V Star Industries Limited - Period Ending 2016-05-31

V STAR INDUSTRIES LIMITED - Company Information

Registration number: 08086018

V Star Industries Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2016

R S Porter & Co Limited
Albion Dockside Building
Hanover Place
Bristol
BS1 6UT

V Star Industries Limited

Contents

Accountants' Report	1
Abbreviated Balance Sheet	2
Notes to the Abbreviated Accounts	3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
V Star Industries Limited
for the Year Ended 31 May 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of V Star Industries Limited for the year ended 31 May 2016 set out on pages XX from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of V Star Industries Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of V Star Industries Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than V Star Industries Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that V Star Industries Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of V Star Industries Limited. You consider that V Star Industries Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of V Star Industries Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

R S Porter & Co Limited
Albion Dockside Building
Hanover Place
Bristol
BS1 6UT

17 October 2016

Page 1

V Star Industries Limited

(Registration number: 08086018)
Abbreviated Balance Sheet as at 31 May 2016

	Note	2016 £	2015 £
Fixed assets
Tangible assets	2	17,096	21,371
Current assets
Debtors		111,716	111,165
Cash at bank and in hand		170,107	165,336
		281,823	276,501
Creditors: Amounts falling due within one year		(220,372)	(234,901)
Net current assets		61,451	41,600
Total assets less current liabilities		78,547	62,971
Provisions for liabilities		(3,616)	(3,616)
Net assets		74,931	59,355
Capital and reserves
Called up share capital	3	1,000	1,000
Profit and loss account		73,931	58,355
Shareholders funds		74,931	59,355

For the year ending 31 May 2016 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.

Approved by the Board on 17 October 2016 and signed on its behalf by:

.........................................
Mr David Philip Venables
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

V Star Industries Limited

Notes to the Abbreviated Accounts

Accounting policies

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Revenue recognition

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant & machinery	20% reducing balance
Commercial motor vehicles	20% reducing balance

Provisions

A provision is recognised when there is a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation.

Fixed assets

	Tangible assets £	Total £
Cost
At 1 June 2015	40,516	40,516
At 31 May 2016	40,516	40,516
Depreciation
At 1 June 2015	19,145	19,145
Charge for the year	4,275	4,275
At 31 May 2016	23,420	23,420
Net book value
At 31 May 2016	17,096	17,096
At 31 May 2015	21,371	21,371

Page 3

V Star Industries Limited

Notes to the Abbreviated Accounts

Share capital

Allotted, called up and fully paid shares

	2016		2015
	No.	£	No.	£
Ordinary of £1 each	1,000	1,000	1,000	1,000

Control

The directors are the controlling party by virtue of their controlling shareholding in the company.

Page 4