Registered number
02374242
Victoria Scally Limited
Filleted Accounts
31 December 2023
Victoria Scally Limited
Registered number: 02374242
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 7 322
Current assets
Debtors 4 25,917 58,200
Cash at bank and in hand 270 2,163
26,187 60,363
Creditors: amounts falling due within one year 5 (24,036) (54,430)
Net current assets 2,151 5,933
Net assets 2,158 6,255
Capital and reserves
Called up share capital 2 2
Profit and loss account 2,156 6,253
Shareholders' funds 2,158 6,255
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.
Victoria Scally
Director
Approved by the board on 8 August 2024
Victoria Scally 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 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:
Plant and machinery over 3 years
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 3,447
At 31 December 2023 3,447
Depreciation
At 1 January 2023 3,125
Charge for the year 315
At 31 December 2023 3,440
Net book value
At 31 December 2023 7
At 31 December 2022 322
4 Debtors 2023 2022
£ £
Other debtors 25,917 58,200
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 200 -
Trade creditors 350 -
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 51,431
Taxation and social security costs 23,468 558
Other creditors 18 2,441
24,036 54,430
6 Going concern
The accounts have been prepared on a going concern basis. The director has confirmed that he will continue to provide financial support to the company until such time as it's position improves.
7 Related party transactions
Included within other debtors is the amount of £25,917 owed from a connected company. This amount is undated, unsecured, interest free and repayable upon demand. Included within other creditors is the amount of £18 owed from the company to the director. This amount is undated, unsecured, interest free and repayable upon demand.
8 Controlling party
The controlling party is Mrs V Scally, as the director and shareholder.
9 Other information
Victoria Scally Limited is a private company limited by shares and incorporated in England. Its registered office is:
1 The Briars
Waterberry Drive
Waterlooville
Hampshire
PO7 7YH
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