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REGISTERED NUMBER: SC237670 (Scotland)
















Unaudited Financial Statements for the Year Ended 31 March 2024

for

V Twin Brands Ltd

V Twin Brands Ltd (Registered number: SC237670)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


V Twin Brands Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTOR: W G Gordon





REGISTERED OFFICE: Unit 16
31 Gordon Avenue
Hillington Park
Glasgow
G52 4TG





REGISTERED NUMBER: SC237670 (Scotland)





ACCOUNTANTS: McLay McAlister & McGibbon LLP
Chartered Accountants
145 St Vincent Street
Glasgow
G2 5JF

V Twin Brands Ltd (Registered number: SC237670)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Intangible assets 4 2,359 3,146
Tangible assets 5 21,309 25,797
23,668 28,943

CURRENT ASSETS
Stocks 456,402 586,173
Debtors 6 891,103 788,856
Cash at bank and in hand 2,669 20,410
1,350,174 1,395,439
CREDITORS
Amounts falling due within one year 7 (1,634,898 ) (5,166,203 )
NET CURRENT LIABILITIES (284,724 ) (3,770,764 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(261,056

)

(3,741,821

)

CAPITAL AND RESERVES
Called up share capital 400 200
Share premium 7,499,002 3,499,202
Retained earnings (7,760,458 ) (7,241,223 )
SHAREHOLDERS' FUNDS (261,056 ) (3,741,821 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

V Twin Brands Ltd (Registered number: SC237670)

Balance Sheet - continued
31 March 2024


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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 March 2025 and were signed by:





W G Gordon - Director


V Twin Brands Ltd (Registered number: SC237670)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

V Twin Brands Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The accounts have been prepared on a going concern basis. The director believes that the company has adequate resources to continue trading.

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

Intangible fixed assets
Amortisation is provided on computer software at the following annual rate -25% on reducing balance.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost and 25% on reducing balance

The company's policy is to review the remaining useful lives and residual value of all tangible fixed assets on an on-going basis and to adjust the depreciation charge to reflect the remaining useful economic life and residual value.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Debtors
Trade debtors and other debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when there is objective evidence the asset is impaired.

Cash and cash equivalents
Cash and cash equivalent in the balance sheet comprise cash in hand and bank overdrafts. In the balance sheet bank overdrafts are shown in creditors amounts falling due within one year.

Creditors
Trade creditors and other creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 7 ) .

V Twin Brands Ltd (Registered number: SC237670)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2023
and 31 March 2024 293,851
AMORTISATION
At 1 April 2023 290,705
Charge for year 787
At 31 March 2024 291,492
NET BOOK VALUE
At 31 March 2024 2,359
At 31 March 2023 3,146

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 105,035
Additions 2,302
At 31 March 2024 107,337
DEPRECIATION
At 1 April 2023 79,238
Charge for year 6,790
At 31 March 2024 86,028
NET BOOK VALUE
At 31 March 2024 21,309
At 31 March 2023 25,797

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 12,723 8,418
Other debtors 878,380 780,438
891,103 788,856

V Twin Brands Ltd (Registered number: SC237670)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 32,948 12,558
Taxation and social security 14,485 5,933
Other creditors 1,587,465 5,147,712
1,634,898 5,166,203

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the end of the period, the company owed the director £1,558,152 (2023: £5,121,523). The loan, which is included in other creditors, is interest free and repayable on demand.