Vlc (Stairlifts) Limited
Vlc (Stairlifts) Limited
Registered number: 04657120
Financial Statements
For The Year Ended
31 August 2022
Simple Accounting NW Ltd
4-4a Blackburn Road
Accrington
BB5 1HD
Vlc (Stairlifts) Limited
Financial Statements
For The Year Ended
31 August 2022
Financial Statements
| Contents | |
| Page | |
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| Statement of Financial Position | 1—2 |
| Notes to the Financial Statements | 3—7 |
Vlc (Stairlifts) Limited
Statement of Financial Position
As at
31 August 2022
Statement of Financial Position
Registered number:
04657120
For the year ending 31 August 2022 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.
| 2022 | 2021 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 3 |
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| Tangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Stocks | 5 |
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| Debtors | 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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| Creditors: Amounts Falling Due After More Than One Year | 8 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 10 |
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| Income Statement |
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| SHAREHOLDERS' FUNDS | 81,159 | 86,196 | |||
Vlc (Stairlifts) Limited
Statement of Financial Position (continued)
As at
31 August 2022
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 Income Statement.
On behalf of the board
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Director
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The notes on pages 3 to 7 form part of these financial statements.
Vlc (Stairlifts) Limited
Notes to the Financial Statements
For The Year Ended
31 August 2022
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 from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are Computer Software. It is amortised to income statement over its estimated economic life of 3 years.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Leasehold |
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| Plant & Machinery |
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| Motor Vehicles |
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| Fixtures & Fittings |
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| Computer Equipment |
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1.5.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases
are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element
of the future payments is treated as a liability.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the
lease.
1.6.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance
for obsolete and slow moving items.
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in
bringing stocks to their present location and condition.
Vlc (Stairlifts) Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 August 2022
1.7.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 19 (2021: 18)
3.
Intangible Assets
| Other | |||
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| Amortisation | |||
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| Provided during the period |
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| Net Book Value | |||
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Vlc (Stairlifts) Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 August 2022
4.
Tangible Assets
| Land & Property | ||||
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| Leasehold | Plant & Machinery | Motor Vehicles | Fixtures & Fittings | |
| £ | £ | £ | £ | |
| Cost | ||||
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| Additions |
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| Disposals |
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| Depreciation | ||||
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| Disposals |
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| Net Book Value | ||||
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| Computer Equipment | Total | |
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| Cost | ||
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| Additions |
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| Disposals |
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| Depreciation | ||
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| Disposals |
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| Net Book Value | ||
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5.
Stocks
| 2022 | 2021 | ||
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| £ | £ | ||
| Stock - finished goods |
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| Stock - work in progress |
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Vlc (Stairlifts) Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 August 2022
6.
Debtors
| 2022 | 2021 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors - S455 Tax |
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| Corporation tax recoverable assets |
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| VAT | - |
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| Directors' loan accounts | - |
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7.
Creditors: Amounts Falling Due Within One Year
| 2022 | 2021 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| Other taxes and social security |
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| VAT |
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| Net wages liability |
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| Pension fund |
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| Advance from customer |
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| Accruals and deferred income |
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| Directors' loan accounts |
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8.
Creditors: Amounts Falling Due After More Than One Year
| 2022 | 2021 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Bank loans |
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Ruotao Zheng the Director has invested £200,000 in 2018 which willl be repaid in 5 years
The loan is un-secured.
Vlc (Stairlifts) Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 August 2022
9.
Obligations Under Finance Leases and Hire Purchase
| 2022 | 2021 | ||
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| £ | £ | ||
| The maturity of these amounts is as follows: | |||
| Amounts Payable: | |||
| Within one year |
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| Between one and five years |
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11.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at
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Amounts advanced | Amounts repaid | Amounts written off | As at
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| £ | £ | £ | £ | £ | |
| Mrs Judith Green |
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The above loan is unsecured, interest free and repayable on demand.
12.
General Information
Vlc (Stairlifts) Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
04657120
. The registered office is Unit A1 Redgate Road, South Lancashire Industrial Estate, Ashton-In-Makerfield, Lancashire, WN4 8DT.