Victory Machine Tools Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 04589072 (England and Wales)

VICTORY MACHINE TOOLS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R B L Blackburn

Mrs D A Blackburn

SECRETARY:

R B L Blackburn

REGISTERED OFFICE:

3a Wingate Road

Gosport

Hampshire

PO12 4DR

REGISTERED NUMBER:

04589072 (England and Wales)

ACCOUNTANTS:

Morris Crocker

Chartered Accountants

Station House

North Street

Havant

Hampshire

PO9 1QU

FIXED ASSETS

Tangible assets

4

45,113

35,168

CURRENT ASSETS

Stocks

2,400

5,400

Debtors

5

127,716

102,102

Cash at bank

192,687

148,274

322,803

255,776

CREDITORS

Amounts falling due within one year

6

114,385

154,793

NET CURRENT ASSETS

208,418

100,983

TOTAL ASSETS LESS CURRENT LIABILITIES

253,531

136,151

PROVISIONS FOR LIABILITIES

5,311

6,634

NET ASSETS

248,220

129,517

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

248,218

129,515

SHAREHOLDERS' FUNDS

248,220

129,517

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 21 August 2023 and were signed on its behalf by:

R B L Blackburn - Director

1.	STATUTORY INFORMATION

Victory Machine Tools 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 represents the value of goods and services supplied by the company, net of value added tax and trade discounts.

Tangible fixed assets

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

Improvements to property

-

10% on cost

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

25% on cost

Stocks

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

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties and investments in non-puttable ordinary shares.

Trade and other debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

Trade and other creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method

Deferred tax

Deferred tax is recognised in respect of all timing differences at the balance sheet date, except as otherwise required in the paragraphs below.

Unrelieved 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.

Deferred tax shall not be recognised on permanent differences, other than a business combination where assets (other than goodwill) give rise to an deferred tax asset or liability.

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 6 (2022 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2022

5,873

65,440

55,676

6,899

133,888

Additions

20,297

4,377

-

1,041

25,715

Disposals

(909

)

(4,926

)

(15,921

)

(146

)

(21,902

)

At 31 March 2023

25,261

64,891

39,755

7,794

137,701

DEPRECIATION

At 1 April 2022

4,697

53,547

34,338

6,138

98,720

Charge for year

867

2,076

2,963

734

6,640

Eliminated on disposal

(727

)

(2,499

)

(9,400

)

(146

)

(12,772

)

At 31 March 2023

4,837

53,124

27,901

6,726

92,588

NET BOOK VALUE

At 31 March 2023

20,424

11,767

11,854

1,068

45,113

At 31 March 2022

1,176

11,893

21,338

761

35,168

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

123,128

96,825

Other debtors

4,588

5,277

127,716

102,102

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

13,999

16,930

Amounts owed to group undertakings

11,250

88,538

Taxation and social security

80,953

41,206

Other creditors

8,183

8,119

114,385

154,793

7.	PARENT COMPANY

Victory Machine Holdings Limited registered in England and Wales.

Registered office address is 3a Wingate Road, Gosport, Hampshire, PO12 4DR.