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Registered number: 09998531
Vindico Ics Ltd
Unaudited Financial Statements
For The Year Ended 28 February 2024
Bellamy, Morgan & Westwood
1 Foundry Road
Morriston
Swansea
SA6 8DU
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 09998531
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 91,393 64,479
91,393 64,479
CURRENT ASSETS
Stocks 5 205,000 115,000
Debtors 6 124,859 147,603
Cash at bank and in hand 15,990 65,009
345,849 327,612
Creditors: Amounts Falling Due Within One Year 7 (346,744 ) (262,396 )
NET CURRENT ASSETS (LIABILITIES) (895 ) 65,216
TOTAL ASSETS LESS CURRENT LIABILITIES 90,498 129,695
Creditors: Amounts Falling Due After More Than One Year 8 (88,549 ) (98,237 )
NET ASSETS 1,949 31,458
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 1,849 31,358
SHAREHOLDERS' FUNDS 1,949 31,458
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For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Jonathan Polson
Director
26/11/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Vindico Ics Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09998531 . The registered office is Parc y Scarlets, Parc Pemberton, Llanelli, SA14 9UZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 0%
Plant & Machinery 25%
Motor Vehicles 25%
Fixtures & Fittings 25%
Computer Equipment 25%
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 24 (2023: 20)
24 20
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 March 2023 173 15,513 30,329 34,003
Additions - 183 32,820 12,636
As at 28 February 2024 173 15,696 63,149 46,639
Depreciation
As at 1 March 2023 - 10,726 5,179 14,261
Provided during the period - 2,897 7,235 4,936
As at 28 February 2024 - 13,623 12,414 19,197
Net Book Value
As at 28 February 2024 173 2,073 50,735 27,442
As at 1 March 2023 173 4,787 25,150 19,742
Computer Equipment Total
£ £
Cost
As at 1 March 2023 26,730 106,748
Additions - 45,639
As at 28 February 2024 26,730 152,387
...CONTINUED
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Depreciation
As at 1 March 2023 12,103 42,269
Provided during the period 3,657 18,725
As at 28 February 2024 15,760 60,994
Net Book Value
As at 28 February 2024 10,970 91,393
As at 1 March 2023 14,627 64,479
5. Stocks
2024 2023
£ £
Work in progress 205,000 115,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 110,541 144,401
Prepayments and accrued income 1,250 1,250
Other debtors 1,952 1,952
Directors' loan accounts 11,116 -
124,859 147,603
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 14,754 -
Trade creditors 36,325 78,405
Bank loans and overdrafts 25,394 25,394
Bounce Back Loan 10,648 10,648
Corporation tax 54,505 22,294
Other taxes and social security 103,932 52,818
VAT 101,186 40,963
Net wages - 15,419
Other creditors - 16,455
346,744 262,396
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 37,330 -
Bank loans 17,894 40,175
Other loans 33,325 58,062
88,549 98,237
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9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 14,754 -
Later than one year and not later than five years 37,330 -
52,084 -
52,084 -
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 March 2023 Amounts advanced Amounts repaid Amounts written off As at 28 February 2024
£ £ £ £ £
Mr Jonathan Polson - 10,892 - - 10,892
The above loan is unsecured, interest free and repayable on demand.
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