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REGISTERED NUMBER: 06673160 (England and Wales)




















FINANCIAL STATEMENTS

FOR THE PERIOD

2 JANUARY 2023 TO 31 DECEMBER 2023

FOR

VOLLEBAK LTD

VOLLEBAK LTD (REGISTERED NUMBER: 06673160)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


VOLLEBAK LTD

COMPANY INFORMATION
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023







DIRECTORS: S Tidball
N Tidball





REGISTERED OFFICE: 356-364 Gray's Inn Road
London
WC1X 8BH





REGISTERED NUMBER: 06673160 (England and Wales)





AUDITORS: KBSP Partners LLP
Chartered Accountants
Statutory Auditors
Harben House
Harben Parade
Finchley Road
LONDON
NW3 6LH

VOLLEBAK LTD (REGISTERED NUMBER: 06673160)

BALANCE SHEET
31 DECEMBER 2023

2023 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 461,088 460,942
Tangible assets 5 68,146 109,369
Investments 6 7 7
529,241 570,318

CURRENT ASSETS
Stocks 5,794,815 4,126,568
Debtors 7 1,700,587 1,584,207
Cash at bank 896,917 1,252,930
8,392,319 6,963,705
CREDITORS
Amounts falling due within one year 8 8,579,980 3,436,434
NET CURRENT (LIABILITIES)/ASSETS (187,661 ) 3,527,271
TOTAL ASSETS LESS CURRENT
LIABILITIES

341,580

4,097,589

PROVISIONS FOR LIABILITIES 103,345 316,327
NET ASSETS 238,235 3,781,262

CAPITAL AND RESERVES
Called up share capital 3,464 3,464
Share premium 11,638,063 11,638,063
Capital redemption reserve 12 12
Retained earnings (11,403,304 ) (7,860,277 )
SHAREHOLDERS' FUNDS 238,235 3,781,262

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 February 2025 and were signed on its behalf by:





S Tidball - Director


VOLLEBAK LTD (REGISTERED NUMBER: 06673160)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


1. STATUTORY INFORMATION

Vollebak Ltd 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
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.

Going concern
The company meets its day-to-day working capital requirements through careful management of working capital positions

As the company continues to be loss-making, the going concern status is assured through a combination of revenue from sales of products and external fundraising from existing and new investors. If the company is unable to secure sufficient funding, then there will be a material uncertainty regarding the going concern status of the company.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company sells goods through its website for delivery to the customer. Payment is accepted by debit or credit card at the time of the transaction. Turnover is recognised when (a) significant risks and rewards of ownership have been transferred to the buyer; (b) the amount of revenue can be measured reliably; (c) it is probable that future economic benefits will flow to the entity. Sales are made with a right to return within 30 days of receipt of the goods for either a credit note or cash refund. Provision is made for refunds or credit notes based on the expected level of returns by reference to historical data.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Website developments are being amortised evenly over their estimated useful life of three years.

Under development assets will be amortised once they are completed.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Improvements - Straight line over the life of the lease
Fixtures and fittings- Straight line over three years
Computer equipment- Straight line over three years

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

VOLLEBAK LTD (REGISTERED NUMBER: 06673160)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price. Cost is based on the cost of purchase on a first in, first out basis. Finished goods include attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors.

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price unless the arrangement constitutes a financing transaction where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Basic financial liabilities including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Taxation in the Profit and Loss Account includes amounts recoverable from HMRC by the surrender of losses through the Research and Development Tax Credit scheme. Research and Development is recognised in the Accounts and Tax Computation on an arising basis.

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 period 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.

Research and development
The company engages in research and development activities to apply newly developed technologies and newly discovered materials to create state-of-the-art clothing products with market leading durability, sustainability and design. Expenditure on research and development is written off in the year in which it is incurred. Research and development tax credits for surrendered tax losses are recognised in the period in which the losses were made.

VOLLEBAK LTD (REGISTERED NUMBER: 06673160)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Operating leases
Payments under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, and other short-term highly liquid investments with original maturities of three months or less.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 31 (2023 - 30 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and Website Under
licences developments development Totals
£    £    £    £   
COST
At 2 January 2023 36,961 151,260 287,946 476,167
Additions - 64,860 471 65,331
At 31 December 2023 36,961 216,120 288,417 541,498
AMORTISATION
At 2 January 2023 11,023 4,202 - 15,225
Amortisation for period 3,696 61,489 - 65,185
At 31 December 2023 14,719 65,691 - 80,410
NET BOOK VALUE
At 31 December 2023 22,242 150,429 288,417 461,088
At 1 January 2023 25,938 147,058 287,946 460,942

VOLLEBAK LTD (REGISTERED NUMBER: 06673160)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 2 January 2023 83,831 68,784 152,615
Additions 3,495 8,579 12,074
At 31 December 2023 87,326 77,363 164,689
DEPRECIATION
At 2 January 2023 18,860 24,386 43,246
Charge for period 28,872 24,425 53,297
At 31 December 2023 47,732 48,811 96,543
NET BOOK VALUE
At 31 December 2023 39,594 28,552 68,146
At 1 January 2023 64,971 44,398 109,369

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakin
£   
COST
At 2 January 2023
and 31 December 2023 7
NET BOOK VALUE
At 31 December 2023 7
At 1 January 2023 7

7. DEBTORS
2023 2023
£    £   
Amounts falling due within one year:
Trade debtors 93,115 -
Amounts owed by group undertakings 290,524 292,284
Other debtors 1,028,110 1,003,085
1,411,749 1,295,369

Amounts falling due after more than one year:
Other debtors 288,838 288,838

Aggregate amounts 1,700,587 1,584,207

Exemption has been claimed to not disclosure related party balances relating to wholly owned subsidiaries.

VOLLEBAK LTD (REGISTERED NUMBER: 06673160)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2023
£    £   
Trade creditors 1,301,366 1,063,611
Amounts owed to group undertakings 1,977 4,733
Taxation and social security 439,820 77,585
Other creditors 6,836,817 2,290,505
8,579,980 3,436,434

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2023
£    £   
Within one year 481,250 481,250
Between one and five years - 481,250
481,250 962,500

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2023
£    £   
Other creditors 1,424,725 1,638,392

The above balance is secured by a fixed and floating charge over the company's assets.

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Anthony Cowan BSc FCA (Senior Statutory Auditor)
for and on behalf of KBSP Partners LLP

We draw attention to Note 2 in the financial statements, which indicates that the company continues to incur significant losses and therefore requires external assistance to continue operating as a going concern. As stated in Note 2, since the company is reliant on external funding, a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern, should this funding not be obtainable. Management believes that they will be able to obtain the necessary funding and we would further draw attention to Note 12 which shows funds received by investors since the year-end date. Our opinion is therefore not modified in respect of this matter.

12. FUNDS RAISED SINCE YEAR-END

A total of £3,139,497 has been raised by the company since the year-end. This money has been used as working capital of the company as well as facilitating the development of the company as it works towards profitability.