V & L Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05499493 (England and Wales)

Financial Statements

for the Year Ended 31 July 2021

for

V & L Limited

Page

Company Information

1

Chartered Certified Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

Directors:

Mr G Lambeth

Mr M Venn

Secretary:

Mrs. H Venn

Registered office:

Unit C3

Stafford Park 11

Telford

TF3 3AY

Registered number:

05499493 (England and Wales)

Accountants:

Hughes & Co.

The Stables

Broseley Hall

Church Street

Broseley

Shropshire

TF12 5DG

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of V & L Limited for the year ended 31 July 2021 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of V & L Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of V & L Limited and state those matters that we have agreed to state to the Board of Directors of V & L Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that V & L Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of V & L Limited. You consider that V & L Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of V & L Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Hughes & Co.

The Stables

Broseley Hall

Church Street

Broseley

Shropshire

TF12 5DG

20 December 2021

Fixed assets

Tangible assets

4

9,206

10,831

Current assets

Stocks

1,300

839

Debtors

5

13,745

14,924

Cash at bank

38,225

37,541

53,270

53,304

Creditors

Amounts falling due within one year

6

43,399

41,595

Net current assets

9,871

11,709

Total assets less current liabilities

19,077

22,540

Creditors

Amounts falling due after more than one year

7

16,000

20,000

Net assets

3,077

2,540

Capital and reserves

Called up share capital

8

100

100

Retained earnings

9

2,977

2,440

Shareholders' funds

3,077

2,540

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 20 December 2021 and were signed on its behalf by:

Mr M Venn - Director

Mr G Lambeth - Director

1.	STATUTORY INFORMATION

V & L 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.

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

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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 year 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2020 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

Cost

At 1 August 2020

and 31 July 2021

87,961

Depreciation

At 1 August 2020

77,130

Charge for year

1,625

At 31 July 2021

78,755

Net book value

At 31 July 2021

9,206

At 31 July 2020

10,831

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

10,662

6,522

Other debtors

-

5,319

Prepayments and accrued income

3,083

3,083

13,745

14,924

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

4,000

-

Trade creditors

917

579

Corporation tax

2,951

6,932

Social security and other taxes

(81

)

(81

)

VAT

3,511

2,064

Other creditors

25,000

25,000

Directors' current accounts

6,026

6,026

Accruals and deferred income

1,075

1,075

43,399

41,595

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 1-2 years

4,000

-

Bank loans - 2-5 years

12,000

20,000

16,000

20,000

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

49

'A' Ordinary Shares

1

49

49

49

'B' Ordinary Shares

1

49

49

2

'C' Ordinary Shares

1

2

2

100

100

9.

RESERVES

Retained

earnings

£

At 1 August 2020

2,440

Profit for the year

11,537

Dividends

(11,000

)

At 31 July 2021

2,977

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the directors.