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Registered number: 11059454
Volkspec Leisure Ltd
Financial Statements
For The Year Ended 29 November 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 11059454
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 3,355 4,473
3,355 4,473
CURRENT ASSETS
Stocks 5 45,000 42,905
Debtors 6 765 5,113
Cash at bank and in hand 2,318 32,241
48,083 80,259
Creditors: Amounts Falling Due Within One Year 7 (31,160 ) (40,819 )
NET CURRENT ASSETS (LIABILITIES) 16,923 39,440
TOTAL ASSETS LESS CURRENT LIABILITIES 20,278 43,913
Creditors: Amounts Falling Due After More Than One Year 8 (19,433 ) (28,411 )
NET ASSETS 845 15,502
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 745 15,402
SHAREHOLDERS' FUNDS 845 15,502
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For the year ending 29 November 2023 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 J Andrews
Director
29 November 2024
The notes on pages 3 to 4 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Volkspec Leisure Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11059454 . The registered office is Unit 6 Rotherham Road, Beighton, Sheffield, S20 1AH.
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:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 33% straight line
2.4. 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.
2.5. 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. 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. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 3)
3 3
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4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 30 November 2022 2,565 6,000 6,727 1,000 16,292
As at 29 November 2023 2,565 6,000 6,727 1,000 16,292
Depreciation
As at 30 November 2022 1,889 4,102 4,828 1,000 11,819
Provided during the period 169 474 475 - 1,118
As at 29 November 2023 2,058 4,576 5,303 1,000 12,937
Net Book Value
As at 29 November 2023 507 1,424 1,424 - 3,355
As at 30 November 2022 676 1,898 1,899 - 4,473
5. Stocks
2023 2022
£ £
Finished goods 45,000 42,905
6. Debtors
2023 2022
£ £
Due within one year
Other debtors 765 5,113
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 82 -
Bank loans and overdrafts 8,976 8,754
Other creditors 15,378 32,065
Taxation and social security 6,724 -
31,160 40,819
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 19,433 28,411
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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