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Registration number: 10696070

VVast Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

VVast Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

VVast Limited

(Registration number: 10696070)
Statement of Financial Position as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

-

26,734

Current assets

 

Debtors

5

-

450,208

Cash at bank and in hand

 

107,109

524,020

 

107,109

974,228

Creditors: Amounts falling due within one year

6

(107,007)

(662,246)

Net current assets

 

102

311,982

Total assets less current liabilities

 

102

338,716

Creditors: Amounts falling due after more than one year

6

-

(11,665)

Provisions for liabilities

-

(2,461)

Net assets

 

102

324,590

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

2

324,490

Shareholders' funds

 

102

324,590

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

 

VVast Limited

(Registration number: 10696070)
Statement of Financial Position as at 31 December 2024 (continued)

Approved and authorised by the Board on 26 February 2025 and signed on its behalf by:
 


Mr S Sana
Director

 

VVast Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite 1 Liberty House
South Liberty Lane
Bristol
BS3 2ST
United Kingdom

Principal activity

The principal activity of the company is dormant, until 30 December 2024, the principal activity was brand ecommerce development

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

 

VVast Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

VVast Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fittings, fixtures and equipment

25% straight line

Motor vehicles

25% straight line

Computer equipment

25% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

VVast Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 29 (2023 - 27).

 

VVast Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4

Tangible assets

Fixtures, fittings and equipment
£

Computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

9,481

53,469

43,160

106,110

Additions

2,342

6,265

-

8,607

Disposals

(11,823)

(59,734)

(43,160)

(114,717)

At 31 December 2024

-

-

-

-

Depreciation

At 1 January 2024

3,875

41,504

33,997

79,376

Charge for the year

2,112

7,450

9,163

18,725

Eliminated on disposal

(5,987)

(48,954)

(43,160)

(98,101)

At 31 December 2024

-

-

-

-

Carrying amount

At 31 December 2024

-

-

-

-

At 31 December 2023

5,606

11,965

9,163

26,734

5

Debtors

2024
£

2023
£

Trade debtors

-

333,669

Other debtors

-

76,458

Prepayments

-

37,501

Accrued income

-

2,580

-

450,208

 

VVast Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Loans and borrowings

-

6,705

Trade creditors

-

175,023

Amounts owed to group undertakings and undertakings in which the company has a participating interest

107,007

105,885

Taxation and social security

-

237,693

Accruals and deferred income

-

128,929

Other creditors

-

8,011

107,007

662,246

Creditors: amounts falling due after more than one year

2024
£

2023
£

Loans and borrowings

-

11,665

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Finance lease liabilities

-

11,665

Current loans and borrowings

2024
£

2023
£

Finance lease liabilities

-

6,705

 

VVast Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

-

62,530

Later than one year and not later than five years

-

7,320

-

69,850

10

Controlling Party

On 30 December 2024,100% of the ordinary share capital of the company was acquired by YETI UK Limited.

The ultimate parent is YETI Holdings Inc, incorporated in United States of America.

 The most senior parent entity producing publicly available financial statements is YETI Holdings Inc. These financial statements are available upon request from it's global headquarters located at 7601 Southwest Parkway, Austin, Texas, 78735, USA.