Registered number
10407028
Mr Vapour Limited
Filleted Accounts
31 March 2024
Mr Vapour Limited
Registered number: 10407028
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Current assets
Stocks 30,335 48,350
Debtors 3 1,729,788 1,117,621
Cash at bank and in hand 805,643 735,924
2,565,766 1,901,895
Creditors: amounts falling due within one year 4 (1,355,008) (1,287,503)
Net current assets 1,210,758 614,392
Net assets 1,210,758 614,392
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,210,658 614,292
Shareholders' funds 1,210,758 614,392
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Khajinder Singh Malhotra
Director
Approved by the board on 8 January 2025
Mr Vapour Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
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).
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 4
3 Debtors 2024 2023
£ £
Trade debtors (8,492) 8,621
Other debtors 1,738,280 1,109,000
1,729,788 1,117,621
4 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,028,637 1,017,331
Director's account 21,049 115,602
Taxation and social security costs 275,735 140,970
Other creditors 29,587 13,600
1,355,008 1,287,503
5 Related party transactions
Included in other debtors is the amount of £ 665,000(2023: £ 689,000) due from Ryan London Limited ,£ 321,280 due from Bunch Properties Ltd and £90,000(2023: £40,000) due from Magic Touch Development Limited, which are related parties by virtue of common directorship and in which the director holds a material interest. There are no terms as to interest or repayment in respect of this amount.
6 Other information
Mr Vapour Limited is a private company limited by shares and incorporated in England. Its registered office is:
Laxmi House
2-b Draycott Avenue
Kenton Harrow
Middlesex
HA3 0BU
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