0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 2,250 2,249 1 1 11,965 11,959 6 6 xbrli:pure xbrli:shares iso4217:GBP 05376971 2023-03-01 2024-02-29 05376971 2024-02-29 05376971 2023-02-28 05376971 2022-03-01 2023-02-28 05376971 2023-02-28 05376971 2022-02-28 05376971 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-01 2024-02-29 05376971 core:FurnitureFittings 2023-03-01 2024-02-29 05376971 bus:Director1 2023-03-01 2024-02-29 05376971 core:PatentsTrademarksLicencesConcessionsSimilar 2024-02-29 05376971 core:FurnitureFittings 2024-02-29 05376971 core:WithinOneYear 2024-02-29 05376971 core:WithinOneYear 2023-02-28 05376971 core:ShareCapital 2024-02-29 05376971 core:ShareCapital 2023-02-28 05376971 core:RetainedEarningsAccumulatedLosses 2024-02-29 05376971 core:RetainedEarningsAccumulatedLosses 2023-02-28 05376971 core:PatentsTrademarksLicencesConcessionsSimilar 2023-02-28 05376971 core:FurnitureFittings 2023-02-28 05376971 bus:SmallEntities 2023-03-01 2024-02-29 05376971 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 05376971 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 05376971 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 05376971 bus:FullAccounts 2023-03-01 2024-02-29 05376971 core:Associate1 2023-03-01 2024-02-29 05376971 core:Associate1 2024-02-29 05376971 core:Associate1 2023-02-28
COMPANY REGISTRATION NUMBER: 05376971
VITAMIN - A LIFE LESS ORDINARY LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 February 2024
VITAMIN - A LIFE LESS ORDINARY LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 29th FEBRUARY 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
VITAMIN - A LIFE LESS ORDINARY LIMITED
STATEMENT OF FINANCIAL POSITION
29 February 2024
2024
2023
Note
£
£
£
£
Fixed assets
Intangible assets
4
1
1
Tangible assets
5
6
6
----
----
7
7
Current assets
Stocks
74,041
76,865
Debtors
6
18,719
10,129
Cash at bank and in hand
23,141
28,525
---------
---------
115,901
115,519
Creditors: amounts falling due within one year
7
20,448
20,210
---------
---------
Net current assets
95,453
95,309
--------
--------
Total assets less current liabilities
95,460
95,316
--------
--------
Net assets
95,460
95,316
--------
--------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
94,460
94,316
--------
--------
Shareholders funds
95,460
95,316
--------
--------
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 29th February 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
VITAMIN - A LIFE LESS ORDINARY LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 13 September 2024 , and are signed on behalf of the board by:
Mr C.J. Vernall
Director
Company registration number: 05376971
VITAMIN - A LIFE LESS ORDINARY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 29th FEBRUARY 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 11 Albion Parade, Wall Heath, Kingswinford, West Midlands, DY6 0NP.
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) Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
(c) 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.
(d) 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.
(e) Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
(f) Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
(g) 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:
Patents, trademarks and licences
-
10% straight line
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.
(h) 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.
(i) 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:
Fixtures, fittings and equipment
-
20% straight line
(j) 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.
(k) 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.
4. Intangible assets
Patents, trademarks and licences
£
Cost
At 1st March 2023 and 29th February 2024
2,250
-------
Amortisation
At 1st March 2023 and 29th February 2024
2,249
-------
Carrying amount
At 29th February 2024
1
-------
At 28th February 2023
1
-------
5. Tangible assets
Fixtures, fittings and equipment
£
Cost
At 1st March 2023 and 29th February 2024
11,965
--------
Depreciation
At 1st March 2023 and 29th February 2024
11,959
--------
Carrying amount
At 29th February 2024
6
--------
At 28th February 2023
6
--------
6. Debtors
2024
2023
£
£
Trade debtors
18,486
8,817
Other debtors
233
1,312
--------
--------
18,719
10,129
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
19
1,150
Corporation tax
34
96
Social security and other taxes
2,043
Other creditors
18,352
18,964
--------
--------
20,448
20,210
--------
--------
8. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
V2 Studios Limited
15,000
( 15,000)
( 15,000)
--------
----
--------
--------
V2 Studios Limited is wholly owned and operated by Messrs C.J. and A.R. Vernall. The transactions entered into were for the supply of marketing and support services and were paid in full by the year end. The loan balance outstanding of £15,000 has no fixed repayment date and is interest free.