Volt Technologies Ltd
Volt Technologies Ltd
Registered number: 12140559
Unaudited Financial Statements
For The Year Ended
31 August 2021
Square Mile Accounting Limited
Arquen House
4-6 Spicer Street
St. Albans
AL3 4PQ
Volt Technologies Ltd
Unaudited Financial Statements
For The Year Ended
31 August 2021
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
Volt Technologies Ltd
Balance Sheet
As at
31 August 2021
Balance Sheet
Registered number:
12140559
For the year ending 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
| 31 August 2021 | 31 August 2020 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 3 |
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| Tangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Debtors | 5 |
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| Investments | 6 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 7 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Share premium account |
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| Other reserves |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 8,982,249 | 386,912 | |||
Volt Technologies Ltd
Balance Sheet (continued)
As at
31 August 2021
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 6 form part of these financial statements.
Volt Technologies Ltd
Notes to the Financial Statements
For The Year Ended
31 August 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
1.3.
Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets is a domain name. It is amortised to profit and loss account over its estimated economic life of 10 years.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is provided on the following basis:
| Office Equipment |
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| Computer Equipment |
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.
1.5.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.6.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
1.7.
Taxation
Tax is recognised in the statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.
Volt Technologies Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 August 2021
1.8.
Pensions
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds.
1.9.
Share based payments
Where share options are awarded to employees, the fair value of the options is charged to the income statement over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 5 (2020: 2)
3.
Intangible Assets
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4.
Tangible Assets
| Office Equipment | Computer Equipment | Total | |
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| Additions |
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| Depreciation | |||
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| Provided during the period |
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Volt Technologies Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 August 2021
5.
Debtors
| 31 August 2021 | 31 August 2020 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Other debtors |
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6.
Current Asset Investments
| 31 August 2021 | 31 August 2020 | ||
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| £ | £ | ||
| Shares in subsidiaries |
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7.
Creditors: Amounts Falling Due Within One Year
| 31 August 2021 | 31 August 2020 | ||
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| £ | £ | ||
| Trade creditors |
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| Other creditors |
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Volt Technologies Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 August 2021
9.
Ultimate Controlling Party
In the opinion of the directors, there is no single ultimate controlling party.
10.
General Information
Volt Technologies Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
12140559
. The registered office is 12 Melcombe Place, London, NW1 6JJ.