |
- |
- |
- |
( |
( |
At 31 December 2023 |
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- |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
- |
( |
( |
At 31 December 2023 |
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- |
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Carrying amount |
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At 31 December 2023 |
- |
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- |
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At 31 December 2022 |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Amounts owed by associate undertakings |
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Other debtors |
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Prepayments |
2,620 |
- |
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Details of non-current trade and other debtors
£388,605 (2022 -£398,551) of amounts owed by associate undertakings is classified as non current.
Vardells Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
Creditors |
2023 |
2022 |
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Due within one year |
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Bank borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
67,939 |
81,774 |
Other creditors |
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Due after one year |
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Bank borrowings |
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Bank borrowing are secured by a fixed and floating charge over the assets of the company.
Financial commitments, guarantees and contingencies |
Operating leases
At the balance sheet date, the total amount of non-cancellable operating lease commitments not included in the balance sheet is £804,587 (2022 - £802,599).
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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75 |
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75 |
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150 |
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150 |
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Related party transactions |
Transactions with directors |
During the year the directors had interest free loans with the company. At the balance sheet date the directors owed the company the following amounts, M Starzec £nil (2022: £1,675), G Barlow £125 (2022: £2,765) and A M Starzec £1,614 (2022: £3,180). At the balance sheet date the company owed M Starzec £191.