Company registration number SC488492 (Scotland)
VAYGA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
VAYGA LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
VAYGA LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
380,000
380,000
Current assets
Debtors
5
53,136
35,848
Cash at bank and in hand
52,972
75,895
106,108
111,743
Creditors: amounts falling due within one year
6
(481,350)
(480,165)
Net current liabilities
(375,242)
(368,422)
Total assets less current liabilities
4,758
11,578
Creditors: amounts falling due after more than one year
7
(9,999)
(9,999)
Net (liabilities)/assets
(5,241)
1,579
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(5,242)
1,578
Total equity
(5,241)
1,579

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 27 January 2025
Mr J G McAteer
Director
Company Registration No. SC488492
VAYGA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information

Vayga Limited is a private company limited by shares incorporated in Scotland. The registered office is 83 Carlton Place, Glasgow, United Kingdom, G5 9TD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

At the balance sheet date the company has net liabilities, however the directors have confirmed that they will continue to provide financial support to the company to allow it to meet its ongoing financial liabilities. Consequently, these financial statements have been prepared on a going concern basis and no adjustments have been made which may arise should the company cease to trade.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

VAYGA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
VAYGA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
3
Tangible fixed assets
Computers
£
Cost
At 1 June 2023 and 31 May 2024
1,659
Depreciation and impairment
At 1 June 2023 and 31 May 2024
1,659
Carrying amount
At 31 May 2024
-
0
At 31 May 2023
-
0
4
Investment property
2024
£
Fair value
At 1 June 2023 and 31 May 2024
380,000

Investment property comprises office accommodation. The fair value of the investment property has been arrived based on the market value conditions at 31 May 2024.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
48,474
24,474
Prepayments and accrued income
4,662
11,374
53,136
35,848
6
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
-
0
610
Other taxation and social security
853
933
Deferred income
3,333
3,333
Other creditors
474,134
474,134
Accruals and deferred income
3,030
1,155
481,350
480,165
VAYGA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
9,999
9,999
8
Related party transactions

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Key management personnel
474,134
474,134
Other related parties
9,999
9,999

 

2024
2023
Amounts due from related parties
£
£
Other related parties
48,000
24,000

 

The above loans are unsecured, interest free and have no fixed terms of repayment.

9
Parent company

The company is under the control of its director by virtue of 100% shareholding.

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