Vanza Ltd 31/03/2021 iXBRL

Vanza Ltd 31/03/2021 iXBRL

VANZA LTD - Company Information

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2 31/03/2021 2021-03-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2020-03-17 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 12521677 2020-03-17 2021-03-31 12521677 2021-03-31 12521677 core:PlantMachinery 2020-03-17 2021-03-31 12521677 core:FurnitureFittingsToolsEquipment 2020-03-17 2021-03-31 12521677 bus:Director1 2020-03-17 2021-03-31 12521677 core:PlantMachinery 2021-03-31 12521677 core:FurnitureFittingsToolsEquipment 2021-03-31 12521677 core:RetainedEarningsAccumulatedLosses 2020-03-17 2021-03-31 12521677 core:WithinOneYear 2021-03-31 12521677 core:ShareCapital 2021-03-31 12521677 core:RetainedEarningsAccumulatedLosses 2021-03-31 12521677 bus:SmallEntities 2020-03-17 2021-03-31 12521677 bus:AuditExempt-NoAccountantsReport 2020-03-17 2021-03-31 12521677 bus:FullAccounts 2020-03-17 2021-03-31 12521677 bus:SmallCompaniesRegimeForAccounts 2020-03-17 2021-03-31 12521677 bus:PrivateLimitedCompanyLtd 2020-03-17 2021-03-31 12521677 core:EntitiesControlledByKeyManagementPersonnel 2020-03-17 2021-03-31 12521677 core:EntitiesControlledByKeyManagementPersonnel 2021-03-31 12521677 1 2020-03-17 2021-03-31
Company registration number: 12521677
Vanza Ltd
Unaudited filleted financial statements
31 March 2021
Vanza Ltd
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Vanza Ltd
Statement of financial position
31 March 2021
31/03/21
Note £ £
Fixed assets
Tangible assets 5 2,213
_______
2,213
Current assets
Stocks 464,093
Debtors 6 7,580
Cash at bank and in hand 79,166
_______
550,839
Creditors: amounts falling due
within one year 7 ( 437,010)
_______
Net current assets 113,829
_______
Total assets less current liabilities 116,042
_______
Net assets 116,042
_______
Capital and reserves
Called up share capital 1
Profit and loss account 116,041
_______
Shareholder funds 116,042
_______
For the period ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 March 2022 , and are signed on behalf of the board by:
Mr Gary Powell
Director
Company registration number: 12521677
Vanza Ltd
Statement of changes in equity
Period ended 31 March 2021
Called up share capital Profit and loss account Total
£ £ £
At 1 July 2020 1 - 1
Profit for the period 116,041 116,041
_______ _______ _______
Total comprehensive income for the period - 116,041 116,041
_______ _______ _______
At 31 March 2021 1 116,041 116,042
_______ _______ _______
Vanza Ltd
Notes to the financial statements
Period ended 31 March 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20-22 Wenlock Road, London, N1 7GU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 July 2020 - - -
Additions 1,450 1,206 2,656
_______ _______ _______
At 31 March 2021 1,450 1,206 2,656
_______ _______ _______
Depreciation
At 1 July 2020 - - -
Charge for the year 242 201 443
_______ _______ _______
At 31 March 2021 242 201 443
_______ _______ _______
Carrying amount
At 31 March 2021 1,208 1,005 2,213
_______ _______ _______
6. Debtors
31/03/21
£
Other debtors 7,580
_______
7. Creditors: amounts falling due within one year
31/03/21
£
Trade creditors 40,693
Corporation tax 26,700
Social security and other taxes 4,023
Other creditors 365,594
_______
437,010
_______
8. Events after the end of the reporting period
The company paid a dividend of £2,000 in April 2021.
9. Related party transactions
During the period the company entered into the following transactions with related parties:
Transaction value Balance owed by /(owed to)
Period Period
ended ended
31/03/21 31/03/21
£ £
Elysian Trading Limited ( 359,250) ( 359,250)
_______ _______
Elysian Trading Limited and Vanza Limited are companies under common control. The intercompany balance is unsecured, interest free and repayable on demand.