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COMPANY REGISTRATION NUMBER: 01677628
Villamead Limited
Filleted Unaudited Financial Statements
30 June 2024
Villamead Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
147,876
130,250
Current assets
Stocks
115,035
115,035
Debtors
6
298,448
374,566
Cash at bank and in hand
35,838
32,075
--------
--------
449,321
521,676
Creditors: amounts falling due within one year
7
463,047
503,900
--------
--------
Net current (liabilities)/assets
( 13,726)
17,776
--------
--------
Total assets less current liabilities
134,150
148,026
Creditors: amounts falling due after more than one year
8
133,946
146,667
--------
--------
Net assets
204
1,359
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
104
1,259
----
------
Shareholders funds
204
1,359
----
------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Villamead Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 7 November 2024 , and are signed on behalf of the board by:
Mr R G Williams
Director
Company registration number: 01677628
Villamead Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 217 Long Lane, Halesowen, West Midlands, B62 9JT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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 continue to adopt the going concern basis of accounting in preparing the financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Motor vehicles
-
15% straight line
Office equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 9 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 July 2023
52,048
170,108
19,752
241,908
Additions
41,800
41,800
Disposals
( 22,823)
( 22,823)
-------
--------
-------
--------
At 30 June 2024
52,048
189,085
19,752
260,885
-------
--------
-------
--------
Depreciation
At 1 July 2023
43,318
50,822
17,518
111,658
Charge for the year
1,746
22,093
335
24,174
Disposals
( 22,823)
( 22,823)
-------
--------
-------
--------
At 30 June 2024
45,064
50,092
17,853
113,009
-------
--------
-------
--------
Carrying amount
At 30 June 2024
6,984
138,993
1,899
147,876
-------
--------
-------
--------
At 30 June 2023
8,730
119,286
2,234
130,250
-------
--------
-------
--------
6. Debtors
2024
2023
£
£
Trade debtors
178,602
287,611
Prepayments and accrued income
5,798
9,706
Director's loan account
22,914
14,115
Other debtors
91,134
63,134
--------
--------
298,448
374,566
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
27,033
32,183
Trade creditors
106,180
171,575
Accruals and deferred income
6,881
3,453
Corporation tax
53,258
44,534
Social security and other taxes
50,689
23,939
Obligations under finance leases and hire purchase contracts
37,173
24,584
DEA Deductions
170
170
Other creditors
181,663
203,462
--------
--------
463,047
503,900
--------
--------
Hire purchase liabilities are secured against the assets to which they relate. Included within other creditors are £181,816 (2023 £202,600) of factoring account liabilities secured by way of a fixed and floating charge over the assets of the company.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
55,777
81,944
Obligations under finance leases and hire purchase contracts
78,169
64,723
--------
--------
133,946
146,667
--------
--------
Hire purchase liabilities are secured against the assets to which they relate.
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr R G Williams
14,115
8,799
22,914
-------
------
-------
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr R G Williams
19,661
( 5,546)
14,115
-------
------
-------
10. Related party transactions
The company was under the control of Mr R G Williams throughout the current and previous year. Mr R G Williams is the managing director and majority shareholder. During the year, Mr R G Williams charged rent for the property to the company amounting to £21,000 (2023: £21,000). Included within other debtors is £91,134 (2023: £63,134) owed from companies under the control of Mr R G Williams and his close family members.