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COMPANY REGISTRATION NUMBER: 09864509
Victory Marine Navy & Technologies Ltd
Filleted Unaudited Financial Statements
31 December 2023
Victory Marine Navy & Technologies Ltd
Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Victory Marine Navy & Technologies Ltd
Year ended 31 December 2023
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 December 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
WHITEFIELD & CO Chartered Certified Accountants
8 Wolsey Mansions Main Avenue Moor Park Middlesex HA6 2HL
31 October 2024
Victory Marine Navy & Technologies Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
8,627
6,911
Current assets
Debtors
6
404,708
43,180
Cash at bank and in hand
1,351,607
1,464,005
------------
------------
1,756,315
1,507,185
Creditors: amounts falling due within one year
7
1,744,260
1,456,645
------------
------------
Net current assets
12,055
50,540
--------
--------
Total assets less current liabilities
20,682
57,451
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
20,582
57,351
--------
--------
Shareholders funds
20,682
57,451
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 31 October 2024 , and are signed on behalf of the board by:
Mr.B Acampora
Director
Company registration number: 09864509
Victory Marine Navy & Technologies Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8 Wolsey Mansions, Main Avenue, Northwood, Middlesex, HA6 2HL, UK.
2. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling.The functional currency of the entity is Euros.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20 % straight line
3. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 2 ).
4. Tax on (loss)/profit
Major components of tax expense
Period from
Year to
1 Dec 21 to
31 Dec 23
31 Dec 22
£
£
Current tax:
UK current tax expense
4,992
----
-------
Tax on (loss)/profit
4,992
----
-------
5. Tangible assets
Equipment
£
Cost
At 1 January 2023
10,684
Additions
4,815
--------
At 31 December 2023
15,499
--------
Depreciation
At 1 January 2023
3,773
Charge for the year
3,099
--------
At 31 December 2023
6,872
--------
Carrying amount
At 31 December 2023
8,627
--------
At 31 December 2022
6,911
--------
6. Debtors
2023
2022
£
£
Trade debtors
349,827
Other debtors
54,881
43,180
---------
--------
404,708
43,180
---------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
43
43
Trade creditors
1,112,560
134,158
Corporation tax
4,992
Social security and other taxes
261,674
23,283
Payments received in advance
346,784
1,280,805
Other creditors
23,199
13,364
------------
------------
1,744,260
1,456,645
------------
------------
8. Events after the end of the reporting period
The company became aware of changes in VAT legislation that may possibly enable the company to claim back Italian vat and it has thus sought the services of an accountant in Italy ,to apply for its recovery. If successful the company will receive a repayment of approximately Euros 700,000 which will form additional income for the company. Fees demanded by one of the consultants are being disputed by the company and is being litigated. The Heads of Terms in respect of the companys exclusivity to produce racing boats came to an end in August 2024 and it appears that the contract may not be renewed.