Vickycowie.com Limited - Period Ending 2022-06-30
Vickycowie.com Limited - Period Ending 2022-06-30
Registration number:
Vickycowie.com Limited
Filleted
for the Year Ended 30 June 2022
Vickycowie.com Limited
Contents
Statement of Financial Position |
|
Notes to the Unaudited Financial Statements |
Vickycowie.com Limited
(Registration number: 12068834)
Statement of Financial Position as at 30 June 2022
Note |
2022 |
2021 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
- |
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
( |
( |
|
Total equity |
( |
( |
For the financial 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.
Director's responsibilities:
• |
|
• |
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income Statement.
Approved and authorised for issue by the
......................................... |
Vickycowie.com Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention.
These financial statements are prepared in sterling which is the functional currency of the entity.
Going concern
The company meets its day to day working capital requirements through cash generated from operations and shareholder funding.
At the balance sheet date, the company reported net liabilities of £54,845. Current liabilities include £103,690 owed to the shareholder. The shareholder has indicated their willingness to finance any shortages in the company's day to day finances and for such an arrangement to continue for a period of not less than one year from the date the accounts were approved by the board. Furthermore, they undertake not to seek repayment of amounts due until the company has generated sufficient resources to enable it to make such a repayment without a detrimental impact on its ability to operate as a going concern.
Under the circumstances, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Vickycowie.com Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022 (continued)
2 |
Accounting policies (continued) |
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
|
Computer equipment |
33% reducing balance |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Website costs |
10% straight line |
Vickycowie.com Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022 (continued)
2 |
Accounting policies (continued) |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Vickycowie.com Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022 (continued)
Intangible assets |
Website |
|
Cost or valuation |
|
At 1 July 2021 |
|
At 30 June 2022 |
|
Amortisation |
|
At 1 July 2021 |
|
Amortisation charge |
|
At 30 June 2022 |
|
Carrying amount |
|
At 30 June 2022 |
|
At 30 June 2021 |
|
Vickycowie.com Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022 (continued)
Tangible assets |
Office equipment |
|
Cost or valuation |
|
At 1 July 2021 |
|
At 30 June 2022 |
|
Depreciation |
|
At 1 July 2021 |
|
Charge for the year |
|
At 30 June 2022 |
|
Carrying amount |
|
At 30 June 2022 |
- |
At 30 June 2021 |
|
Debtors |
2022 |
2021 |
|
Other debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
2022 |
2021 |
|
Due within one year |
||
Accruals and deferred income |
|
|
Director's loan account |
103,690 |
145,629 |
|
|
Vickycowie.com Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022 (continued)
Related party transactions |
Transactions with the director |
2022 |
At 1 July 2021 |
Repayments to director |
Other payments made to company by director |
At 30 June 2022 |
Mrs D V Clarke |
||||
Interest free and repayable on demand |
|
( |
11,833 |
|
2021 |
At 1 July 2020 |
Other payments made to company by director |
At 30 June 2021 |
Mrs D V Clarke |
|||
Interest free and repayable on demand |
|
91,431 |
|