Volant Commercials Limited 31/12/2019 iXBRL

Volant Commercials Limited 31/12/2019 iXBRL

VOLANT COMMERCIALS LIMITED - Company Information

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31/12/2019 2019-12-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2019-01-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 08373639 2019-01-01 2019-12-31 08373639 2019-12-31 08373639 2018-01-01 2018-12-31 08373639 2018-12-31 08373639 bus:Director1 2019-01-01 2019-12-31 08373639 core:FurnitureFittingsToolsEquipment 2019-12-31 08373639 core:MotorVehicles 2019-12-31 08373639 core:WithinOneYear 2019-12-31 08373639 core:WithinOneYear 2018-12-31 08373639 core:ShareCapital 2019-12-31 08373639 core:ShareCapital 2018-12-31 08373639 core:RetainedEarningsAccumulatedLosses 2019-12-31 08373639 core:RetainedEarningsAccumulatedLosses 2018-12-31 08373639 bus:SmallEntities 2019-01-01 2019-12-31 08373639 bus:AuditExempt-NoAccountantsReport 2019-01-01 2019-12-31 08373639 bus:FullAccounts 2019-01-01 2019-12-31 08373639 bus:SmallCompaniesRegimeForAccounts 2019-01-01 2019-12-31 08373639 bus:PrivateLimitedCompanyLtd 2019-01-01 2019-12-31
REGISTRAR
Company registration number: 08373639
Volant Commercials Limited
Unaudited filleted financial statements
31 December 2019
Volant Commercials Limited
Contents
Statement of financial position
Notes to the financial statements
Volant Commercials Limited
Statement of financial position
31 December 2019
2019 2018
Note £ £ £ £
Current assets
Stocks 2,750 2,750
Debtors 6 120,595 144,844
Cash at bank and in hand - 5,400
_______ _______
123,345 152,994
Creditors: amounts falling due
within one year 7 ( 160,758) ( 149,258)
_______ _______
Net current (liabilities)/assets ( 37,413) 3,736
_______ _______
Total assets less current liabilities ( 37,413) 3,736
_______ _______
Net (liabilities)/assets ( 37,413) 3,736
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 37,513) 3,636
_______ _______
Shareholders (deficit)/funds ( 37,413) 3,736
_______ _______
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 December 2020 , and are signed on behalf of the board by:
Richard Vann
Director
Company registration number: 08373639
Volant Commercials Limited
Notes to the financial statements
Year ended 31 December 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/O Bickford Truck Hire Limited, Paradise Lane, Slade Heath, Wolverhampton, West Midlands, WV10 7NZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.The accounts are rounded to the nearest £1.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable and 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.
Loan and borrowings
Loans and borrowings are initaily recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2018: 4 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 January 2019 and 31 December 2019 2,273 7,900 10,173
_______ _______ _______
Depreciation
At 1 January 2019 and 31 December 2019 2,273 7,900 10,173
_______ _______ _______
Carrying amount
At 31 December 2019 - - -
_______ _______ _______
At 31 December 2018 - - -
_______ _______ _______
6. Debtors
2019 2018
£ £
Trade debtors 73,673 107,981
Amounts owed by group undertakings and undertakings in which the company has a participating interest 21,716 18,373
Other debtors 25,206 18,490
_______ _______
120,595 144,844
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans and overdrafts 18,090 20,795
Trade creditors 28,216 20,537
Corporation tax 17,185 17,185
Social security and other taxes 87,288 76,820
Other creditors 9,979 13,921
_______ _______
160,758 149,258
_______ _______
8. Going Concern
The directors recognise the difficult conditions that the company currently faces however they believe that the company is in a position to continue to trade as a going concern for the foreseeable future.