Company registration number 14298740 (England and Wales)
VI DEVELOPMENTS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
VI DEVELOPMENTS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
VI DEVELOPMENTS LTD
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
33,509
41,991
Current assets
Debtors
4
6,906
6,938
Cash at bank and in hand
2,175
12,965
9,081
19,903
Creditors: amounts falling due within one year
5
(36,151)
(31,458)
Net current liabilities
(27,070)
(11,555)
Total assets less current liabilities
6,439
30,436
Creditors: amounts falling due after more than one year
6
(23,668)
(29,149)
Provisions for liabilities
(198)
Net (liabilities)/assets
(17,229)
1,089
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(17,329)
989
Total equity
(17,229)
1,089
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 13 August 2025
Mr D C Robinson
Director
Company registration number 14298740 (England and Wales)
VI DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information
Vi Developments Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 16 Campbell Street, Wainfelin, Pontypool, NP4 6DU.
1.1
Reporting period
The previous financial statements covered a period from it's incorporation, and as a result the figures are not comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for promotional services provided. Turnover represents the value of goods and services provided in the normal course of business excluding VAT.
1.4
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% on cost
Motor vehicles
20% on cost
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
VI DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 September 2023
766
42,038
42,804
Additions
145
145
At 31 August 2024
911
42,038
42,949
Depreciation and impairment
At 1 September 2023
112
701
813
Depreciation charged in the year
219
8,408
8,627
At 31 August 2024
331
9,109
9,440
Carrying amount
At 31 August 2024
580
32,929
33,509
At 31 August 2023
654
41,337
41,991
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
6,906
6,938
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
36,151
31,458
Included in other creditors above is a hire purchase liability of £5,480 (2023: £5,389) secured on the company's motor vehicle.
VI DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
23,668
29,149
Included in other creditors above is a hire purchase liability of £23,668 (2023: £29,149) secured on the company's motor vehicle.
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100