Vibe Systems Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09513624 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

VIBE SYSTEMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr M J Chapman

Mr P E Cook

Mr M E Cook

REGISTERED OFFICE:

Falcon House

Primett Road

Stevenage

SG1 3EE

REGISTERED NUMBER:

09513624 (England and Wales)

ACCOUNTANTS:

Foxley Kingham

Chartered Accountants

260 - 270 Butterfield

Great Marlings

Luton

Bedfordshire

LU2 8DL

FIXED ASSETS

Tangible assets

4

24,121

53,365

CURRENT ASSETS

Debtors

5

678,912

637,960

Cash at bank

647,495

245,345

1,326,407

883,305

CREDITORS

Amounts falling due within one year

6

393,782

266,748

NET CURRENT ASSETS

932,625

616,557

TOTAL ASSETS LESS CURRENT LIABILITIES

956,746

669,922

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

956,646

669,822

956,746

669,922

956,746

669,922

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 15 December 2021 and were signed on its behalf by:

Mr P E Cook - Director

1.	STATUTORY INFORMATION

Vibe Systems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. The COVID-19 pandemic and the ensuing economic shutdown have impacted the company's operations.

In response to the COVID-19 pandemic, the directors have performed a robust analysis of forecast future cash flows taking into account the potential impact on the business of possible future scenarios arising from the impact of COVID-19. This analysis also considers the effectiveness of available measures to assist in mitigating the impact.

Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the financial statements. The directors consider that there is a reasonable expectation that the company will continue in operational existence for the foreseeable future for a minimum 12 months from signing the balance sheet.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Government grants

Government grants are recognised in the profit and loss accounts within other income when it is deemed to be receivable by the company.

Taxation

Taxation for the year 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.

Tangible fixed assets

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.

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

-

Fixtures and fittings - Straight line over 10 years

-

Computer equipment - Straight line over 3 years

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.

3.

EMPLOYEES

The average number of employees during the year was 21 (2020 - 21 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2020

3,534

177,564

181,098

Additions

-

4,492

4,492

At 31 March 2021

3,534

182,056

185,590

DEPRECIATION

At 1 April 2020

1,788

125,945

127,733

Charge for year

600

33,136

33,736

At 31 March 2021

2,388

159,081

161,469

NET BOOK VALUE

At 31 March 2021

1,146

22,975

24,121

At 31 March 2020

1,746

51,619

53,365

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

450,921

310,108

Other debtors

203,976

307,993

Prepayments and accrued income

24,015

19,859

678,912

637,960

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

16,749

36,256

Taxation and social security

17,882

49,852

VAT

33,195

65,329

Other creditors

294,456

101,235

Accruals and deferred income

31,500

14,076

393,782

266,748

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

30,307

30,309

Between one and five years

10,102

40,409

40,409

70,718

8.	CONTINGENT LIABILITIES

A debenture is held by the company's bank which includes fixed and floating charges over all present assets, freehold and leasehold property. First fixed and floating charges over all assets both present and future.

9.	ULTIMATE CONTROLLING PARTY

The immediate parent company is P&P Group Limited, a company incorporated in England and Wales and the ultimate parent company is PPA Group Limited.

The ultimate controlling party is the director Mr P E Cook.