Vast Screening Technologies Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10187941 (England and Wales)

Unaudited Financial Statements

For The Year Ended 31 May 2019

for

Vast Screening Technologies Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr D A Cargill

Ms A K Koziol

Mr P A J Bondarenko

Mr P Mellody

Dr T D Lund

REGISTERED OFFICE:

276 Preston Road

Harrow

Middlesex

HA3 0QA

REGISTERED NUMBER:

10187941 (England and Wales)

ACCOUNTANTS:

RNS Business Solutions Limited

Chartered Accountants

276 Preston Road

Harrow

Middlesex

HA3 0QA

FIXED ASSETS

Tangible assets

3

758

886

CURRENT ASSETS

Stocks

-

40,556

Debtors

4

1,001

3,789

Cash at bank

732

2,599

1,733

46,944

CREDITORS

Amounts falling due within one year

5

(126,547

)

(80,121

)

NET CURRENT LIABILITIES

(124,814

)

(33,177

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(124,056

)

(32,291

)

CAPITAL AND RESERVES

Called up share capital

100

100

Profit and loss account

(124,156

)

(32,391

)

SHAREHOLDERS' FUNDS

(124,056

)

(32,291

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 26 February 2020 and were signed on its behalf by:

Ms A K Koziol - Director

1.	STATUTORY INFORMATION

Vast Screening Technologies Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The principle place of business is Fairland House, 380 Uxbridge Road, London, W5 3LH.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

33% on cost

Computer equipment

-

33% on cost

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to

related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for

objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised

in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an

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.

Taxation

Taxation for the year comprises current tax. Tax is recognised in the Profit and Loss Account, except to the

extent that it relates to items recognised in other comprehensive income or directly in equity.

Current assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Going concern

The financial statements have been prepared under the going concern basis as the directors believe that they have

enough resources to support the current operations of the company.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost

using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and

other short-term highly liquid investments that mature in no more than three months from the date of acquisition

and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related

parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any

impairment.

3.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 June 2018

525

583

1,108

Additions

-

584

584

At 31 May 2019

525

1,167

1,692

DEPRECIATION

At 1 June 2018

105

117

222

Charge for year

245

467

712

At 31 May 2019

350

584

934

NET BOOK VALUE

At 31 May 2019

175

583

758

At 31 May 2018

420

466

886

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/19

31/5/18

£

£

VAT

82

446

Prepayments

919

3,343

1,001

3,789

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/19

31/5/18

£

£

Trade creditors

387

1,083

Other creditors

899

899

Directors' current accounts

124,061

76,939

Accruals and deferred income

1,200

1,200

126,547

80,121

6.	RELATED PARTY DISCLOSURES

Included in creditors is an amount due to directors and shareholders of £124,061 (2018: £76,939). The

outstanding loan due is interest free and payable on demand.