Vibe Systems Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 09513624 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

VIBE SYSTEMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr M J Chapman

Mr P E Cook

Mr M E Cook

REGISTERED OFFICE:

Falcon House

Primett Road

Stevenage

SG1 3EE

REGISTERED NUMBER:

09513624 (England and Wales)

ACCOUNTANTS:

Foxley Kingham

Chartered Accountants

260 - 270 Butterfield

Great Marlings

Luton

Bedfordshire

LU2 8DL

FIXED ASSETS

Tangible assets

4

78,437

24,157

CURRENT ASSETS

Debtors

5

551,068

570,366

Cash at bank

1,764,839

1,614,235

2,315,907

2,184,601

CREDITORS

Amounts falling due within one year

6

687,329

706,298

NET CURRENT ASSETS

1,628,578

1,478,303

TOTAL ASSETS LESS CURRENT LIABILITIES

1,707,015

1,502,460

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,706,915

1,502,360

1,707,015

1,502,460

1,707,015

1,502,460

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 15 September 2023 and were signed on its behalf by:

Mr P E Cook - Director

1.	STATUTORY INFORMATION

Vibe Systems 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

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.

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.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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

-

Fixtures and fittings - Straight line over 10 years

-

Computer equipment - Straight line over 3 years

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2022 - 19 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2022

3,534

202,258

205,792

Additions

-

93,544

93,544

Disposals

-

(20,166

)

(20,166

)

At 31 March 2023

3,534

275,636

279,170

DEPRECIATION

At 1 April 2022

2,625

179,010

181,635

Charge for year

153

39,111

39,264

Eliminated on disposal

-

(20,166

)

(20,166

)

At 31 March 2023

2,778

197,955

200,733

NET BOOK VALUE

At 31 March 2023

756

77,681

78,437

At 31 March 2022

909

23,248

24,157

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

398,809

316,887

Other debtors

118,562

227,845

Prepayments and accrued income

33,697

25,634

551,068

570,366

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

482,228

45,144

Corporation tax

758

112,487

Taxation and social security

34,336

25,402

VAT

69,198

71,319

Other creditors

58,666

373,875

Accruals and deferred income

42,143

78,071

687,329

706,298

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2023

2022

£

£

Within one year

-

10,102

8.	CONTINGENT LIABILITIES

A debenture is held by the company's bank which includes fixed and floating charges over all present assets, freehold and leasehold property. First fixed and floating charges over all assets both present and future.