ACCOUNTS - Final Accounts

VEXED DESIGN LIMITED - Company Information

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Registered number: 06145714

VEXED DESIGN LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2021

VEXED DESIGN LIMITED

REGISTERED NUMBER: 06145714

BALANCE SHEET

AS AT 31 MARCH 2021

		2021		2020
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	2,144		1,083
Cash at bank and in hand	5	24,226		28,106
		26,370		29,189
Creditors: amounts falling due within one year	6	(4,751)		(1,001)
Net current assets			21,619		28,188
Total assets less current liabilities			21,619		28,188

Net assets			21,619		28,188

Capital and reserves
Called up share capital	2	2
Profit and loss account	21,617	28,186
	21,619	28,188

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 August 2021.

Adam Thorpe	Joe Hunter
Director	Director

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VEXED DESIGN LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2021

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 April 2020	2	28,186	28,188
Comprehensive income for the year
Loss for the year	-	(2,569)	(2,569)
Other comprehensive income for the year	-	-	-
Total comprehensive income for the year	-	(2,569)	(2,569)
Dividends: Equity capital	-	(4,000)	(4,000)
Total transactions with owners	-	(4,000)	(4,000)
At 31 March 2021	2	21,617	21,619

The notes on pages 4 to 6 form part of these financial statements.

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VEXED DESIGN LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2020

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 April 2019	2	42,813	42,815
Comprehensive income for the year
Loss for the year	-	(4,627)	(4,627)
Other comprehensive income for the year	-	-	-
Total comprehensive income for the year	-	(4,627)	(4,627)
Dividends: Equity capital	-	(10,000)	(10,000)
Total transactions with owners	-	(10,000)	(10,000)
At 31 March 2020	2	28,186	28,188

The notes on pages 4 to 6 form part of these financial statements.

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VEXED DESIGN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1.	General information

The Company is limited by shares and incorporated in England. The address of the registered office is given in the company information on the cover page of these financial statements.
The company's principal activity is design.

The Financial statements are presented in sterling which is the functional currency of the company and rounded to nearest £.
The significant accounting policies applied in the preparation of this financial statement are set out below. These policies have been consistently applied to all years presented.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Taxation

Tax is recognised in profit or loss 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 balance sheet date in the countries where the Company operates and generates income.

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VEXED DESIGN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2.Accounting policies (continued)

2.4

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.6

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.7

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 2 (2020 - 2).

Debtors

					2021	2020
					£	£


Other debtors	2,144	1,083
	2,144	1,083

5.	Cash and cash equivalents
		2021	2020
		£	£

Cash at bank and in hand	24,226	28,106
	24,226	28,106

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VEXED DESIGN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

6.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Other creditors	3,750	-
Accruals and deferred income	1,001	1,001
	4,751	1,001

7.	Controlling party

During the year ending 31 March 2021 Mr Adam Thorpe and Joe Hunter controlled the company by virtue of a controlling interest of 100% of the issued ordinary share capital.

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