V-Tech Cumbernauld Limited
V-Tech Cumbernauld Limited
Registered number: SC361822
Unaudited Financial Statements
For The Year Ended
30 June 2022
Calculus Accountants (Scotland) Ltd
10 Avonhead Road
Condorrat
Glasgow
G67 4RA
V-Tech Cumbernauld Limited
Unaudited Financial Statements
For The Year Ended
30 June 2022
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—7 |
V-Tech Cumbernauld Limited
Balance Sheet
As at
30 June 2022
Balance Sheet
Registered number:
SC361822
For the year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
| 2022 | 2021 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Stocks | 4 |
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| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 7 |
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| PROVISIONS FOR LIABILITIES | |||||
| Provisions For Charges | 9 |
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| Deferred Taxation | 8 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 10 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 45,577 | 56,518 | |||
V-Tech Cumbernauld Limited
Balance Sheet (continued)
As at
30 June 2022
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 7 form part of these financial statements.
V-Tech Cumbernauld Limited
Notes to the Financial Statements
For The Year Ended
30 June 2022
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Rental income from the investment property is stated in accordance with actual rent receipts.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Freehold |
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| Workshop equipment & tools |
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| Demonstration Motor Vehicles |
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| Commercial motor vehicles |
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| Office and showroom equipment & fittings |
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No depreciation or revaluation of the investment property has been provided for, and the value is stated at cost.
1.4.
Investment Properties
The investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised, if relevant, in the profit and loss account.
The value is stated at cost and the directors have not considered it necessary to carry out a revaluation at this point.
1.5.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company.
Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.6.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
V-Tech Cumbernauld Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2022
1.7.
Taxation
Income tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.8.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
The grants received in the year comprised of furlough wages claims under the CJRS from HMRC.
1.9.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
2.
Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2021: 8)
V-Tech Cumbernauld Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2022
3.
Tangible Assets
| Investment Properties | Workshop equipment & tools | Demonstration Motor Vehicles | Commercial motor vehicles | |
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| £ | £ | £ | £ | |
| Cost | ||||
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| Additions | 68,586 |
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| Disposals |
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| Depreciation | ||||
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| Provided during the period | - |
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| Net Book Value | ||||
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| Office and showroom equipment & fittings | Total | |
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| Cost | ||
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| Depreciation | ||
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The investment property is unsecured and is stated at cost.
4.
Stocks
| 2022 | 2021 | ||
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| £ | £ | ||
| Stock - materials and work in progress | 735 | 670 | |
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V-Tech Cumbernauld Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2022
5.
Debtors
| 2022 | 2021 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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6.
Creditors: Amounts Falling Due Within One Year
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| PAYE and NI |
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| VAT |
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| Accrued charges |
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| Directors' loan accounts |
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The directors loan accounts are unsecured, have no fixed terms of repayment and are interest free.
The bank loan was obtained in terms of the Bounce Back Loan Scheme following the Covid19 pandemic in May 2020 and is accordance with the terms thereof.
7.
Creditors: Amounts Falling Due After More Than One Year
| 2022 | 2021 | ||
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| £ | £ | ||
| Bank loans |
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The bank loan was obtained in terms of the Bounce Back Loan Scheme following the Covid19 pandemic in May 2020 and is accordance with the terms thereof.
Of the creditors falling due within and after more than one year the following amounts are due after more than five years.
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | - | 334 |
8.
Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances.
| 2022 | 2021 | ||
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| £ | £ | ||
| Deferred tax |
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V-Tech Cumbernauld Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2022
9.
Provisions for Liabilities
| Deferred Tax | Other Provisions | |
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| As at
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| Additions |
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| Utilised |
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The provision for liabilities relates to potential employee termination costs and charges.
11.
Dividends
| 2022 | 2021 | ||
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| £ | £ | ||
| On equity shares: | |||
| Interim dividend paid |
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| 15,000 | 15,000 | ||
12.
Ultimate Controlling Party
The company has no ultimate controlling party by virtue of the split of ownership of the issued share capital in the company.
13.
General Information
V-Tech Cumbernauld Limited
is a private company, limited by shares, incorporated in Scotland, registered number
SC361822
. The registered office is 67 Birrell Gardens, Muireston, Livingston, EH54 9LF.