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Company No: 07938984 (England and Wales)

VANCRAFT LIMITED

Unaudited Financial Statements
For the financial period from 01 March 2023 to 31 August 2024
Pages for filing with the registrar

VANCRAFT LIMITED

Unaudited Financial Statements

For the financial period from 01 March 2023 to 31 August 2024

Contents

VANCRAFT LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 August 2024
VANCRAFT LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 August 2024
Note 31.08.2024 28.02.2023
£ £
Fixed assets
Tangible assets 3 28,451 33,471
28,451 33,471
Current assets
Stocks 37,802 38,199
Debtors 4 266,619 382,606
Cash at bank and in hand 86,673 138,332
391,094 559,137
Creditors: amounts falling due within one year 5 ( 552,300) ( 608,265)
Net current liabilities (161,206) (49,128)
Total assets less current liabilities (132,755) (15,657)
Creditors: amounts falling due after more than one year 6 ( 7,561) ( 22,561)
Net liabilities ( 140,316) ( 38,218)
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 140,416 ) ( 38,318 )
Total shareholders' deficit ( 140,316) ( 38,218)

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

Directors' responsibilities:

The financial statements of Vancraft Limited (registered number: 07938984) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

D R Avis
Director

27 May 2025

VANCRAFT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 March 2023 to 31 August 2024
VANCRAFT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 March 2023 to 31 August 2024
1. Accounting policies

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

General information and basis of accounting

Vancraft 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 C/O Larking Gowen 1st Floor Prospect House, Rouen Road, Norwich, NR1 1RE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

Reporting period length is 18 months.

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.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 Statement of Financial Position 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:

Plant and machinery 10 % reducing balance
Fixtures and fittings 10 % reducing balance

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 Statement of Financial Position 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

Period from
01.03.2023 to
31.08.2024
Year ended
28.02.2023
Number Number
Monthly average number of persons employed by the Company during the period, including directors 10 9

3. Tangible assets

Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 01 March 2023 49,143 5,735 54,878
At 31 August 2024 49,143 5,735 54,878
Accumulated depreciation
At 01 March 2023 19,059 2,348 21,407
Charge for the financial period 4,512 508 5,020
At 31 August 2024 23,571 2,856 26,427
Net book value
At 31 August 2024 25,572 2,879 28,451
At 28 February 2023 30,084 3,387 33,471

4. Debtors

31.08.2024 28.02.2023
£ £
Trade debtors 14,598 178,533
Accrued income 179,940 132,904
Deferred tax asset 72,081 70,669
Other debtors 0 500
266,619 382,606

5. Creditors: amounts falling due within one year

31.08.2024 28.02.2023
£ £
Bank loans 10,000 10,000
Trade creditors 276,280 319,360
Amounts owed to directors 208,719 189,016
Accruals 0 912
Other taxation and social security 56,674 88,978
Other creditors 627 ( 1)
552,300 608,265

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

31.08.2024 28.02.2023
£ £
Bank loans 7,561 22,561

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

7. Deferred tax

31.08.2024 28.02.2023
£ £
At the beginning of financial period/year 70,669 84,020
Credited/(charged) to the Income Statement 1,412 ( 13,351)
At the end of financial period/year 72,081 70,669

8. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

9. Related party transactions

Transactions with the entity's directors

31.08.2024 28.02.2023
£ £
Directors' loan accounts 208,719 189,016