V-SYSTEMS (IT) LIMITED Filleted accounts for Companies House (small and micro)
V-SYSTEMS (IT) LIMITED Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
04078016
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Statement of Financial Position |
2020 |
2019 |
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Note |
£ |
£ |
£ |
FIXED ASSETS
Tangible assets |
5 |
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CURRENT ASSETS
Stocks |
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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 |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CAPITAL AND RESERVES
Called up share capital |
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Profit and loss account |
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SHAREHOLDERS FUNDS |
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In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
Directors' responsibilities:
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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
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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Statement of Financial Position (continued) |
These financial statements were approved by the
board of directors
and authorised for issue on
21 June 2021
, and are signed on behalf of the board by:
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Director |
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Company registration number:
04078016
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Notes to the Financial Statements |
Year ended 30th June 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 St Johns Chambers, Love Street, Chester, CH1 1QN.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Revenue recognition
Income tax
Tangible assets
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:
Equipment |
- |
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2019:
1
).
5.
Tangible assets
Equipment |
Total |
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£ |
£ |
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Cost |
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At 1st July 2019 and 30th June 2020 |
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Depreciation |
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At 1st July 2019 and 30th June 2020 |
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Carrying amount |
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At 30th June 2020 |
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At 30th June 2019 |
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6.
Debtors
2020 |
2019 |
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£ |
£ |
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Trade debtors |
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Other debtors |
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7.
Creditors:
amounts falling due within one year
2020 |
2019 |
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£ |
£ |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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8.
Related party transactions
The company was under the control of Messrs Ierston and Jenkins throughout the current period. Mr Ierston is the managing director and they together control the company. They are both partners in UHY Hacker Young, Chartered Accountants. During the period the company sold goods and services to UHY Hacker Young amounting to £45,945 plus VAT (2019 £62,903 plus VAT). At the balance sheet date the company was owed £24,507 (2019 £32,820) by UHY Hacker Young which will be settled by 31st March 2021.