Company No:
Contents
Note | 29.02.2024 | 28.02.2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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1,021,305 | 5,711 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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39,021 | 5,078 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current liabilities | (1,105,028) | (10,251) | ||
Total assets less current liabilities | (83,723) | (4,540) | ||
Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 7 |
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Profit and loss account | (
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Total shareholders' deficit | (
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Directors' responsibilities:
The financial statements of Vinegar Works Limited (registered number:
Mr M Stansfeld
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
Vinegar Works Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1-3 College Yard, Worcester, WR1 2LB, United Kingdom, and the companies place of business is Foregate Street, Worcester, WR1 1DJ, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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.
Leasehold improvements |
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Office equipment |
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Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Year ended 29.02.2024 |
Period from 01.02.2022 to 28.02.2023 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Leasehold improve- ments |
Office equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 March 2023 |
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Additions |
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At 29 February 2024 |
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Accumulated depreciation | |||||
At 01 March 2023 |
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Charge for the financial year |
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At 29 February 2024 |
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Net book value | |||||
At 29 February 2024 |
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At 28 February 2023 |
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29.02.2024 | 28.02.2023 | ||
£ | £ | ||
Trade debtors |
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Prepayments |
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Deferred tax asset |
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VAT recoverable |
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29.02.2024 | 28.02.2023 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to related parties |
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Amounts owed to directors |
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Accruals |
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Other taxation and social security |
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29.02.2024 | 28.02.2023 | ||
£ | £ | ||
At the beginning of financial year/period |
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Credited to the Statement of Income and Retained Earnings |
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At the end of financial year/period |
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29.02.2024 | 28.02.2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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100 | 100 |
Transactions with the entity's directors
29.02.2024 | 28.02.2023 | ||
£ | £ | ||
Balance from the directors included in Debtors | 1,550 | 0 | |
Balance due to the directors included in Creditors | 11,644 | 8,898 |
The directors had advances of £2,500 and personal spend/invoices of £1,304. The accounts do not bear any interest.
Other related party transactions
29.02.2024 | 28.02.2023 | ||
£ | £ | ||
Due to related parties - in Creditors | 1,125,440 | 3,990 |
The related parties are companies owned by the directors.