2023-03-012024-02-292024-02-29false05368843VEHICLE WRAPS 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VEHICLE WRAPS LIMITED

Registered Number
05368843
(England and Wales)

Unaudited Financial Statements for the Year ended
29 February 2024

VEHICLE WRAPS LIMITED
Company Information
for the year from 1 March 2023 to 29 February 2024

Director

GILBERT, Lewin

Company Secretary

FLEMING, Estelle Bridget

Registered Address

Linen Hall 162-168 Regent Street Room 252-254
London
W1B 5TB

Registered Number

05368843 (England and Wales)
VEHICLE WRAPS LIMITED
Balance Sheet as at
29 February 2024

Notes

2024

2023

£

£

£

£

Current assets
Debtors46,5205,653
Cash at bank and on hand9,9978,616
16,51714,269
Creditors amounts falling due within one year5(3,771)(2,907)
Net current assets (liabilities)12,74611,362
Total assets less current liabilities12,74611,362
Net assets12,74611,362
Capital and reserves
Called up share capital11
Profit and loss account12,74511,361
Shareholders' funds12,74611,362
The financial statements were approved and authorised for issue by the Director on 13 November 2024, and are signed on its behalf by:
GILBERT, Lewin
Director
Registered Company No. 05368843
VEHICLE WRAPS LIMITED
Notes to the Financial Statements
for the year ended 29 February 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Revenue from rendering of services
Revenue 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.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Vehicles5
Office Equipment3
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20242023
Average number of employees during the year11
3.Tangible fixed assets

Vehicles

Office Equipment

Total

£££
Cost or valuation
At 01 March 2315,91961616,535
At 29 February 2415,91961616,535
Depreciation and impairment
At 01 March 2315,91961616,535
At 29 February 2415,91961616,535
Net book value
At 29 February 24---
At 28 February 23---
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables4,8864,212
Other debtors1,6341,441
Total6,5205,653
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables249654
Bank borrowings and overdrafts28-
Taxation and social security1,995753
Accrued liabilities and deferred income1,4991,500
Total3,7712,907
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.