Registered number
04142563
V3-Connect Limited
Filleted Accounts
31 January 2024
V3-Connect Limited
Registered number: 04142563
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 1,480 3,259
Current assets
Debtors 5 9,854 12,419
Cash at bank and in hand 159,555 150,356
169,409 162,775
Creditors: amounts falling due within one year 6 (20,873) (19,782)
Net current assets 148,536 142,993
Net assets 150,016 146,252
Capital and reserves
Called up share capital 4 4
Profit and loss account 150,012 146,248
Shareholders' funds 150,016 146,252
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.
S F Heighton
Director
Approved by the board on 4 October 2024
V3-Connect Limited
Notes to the Accounts
for the year ended 31 January 2024
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 50% in the first year, 25% in subsequent 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.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2023 10,000
At 31 January 2024 10,000
Amortisation
At 1 February 2023 10,000
At 31 January 2024 10,000
Net book value
At 31 January 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023 15,821
Additions 199
At 31 January 2024 16,020
Depreciation
At 1 February 2023 12,562
Charge for the year 1,978
At 31 January 2024 14,540
Net book value
At 31 January 2024 1,480
At 31 January 2023 3,259
5 Debtors 2024 2023
£ £
Trade debtors 9,854 12,419
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 53 738
Taxation and social security costs 19,900 18,644
Other creditors 920 400
20,873 19,782
7 Controlling party
The ultimate controlling party is Mr S F Heighton.
8 Other information
V3-Connect Limited is a private company limited by shares and incorporated in England. Its registered office is:
4 Brook Way
Wyre Piddle
Pershore
Worcestershire
WR10 2RL
V3-Connect Limited 04142563 false 2023-02-01 2024-01-31 2024-01-31 VT Final Accounts July 2024 S F Heighton No description of principal activity 04142563 2022-02-01 2023-01-31 04142563 core:WithinOneYear 2023-01-31 04142563 core:ShareCapital 2023-01-31 04142563 core:RetainedEarningsAccumulatedLosses 2023-01-31 04142563 2023-02-01 2024-01-31 04142563 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 04142563 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 04142563 bus:Director40 2023-02-01 2024-01-31 04142563 1 2023-02-01 2024-01-31 04142563 2 2023-02-01 2024-01-31 04142563 core:PlantMachinery 2023-02-01 2024-01-31 04142563 countries:England 2023-02-01 2024-01-31 04142563 bus:FRS102 2023-02-01 2024-01-31 04142563 bus:FilletedAccounts 2023-02-01 2024-01-31 04142563 2024-01-31 04142563 core:WithinOneYear 2024-01-31 04142563 core:ShareCapital 2024-01-31 04142563 core:RetainedEarningsAccumulatedLosses 2024-01-31 04142563 core:Goodwill 2024-01-31 04142563 core:PlantMachinery 2024-01-31 04142563 2023-01-31 04142563 core:Goodwill 2023-01-31 04142563 core:PlantMachinery 2023-01-31 iso4217:GBP xbrli:pure