Vola Global Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC667974 (Scotland)

Unaudited Financial Statements

for the Period 20 July 2020 to 31 December 2020

for

Vola Global Ltd

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Tangible assets

4

166,078

CURRENT ASSETS

Stocks

426,943

Debtors

5

350,505

Cash at bank

198,587

976,035

CREDITORS

Amounts falling due within one year

6

(1,085,756

)

NET CURRENT LIABILITIES

(109,721

)

TOTAL ASSETS LESS CURRENT LIABILITIES

56,357

PROVISIONS FOR LIABILITIES

(10,632

)

NET ASSETS

45,725

CAPITAL AND RESERVES

Called up share capital

10,000

Retained earnings

35,725

45,725

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 August 2021 and were signed on its behalf by:

Mr C Fowler - Director

1.	STATUTORY INFORMATION

Vola Global Ltd is a limited company domiciled in Scotland, registration number SC667974. The registered office is Unit 1 Ruthvenfield Avenue, Inveralmond Industrial Estate, Perth, PH1 3WB.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of goods in respect of the manufacture of health and hygiene chemicals, excluding value added tax. Sales are recognised at the point at which the goods are delivered.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

20% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Provisions

Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 8 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

174,414

At 31 December 2020

174,414

DEPRECIATION

Charge for period

8,336

At 31 December 2020

8,336

NET BOOK VALUE

At 31 December 2020

166,078

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade debtors

268,759

Other debtors

81,746

350,505

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

134,662

Amounts owed to related parties

831,628

Taxation and social security

9,771

Other creditors

109,695

1,085,756

7.	RELATED PARTY DISCLOSURES

Entities with common control

Sales during the period - £502,646

Purchases during the period - £562,786

Management charges paid during the period - £88,533

Loans provided during the period - £265,593

Amounts owed at the period-end - £831,628