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Registered number: 05639450
Village Choice Limited
Financial Statements
For The Year Ended 31 March 2024
AGA Accountants Limited
102 Beehive Lane
Ilford
Essex
IG4 5EG
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 05639450
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 150,000 150,000
Tangible Assets 5 56,772 61,766
206,772 211,766
CURRENT ASSETS
Stocks 6 65,562 68,400
Debtors 7 85,572 67,078
Cash at bank and in hand 37,907 68,155
189,041 203,633
Creditors: Amounts Falling Due Within One Year 8 (118,011 ) (116,847 )
NET CURRENT ASSETS (LIABILITIES) 71,030 86,786
TOTAL ASSETS LESS CURRENT LIABILITIES 277,802 298,552
Creditors: Amounts Falling Due After More Than One Year 9 (178,805 ) (210,686 )
NET ASSETS 98,997 87,866
CAPITAL AND RESERVES
Called up share capital 11 100 100
Income Statement 98,897 87,766
SHAREHOLDERS' FUNDS 98,997 87,866
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mrs Carmel Jeyamugunthan
Director
Mr Kannappasamy Jeyamugunthan
Director
25 September 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Village Choice Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05639450 . The registered office is 82 Kimbolton Road, Budgens, Bedford, Bedfordshire, MK40 2NZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to income statement over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20%
Motor Vehicles 20%
Fixtures & Fittings 20%
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 25 (2023: 12)
25 12
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 150,000
As at 31 March 2024 150,000
Net Book Value
As at 31 March 2024 150,000
As at 1 April 2023 150,000
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 April 2023 158,364 25,290 549,208 732,862
Additions - - 9,200 9,200
As at 31 March 2024 158,364 25,290 558,408 742,062
Depreciation
As at 1 April 2023 118,850 16,076 536,170 671,096
Provided during the period 7,903 1,843 4,448 14,194
As at 31 March 2024 126,753 17,919 540,618 685,290
Net Book Value
As at 31 March 2024 31,611 7,371 17,790 56,772
As at 1 April 2023 39,514 9,214 13,038 61,766
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6. Stocks
2024 2023
£ £
Finished goods 65,562 68,400
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 5,000 5,088
Other debtors 36,472 4,990
41,472 10,078
Due after more than one year
Amounts owed by group undertakings 44,100 57,000
85,572 67,078
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 54,708 48,167
Corporation tax 27,216 16,567
Other taxes and social security 2,864 2,009
VAT 5,028 7,132
Directors' loan accounts 28,195 42,972
118,011 116,847
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 7,295 10,801
Bank loans 171,510 199,885
178,805 210,686
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Later than one year and not later than five years 7,295 10,801
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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