Vidoflex U.K. Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04205280 (England and Wales)

Vidoflex U.K. Limited

Audited Financial Statements for the Year Ended 31 March 2020

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

R A F Lloyd

REGISTERED OFFICE:

4 King Square

Bridgwater

Somerset

TA6 3YF

REGISTERED NUMBER:

04205280 (England and Wales)

AUDITORS:

Maxwells

Chartered Accountants

and Statutory Auditor

4 King Square

Bridgwater

Somerset

TA6 3YF

BANKERS:

Lloyds Bank plc

25 Cornhill

Bridgwater

Somerset

TA6 3AY

FIXED ASSETS

Tangible assets

5

1

1

CURRENT ASSETS

Stocks

20,035

33,623

Debtors

78,174

81,933

Cash at bank

21

1,345

98,230

116,901

CREDITORS

Amounts falling due within one year

3,724

23,384

NET CURRENT ASSETS

94,506

93,517

TOTAL ASSETS LESS CURRENT LIABILITIES

94,507

93,518

CREDITORS

Amounts falling due after more than one year

6

288,613

288,613

NET LIABILITIES

(194,106

)

(195,095

)

CAPITAL AND RESERVES

Called up share capital

150,000

150,000

Retained earnings

(344,106

)

(345,095

)

SHAREHOLDERS' FUNDS

(194,106

)

(195,095

)

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

All the members have consented to the preparation of an abridged Statement of Comprehensive Income and an abridged Statement of Financial Position for the year ended 31 March 2020 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 October 2020 and were signed by:

R A F Lloyd - Director

1.	STATUTORY INFORMATION

Vidoflex U.K. 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.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared in accordance with applicable accounting standards and estimation techniques.

The financial statements have been prepared on a going concern basis which assumes the continued support of the company's main creditor; a partnership in which some of the shareholders have an interest. There is no intention to require payment of this debt in the foreseeable future.

At the time of approving the financial statements the director has a reasonable expectation that the Company has adequate resources to continue in operation existence for the foreseeable future.

The director has reviewed cash flow forecasts, funding levels and income expectations for at least the 12 month period from the date of approving the financial statements and has assessed the current and potential impact of the COVID-19 pandemic, to ensure the Company can maintain its operations and fulfill its statutory obligations.

The director therefore confirms the Company is able to continue as a going concern.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery etc

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2019

and 31 March 2020

1,914

DEPRECIATION

At 1 April 2019

and 31 March 2020

1,913

NET BOOK VALUE

At 31 March 2020

1

At 31 March 2019

1

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

31.3.20

31.3.19

£

£

Repayable otherwise than by instalments

Other loans

288,613

288,613

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Nigel Blannin (Senior Statutory Auditor)

for and on behalf of Maxwells

8.	RELATED PARTY DISCLOSURES

The company owes £288,613 (2019: £288,613) to a partnership in which the shareholders have an interest. This amount is included in long-term other loans.

The company also is owed £71,387 (2019: £69,889) by Air Conditioning Group Limited, a company controlled by the director.

Any transactions with these companies are at arms length and current market value. Such transactions consist of recharges, working capital and sale of products.

9.	ULTIMATE CONTROLLING PARTY

The company was controlled throughout the current and previous periods by R A F Lloyd, a director.