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Registered number: 07951678
The VWaudi Tec Specialists Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 07951678
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 167,626 93,160
Investments 6 100 -
167,726 93,160
CURRENT ASSETS
Stocks 7 17,414 23,565
Debtors 8 145,135 14,863
Cash at bank and in hand 333,057 422,370
495,606 460,798
Creditors: Amounts Falling Due Within One Year 9 (141,206 ) (200,456 )
NET CURRENT ASSETS (LIABILITIES) 354,400 260,342
TOTAL ASSETS LESS CURRENT LIABILITIES 522,126 353,502
PROVISIONS FOR LIABILITIES
Deferred Taxation (37,598 ) (12,225 )
NET ASSETS 484,528 341,277
CAPITAL AND RESERVES
Called up share capital 10 150 150
Income Statement 484,378 341,127
SHAREHOLDERS' FUNDS 484,528 341,277
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Page 2
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
Mr J Cowell
Director
Mr J Hinton
Director
14 October 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
The VWaudi Tec Specialists Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07951678 . The registered office is 12B Baynes Place, Waterhouse Business Park, Chelmsford, Essex, CM1 2QX.
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 4 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:
Leasehold 25% reducing balance
Plant & Machinery 15% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
2.5. 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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2.6. 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: 13 (2023: 13)
13 13
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 20,000
As at 31 March 2024 20,000
Amortisation
As at 1 April 2023 20,000
As at 31 March 2024 20,000
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
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5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 April 2023 12,954 48,598 86,958 61,451 209,961
Additions - - 112,148 5,069 117,217
Disposals - - (17,200 ) - (17,200 )
As at 31 March 2024 12,954 48,598 181,906 66,520 309,978
Depreciation
As at 1 April 2023 10,365 29,566 37,884 38,986 116,801
Provided during the period 2,589 2,856 18,789 3,438 27,672
Disposals - - (2,121 ) - (2,121 )
As at 31 March 2024 12,954 32,422 54,552 42,424 142,352
Net Book Value
As at 31 March 2024 - 16,176 127,354 24,096 167,626
As at 1 April 2023 2,589 19,032 49,074 22,465 93,160
6. Investments
Subsidiaries
£
Cost
As at 1 April 2023 -
Additions 100
As at 31 March 2024 100
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 100
As at 1 April 2023 -
The company owns 100% of the issued share capital in Waterhouse Braintree Ltd, a company incorporated in England and Wales.
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7. Stocks
2024 2023
£ £
Stock 17,414 23,565
8. Debtors
2024 2023
£ £
Due within one year
Trade debtors 4,530 1,405
Other debtors 140,605 13,458
145,135 14,863
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 47,985 51,894
Other creditors 1,850 52,765
Taxation and social security 91,371 95,797
141,206 200,456
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 150 150
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