6 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 96,000 96,000 58,539 38,127 5,103 43,230 15,309 20,412 xbrli:pure xbrli:shares iso4217:GBP 05035407 2023-04-01 2024-03-31 05035407 2024-03-31 05035407 2023-03-31 05035407 2022-04-01 2023-03-31 05035407 2023-03-31 05035407 2022-03-31 05035407 core:PlantMachinery 2023-04-01 2024-03-31 05035407 bus:Director3 2023-04-01 2024-03-31 05035407 core:NetGoodwill 2024-03-31 05035407 core:PlantMachinery 2023-03-31 05035407 core:PlantMachinery 2024-03-31 05035407 core:WithinOneYear 2024-03-31 05035407 core:WithinOneYear 2023-03-31 05035407 core:AfterOneYear 2024-03-31 05035407 core:AfterOneYear 2023-03-31 05035407 core:ShareCapital 2024-03-31 05035407 core:ShareCapital 2023-03-31 05035407 core:RetainedEarningsAccumulatedLosses 2024-03-31 05035407 core:RetainedEarningsAccumulatedLosses 2023-03-31 05035407 core:PlantMachinery 2023-03-31 05035407 bus:SmallEntities 2023-04-01 2024-03-31 05035407 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05035407 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05035407 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05035407 bus:FullAccounts 2023-04-01 2024-03-31 05035407 core:NetGoodwill 2023-04-01 2024-03-31 05035407 core:AllAssociates 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 05035407
V3 Print Limited
Filleted Unaudited Financial Statements
31 March 2024
V3 Print Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
15,309
20,412
Current assets
Stocks
5,000
5,000
Debtors
7
32,605
176,252
Cash at bank and in hand
122
24
--------
---------
37,727
181,276
Creditors: amounts falling due within one year
8
108,416
122,504
---------
---------
Net current (liabilities)/assets
( 70,689)
58,772
--------
--------
Total assets less current liabilities
( 55,380)
79,184
Creditors: amounts falling due after more than one year
9
50,793
66,651
---------
--------
Net (liabilities)/assets
( 106,173)
12,533
---------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 106,273)
12,433
---------
--------
Shareholders (deficit)/funds
( 106,173)
12,533
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
V3 Print Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 10 October 2024 , and are signed on behalf of the board by:
Mrs E C Vickery
Director
Company registration number: 05035407
V3 Print Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is First Floor, Lumiere, Elstree Way, Borehamwood, Herts., WD6 1JH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
(c) Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
(d) Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Written off over 5 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
(f) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
25% reducing balance
(g) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
(h) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(i) Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
96,000
--------
Amortisation
At 1 April 2023 and 31 March 2024
96,000
--------
Carrying amount
At 31 March 2024
--------
At 31 March 2023
--------
6. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 April 2023 and 31 March 2024
58,539
58,539
--------
--------
Depreciation
At 1 April 2023
38,127
38,127
Charge for the year
5,103
5,103
--------
--------
At 31 March 2024
43,230
43,230
--------
--------
Carrying amount
At 31 March 2024
15,309
15,309
--------
--------
At 31 March 2023
20,412
20,412
--------
--------
7. Debtors
2024
2023
£
£
Trade debtors
17,197
158,043
Other debtors
15,408
18,209
--------
---------
32,605
176,252
--------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
29,705
35,185
Trade creditors
29,168
31,107
Corporation tax
6,312
12,735
Social security and other taxes
5,305
1,722
Other creditors
37,926
41,755
---------
---------
108,416
122,504
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
49,584
62,280
Other creditors
1,209
4,371
--------
--------
50,793
66,651
--------
--------
10. Related party transactions
Throughout the current and previous year the company was under the control of Mr W A Vickery who held the majority stake in the company's equity. No transactions with Mr W A Vickery were undertaken such as are required to be disclosed under Financial Reporting Standard 102 (Section 1A).