VTSL Business Systems Limited - Period Ending 2019-02-28

Registration number: 07566759

VTSL Business Systems Limited

Annual report and Unaudited Financial Statements

for the Year Ended 28 February 2019

Critchleys LLP
Beaver House
23-38 Hythe Bridge Street
Oxford
OX1 2EP

VTSL Business Systems Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 3

VTSL Business Systems Limited

(Registration number: 07566759)
Balance Sheet as at 28 February 2019

	Note	2019 £	2018 £
Current assets
Debtors	4	12,443	21,660
Cash at bank and in hand		6,370	51,832
		18,813	73,492
Creditors: Amounts falling due within one year	5	(1,620)	(53,293)
Net assets		17,193	20,199
Capital and reserves
Called up share capital		2	2
Profit and loss account		17,191	20,197
Total equity		17,193	20,199

For the financial year ending 28 February 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 8 October 2019 and signed on its behalf by:
 

.........................................

Mr D Walton
Director

The notes on pages 2 to 3 form an integral part of these financial statements.

Page 1

VTSL Business Systems Limited

Notes to the Financial Statements for the Year Ended 28 February 2019

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
5 Nickols Walk
London
SW18 1BZ

These financial statements were authorised for issue by the Board on 8 October 2019.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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 £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities

Trade creditors are recognised initially at the transaction price.

Share capital

Ordinary shares are classified as equity.

Page 2

VTSL Business Systems Limited

Notes to the Financial Statements for the Year Ended 28 February 2019

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2018 - 0).

4

Debtors

	Note	2019 £	2018 £
Trade debtors		2,252	12,232
Amounts owed by group undertakings		1,013	-
Other debtors		9,178	9,428
Total current trade and other debtors		12,443	21,660

5

Creditors

Creditors: amounts falling due within one year

	Note	2019 £	2018 £
Due within one year
Trade creditors		-	24,028
Amounts owed to group undertakings		-	27,665
Other creditors		1,620	1,600
		1,620	53,293

6	Parent and ultimate parent undertaking

The ultimate controlling party is Mr D Walton, director of VTSL Global Holdings Limited and director of VTSL Business Systems Limited.

Page 3