Vecta Safes (UK) Limited Company Accounts

Vecta Safes (UK) Limited Company Accounts

VECTA SAFES (UK) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10384676
Vecta Safes (UK) Limited
Filleted Unaudited Financial Statements
31 March 2020
Vecta Safes (UK) Limited
Financial Statements
Period from 1 October 2018 to 31 March 2020
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
The following pages do not form part of the financial statements
Chartered accountants and business advisors report to the director on the preparation of the unaudited statutory financial statements
5
Vecta Safes (UK) Limited
Statement of Financial Position
31 March 2020
31 Mar 20
Note
£
Current assets
Stocks
82,677
Debtors
5
7,125
Cash at bank and in hand
20,832
---------
110,634
Creditors: amounts falling due within one year
6
152,431
---------
Net current liabilities
41,797
--------
Total assets less current liabilities
( 41,797)
--------
Net liabilities
( 41,797)
--------
Capital and reserves
Profit and loss account
( 41,797)
--------
Members deficit
( 41,797)
--------
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.
For the period ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 19 January 2021 , and are signed on behalf of the board by:
Mr J H Fearnall
Director
Company registration number: 10384676
Vecta Safes (UK) Limited
Notes to the Financial Statements
Period from 1 October 2018 to 31 March 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 40 Manor Industrial Estate, Flint, CH6 5UY.
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 the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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 stock to its present location and condition.
Financial instruments
The following assets and liabilities within the accounts are classified as financial instruments - trade debtors, trade creditors and directors loans. Directors loans (being repayable upon demand), trade debtors and trade creditors, are measured at the undiscounted amount of cash or other consideration expected to be paid or received. Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of Income and Retained Earnings.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 1 .
The director carried out his company duties for no remuneration .
5. Debtors
31 Mar 20
£
Trade debtors
5,366
Other debtors
1,759
-------
7,125
-------
6. Creditors: amounts falling due within one year
31 Mar 20
£
Trade creditors
4,429
Amounts owed to group undertakings and undertakings in which the company has a participating interest
147,339
Other creditors
663
---------
152,431
---------
7. Related party transactions
During the year the company traded with Solon Security Limited, a company which shares the same director. Sales to this company during the year were £1,020. Purchases from this company during the year were £3054. At the yearned £147,339 was owed to Solon Security. No further transaction with related parties were undertaken such as required to be disclosed.
Vecta Safes (UK) Limited
Management Information
Period from 1 October 2018 to 31 March 2020
The following pages do not form part of the financial statements.
Vecta Safes (UK) Limited
Chartered Accountants and Business Advisors Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Vecta Safes (UK) Limited
Period from 1 October 2018 to 31 March 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Vecta Safes (UK) Limited for the period ended 31 March 2020, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Vecta Safes (UK) Limited in accordance with the terms of our engagement letter dated 8 August 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Vecta Safes (UK) Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Vecta Safes (UK) Limited and its director for our work or for this report.
It is your duty to ensure that Vecta Safes (UK) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Vecta Safes (UK) Limited. You consider that Vecta Safes (UK) Limited is exempt from the statutory audit requirement for the period. We have not been instructed to carry out an audit or a review of the financial statements of Vecta Safes (UK) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
BRUCE ROBERTS & CO LIMITED Chartered Accountants and Business Advisors
Unit 10, Edison Court Ellice Way Wrexham Technology Park Wrexham LL13 7YT
19 January 2021