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Registered number: 11823639
V L C Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2024
AP Accounting Solutions Limited
The Mill House
Erw Hir
Llantrisant
Pontyclun
CF72 8BY
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11823639
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 771 686
771 686
CURRENT ASSETS
Stocks 5 412 397
Debtors 6 - 4,261
Cash at bank and in hand 2,338 2,085
2,750 6,743
Creditors: Amounts Falling Due Within One Year 7 (26,039 ) (33,215 )
NET CURRENT ASSETS (LIABILITIES) (23,289 ) (26,472 )
TOTAL ASSETS LESS CURRENT LIABILITIES (22,518 ) (25,786 )
NET LIABILITIES (22,518 ) (25,786 )
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account (22,519 ) (25,787 )
SHAREHOLDERS' FUNDS (22,518) (25,786)
Page 1
Page 2
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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 Profit and Loss Account.
On behalf of the board
Mrs Karen Bennett
Director
26/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
V L C Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11823639 . The registered office is Llety Cariad, 5 Pwllmeyric Close, Pwllmeyric, Chepstow , NP16 6LQ.
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. 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:
Plant & Machinery 15% Straight Line
Fixtures & Fittings 15% Straight Line
Computer Equipment 15% Straight Line
2.4. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 1 1
Sales, marketing and distribution 2 4
3 5
Page 3
Page 4
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 August 2023 762 529 1,291
Additions 320 - 320
As at 31 July 2024 1,082 529 1,611
Depreciation
As at 1 August 2023 394 211 605
Provided during the period 155 80 235
As at 31 July 2024 549 291 840
Net Book Value
As at 31 July 2024 533 238 771
As at 1 August 2023 368 318 686
5. Stocks
2024 2023
£ £
Stock 412 -
Materials - 397
412 397
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 4,130
Prepayments and accrued income - 131
- 4,261
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other taxes and social security 53 56
Net wages 2,094 871
Pension creditor 85 128
Director's loan account 23,807 32,160
26,039 33,215
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
Page 4
Page 5
9. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans to directors:
As at 1 August 2023 Amounts advanced Amounts repaid Amounts written off As at 31 July 2024
£ £ £ £ £
Mrs Karen Bennett (32,160 ) 21,999 (13,646 ) - (23,807 )
The above loan is unsecured, interest free and repayable on demand.
Page 5