REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 June 2024 |
for |
Vital York Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 June 2024 |
for |
Vital York Limited |
Vital York Limited (Registered number: 05920741) |
Contents of the Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Vital York Limited |
Company Information |
for the Year Ended 30 June 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants |
& Statutory Auditors |
Oak Tree House, Harwood Road |
Northminster Business Park |
Upper Poppleton |
York |
YO26 6QU |
Vital York Limited (Registered number: 05920741) |
Balance Sheet |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Vital York Limited (Registered number: 05920741) |
Notes to the Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Vital York Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
There were no material departures from that standard. |
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts. |
Going concern |
The directors assess whether the use of going concern is appropriate, i.e., whether there are any material uncertainties related to events of conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date the financial statements are approved. |
The directors believe that it is appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements, taking into account the continuing support of the group, the shareholders and finance providers. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover represents net invoiced sales of goods and services, excluding value added tax. |
Income recognition |
Income is recognised when the conditions contained within a contract for goods or services have been met. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: |
Short leasehold | - 12.5% straight line |
Fixtures and fittings | - 33% straight line |
Computer equipment | - 20% straight line, 25% straight line and 33% straight line |
Motor vehicles | - 25% straight line |
Fixed assets are initially recognised at cost and subsequently carried at cost less accumulated depreciation and impairment. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss. |
Vital York Limited (Registered number: 05920741) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | and | Motor | Computer |
leasehold | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Vital York Limited (Registered number: 05920741) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
5. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 9) |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Deferred income |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 9) |
Vital York Limited (Registered number: 05920741) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
9. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Hire purchase contracts | 66,604 | 77,419 |
Hire purchase contracts are secured on the assets to which they relate. |
11. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 156,145 | 181,158 |
Deferred |
tax |
£ |
Balance at 1 July 2023 |
Provided during year | ( |
) |
Balance at 30 June 2024 |
Vital York Limited (Registered number: 05920741) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
3,333 | A Ordinary | £1 | 3,333 | 3,333 |
3,333 | B Ordinary | £1 | 3,333 | 3,333 |
3,334 | C Ordinary | £1 | 3,334 | 3,334 |
10,000 | 10,000 |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
14. | RELATED PARTY DISCLOSURES |
During the year the company made sales of £58,067 (2023: £535,779) and purchases of £240,205 (2023: £211,070) with Academia Limited, the majority shareholder. At the year end an outstanding balance of £5,148 was payable (2023: £181,887 was payable) and a dividend of £nil (2023: £155,000) was payable by the company. |
During the year the company made sales of £504 (2023: sales of £1,839) with Charter House Muller UK Limited, a company under common control. At the year end an outstanding balance of £nil was receivable (2023: £2,207 was receivable) to the company. |
During the year the company owed management fees of £300,000 (2023: £nil) to Strive Investments Limited, the parent company. At the year end an outstanding balance of £300,000 was payable (2023: £nil was payable) to the company. |
15. | POST BALANCE SHEET EVENTS |
On 7 August 2024 the company became a wholly owned subsidiary of Turn It On Limited, a limited company, registered in England and Wales. The company's registered office is Unit 1/F Network Point, Range Road, Witney, Oxon, England, OX29 0YN. |
On 7 August 2024, 3,333 A Ordinary, 3,333 B Ordinary and 3,334 C Ordinary shares were reclassified into 10,000 Ordinary shares. |
On 12 August 2024 the accounting period of the company was shortened from 30 June 2025 to 31 March 2025. |
16. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party at year end is Academia Limited, who holds 67% of the shares; with the remaining shares held equally by S.P. Pattison and J.A. Pawson in their personal capacity. As at date of these accounts, the ultimate controlling party is Turn It On Limited as detailed in note 15 of the accounts. |
ULTIMATE PARENT COMPANY |
The ultimate parent company is Strive Investments Limited, a private limited company registered in England and Wales. The company's registered office is 55 Station Road, Beaconsfield, Buckinghamshire HP9 1QL. |
As at date of these accounts, the ultimate controlling party is Turn It On Limited as detailed in note 15 of the accounts. |