Registered number
05579662
The VW Camper Company Limited
Filleted Accounts
31 December 2023
The VW Camper Company Limited
Registered number: 05579662
Balance Sheet
as at 31 December 2023
As restated
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 26,634 15,572
Current assets
Stocks 156,751 146,567
Debtors 4 11,340 83,603
Cash at bank and in hand 5,147 2,727
173,238 232,897
Creditors: amounts falling due within one year 5 (102,783) (99,369)
Net current assets 70,455 133,528
Total assets less current liabilities 97,089 149,100
Creditors: amounts falling due after more than one year 6 (14,952) (24,842)
Provisions for liabilities (2,381) (3,062)
Net assets 79,756 121,196
Capital and reserves
Called up share capital 1 1
Profit and loss account 79,755 121,195
Shareholder's funds 79,756 121,196
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 member has 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.
A D Watt
Director
Approved by the board on 19 September 2024
The VW Camper Company Limited
Notes to the Accounts
for the year ended 31 December 2023
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:
Leasehold land and buildings over 5 years
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 4 years
Motor vehicles over 4 years
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 8 8
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2023 6,664 85,080 91,744
Additions - 26,545 26,545
At 31 December 2023 6,664 111,625 118,289
Depreciation
At 1 January 2023 5,332 70,840 76,172
Charge for the year 1,332 14,151 15,483
At 31 December 2023 6,664 84,991 91,655
Net book value
At 31 December 2023 - 26,634 26,634
At 31 December 2022 1,332 14,240 15,572
4 Debtors 2023 2022
£ £
Trade debtors 1,314 30,019
Directors account (1,660) 49,697
Other debtors 11,686 3,887
11,340 83,603
As restated
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 25,646 13,792
Trade creditors 18,415 36,830
Taxation and social security costs 14,819 20,957
Other creditors 43,903 27,790
102,783 99,369
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 14,952 24,842
7 Prior year adjustment
In the year ended 31 December 2022 a customer receipt of £24,650 was accounted for in error as income. As a result income was overstated by £24,650 and the corporation tax liability was overstated by £4,684. In preparing these accounts the comparative amounts have been restated as necessary.
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
A D Watt
Interest free and repayable on demand 49,697 - (49,697) -
49,697 - (49,697) -
9 Related party transactions
During the year dividends totalling £60,000 were paid to a director (2022: £30,000). The company rents its premises from the directors at an annual rent of £29,244.
10 Controlling party
The company is under the control of A D Watt.
11 Other information
The VW Camper Company Limited is a private company limited by shares and incorporated in England. Its registered office is:
Units 5&6 Greatworth Park
Welsh Lane
Banbury
Oxfordshire
OX17 2HB
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