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Registration number: 12503109

Vitaware Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Vitaware Limited
(Registration number: 12503109)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Vitaware Limited
(Registration number: 12503109)

Company Information

Director

Dr P G Young

Registered office

City Scape
3 Mount Radford Crescent
Exeter
Devon
EX2 4EN

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Vitaware Limited
(Registration number: 12503109)

Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

25,923

-

Tangible assets

5

7,539

12,562

 

33,462

12,562

Current assets

 

Debtors

6

83,548

50,774

Cash at bank and in hand

 

155,515

56,328

 

239,063

107,102

Creditors: Amounts falling due within one year

7

(521,222)

(296,094)

Net current liabilities

 

(282,159)

(188,992)

Total assets less current liabilities

 

(248,697)

(176,430)

Provisions for liabilities

(6,791)

(2,904)

Net liabilities

 

(255,488)

(179,334)

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(255,489)

(179,335)

Total equity

 

(255,488)

(179,334)

For the financial year ending 31 March 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 year 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 6 November 2024
 

 

Vitaware Limited
(Registration number: 12503109)

Balance Sheet as at 31 March 2024

.........................................
Dr P G Young
Director

 

Vitaware Limited
(Registration number: 12503109)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
City Scape
3 Mount Radford Crescent
Exeter
Devon
EX2 4EN
England

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 company has net current liabilities and net liabilities. It is reliant on the support of the director whilst it seeks additional sources of financing and develops its products. The director has confirmed that the director's loan account will be available for the foreseeable future.

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.

 

Vitaware Limited
(Registration number: 12503109)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 & machinery

25% straight line

Office equipment

25% straight line

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents

20% 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.

 

Vitaware Limited
(Registration number: 12503109)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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.

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 year, was 4 (2023 - 7).

 

Vitaware Limited
(Registration number: 12503109)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

Additions acquired separately

29,780

29,780

At 31 March 2024

29,780

29,780

Amortisation

Amortisation charge

3,857

3,857

At 31 March 2024

3,857

3,857

Carrying amount

At 31 March 2024

25,923

25,923

5

Tangible assets

Office equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

17,961

2,122

20,083

At 31 March 2024

17,961

2,122

20,083

Depreciation

At 1 April 2023

6,415

1,106

7,521

Charge for the year

4,492

531

5,023

At 31 March 2024

10,907

1,637

12,544

Carrying amount

At 31 March 2024

7,054

485

7,539

At 31 March 2023

11,546

1,016

12,562

6

Debtors

2024
£

2023
£

Other debtors

33,278

4,456

Prepayments and accrued income

50,270

46,318

Total current trade and other debtors

83,548

50,774

 

Vitaware Limited
(Registration number: 12503109)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

2024
£

2023
£

Due within one year

Trade creditors

1,580

5,883

Taxation and social security

5,137

8,536

Other creditors

512,505

277,685

Accrued expenses

2,000

3,990

521,222

296,094