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REGISTERED NUMBER: 12649934 (England and Wales)





















Unaudited Financial Statements for the Year Ended 30 June 2024

for

VX3 Limited

VX3 Limited (Registered number: 12649934)

Contents of the Financial Statements
for the Year Ended 30 June 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


VX3 Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: D Petche
J T Lovell
T L Beavis
Mrs J C Holmes
B J Lovell
G R Lovell
A P O Dick
M G Ward





REGISTERED OFFICE: First Floor Cef Building
Broomhill Way
Torquay
Devon
TQ2 7QN





REGISTERED NUMBER: 12649934 (England and Wales)





ACCOUNTANTS: Mark Ward Chartered Certified Accountants
First Floor Cef Building
Broomhill Way
Torquay
Devon
TQ2 7QN

VX3 Limited (Registered number: 12649934)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 80,457 98,033
Tangible assets 5 185,422 132,045
265,879 230,078

CURRENT ASSETS
Stocks 2,196,577 1,546,255
Debtors 6 648,952 428,110
Cash at bank 58,973 72,018
2,904,502 2,046,383
CREDITORS
Amounts falling due within one year 7 2,041,816 1,474,453
NET CURRENT ASSETS 862,686 571,930
TOTAL ASSETS LESS CURRENT LIABILITIES 1,128,565 802,008

CREDITORS
Amounts falling due after more than one year 8 (783,270 ) (838,270 )

PROVISIONS FOR LIABILITIES (46,546 ) (32,396 )
NET ASSETS/(LIABILITIES) 298,749 (68,658 )

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Share premium 257,250 257,250
Retained earnings 40,499 (326,908 )
298,749 (68,658 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

VX3 Limited (Registered number: 12649934)

Balance Sheet - continued
30 June 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 Income Statement has not been delivered.

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





J T Lovell - Director


VX3 Limited (Registered number: 12649934)

Notes to the Financial Statements
for the Year Ended 30 June 2024


1. STATUTORY INFORMATION

VX3 Limited 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.

Significant judgements and estimates
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Significant items subject to such assumptions and estimates include the useful economic life of assets, the measurement and recognition of provisions and the valuation of stocks.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

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.

Intellectual Property is being amortised evenly over its estimated useful life of five years.

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 - 20% on reducing balance and 20% on cost

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

VX3 Limited (Registered number: 12649934)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company holds the following financial instruments:

- Short term trade and other debtors and creditors; and
- Cash and bank balances.

All financial instruments are classified as basic.

The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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 year 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 61 (2023 - 47 ) .

VX3 Limited (Registered number: 12649934)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 July 2023
and 30 June 2024 125,761 25,000 150,761
AMORTISATION
At 1 July 2023 37,728 15,000 52,728
Charge for year 12,576 5,000 17,576
At 30 June 2024 50,304 20,000 70,304
NET BOOK VALUE
At 30 June 2024 75,457 5,000 80,457
At 30 June 2023 88,033 10,000 98,033

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2023 232,375
Additions 112,858
Disposals (13,000 )
At 30 June 2024 332,233
DEPRECIATION
At 1 July 2023 100,330
Charge for year 50,681
Eliminated on disposal (4,200 )
At 30 June 2024 146,811
NET BOOK VALUE
At 30 June 2024 185,422
At 30 June 2023 132,045

VX3 Limited (Registered number: 12649934)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 122,542 134,712
Other debtors 526,410 293,398
648,952 428,110

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts 596,990 533,438
Customer - Payments on account 492,695 417,876
Trade creditors 542,171 300,897
Taxation and social security 343,542 203,081
Other creditors 66,418 19,161
2,041,816 1,474,453

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.24 30.6.23
£    £   
Other creditors 783,270 838,270

9. RELATED PARTY DISCLOSURES

A member of key management personnel continued to provide a loan to the company during the year in the sum of £474,720 (2023: £551,145). All loans are interest-free and at the balance sheet date an amount of £783,270 (2023: £838,270) was outstanding.