VS CREATIVE LIMITED Accounts filed on 31-12-2013

VS CREATIVE LIMITED Accounts filed on 31-12-2013

VS CREATIVE LIMITED - Company Information

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VS CREATIVE LIMITED




Company Registration Number:
05309214 (England and Wales)



Abbreviated (Unaudited) Accounts



Period of accounts


Start date: 01st January 2013

End date: 31st December 2013

SUBMITTED

VS CREATIVE LIMITED

Company Information
for the Period Ended 31st December 2013




Director: V Swift
P J Swift
Registered office: Cheriton
Old Basingstoke Road
Riseley
Berkshire
RG7 1QL
Company Registration Number: 05309214 (England and Wales)

VS CREATIVE LIMITED

Abbreviated Balance sheet
As at 31st December 2013

Notes 2013
£		 2012
£
Fixed assets
Intangible assets: 3 33,250 89,861
Total fixed assets: 33,250 89,861
Current assets
Debtors: - 66,700
Cash at bank and in hand: 312,637 380,868
Total current assets: 312,637 447,568
Creditors
Creditors: amounts falling due within one year 4 70,882 238,291
Net current assets (liabilities): 241,755 209,277
Total assets less current liabilities: 275,005 299,138
Total net assets (liabilities): 275,005 299,138

The notes form part of these financial statements

VS CREATIVE LIMITED

Abbreviated Balance sheet
As at 31st December 2013
continued

Notes 2013
£		 2012
£
Capital and reserves
Called up share capital: 5 1 1
Revaluation reserve: ( 46,883 ) -
Profit and Loss account: 321,887 299,137
Total shareholders funds: 275,005 299,138

For the year ending 31 December 2013 the company was entitled to exemption 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 in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

The financial statements were approved by the Board of Directors on 12 September 2014

SIGNED ON BEHALF OF THE BOARD BY:

Name: V Swift
Status: Director

The notes form part of these financial statements

VS CREATIVE LIMITED

Notes to the Abbreviated Accounts
for the Period Ended 31st December 2013

  • 1. Accounting policies

    Basis of measurement and preparation of accounts

    The financial statements are prepared under the historic cost convention and in accordance with the Financial Reporting Standards for Small Entities (Effective April 2008)

    Turnover policy

    Turnover represents the total invoice value in respect of goods and services supplied during the period exclusive of Value Added Tax.

    Intangible fixed assets amortisation policy

    Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives , not exceeding 20 years. Impairment of tangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable . Goodwill is written off at 10 % per Annum Straight line basis. Goodwill has been written down to reflect the agreed valuation of Goodwill in 2009 with HMRC and the amortisation charge has been adjusted accordingly.

    Valuation information and policy

    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 items. Cost includes direct expenditure and an appropriate proportion of fixed and variable overheads

    Other accounting policies

    Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. Deferred taxation is calculated at the rates of tax that are expected to apply in the periods when the timing differences will reverse and has not been discounted.

VS CREATIVE LIMITED

Notes to the Abbreviated Accounts
for the Period Ended 31st December 2013

  • 3. Intangible assets

    Total
    Cost £
    At 01st January 2013: 156,280
    Revaluations: ( 86,280 )
    70,000
    Amortisation £
    At 01st January 2013: 66,419
    Provided during the period: 7,000
    Other Adjustments: ( 36,669 )
    At 31st December 2013: 36,750
    Net book value £
    At 31st December 2013: 33,250
    At 31st December 2012: 89,861

    The value of Intangible assets has been adjusted to reflect the value agreed for goodwill negotiated with HMRC. The amortisation charge has been adjusted to reflect the accounting policy of amortising the goodwill at 10% on a straight line basis since its date of acquistion

VS CREATIVE LIMITED

Notes to the Abbreviated Accounts
for the Period Ended 31st December 2013

  • 4. Creditors: amounts falling due within one year

    2013
    £     		2012
    £
    Trade creditors: - 56,614
    Taxation and social security: 38,141 82,777
    Accruals and deferred income: 32,741 75,400
    Other creditors: - 23,500
    Total: 70,882 238,291

VS CREATIVE LIMITED

Notes to the Abbreviated Accounts
for the Period Ended 31st December 2013

  • 5. Called up share capital

    Allotted, called up and paid

    Previous period 2012
    Class Number of shares Nominal value per share Total
    Ordinary shares: 1 1.00
    1.00
    		1
    Total share capital: 1
    Current period 2013
    Class Number of shares Nominal value per share Total
    Ordinary shares: 1 1.00
    1.00
    		1
    Total share capital: 1