Registered number
09799714
DOOZY VAPE CO. LTD
Filleted Accounts
29 February 2024
DOOZY VAPE CO. LTD
Registered number: 09799714
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 187,916 81,196
Current assets
Stocks 429,326 211,804
Debtors 4 451,241 366,373
Cash at bank and in hand 44,761 66,983
925,328 645,160
Creditors: amounts falling due within one year 5 (356,449) (203,536)
Net current assets 568,879 441,624
Total assets less current liabilities 756,795 522,820
Creditors: amounts falling due after more than one year 6 - 5,304
Net assets 756,795 528,124
Capital and reserves
Called up share capital 100 100
Profit and loss account 756,695 528,024
Shareholder's funds 756,795 528,124
The director is 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 director acknowledges his 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.
IMRAN ISMAIL
Director
Approved by the board on 29 March 2024
DOOZY VAPE CO. LTD
Notes to the Accounts
for the year ended 29 February 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.
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 10 years
Fixtures, fittings, tools and equipment over 10 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.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 7
3 Tangible fixed assets
Plant and machinery
£
Cost
At 1 March 2023 114,729
Additions 131,326
At 29 February 2024 246,055
Depreciation
At 1 March 2023 33,533
Charge for the year 24,606
At 29 February 2024 58,139
Net book value
At 29 February 2024 187,916
At 28 February 2023 81,196
4 Debtors 2024 2023
£ £
Trade debtors 426,751 366,373
Other debtors 24,490 -
451,241 366,373
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 308,047 116,000
Corporation tax 74,143 78,576
Other creditors (25,741) 8,960
356,449 203,536
6 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors - (5,304)
7 Other information
DOOZY VAPE CO. LTD is a private company limited by shares and incorporated in England. Its registered office is:
UNIT 302
BRETTON PARK WAY
DEWSBURY
WF12 9BS
7 Brand Development
The Company continues to invest in developing its brand with Marketing costs totalling £116,826.
8 Premises
The company has spent significants on the new Unit (The Stables) in the hope of moving all their business into one single unit.
9 International Ventures
The company continues to export goods, and has made significant contacts in the near East.
10 UK Market.
Doozy continues to expand in the UK market with a significant increase in new customers. However, competition is getting strong and it is only due to cost cutting that they have been able to increase Sales.
11 Forecast for Year ending 28/02/2025
The company has increased its turnover by 15%, and looking further to consolidate its Market share.
In this year, the Margins have narrowed slightly, however we are confident that we can maintain
our market share and even increase our Profit Margins.
The aim is to increase Sales in the Export market, which should bare fruit in the coming 12 months.
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