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Registration number: 09348692

The Van Discount Company Limited

Unaudited Filleted Financial Statements

for the Period from 1 February 2023 to 31 July 2024

 

The Van Discount Company Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

The Van Discount Company Limited

Company Information

Director

Mr P Redman

Registered office

Suite 13 Lancashire Digital Technology Centre
Bancroft Road
Burnley
Lancashire
BB10 2TP

Accountants

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
The Van Discount Company Limited
for the Period Ended 31 July 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Van Discount Company Limited for the period ended 31 July 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of The Van Discount Company Limited, as a body. Our work has been undertaken solely to prepare for your approval the accounts of The Van Discount Company Limited and state those matters that we have agreed to state to the Board of Directors of The Van Discount Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Van Discount Company Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Van Discount Company Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Van Discount Company Limited. You consider that The Van Discount Company Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of The Van Discount Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

29 October 2024

 

The Van Discount Company Limited

(Registration number: 09348692)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

4,836

37,771

Current assets

 

Stocks

5

-

128,212

Debtors

6

46,913

26,109

Cash at bank and in hand

 

282,179

470,995

 

329,092

625,316

Creditors: Amounts falling due within one year

7

(69,266)

(169,728)

Net current assets

 

259,826

455,588

Total assets less current liabilities

 

264,662

493,359

Provisions for liabilities

(1,209)

(9,443)

Net assets

 

263,453

483,916

Capital and reserves

 

Called up share capital

50

100

Retained earnings

263,403

483,816

Shareholders' funds

 

263,453

483,916

For the financial period ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

The Van Discount Company Limited

(Registration number: 09348692)
Balance Sheet as at 31 July 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 October 2024
 

.........................................
Mr P Redman
Director

 

The Van Discount Company Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2023 to 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Suite 13 Lancashire Digital Technology Centre
Bancroft Road
Burnley
Lancashire
BB10 2TP

These financial statements were authorised for issue by the director on 29 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

The Van Discount Company Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2023 to 31 July 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer and office equipment

25% straight line

Motor vehicles

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

The Van Discount Company Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2023 to 31 July 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period was 2 (2023 - 2).

 

The Van Discount Company Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2023 to 31 July 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

4,646

74,614

79,260

Disposals

-

(36,500)

(36,500)

At 31 July 2024

4,646

38,114

42,760

Depreciation

At 1 February 2023

4,182

37,307

41,489

Charge for the period

392

14,293

14,685

Eliminated on disposal

-

(18,250)

(18,250)

At 31 July 2024

4,574

33,350

37,924

Carrying amount

At 31 July 2024

72

4,764

4,836

At 31 January 2023

464

37,307

37,771

5

Stocks

2024
£

2023
£

Other inventories

-

128,212

6

Debtors

2024
£

2023
£

Trade debtors

11,423

480

Prepayments

35,490

507

Other debtors

-

25,122

46,913

26,109

 

The Van Discount Company Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2023 to 31 July 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

772

5,715

Taxation and social security

35,733

69,272

Accruals and deferred income

7,631

2,697

Other creditors

25,130

92,044

69,266

169,728

 

The Van Discount Company Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2023 to 31 July 2024

8

Related party transactions

Transactions with the directors

2024

At 1 February 2023
£

Advances to directors
£

Repayments by directors
£

At 31 July 2024
£

Repayable on demand - interest charged at official rate

17,513

58,858

(76,371)

-

 

2023

At 1 February 2022
£

Advances to directors
£

Repayments by directors
£

At 31 January 2023
£

Repayable on demand - interest charged at official rate

33,153

69,400

(85,040)

17,513