18 18 Videk Limited 01406928 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is Wholesale trade Digita Accounts Production Advanced 6.30.9574.0 true 01406928 2024-01-01 2024-12-31 01406928 2024-12-31 01406928 core:RetainedEarningsAccumulatedLosses 2024-12-31 01406928 core:ShareCapital 2024-12-31 01406928 core:CurrentFinancialInstruments 2024-12-31 01406928 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 01406928 core:FurnitureFittingsToolsEquipment 2024-12-31 01406928 core:MotorVehicles 2024-12-31 01406928 bus:SmallEntities 2024-01-01 2024-12-31 01406928 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 01406928 bus:FilletedAccounts 2024-01-01 2024-12-31 01406928 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 01406928 bus:RegisteredOffice 2024-01-01 2024-12-31 01406928 bus:Director1 2024-01-01 2024-12-31 01406928 bus:Director4 2024-01-01 2024-12-31 01406928 bus:Director6 2024-01-01 2024-12-31 01406928 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 01406928 bus:Agent1 2024-01-01 2024-12-31 01406928 core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 01406928 core:MotorVehicles 2024-01-01 2024-12-31 01406928 countries:EnglandWales 2024-01-01 2024-12-31 01406928 2023-12-31 01406928 core:FurnitureFittingsToolsEquipment 2023-12-31 01406928 core:MotorVehicles 2023-12-31 01406928 2023-01-01 2023-12-31 01406928 2023-12-31 01406928 core:RetainedEarningsAccumulatedLosses 2023-12-31 01406928 core:ShareCapital 2023-12-31 01406928 core:CurrentFinancialInstruments 2023-12-31 01406928 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 01406928 core:FurnitureFittingsToolsEquipment 2023-12-31 01406928 core:MotorVehicles 2023-12-31 xbrli:pure iso4217:GBP

Registration number: 01406928

Videk Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Videk Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Videk Limited

Company Information

Directors

Mr D Proops

Mr D T Irwin

Mr S J Huggett

Registered office

Leavesden Park
Suite 1
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

Accountants

Landmark Accountants Limited Leavesden Park
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

 

Videk Limited

(Registration number: 01406928)
Balance Sheet as at 31 December 2024

Note

2024

2023

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

133,013

 

26,683

Current assets

   

 

Stocks

5

904,696

 

674,311

 

Debtors

6

533,797

 

556,961

 

Cash at bank and in hand

 

914,293

 

980,392

 

 

2,352,786

 

2,211,664

 

Creditors: Amounts falling due within one year

7

(588,081)

 

(426,844)

 

Net current assets

   

1,764,705

 

1,784,820

Total assets less current liabilities

   

1,897,718

 

1,811,503

Provisions for liabilities

 

(31,640)

 

(3,767)

Net assets

   

1,866,078

 

1,807,736

Capital and reserves

   

 

Called up share capital

100,000

 

100,000

 

Retained earnings

1,766,078

 

1,707,736

 

Shareholders' funds

   

1,866,078

 

1,807,736

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 special 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 Profit and Loss Account.

Approved and authorised by the Board on 13 March 2025 and signed on its behalf by:
 

.........................................
Mr D Proops
Director

 

Videk Limited

Notes to the 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:
Leavesden Park
Suite 1
5 Hercules Way
Watford
Hertfordshire
WD25 7GS
United Kingdom

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 presented in sterling which is the functional currency of the company and rounded to the nearest £.

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 sales/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 rates prevailing on the initial transaction dates.

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 and is recognised in profit or loss.

 

Videk Limited

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

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.

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 balance sheet 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.

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

Furniture, fittings and equipment

20% straight line basis

Motor vehicles

20% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are recognised at the transaction price less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

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.

 

Videk Limited

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

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.
 Recognition and measurement
Basic financial instruments are recognised at amortised cost.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2023 - 18).

 

Videk Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

152,921

-

152,921

Additions

43,641

81,747

125,388

Disposals

(7,401)

-

(7,401)

At 31 December 2024

189,161

81,747

270,908

Depreciation

At 1 January 2024

126,238

-

126,238

Charge for the year

13,118

5,450

18,568

Eliminated on disposal

(6,911)

-

(6,911)

At 31 December 2024

132,445

5,450

137,895

Carrying amount

At 31 December 2024

56,716

76,297

133,013

At 31 December 2023

26,683

-

26,683

5

Stocks

2024
£

2023
£

Goods for resale

904,696

674,311

6

Debtors

Current

2024
£

2023
£

Trade debtors

481,287

508,972

Prepayments

40,488

39,118

Other debtors

12,022

8,871

 

533,797

556,961

 

Videk Limited

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

7

Creditors

2024
£

2023
£

Due within one year

Trade creditors

99,899

137,476

Taxation and social security

281,989

228,573

Other creditors

206,193

60,795

588,081

426,844

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £42,547 (2023 - £68,395).

Amounts disclosed in the balance sheet

Included in the balance sheet are pensions of £6,285 (2023 - £6,122).