6 false false false false false false false false false false true false true false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 14024056 2023-05-01 2024-04-30 14024056 2024-04-30 14024056 2023-04-30 14024056 2022-05-01 2023-04-30 14024056 2023-04-30 14024056 2022-04-30 14024056 core:PatentsTrademarksLicencesConcessionsSimilar 2023-05-01 2024-04-30 14024056 core:PlantMachinery 2023-05-01 2024-04-30 14024056 core:MotorVehicles 2023-05-01 2024-04-30 14024056 bus:LeadAgentIfApplicable 2023-05-01 2024-04-30 14024056 bus:Director1 2023-05-01 2024-04-30 14024056 bus:Director2 2023-05-01 2024-04-30 14024056 bus:Director3 2023-05-01 2024-04-30 14024056 core:WithinOneYear 2024-04-30 14024056 core:WithinOneYear 2023-04-30 14024056 core:AfterOneYear 2024-04-30 14024056 core:AfterOneYear 2023-04-30 14024056 core:ShareCapital 2024-04-30 14024056 core:ShareCapital 2023-04-30 14024056 core:SharePremium 2024-04-30 14024056 core:SharePremium 2023-04-30 14024056 core:RetainedEarningsAccumulatedLosses 2024-04-30 14024056 core:RetainedEarningsAccumulatedLosses 2023-04-30 14024056 bus:Director1 2023-04-30 14024056 bus:Director1 2024-04-30 14024056 bus:Director2 2023-04-30 14024056 bus:Director2 2024-04-30 14024056 bus:Director3 2023-04-30 14024056 bus:Director3 2024-04-30 14024056 bus:Director1 2023-04-30 14024056 bus:Director2 2023-04-30 14024056 bus:Director3 2023-04-30 14024056 bus:Director1 2022-05-01 2023-04-30 14024056 bus:Director2 2022-05-01 2023-04-30 14024056 bus:Director3 2022-05-01 2023-04-30 14024056 bus:SmallEntities 2023-05-01 2024-04-30 14024056 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 14024056 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 14024056 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 14024056 bus:AbridgedAccounts 2023-05-01 2024-04-30 14024056 core:OfficeEquipment 2023-05-01 2024-04-30
COMPANY REGISTRATION NUMBER: 14024056
Vendi Tech LTD
Filleted Unaudited Abridged Financial Statements
30 April 2024
Vendi Tech LTD
Abridged Financial Statements
Year ended 30 April 2024
Contents
Page
Report to the board of directors on the preparation of the unaudited statutory abridged financial statements
1
Abridged statement of financial position
2
Notes to the abridged financial statements
4
Vendi Tech LTD
Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of Vendi Tech LTD
Year ended 30 April 2024
As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the abridged financial statements for the year ended 30 April 2024, which comprise the abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions I have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
ADK Chartered accountants
Scottsdale House Springfield Avenue Harrogate England HG1 2HR
30 January 2025
Vendi Tech LTD
Abridged Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
4
12,940
670
Tangible assets
5
347,990
78,036
---------
--------
360,930
78,706
Current assets
Stocks
59,278
6,750
Debtors
266,888
28,798
Cash at bank and in hand
10,505
132,267
---------
---------
336,671
167,815
Creditors: amounts falling due within one year
123,104
7,133
---------
---------
Net current assets
213,567
160,682
---------
---------
Total assets less current liabilities
574,497
239,388
Creditors: amounts falling due after more than one year
111,000
38,713
Provisions
19,509
---------
---------
Net assets
463,497
181,166
---------
---------
Capital and reserves
Called up share capital
1,064
990
Share premium account
716,396
249,802
Profit and loss account
( 253,963)
( 69,626)
---------
---------
Shareholders funds
463,497
181,166
---------
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged income statement has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
Vendi Tech LTD
Abridged Statement of Financial Position (continued)
30 April 2024
All of the members have consented to the preparation of the abridged income statement and the abridged statement of financial position for the year ending 30 April 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 30 January 2025 , and are signed on behalf of the board by:
Mr H Maitland-Titterton
Director
Company registration number: 14024056
Vendi Tech LTD
Notes to the Abridged Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 8, Millbrook Business Park, Mill Lane, Rainford, Merseyside, WA11 8LZ, England.
2. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents, trademarks and licences
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
15% reducing balance
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 2 ).
4. Intangible assets
£
Cost
At 1 May 2023
745
Additions
13,716
--------
At 30 April 2024
14,461
--------
Amortisation
At 1 May 2023
75
Charge for the year
1,446
--------
At 30 April 2024
1,521
--------
Carrying amount
At 30 April 2024
12,940
--------
At 30 April 2023
670
--------
5. Tangible assets
£
Cost
At 1 May 2023
104,226
Additions
387,824
Disposals
( 178)
---------
At 30 April 2024
491,872
---------
Depreciation
At 1 May 2023
26,190
Charge for the year
117,752
Disposals
( 60)
---------
At 30 April 2024
143,882
---------
Carrying amount
At 30 April 2024
347,990
---------
At 30 April 2023
78,036
---------
6. Deferred tax
The deferred tax included in the abridged statement of financial position is as follows:
2024
2023
£
£
Included in debtors (note )
89,867
Included in provisions
( 19,509)
--------
--------
89,867
( 19,509)
--------
--------
7. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr H Maitland-Titterton
( 229)
( 9)
( 238)
Mr S Nolan
371
( 13,013)
( 12,642)
Mr N Nolan
( 40)
( 25,000)
( 25,040)
----
--------
--------
102
( 38,022)
( 37,920)
----
--------
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr H Maitland-Titterton
( 229)
( 229)
Mr S Nolan
371
371
Mr N Nolan
( 40)
( 40)
----
----
----
102
102
----
----
----
8. Related party transactions
The company was under the control of H Maitland-Titterton, S Nolan & N Nolan during the accounting period.