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COMPANY REGISTRATION NUMBER: 05159908
The Very Best Impressions Company Limited
Filleted Unaudited Financial Statements
For the year ended
31 July 2024
The Very Best Impressions Company Limited
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
993,458
1,200,316
Current assets
Stocks
69,509
113,303
Debtors
6
311,541
293,695
Investments
7
9,000
Cash at bank and in hand
932,908
2,755,611
------------
------------
1,313,958
3,171,609
Creditors: amounts falling due within one year
8
195,716
103,899
------------
------------
Net current assets
1,118,242
3,067,710
------------
------------
Total assets less current liabilities
2,111,700
4,268,026
------------
------------
Net assets
2,111,700
4,268,026
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
2,111,600
4,267,926
------------
------------
Shareholders funds
2,111,700
4,268,026
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Very Best Impressions Company Limited
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 22 April 2025 , and are signed on behalf of the board by:
R W Stenning
Director
Company registration number: 05159908
The Very Best Impressions Company Limited
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 15 Starfield Road, London, W12 9SN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
10% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist, at the year-end no such indicators existed and therefore no impairment review was undertaken.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. Tangible assets
Land and buildings
Equipment
Total
£
£
£
Cost
At 1 August 2023
1,156,470
147,344
1,303,814
Disposals
( 202,500)
( 202,500)
------------
---------
------------
At 31 July 2024
953,970
147,344
1,101,314
------------
---------
------------
Depreciation
At 1 August 2023
103,498
103,498
Charge for the year
4,358
4,358
------------
---------
------------
At 31 July 2024
107,856
107,856
------------
---------
------------
Carrying amount
At 31 July 2024
953,970
39,488
993,458
------------
---------
------------
At 31 July 2023
1,156,470
43,846
1,200,316
------------
---------
------------
6. Debtors
2024
2023
£
£
Trade debtors
307,451
277,085
Other debtors
4,090
16,610
---------
---------
311,541
293,695
---------
---------
7. Investments
2024
2023
£
£
Investments in group undertakings
9,000
----
-------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
57,890
52,561
Corporation tax
82,670
19,512
Social security and other taxes
31,753
9,589
Other creditors
23,403
22,237
---------
---------
195,716
103,899
---------
---------
9. Director's advances, credits and guarantees
During the year loans were provided to the company by the director Mr R W Stenning . The balances at the beginning of the year amounted to £4,002 and at the end of the year amounted to £1,855. No interest was payable on the loans during the year.
10. Related party transactions
The company was under the control of Mr R W Stenning throughout the current year. Mr R W Stenning is the managing director and majority shareholder. The company operates from a property owned by the director. No rent was payable for this. During the year the company provided loans to the company secretary Mr A J Van Reenen. The balance at the beginning of the year was £9,752 and at the end of the year £nil. Interest was charged on the loan at a rate of 1.75% per annum and the duration of the loan is expected to be 10 years. No transactions with related parties were undertaken during the year such as are required to be disclosed under the FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.