Company registration number 09714233 (England and Wales)
VINFINITY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
VINFINITY LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
VINFINITY LTD
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF VINFINITY LTD FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Vinfinity Ltd for the year ended 31 August 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Vinfinity Ltd, as a body, in accordance with the terms of our engagement letter dated 20 May 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Vinfinity Ltd and state those matters that we have agreed to state to the board of directors of Vinfinity Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Vinfinity Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Vinfinity Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Vinfinity Ltd. You consider that Vinfinity Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Vinfinity Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carpenter Box
24 January 2025
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
VINFINITY LTD
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
38,882
50,813
Current assets
Stocks
402,332
301,294
Debtors
4
701,046
702,031
Cash at bank and in hand
13,821
14,986
1,117,199
1,018,311
Creditors: amounts falling due within one year
5
(859,719)
(794,604)
Net current assets
257,480
223,707
Total assets less current liabilities
296,362
274,520
Creditors: amounts falling due after more than one year
6
(11,209)
(16,460)
Provisions for liabilities
(9,721)
Net assets
275,432
258,060
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
275,430
258,058
Total equity
275,432
258,060
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
VINFINITY LTD
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 24 January 2025 and are signed on its behalf by:
Mr P Oliver
Director
Company registration number 09714233 (England and Wales)
VINFINITY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
1
Accounting policies
Company information
Vinfinity Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Asta Cottage Herons Lea, Copthorne, West Sussex, England, RH10 3HE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
33.3% per annum on a straight line basis
Motor vehicles
33.3% per annum on a straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss.
VINFINITY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
VINFINITY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 6 -
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons employed by the company during the year was 5 (2023 - 5).
3
Tangible fixed assets
Computers
Motor vehicles
Total
£
£
£
Cost
At 1 September 2023
72,932
72,932
Additions
1,097
48,575
49,672
Disposals
(36,607)
(36,607)
At 31 August 2024
1,097
84,900
85,997
Depreciation and impairment
At 1 September 2023
22,119
22,119
Depreciation charged in the year
56,603
56,603
Eliminated in respect of disposals
(31,607)
(31,607)
At 31 August 2024
47,115
47,115
Carrying amount
At 31 August 2024
1,097
37,785
38,882
At 31 August 2023
50,813
50,813
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
701,046
700,502
Other debtors
1,529
701,046
702,031
VINFINITY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
9,996
11,040
Trade creditors
578,125
536,011
Taxation and social security
42,112
7,188
Other creditors
229,486
240,365
859,719
794,604
Included within other creditors is an amount of £1,295 (2023: £nil) relating to finance agreements which are secured on the related fixed assets. There is a further amount of £161,588 (2023: £149,158) within other creditors that h is secured through a fixed and floating charge over the company's assets.
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,504
16,460
Other creditors
3,705
11,209
16,460
The other creditors relate to finance agreements which are secured on the related fixed assets The bank loan is secured through a fixed and floating charge over the company's assets.
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2