Registered number
09394659
VIVID CONTRACTS LTD
Filleted Accounts
31 January 2024
VIVID CONTRACTS LTD
Registered number: 09394659
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 226,020 227,703
Current assets
Stocks 38,942 38,965
Debtors 4 4,896 9,874
Cash at bank and in hand 20,898 18,570
64,736 67,409
Creditors: amounts falling due within one year 5 (279,913) (283,152)
Net current liabilities (215,177) (215,743)
Net assets 10,843 11,960
Capital and reserves
Called up share capital 100 100
Profit and loss account 10,743 11,860
Shareholders' funds 10,843 11,960
The directors are 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 directors acknowledge their 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.
Charanjeet Singh Bhurji
Director
Approved by the board on 31 January 2025
VIVID CONTRACTS LTD
Notes to the Accounts
for the year ended 31 January 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 and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 February 2023 224,337 9,338 233,675
At 31 January 2024 224,337 9,338 233,675
Depreciation
At 1 February 2023 - 5,972 5,972
Charge for the year - 1,683 1,683
At 31 January 2024 - 7,655 7,655
Net book value
At 31 January 2024 224,337 1,683 226,020
At 31 January 2023 224,337 3,366 227,703
4 Debtors 2024 2023
£ £
Trade debtors 4,896 9,874
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 890 934
Other creditors 279,023 282,218
279,913 283,152
6 Other information
VIVID CONTRACTS LTD is a private company limited by shares and incorporated in England. Its registered office is:
Unit 2
Lodge Yard
Kingswood
Woodham
HP18 0QJ
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