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Company No: 06628585 (England and Wales)

V2L LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

V2L LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

V2L LIMITED

BALANCE SHEET

As at 31 July 2024
V2L LIMITED

BALANCE SHEET (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,334,236 671,031
1,334,236 671,031
Current assets
Stocks 1,999,057 2,531,801
Debtors 4 191,180 187,367
Cash at bank and in hand 250,935 594,079
2,441,172 3,313,247
Creditors: amounts falling due within one year 5 ( 469,061) ( 455,692)
Net current assets 1,972,111 2,857,555
Total assets less current liabilities 3,306,347 3,528,586
Creditors: amounts falling due after more than one year 6 ( 320,975) ( 370,335)
Provision for liabilities 7 ( 237,422) ( 66,467)
Net assets 2,747,950 3,091,784
Capital and reserves
Called-up share capital 51 100
Revaluation reserve 523,633 0
Capital redemption reserve 49 0
Profit and loss account 2,224,217 3,091,684
Total shareholder's funds 2,747,950 3,091,784

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

Director's responsibilities:

The financial statements of V2L Limited (registered number: 06628585) were approved and authorised for issue by the Director on 25 April 2025. They were signed on its behalf by:

Mr B Humphries
Director
V2L LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
V2L LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

V2L Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Fernhill Depot, Todd Street, Bury, BL9 5BJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Vehicles 20 % reducing balance
Fixtures and fittings 5 years straight line
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 5 9

3. Tangible assets

Land and buildings Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 August 2023 331,356 526,515 21,874 20,951 900,696
Additions 0 130,246 0 0 130,246
Revaluations 643,644 0 0 0 643,644
Disposals 0 ( 159,891) 0 0 ( 159,891)
At 31 July 2024 975,000 496,870 21,874 20,951 1,514,695
Accumulated depreciation
At 01 August 2023 40,900 155,320 17,515 15,930 229,665
Charge for the financial year 0 63,260 1,237 2,136 66,633
Adjustments on revaluations ( 40,900) 0 0 0 ( 40,900)
Disposals 0 ( 74,939) 0 0 ( 74,939)
At 31 July 2024 0 143,641 18,752 18,066 180,459
Net book value
At 31 July 2024 975,000 353,229 3,122 2,885 1,334,236
At 31 July 2023 290,456 371,195 4,359 5,021 671,031

4. Debtors

2024 2023
£ £
Trade debtors 123,596 131,670
Other debtors 67,584 55,697
191,180 187,367

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 28,000 27,470
Trade creditors 168,366 23,754
Taxation and social security 144,669 286,710
Obligations under finance leases and hire purchase contracts 108,326 85,875
Other creditors 19,700 31,883
469,061 455,692

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 91,012 120,019
Obligations under finance leases and hire purchase contracts 229,963 250,316
320,975 370,335

There are no amounts included above in respect of which any security has been given by the small entity.

7. Provision for liabilities

2024 2023
£ £
Deferred tax 237,422 66,467