Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
|
|
|
Tangible assets | 4 |
|
|
|
Investments | 5 |
|
|
|
161,850 | 155,257 | |||
Current assets | ||||
Debtors | 6 |
|
|
|
Cash at bank and in hand |
|
|
||
2,649,526 | 3,334,181 | |||
Creditors: amounts falling due within one year | 7 | (
|
(
|
|
Net current assets | 174,307 | 396,566 | ||
Total assets less current liabilities | 336,157 | 551,823 | ||
Provision for liabilities | 8 |
|
|
|
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital | 9 |
|
|
|
Profit and loss account |
|
|
||
Total shareholder's funds |
|
|
Directors' responsibilities:
The financial statements of Gore Vega Limited (registered number:
Nathan Peter Robert Gore
Director |
Luisa Rodriguez
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Gore Vega Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1 Berkeley Street, London, W1J 8DJ, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the job has been completed in full and invoice is raised.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Other intangible assets |
|
Plant and machinery etc. | 25 -
|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Non-financial assets
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to costs incurred at the reporting end date.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Other intangible assets | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2023 |
|
|
|
Additions |
|
|
|
At 31 December 2023 |
|
|
|
Accumulated amortisation | |||
At 01 January 2023 |
|
|
|
Charge for the financial year |
|
|
|
At 31 December 2023 |
|
|
|
Net book value | |||
At 31 December 2023 |
|
|
|
At 31 December 2022 |
|
|
Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2023 |
|
|
|
Additions |
|
|
|
Disposals | (
|
(
|
|
At 31 December 2023 |
|
|
|
Accumulated depreciation | |||
At 01 January 2023 |
|
|
|
Charge for the financial year |
|
|
|
Disposals | (
|
(
|
|
At 31 December 2023 |
|
|
|
Net book value | |||
At 31 December 2023 |
|
|
|
At 31 December 2022 |
|
|
Investments in subsidiaries
2023 | |
£ | |
Cost | |
At 01 January 2023 |
|
At 31 December 2023 |
|
Carrying value at 31 December 2023 |
|
Carrying value at 31 December 2022 |
|
2023 | 2022 | ||
£ | £ | ||
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Corporation tax |
|
|
|
Other debtors |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Bank overdrafts |
|
|
|
Trade creditors |
|
|
|
Amounts owed to Parent undertakings |
|
|
|
Amounts owed to own subsidiaries |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
Amounts owed to Group undertakings are repayable on demand and bears interest at 8%.
2023 | 2022 | ||
£ | £ | ||
Deferred tax | (
|
|
2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
|
|
|
|
|
900 | 900 |
Transactions with the entity's directors
2023 | 2022 | ||
£ | £ | ||
Directors Loan Account - Debtor / (Creditor) | 23,750 | (34,463) |
There are no set repayment terms and no interest is charged on the above loan accounts.