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Registered Number: 13929257


 

 

 

VIGO RETAIL LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 March 2023

End date: 29 February 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3 85,000    85,000 
Tangible fixed assets 4 123,191    117,001 
208,191    202,001 
Current assets      
Stocks 89,250    54,260 
Debtors 100    100 
Cash at bank and in hand 4,603    247 
93,953    54,607 
Creditors: amount falling due within one year (148,962)   (108,612)
Net current assets (55,009)   (54,005)
 
Total assets less current liabilities 153,182    147,996 
Creditors: amount falling due after more than one year (113,118)   (126,423)
Provisions for liabilities (703)   (558)
Net assets 39,361    21,015 
 

Capital and reserves
     
Called up share capital 5 100    100 
Profit and loss account 39,261    20,915 
Shareholders' funds 39,361    21,015 
 


For the year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 30 November 2024 and were signed by:


-------------------------------
Jeyaraj KUNENTHIRARAJA
Director
1
General Information
VIGO RETAIL LIMITED is a private company, limited by shares, registered in , registration number 13929257, registration address 10 Wingate Close, West Denton, Newcastle Upon Tyne, NE15 7QH.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings 2% Straight Line
Plant and Machinery 15% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.

Average number of employees

Average number of employees during the year was 9 (2023 : 0).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 March 2023 85,000    85,000 
Additions  
Disposals  
At 29 February 2024 85,000    85,000 
Net book values
At 29 February 2024 85,000    85,000 
At 28 February 2023 85,000    85,000 


4.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Total
  £   £   £
At 01 March 2023 104,525    17,136    121,661 
Additions   12,312    12,312 
Disposals    
At 29 February 2024 104,525    29,448    133,973 
Depreciation
At 01 March 2023 2,090    2,570    4,660 
Charge for year 2,090    4,032    6,122 
On disposals    
At 29 February 2024 4,180    6,602    10,782 
Net book values
Closing balance as at 29 February 2024 100,345    22,846    123,191 
Opening balance as at 01 March 2023 102,435    14,566    117,001 


5.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
100 Class A shares of £1.00 each 100    100 
100    100 

2