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Registration number: 05533613

VRP Worksop Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

VRP Worksop Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

VRP Worksop Limited

(Registration number: 05533613)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

750,000

750,000

Current assets

 

Debtors

5

4,892

3,667

Cash at bank and in hand

 

61,249

37,010

 

66,141

40,677

Creditors: Amounts falling due within one year

6

(640,651)

(173,755)

Net current liabilities

 

(574,510)

(133,078)

Total assets less current liabilities

 

175,490

616,922

Creditors: Amounts falling due after more than one year

6

-

(478,778)

Net assets

 

175,490

138,144

Capital and reserves

 

Called up share capital

900

900

Retained earnings

174,590

137,244

Shareholders' funds

 

175,490

138,144

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.

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.

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 11 November 2024 and signed on its behalf by:
 

K N King
Director

D N S Pigott
Director

 
     
 

VRP Worksop Limited

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 and domiciled in England and Wales.

The address of its registered office is:
Freshford House
Redcliffe Way
Bristol
BS1 6NL

These financial statements were authorised for issue by the Board on 11 November 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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;
- specific criteria have been met for each of the company's activities; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Finance income and costs policy

Finance income and costs are recognised using the effective interest method.

 

VRP Worksop Limited

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

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.

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

Land and buildings

Nil

Investment property

In accordance with the requirement of FRS 102 Section 1A, investment properties owned by the company are stated at their open market value at the balance sheet date and any aggregate surplus or deficit is recognised through the profit and loss account. No depreciation is charged on these assets.

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.

Debtors

Trade debtors are amounts due from customers for 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

 

VRP Worksop Limited

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

Borrowings

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 2 (2023 - 2).

4

Tangible assets

Freehold land and buildings
£

Total
£

Cost or valuation

At 1 April 2023

750,000

750,000

At 31 March 2024

750,000

750,000

Depreciation

Carrying amount

At 31 March 2024

750,000

750,000

At 31 March 2023

750,000

750,000

Included within the net book value of land and buildings above is £750,000 (2023 - £750,000) in respect of freehold land and buildings.
 

 

VRP Worksop Limited

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

Revaluation


The directors, who are Chartered Surveyors, do not believe that the value of the land and buildings would be materially different from the cost value.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,063,692 (2023 - £1,063,692).

 

5

Debtors

2024
£

2023
£

Other debtors

4,892

3,667

4,892

3,667

6

Creditors

Due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

7

596,665

50,000

Social security and other taxes

 

2,916

3,880

Accruals and deferred income

 

29,130

18,357

Corporation tax liability

 

11,940

101,518

 

640,651

173,755

Due after one year

2024
£

2023
£

Bank borrowings

-

152,113

Other borrowings

-

326,665

-

478,778

 

VRP Worksop Limited

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

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

 

-

152,113

Other borrowings

8

-

326,665

 

-

478,778

Current loans and borrowings

2024
£

2023
£

Bank borrowings

 

-

50,000

Other borrowings

8

596,665

-

 

596,665

50,000

Other borrowings include loans to shareholders of £596,665 (2022 - £326,665).

8

Related party transactions

Loans to related parties

2024

Key management
£

Total
£

At start of period

326,665

326,665

Advanced

270,000

270,000

At end of period

596,665

596,665

2023

Key management
£

Total
£

At start of period

318,665

318,665

Advanced

8,000

8,000

At end of period

326,665

326,665

Terms of loans to related parties

The loans to shareholders are interest free and repayable on demand.