Company registration number 12385997 (England and Wales)
VECMOOR LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
VECMOOR LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
VECMOOR LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
480,049
480,049
Current assets
Debtors
4
373
1,939
Cash at bank and in hand
11,419
3,946
11,792
5,885
Creditors: amounts falling due within one year
5
(172,246)
(171,110)
Net current liabilities
(160,454)
(165,225)
Total assets less current liabilities
319,595
314,824
Creditors: amounts falling due after more than one year
6
(320,088)
(320,088)
Net liabilities
(493)
(5,264)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(593)
(5,364)
Total equity
(493)
(5,264)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 October 2024 and are signed on its behalf by:
R Harvey-Scholes
G Hosegood
Director
Director
Company registration number 12385997 (England and Wales)
VECMOOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information
Vecmoor Limited is a private company limited by shares incorporated in England and Wales. The registered office is Arquen House, 4-6 Spicer Street, St Albans, AL3 4PQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover comprises the fair value of rental income received or receivable in the ordinary course of the company's activities. The company recognises revenue on a straight line basis over the term of the lease agreement.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
VECMOOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 February 2023 and 31 January 2024
480,049
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
373
1,939
5
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
536
Other creditors
171,710
171,110
172,246
171,110
VECMOOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
320,088
320,088
At the balance sheet date, fixed charges were held over assets of the company.
7
Related party transactions
Turvec Solutions Limited, a company controlled by the directors. During the year, Vecmoor Limited was advanced a sum of £Nil (2023: £82,175). The advance is interest free, and repayable upon demand. At the balance sheet date the amount due to Turvec Solutions Limited was £166,300 (2023: £166,300).
During the year, the directors advanced a sum of £600 (2023: £1,100), to the company. The advance is interest free and repayable upon demand. At the balance sheet date the amount due to the directors was £3,141 (2023: £2,541).