Vitesse Limited - Accounts to registrar (filleted) - small 23.1.2
Vitesse Limited - Accounts to registrar (filleted) - small 23.1.2
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| FOR |
| VITESSE LIMITED |
| VITESSE LIMITED (REGISTERED NUMBER: 03873327) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| VITESSE LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| and Statutory Auditors |
| 5 White Oak Square |
| London Road |
| Swanley |
| Kent |
| BR8 7AG |
| VITESSE LIMITED (REGISTERED NUMBER: 03873327) |
| BALANCE SHEET |
| 30 JUNE 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks | 5 |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 9 | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Share premium | 11 |
| Revaluation reserve | 11 |
| Retained earnings | 11 |
| SHAREHOLDERS' FUNDS |
| VITESSE LIMITED (REGISTERED NUMBER: 03873327) |
| BALANCE SHEET - continued |
| 30 JUNE 2022 |
| 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 |
| VITESSE LIMITED (REGISTERED NUMBER: 03873327) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| 1. | STATUTORY INFORMATION |
| Vitesse Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Critical accounting judgements and key sources of estimation uncertainty |
| In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
| There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities in these accounts. |
| Turnover |
| Turnover comprises the fair value of consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. |
| The company recognises revenue when: |
| - The amount of revenue can be reliably measured; |
| - is is probable that future economic benefits will flow to entity; |
| - and specific criteria have been met for each of the company's activities. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Improvements to property | - |
| Printers | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| VITESSE LIMITED (REGISTERED NUMBER: 03873327) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| 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. |
| Functional currency |
| The functional currency of the Company is the Great British Pound ("GBP "). And the figures are shown to the nearest pound. |
| Cash and cash equivalents |
| Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short-term deposits with an original maturity date of three months or less. |
| VITESSE LIMITED (REGISTERED NUMBER: 03873327) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | and |
| property | Printers | fittings |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 July 2021 |
| Additions |
| Disposals | ( |
) |
| Revaluations | ( |
) |
| At 30 June 2022 |
| DEPRECIATION |
| At 1 July 2021 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| Revaluation adjustments | ( |
) |
| At 30 June 2022 |
| NET BOOK VALUE |
| At 30 June 2022 |
| At 30 June 2021 |
| VITESSE LIMITED (REGISTERED NUMBER: 03873327) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Motor | Factory |
| vehicles | Equipment | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 July 2021 |
| Additions |
| Disposals | ( |
) | ( |
) |
| Revaluations | ( |
) |
| At 30 June 2022 |
| DEPRECIATION |
| At 1 July 2021 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| Revaluation adjustments | ( |
) |
| At 30 June 2022 |
| NET BOOK VALUE |
| At 30 June 2022 |
| At 30 June 2021 |
| Cost or valuation at 30 June 2022 is represented by: |
| Improvements | Fixtures |
| to | and |
| property | Printers | fittings |
| £ | £ | £ |
| Valuation in 2022 | - | (3,918,242 | ) | - |
| Cost | 90,487 | 6,051,554 | 281,708 |
| 90,487 | 2,133,312 | 281,708 |
| Motor | Factory |
| vehicles | Equipment | Totals |
| £ | £ | £ |
| Valuation in 2022 | - | - | (3,918,242 | ) |
| Cost | 847,223 | 72,416 | 7,343,388 |
| 847,223 | 72,416 | 3,425,146 |
| VITESSE LIMITED (REGISTERED NUMBER: 03873327) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| Printers | vehicles | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 July 2021 |
| Additions |
| Disposals | ( |
) | ( |
) |
| Revaluations |
| Transfer to ownership | (35,046 | ) | - | (35,046 | ) |
| At 30 June 2022 |
| DEPRECIATION |
| At 1 July 2021 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| Revaluation adjustments | ( |
) | ( |
) |
| Transfer to ownership | (15,190 | ) | - | (15,190 | ) |
| At 30 June 2022 |
| NET BOOK VALUE |
| At 30 June 2022 |
| At 30 June 2021 |
| 5. | STOCKS |
| 2022 | 2021 |
| £ | £ |
| Raw materials |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Tax |
| Prepayments |
| VITESSE LIMITED (REGISTERED NUMBER: 03873327) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| VAT | 208,060 | 391,605 |
| Other creditors |
| Accruals and deferred income |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| Hire purchase contracts |
| 9. | PROVISIONS FOR LIABILITIES |
| 2022 | 2021 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances | - | 94,273 |
| Deferred |
| tax |
| £ |
| Balance at 1 July 2021 |
| Not provided due to losses | (94,273 | ) |
| Balance at 30 June 2022 |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2022 | 2021 |
| value: | £ | £ |
| Ordinary | £1 | 250,000 | 250,000 |
| VITESSE LIMITED (REGISTERED NUMBER: 03873327) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| 11. | RESERVES |
| Retained | Share | Revaluation |
| earnings | premium | reserve | Totals |
| £ | £ | £ | £ |
| At 1 July 2021 | 846,654 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| Fixed asset revaluation | - | - | 615,971 | 615,971 |
| At 30 June 2022 | 1,561,446 |
| 12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 13. | RELATED PARTY DISCLOSURES |
| The company paid out dividends to C P Mather totalling £118,762 (2021: £124,005).. |
| 14. | ULTIMATE CONTROLLING PARTY |
| The Ultimate Controlling Party is Mr C Mather by virtue of his shareholding. |