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VIBE BUSINESS INTERIORS LIMITED

Registered Number
07878488
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

VIBE BUSINESS INTERIORS LIMITED
Company Information
for the year from 1 June 2023 to 31 May 2024

Directors

BAKER, James Ronald
SAUNDERS, Andrew

Registered Address

18 Little Park Farm Road
Fareham
PO15 5TD

Registered Number

07878488 (England and Wales)
VIBE BUSINESS INTERIORS LIMITED
Balance Sheet as at
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets320,45722,419
20,45722,419
Current assets
Stocks471,863351,093
Debtors51,106,2351,366,413
Cash at bank and on hand3,383,2071,442,884
4,561,3053,160,390
Creditors amounts falling due within one year6(3,135,690)(1,593,074)
Net current assets (liabilities)1,425,6151,567,316
Total assets less current liabilities1,446,0721,589,735
Provisions for liabilities7(5,114)(5,605)
Net assets1,440,9581,584,130
Capital and reserves
Called up share capital20,00020,000
Profit and loss account1,420,9581,564,130
Shareholders' funds1,440,9581,584,130
The financial statements were approved and authorised for issue by the Board of Directors on 10 February 2025, and are signed on its behalf by:
SAUNDERS, Andrew
Director
Registered Company No. 07878488
VIBE BUSINESS INTERIORS LIMITED
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Turnover policy
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery25
Fixtures and fittings25
Vehicles25
Office Equipment25
Stocks and work in progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential. 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. Reversals of impairment losses are also recognised in profit or loss.
2.Average number of employees

20242023
Average number of employees during the year2016
3.Tangible fixed assets

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 June 233,70414,9655,57443,42067,663
Additions--3744,4834,857
At 31 May 243,70414,9655,94847,90372,520
Depreciation and impairment
At 01 June 232,80913,8412,62125,97345,244
Charge for year6,819---6,819
At 31 May 249,62813,8412,62125,97352,063
Net book value
At 31 May 24(5,924)1,1243,32721,93020,457
At 31 May 238951,1242,95317,44722,419
4.Stocks

2024

2023

££
Work in progress71,863351,093
Total71,863351,093
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables736,8761,009,233
Other debtors259,892212,900
Prepayments and accrued income109,467144,280
Total1,106,2351,366,413
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables1,156,641471,591
Taxation and social security896,433562,890
Other creditors1,082,616558,593
Total3,135,6901,593,074
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)5,1145,605
Total5,1145,605