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Registration number: 08362517

V Hub Service Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 January 2024

 

V Hub Service Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

V Hub Service Limited

Company Information

Directors

Mr P Evans

Mr R Taylor

Registered office

Unit A, Beta Close
Delta Drive
Tewkesbury
Gloucestershire
GL20 8SR

Accountants

Holberton & Co
Nortonbury House
37 High Street
Tewkesbury
Gloucestershire
GL20 5BB

 

V Hub Service Limited

(Registration number: 08362517)
Abridged Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

41,896

44,484

Current assets

 

Stocks

5

1,000

1,000

Debtors

6

127,468

118,875

Cash at bank and in hand

 

56,982

61,531

 

185,450

181,406

Creditors: Amounts falling due within one year

(121,127)

(144,505)

Net current assets

 

64,323

36,901

Total assets less current liabilities

 

106,219

81,385

Creditors: Amounts falling due after more than one year

(486)

(9,687)

Net assets

 

105,733

71,698

Capital and reserves

 

Called up share capital

7

30,000

30,000

Retained earnings

75,733

41,698

Shareholders' funds

 

105,733

71,698

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

Directors' responsibilities:

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

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 Board on 24 October 2024 and signed on its behalf by:
 

 

V Hub Service Limited

(Registration number: 08362517)
Abridged Balance Sheet as at 31 January 2024

.........................................
Mr P Evans
Director

 

V Hub Service Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in Other.

The address of its registered office is:
Unit A, Beta Close
Delta Drive
Tewkesbury
Gloucestershire
GL20 8SR

The principal place of business is:
Unit A, Beta Close
Delta Drive
Tewkesbury
Gloucestershire
GL20 8SR

These financial statements were authorised for issue by the Board on 24 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 abridged 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 abridged 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 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.

 

V Hub Service Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 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.

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

Plant and machinery etc

15%-33% Reducing balance

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.

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.

Borrowings

 

V Hub Service Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 directors) during the year, was 7 (2023 - 10).

 

V Hub Service Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 February 2023

5,270

73,453

829

9,250

Additions

-

-

-

9,545

At 31 January 2024

5,270

73,453

829

18,795

Depreciation

At 1 February 2023

3,529

40,425

171

193

Charge for the year

261

8,257

217

3,398

At 31 January 2024

3,790

48,682

388

3,591

Carrying amount

At 31 January 2024

1,480

24,771

441

15,204

At 31 January 2023

1,741

33,028

658

9,057

Total
£

Cost or valuation

At 1 February 2023

88,802

Additions

9,545

At 31 January 2024

98,347

Depreciation

At 1 February 2023

44,318

Charge for the year

12,133

At 31 January 2024

56,451

Carrying amount

At 31 January 2024

41,896

At 31 January 2023

44,484

5

Stocks

2024
£

2023
£

Other inventories

1,000

1,000

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

 

V Hub Service Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

30,000

30,000

30,000

30,000

       

8

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £Nil per each Ordinary Shares

-

-

 

 

Reconciliation to Dividends categories

Total assigned to category SOCIE 2 2

28800

20800

Difference to be corrected

(28,800)

(20,800)