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Registration number: 01656771

vCreate Ltd

Unaudited Filleted Financial Statements

for the Period from 1 October 2022 to 31 December 2023

 

vCreate Ltd

Contents
for the Period from 1 October 2022 to 31 December 2023

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

vCreate Ltd

Company Information
for the Period from 1 October 2022 to 31 December 2023

Director

B Moore

Company secretary

B Moore

Registered office

St Stephens House
Arthur Road
Windsor
Berkshire
SL4 1RU

Registered number

01656771 ( England and Wales )

Accountants

Windsor Accountancy Limited
Chartered Certified Accountants
St Stephens House
Arthur Road
Windsor
Berkshire
SL4 1RU

 

vCreate Ltd

(Registration number: 01656771)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

83,788

50,533

Current assets

 

Stocks

5

-

2,520

Debtors

6

83,674

50,736

Cash at bank and in hand

 

539,040

655,778

 

622,714

709,034

Creditors: Amounts falling due within one year

7

(554,761)

(315,676)

Net current assets

 

67,953

393,358

Total assets less current liabilities

 

151,741

443,891

Provisions for liabilities

(12,056)

-

Net assets

 

139,685

443,891

Capital and reserves

 

Called up share capital

200

200

Retained earnings

139,485

443,691

Shareholders' funds

 

139,685

443,891

For the financial period ending 31 December 2023 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.

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 30 October 2024
 

 

vCreate Ltd

(Registration number: 01656771)
Balance Sheet as at 31 December 2023

.........................................
B Moore
Company secretary and director

 

vCreate Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 December 2023

1

General information

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

The address of its registered office is:
St Stephens House
Arthur Road
Windsor
Berkshire
SL4 1RU

These financial statements were authorised for issue by the director on 30 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.

Disclosure of long or short period

The financial statements present figures for the 15 month peroid ended 31 December 2023. The comparative figures relate to the 12 month period ended 30 September 2022.

Changes in accounting policy

The following have been applied for the first time from 1 October 2022 and have had an effect on the financial statements:

Reclassification of fixed assets

The directors agreed that presentation as Office Equipment more accurately reflected the nature of assets previously presented as Plant and Machinery. The comparative figures have been adjusted to reflect this reclassification.

Following the above reclassification, depreciation of Office Equipment has been changed to 25% straight line. Assets in this category were previously subject to depreciation at 25% reducing balance.

No retrospective adjustments have been made due to immateriality.

 

vCreate Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 December 2023

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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 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

Office equipment

25% Straight line

Motor vehicles

20% Reducing balance

 

vCreate Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 December 2023

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. Amounts classified as receivable within one year are not amortised.

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. Amounts classified as payable within one year are not amortised.

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.

 

vCreate Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 December 2023

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 13 (2022 - 14).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

209,011

80,980

289,991

Additions

1,496

102,080

103,576

Disposals

(203,842)

(80,980)

(284,822)

At 31 December 2023

6,665

102,080

108,745

Depreciation

At 1 October 2022

199,940

39,518

239,458

Charge for the period

1,498

21,283

22,781

Eliminated on disposal

(197,764)

(39,518)

(237,282)

At 31 December 2023

3,674

21,283

24,957

Carrying amount

At 31 December 2023

2,991

80,797

83,788

At 30 September 2022

9,071

41,462

50,533

5

Stocks

2023
£

2022
£

Other inventories

-

2,520

 

vCreate Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 December 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

58,810

50,736

Other debtors

24,864

-

 

83,674

50,736

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

4,157

4,924

Taxation and social security

90,746

104,815

Accruals and deferred income

456,815

203,331

Other creditors

3,043

2,606

554,761

315,676

 

vCreate Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 December 2023

8

Related party transactions

Transactions with the director

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Director advances and credits

(1,535)

391

(312)

(1,456)

 

2022

At 1 October 2021
£

Repayments by director
£

At 30 September 2022
£

Director advances and credits

-

(1,535)

(1,535)

 

Other transactions with the director

Amounts due to the directors at the year end were free of interest and deemed repayable on demand.