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Registration number: 11370528

Volt Entrepreneurs Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Volt Entrepreneurs Limited
(Registration number: 11370528)

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Volt Entrepreneurs Limited
(Registration number: 11370528)

Company Information

Director

S Khuri

Company secretary

G Cordani

Registered office

1 Colleton Crescent
Exeter
Devon
EX2 4DG

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Volt Entrepreneurs Limited
(Registration number: 11370528)

Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1,573

3,967

Tangible assets

5

1,236

1,959

 

2,809

5,926

Current assets

 

Debtors

6

1,993

2,223

Cash at bank and in hand

 

8,743

30,780

 

10,736

33,003

Creditors: Amounts falling due within one year

7

(61,669)

(62,545)

Net current liabilities

 

(50,933)

(29,542)

Net liabilities

 

(48,124)

(23,616)

Capital and reserves

 

Called up share capital

24

24

Profit and loss account

(48,148)

(23,640)

Total equity

 

(48,124)

(23,616)

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 4 January 2025
 

.........................................
S Khuri
Director

 

Volt Entrepreneurs Limited
(Registration number: 11370528)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Colleton Crescent
Exeter
Devon
EX2 4DG

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company currently has negative reserves however the shareholders will continue to support the company financially in order to meet its liabilities as they fall due. As such, the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Volt Entrepreneurs Limited
(Registration number: 11370528)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

20% straight line basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Company website

20% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Volt Entrepreneurs Limited
(Registration number: 11370528)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Volt Entrepreneurs Limited
(Registration number: 11370528)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Intangible assets

Company website
 £

Total
£

Cost or valuation

At 1 June 2023

11,968

11,968

At 31 May 2024

11,968

11,968

Amortisation

At 1 June 2023

8,001

8,001

Amortisation charge

2,394

2,394

At 31 May 2024

10,395

10,395

Carrying amount

At 31 May 2024

1,573

1,573

At 31 May 2023

3,967

3,967

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

3,614

3,614

At 31 May 2024

3,614

3,614

Depreciation

At 1 June 2023

1,655

1,655

Charge for the year

723

723

At 31 May 2024

2,378

2,378

Carrying amount

At 31 May 2024

1,236

1,236

At 31 May 2023

1,959

1,959

 

Volt Entrepreneurs Limited
(Registration number: 11370528)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Debtors

2024
£

2023
£

Other debtors

163

24

Prepayments and accrued income

1,830

2,199

Total current trade and other debtors

1,993

2,223

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

60,000

50,000

Taxation and social security

 

-

3,612

Other creditors

 

569

1,470

Accrued expenses

 

1,100

7,463

 

61,669

62,545

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

60,000

50,000