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COMPANY REGISTRATION NUMBER: 01170530
Vaux Brothers (Grain and Feed) Limited
Filleted unaudited financial statements
31 March 2024
Vaux Brothers (Grain and Feed) Limited
Statement of financial position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
797
1,021
Current assets
Stocks
13,217
16,532
Debtors
6
7,774
10,893
Cash at bank and in hand
15,372
8,034
--------
--------
36,363
35,459
Creditors: amounts falling due within one year
7
36,739
37,589
--------
--------
Net current liabilities
376
2,130
--------
--------
Total assets less current liabilities
421
( 1,109)
Provisions
Taxation including deferred tax
126
163
--------
--------
Net assets/(liabilities)
295
( 1,272)
--------
--------
Capital and reserves
Called up share capital
5,000
5,000
Profit and loss account
8
( 4,705)
( 6,272)
--------
--------
Shareholders funds/(deficit)
295
( 1,272)
--------
--------
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 31st 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 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 financial statements .
These financial statements were approved by the board of directors and authorised for issue on 23 August 2024 , and are signed on behalf of the board by:
J D Vaux
Director
Company registration number: 01170530
Vaux Brothers (Grain and Feed) Limited
Notes to the financial statements
Year ended 31st March 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 Robinson Street, Pontefract, WF8 1QU.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
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
Revenue is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Income tax
Taxation represents the sum of tax currently payable and deferred tax. 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 all 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 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 is realised.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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 & machinery
-
15% reducing balance
Fixtures & fittings
-
15% reducing balance
Motor vehicles
-
25% 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.
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.
Financial instruments
Basic financial instruments are recognised at amortised cost. The company holds the following financial assets and liabilities: Cash Short-term trade and other debtors and creditors Cash in the balance sheet comprises cash at banks and in hand. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account before operating profit.
Defined contribution plans
The company operates a defined pension contribution scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1st April 2023 and 31st March 2024
2,886
2,697
15,950
21,533
--------
--------
--------
--------
Depreciation
At 1st April 2023
2,641
2,622
15,249
20,512
Charge for the year
37
11
176
224
--------
--------
--------
--------
At 31st March 2024
2,678
2,633
15,425
20,736
--------
--------
--------
--------
Carrying amount
At 31st March 2024
208
64
525
797
--------
--------
--------
--------
At 31st March 2023
245
75
701
1,021
--------
--------
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
5,255
7,077
Other debtors
2,519
3,816
--------
--------
7,774
10,893
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
17,480
21,311
Social security and other taxes
827
124
Other creditors
18,432
16,154
--------
--------
36,739
37,589
--------
--------
8. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
9. Directors' advances, credits and guarantees
No advances were made to any director of the company during the year (2023 £nil) and no amounts in respect of advances to directors were outstanding at the year end (2023 £nil). The company has not entered into any guarantees on behalf of its directors during the year.
10. Related party transactions
The company occupies premises owned by a director of the company. During the year the company paid rent to the director totalling £5,200 (2023 £5,200).