Registered number
07577941
VR Design and Manufacturing Limited
Unaudited Filleted Accounts
31 July 2024
VR Design and Manufacturing Limited
Registered number: 07577941
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 6,439 1,038
Current assets
Stocks 3,500 500
Debtors 5 34,158 64,941
Cash at bank and in hand 11,037 20,536
48,695 85,977
Creditors: amounts falling due within one year 6 (40,984) (29,132)
Net current assets 7,711 56,845
Total assets less current liabilities 14,150 57,883
Creditors: amounts falling due after more than one year 7 (4,057) (8,860)
Provisions for liabilities (1,223) (201)
Net assets 8,870 48,822
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 7,870 47,822
Shareholders' funds 8,870 48,822
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr K R Vaughan-Ryall
Director
Approved by the board on 7 November 2024
VR Design and Manufacturing Limited
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £.
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 rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses from impairment are recognised in the profit and loss account in other administrative expenses.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2023 10,000
At 31 July 2024 10,000
Amortisation
At 1 August 2023 10,000
At 31 July 2024 10,000
Net book value
At 31 July 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2023 1,671 - 1,671
Additions - 7,075 7,075
At 31 July 2024 1,671 7,075 8,746
Depreciation
At 1 August 2023 633 - 633
Charge for the year 259 1,415 1,674
At 31 July 2024 892 1,415 2,307
Net book value
At 31 July 2024 779 5,660 6,439
At 31 July 2023 1,038 - 1,038
5 Debtors 2024 2023
£ £
Trade debtors 5,629 833
Other debtors 28,529 64,108
34,158 64,941
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,109 5,307
Trade creditors 14,912 3,706
Taxation and social security costs 5,155 12,894
Other creditors 15,808 7,225
40,984 29,132
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 4,057 8,860
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Director
Interest free, repayable on demand (52,208) (34,831) 70,593 (16,446)
(52,208) (34,831) 70,593 (16,446)
9 Other information
VR Design and Manufacturing Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 1 Peek House
Venny Bridge Trading Estate
Pinhoe
Devon
EX4 8JN
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