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Registration number: 03122168

Vitrine Systems Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 December 2023

 

Vitrine Systems Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Vitrine Systems Limited

(Registration number: 03122168)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

45,728

58,178

Current assets

 

Stocks

5

5,000

31,047

Debtors

6

2,496,553

1,075,093

Cash at bank and in hand

 

573,338

390,808

 

3,074,891

1,496,948

Creditors: Amounts falling due within one year

7

(2,789,305)

(1,027,689)

Net current assets

 

285,586

469,259

Total assets less current liabilities

 

331,314

527,437

Creditors: Amounts falling due after more than one year

7

(130,063)

(161,094)

Provisions for liabilities

(11,431)

(11,053)

Net assets

 

189,820

355,290

Capital and reserves

 

Called up share capital

10,006

10,006

Profit and loss account

179,814

345,284

Shareholders' funds

 

189,820

355,290

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 3 October 2024 and signed on its behalf by:
 

 

Vitrine Systems Limited

(Registration number: 03122168)
Statement of Financial Position as at 31 December 2023

.........................................
Mr M Naude
Director

 

Vitrine Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY. England.

The principal place of business is: Sentinel House, Ancells Business Park, Harvest Crescent, Fleet, Hampshire, GU51 2UZ.

2

Accounting policies

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 financial statements are prepared in sterling, which is the functional currency of the entity.

 

Vitrine Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Contract revenue recognition

Where the outcome of construction contracts can be reliably estimated, contract revenue and costs are recognised by reference to the stage of completion of the contract activity as at the year end.

Where the outcome cannot be reliably estimated, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and costs are recognised as an expense in the period in which they incurred.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is expensed immediately, with a corresponding provision for an onerous contract being recognised.

Where the collectability of an amount already recognised as contract revenue is no longer probable, the uncollectable amount is expensed rather than recognised as an adjustment to the amount of contract revenue.

The company uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.

Tax

The tax expense for the period comprises 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

Vitrine Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

33.33% straight line

Leasehold improvements

25% straight line

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Vitrine Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

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.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 26 (2022 - 26).

4

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 January 2023

16,202

22,104

21,237

62,408

Additions

-

4,431

1,990

977

Disposals

(16,202)

-

-

-

At 31 December 2023

-

26,535

23,227

63,385

Depreciation

At 1 January 2023

16,195

14,912

14,601

57,903

Charge for the year

-

2,260

1,935

4,396

Eliminated on disposal

(16,195)

-

-

-

At 31 December 2023

-

17,172

16,536

62,299

Carrying amount

At 31 December 2023

-

9,363

6,691

1,086

At 31 December 2022

7

7,192

6,636

4,505

 

Vitrine Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

101,109

223,060

Additions

-

7,398

Disposals

(12,894)

(29,096)

At 31 December 2023

88,215

201,362

Depreciation

At 1 January 2023

61,271

164,882

Charge for the year

9,530

18,121

Eliminated on disposal

(11,174)

(27,369)

At 31 December 2023

59,627

155,634

Carrying amount

At 31 December 2023

28,588

45,728

At 31 December 2022

39,838

58,178

 

Vitrine Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Stocks

2023
£

2022
£

Work in progress

-

26,047

Other inventories

5,000

5,000

5,000

31,047

6

Debtors

2023
£

2022
£

Trade debtors

1,161,913

731,183

Other debtors

104,112

67,708

Prepayments

41,867

46,820

Gross amount due from customers for contract work

1,188,661

229,382

2,496,553

1,075,093

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Bank loans and overdrafts

8

29,895

37,782

Trade creditors

 

1,703,954

525,020

Taxation and social security

 

181,435

162,763

Accruals and deferred income

 

791,123

162,924

Other creditors

 

82,898

139,200

 

2,789,305

1,027,689


Creditors include net obligations payable under hire purchase contracts which are secured against the specific assets to which they relate. The bank loan is secured by way of fixed and floating charges against the company's assets.

 

Vitrine Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

8

130,063

161,094

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

130,063

160,695

Hire purchase contracts

-

399

130,063

161,094

Current loans and borrowings

2023
£

2022
£

Bank borrowings

29,496

28,177

Hire purchase contracts

399

9,605

29,895

37,782

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £251,321 (2022 - £127,112).