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Registered number: 09669838
VS Tech Limited
Unaudited Financial Statements
For the Period 1 July 2023 to 31 July 2024
Deans
Gibson House Hurricane Close
Stafford
Staffordshire
ST16 1GZ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 09669838
31 July 2024 30 June 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 53,406
Tangible Assets 5 69,929 41,826
69,929 95,232
CURRENT ASSETS
Stocks 83,541 171,076
Debtors 6 434,701 340,440
Cash at bank and in hand 344,335 381,244
862,577 892,760
Creditors: Amounts Falling Due Within One Year 7 (544,625 ) (629,925 )
NET CURRENT ASSETS (LIABILITIES) 317,952 262,835
TOTAL ASSETS LESS CURRENT LIABILITIES 387,881 358,067
Creditors: Amounts Falling Due After More Than One Year 8 (17,370 ) (28,264 )
PROVISIONS FOR LIABILITIES
Deferred Taxation - (10,457 )
NET ASSETS 370,511 319,346
CAPITAL AND RESERVES
Called up share capital 10 4 4
Profit and Loss Account 370,507 319,342
SHAREHOLDERS' FUNDS 370,511 319,346
Page 1
Page 2
For the period ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr L N Vernon
Director
18 February 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
VS Tech Limited is a private company, limited by shares, registered in England & Wales.  The company's registered number and registered office address can be found on the Company Information page.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of section 1a "Small Entities" and the Companies Act 2006.  The financial statements have been prepared under the historical cost convention.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below.  These policies have been consistently applied to all years presented unless otherwise stated.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of VAT and trade discounts.  The policies adopted for the recognition of turnover are as follows:
Sale of goods
Turnover from the sale of mobile phone products is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transactions can be measured reliably. This is usually on dispatch of the goods.
Interest receivable
Interest income is recognised using the effective interest method.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less accumulated depreciation.  Cost includes costs directly attributeable to making the asset capable of operating as intended.  Depreciation is provided at the following rates in order to write off each asset over its estimated useful life.
Leasehold 5 year straight line
Plant & Machinery 25% on reducing balance
Fixtures & Fittings 15% on reducing balance
Computer Equipment 25% on reducing balance
2.5. Leasing and Hire Purchase Contracts
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2.6. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.  
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2.7. Taxation
Taxation for the year comprises current and deferred tax.  Tax is recognised in the Income Statement, 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 assesments in periods different from those in which they aare 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.
2.8. Pensions
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.
2.9. Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
2.10. Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 35 (2023: 26)
35 26
4. Intangible Assets
Goodwill
£
Cost
As at 1 July 2023 406,012
As at 31 July 2024 406,012
Amortisation
As at 1 July 2023 352,606
Provided during the period 53,406
As at 31 July 2024 406,012
Net Book Value
As at 31 July 2024 -
As at 1 July 2023 53,406
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5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 July 2023 - 76,372 3,386 26,815 106,573
Additions 29,185 8,937 1,318 6,013 45,453
As at 31 July 2024 29,185 85,309 4,704 32,828 152,026
Depreciation
As at 1 July 2023 - 50,522 1,662 12,563 64,747
Provided during the period 1,946 9,421 495 5,488 17,350
As at 31 July 2024 1,946 59,943 2,157 18,051 82,097
Net Book Value
As at 31 July 2024 27,239 25,366 2,547 14,777 69,929
As at 1 July 2023 - 25,850 1,724 14,252 41,826
6. Debtors
31 July 2024 30 June 2023
£ £
Due within one year
Trade debtors 3,140 3,454
Prepayments and accrued income 184,518 201,651
Other debtors 30,670 28,960
Deferred tax asset 38,712 39,755
Corporation tax recoverable assets 44,830 14,717
Directors' loan accounts 132,831 51,903
434,701 340,440
7. Creditors: Amounts Falling Due Within One Year
31 July 2024 30 June 2023
£ £
Trade creditors 156,594 338,495
Bank loans and overdrafts 10,078 52,642
Corporation tax 89,756 81,517
Other taxes and social security 23,551 15,776
VAT 123,950 63,965
Other creditors 22,226 21,914
Accruals and deferred income 118,470 55,616
544,625 629,925
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8. Creditors: Amounts Falling Due After More Than One Year
31 July 2024 30 June 2023
£ £
Bank loans - 1-2 years 10,332 10,057
Bank loans - 2-5 years 7,038 18,207
17,370 28,264
9. Secured Creditors
Of the creditors the following amounts are secured.
31 July 2024 30 June 2023
£ £
Bank loans and overdrafts - 42,833
The bank loan is secured via a fixed and floating charge over all assets of the company.
10. Share Capital
31 July 2024 30 June 2023
Allotted, called up and fully paid £ £
2 Ordinary Shares of £ 1 each 2 2
1 Ordinary A shares of £ 1 each 1 1
1 Ordinary B shares of £ 1 each 1 1
4 4
11. Other Commitments
Total financial commitments, gurantees and contingencies which are not included in the balance sheet amount to £202,084 (2023: £206,584).
12. Directors Advances, Credits and Guarantees
The following advances and credits to directors subsisted during the year ended 31 July 2024.
As at 1 July 2023 Amounts advanced Amounts repaid Amounts written off As at 31 July 2024
£ £ £ £ £
Mr Benjamin Sandy 16,995 22,593 8,000 - 31,588
Mr Luke Vernon 34,908 74,435 8,100 - 101,243
Interest on the loans have been levied at 2.25% per annum. The loans are repayable on demand.
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