1 April 2023 v2024.60.2 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activity00falsetruexbrli:purexbrli:sharesiso4217:GBP143255422023-04-012024-03-31143255422024-03-31143255422023-03-3114325542core:WithinOneYear2024-03-3114325542core:WithinOneYear2023-03-3114325542core:AfterOneYear2024-03-3114325542core:AfterOneYear2023-03-3114325542core:ShareCapital2024-03-3114325542core:ShareCapital2023-03-3114325542core:RetainedEarningsAccumulatedLosses2024-03-3114325542core:RetainedEarningsAccumulatedLosses2023-03-3114325542bus:Director12023-04-012024-03-3114325542bus:RegisteredOffice2023-04-012024-03-311432554212023-04-012024-03-31143255422022-04-012023-03-3114325542countries:EnglandWales2023-04-012024-03-3114325542bus:AuditExempt-NoAccountantsReport2023-04-012024-03-3114325542bus:PrivateLimitedCompanyLtd2023-04-012024-03-3114325542bus:SmallEntities2023-04-012024-03-3114325542bus:AbridgedAccounts2023-04-012024-03-31
Company registration number:
14325542
VIL 3 Limited
Unaudited Filleted Abridged Financial Statements for the year ended
31 March 2024
VIL 3 Limited
Abridged Statement of Financial Position
31 March 2024
20242023
Note££
Current assets    
Stocks
1,710,005
 
1,820,961
 
Debtors 5
3,785
 
16,554
 
Cash at bank and in hand
85,515
 
466,478
 
1,799,305
 
2,303,993
 
Creditors: amounts falling due within one year 6
(305,717
)
(133,297
)
Net current assets
1,493,588
 
2,170,696
 
Total assets less current liabilities 1,493,588   2,170,696  
Creditors: amounts falling due after more than one year 7
(928,985
)
(1,860,973
)
Net assets
564,603
 
309,723
 
Capital and reserves    
Called up share capital
1,000
 
1,000
 
Profit and loss account
563,603
 
308,723
 
Shareholders funds
564,603
 
309,723
 
For the 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 abridged financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements.
All of the members have consented to the preparation of the abridged statement of financial position and the abridged income statement for the year ended
31 March 2024
in accordance with Section 444(2A) of the Companies Act 2006.
These
abridged financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
abridged financial statements
were approved by the board of directors and authorised for issue on
19 November 2024
, and are signed on behalf of the board by:
Mr Richard Edward Rees
Director
Company registration number:
14325542
VIL 3 Limited
Notes to the Abridged Financial Statements
Year ended
31 March 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
1 Stanley Street
,
Chester
,
CH1 2LR
, United Kingdom.

2 Statement of compliance

These
abridged financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
abridged financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
abridged financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4 Average number of employees

The average number of persons employed by the company during the year was Nil (2023: Nil).

5 Debtors

Debtors include amounts of £​Nil (2023: £​
13,990
) falling due after more than one year.

6 Creditors: amounts falling due within one year

Creditors falling due within one year include all short term creditors including Trade Creditors, Corporation Tax Payable, Accruals and other Creditors and are held at cost.

7 Creditors: amounts falling due after more than one year

Creditors falling due after more than one year are amounts due to Group Undertakings and are held at cost.