Registered number
03640833
V7 TECHNOLOGY LIMITED
Filleted Accounts
31 March 2024
V7 TECHNOLOGY LIMITED
Registered number: 03640833
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 918 598
Current assets
Debtors 4 54,368 54,423
Cash at bank and in hand 46,758 39,626
101,126 94,049
Creditors: amounts falling due within one year 5 (30,446) (30,285)
Net current assets 70,680 63,764
Total assets less current liabilities 71,598 64,362
Creditors: amounts falling due after more than one year 6 (2,583) (2,284)
Net assets 69,015 62,078
Capital and reserves
Called up share capital 135,200 135,200
Profit and loss account (66,185) (73,122)
Shareholders' funds 69,015 62,078
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Simon Howard Westcott
Director
Approved by the board on 18 October 2024
V7 TECHNOLOGY LIMITED
Notes to the Accounts
for the year ended 31 March 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:
Office equipment, fixtures and fittings 25% reducing balance
Computer equipment 50% reducing balance
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 April 2023 4,068
Additions 1,268
At 31 March 2024 5,336
Depreciation
At 1 April 2023 3,470
Charge for the year 948
At 31 March 2024 4,418
Net book value
At 31 March 2024 918
At 31 March 2023 598
4 Debtors 2024 2023
£ £
Prepayments 15,000 15,000
Other debtors 39,368 39,423
54,368 54,423
5 Creditors: amounts falling due within one year 2024 2023
£ £
Credit card 87 174
Trade creditors 195 153
Taxation and social security costs (310) (540)
Accruals 30,463 30,463
Other creditors 11 35
30,446 30,285
6 Creditors: amounts falling due after one year 2024 2023
£ £
Directors loan 2,583 2,284
7 Other information
V7 TECHNOLOGY LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
145-157 St John Street
London
EC1V 4PY
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