REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
CONNECT VENDING LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
CONNECT VENDING LIMITED |
CONNECT VENDING LIMITED (REGISTERED NUMBER: 03192497) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 September 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
CONNECT VENDING LIMITED |
COMPANY INFORMATION |
for the Year Ended 30 September 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
10 London Mews |
Paddington |
LONDON |
W2 1HY |
CONNECT VENDING LIMITED (REGISTERED NUMBER: 03192497) |
BALANCE SHEET |
30 September 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 9 |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
CONNECT VENDING LIMITED (REGISTERED NUMBER: 03192497) |
BALANCE SHEET - continued |
30 September 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
CONNECT VENDING LIMITED (REGISTERED NUMBER: 03192497) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 September 2024 |
1. | STATUTORY INFORMATION |
Connect Vending Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured as the fair value of consideration received or receivable, excluding value added tax. The following criteria must also be met before revenue is recognised. |
Operating sales |
These sales include a provision of services in respect of maintaining operation of machines including stocking and cleanliness. Sales of vends are also invoiced. The fixed and vend charges are invoiced monthly in arrears and recognised in the accounting period to which the invoice relates. |
Cup plan sales |
A fixed charge for each vend encompasses all the services/stock provided by the company. These are invoiced monthly in arrears and recognised in the accounting period to which the invoice relates. |
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 ny management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives as indicated below: |
Depreciation is provided on the following basis: |
Short leasehold - 20% straight line |
Plant and machinery - 25% straight line |
Fixture and fittings - 33.33% and 25% straight line |
Motor Vehicles - 25% straight line |
The assets' residual values, useful lives and depreciation methods are reviewed annually and adjusted accordingly if applicable. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
CONNECT VENDING LIMITED (REGISTERED NUMBER: 03192497) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from related parties. |
The basic financial debtors and liabilities as listed above 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 payments/receipts discounted at a market rate of interest. Such instruments are subsequently carried at amortised costs using the effective interest method, less any impairment. An impairment review is undertaken annually at the balance sheet date. |
Operating leases |
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Taxation |
Taxation for the year comprises current 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
CONNECT VENDING LIMITED (REGISTERED NUMBER: 03192497) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 October 2023 |
Additions |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
Cost or valuation at 30 September 2024 is represented by: |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings | Totals |
£ | £ | £ | £ |
Valuation in 2015 | - | 45,900 | - | 45,900 |
Valuation in 2016 | - | 35,400 | - | 35,400 |
Valuation in 2017 | - | 35,200 | - | 35,200 |
Valuation in 2018 | - | 18,000 | - | 18,000 |
Valuation in 2024 | - | (11,180 | ) | - | (11,180 | ) |
Cost | 135,118 | 1,236,350 | 603,166 | 1,974,634 |
135,118 | 1,359,670 | 603,166 | 2,097,954 |
Vending machines are revalued from £nil following refurbishment which enables the machines to be further utilised by the company. The revaluation is performed by the director on an annual basis and reassessed annually. |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 October 2023 |
Impairments | ( |
) |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
CONNECT VENDING LIMITED (REGISTERED NUMBER: 03192497) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | LEASING AGREEMENTS |
Operating lease commitments not included in the balance sheet amount to £978,018 (2023: £735,567). |
9. | RESERVES |
Revaluation |
reserve |
£ |
At 1 October 2023 |
Revaluation reserve | 6,199 |
Reserve transfer | (17,647 | ) |
At 30 September 2024 |
The reserves movement in the year includes the profit for the financial year, dividends paid in the sum of £664,714 and revaluation and reserves movement. Unrealised revaluation is in the sum of £6,199 (2023: £21,000) and the associated depreciation and loss on disposal on these assets in the year of £17,647 (2023:£21,354) has been transferred from retained earnings to revaluation reserve. |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 September 2024 and 30 September 2023: |
30.9.24 | 30.9.23 |
£ | £ |
Balance outstanding at start of year | ( |
) |
Amounts advanced | ( |
) |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
CONNECT VENDING LIMITED (REGISTERED NUMBER: 03192497) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 September 2024 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
Balance outstanding at start of year | ( |
) |
Amounts advanced | ( |
) |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
No interest is payable or receivable on directors loan balances. The outstanding balances was fully repaid within 9 months of the year end. |
In addition, other directors loaned the company £1,392 in the year. As at 30th September 2024 these directors were owed £29,408 (2023: £28,016). |