VGM Developments Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 09500819 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

VGM DEVELOPMENTS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mr G W J Merchant

REGISTERED OFFICE:

30 New Road

Brighton

East Sussex

BN1 1BN

BUSINESS ADDRESS:

The Homestead

Cuckmere Road

Newhaven

East Sussex

BN9 9UA

REGISTERED NUMBER:

09500819 (England and Wales)

ACCOUNTANTS:

Hilton Sharp & Clarke Limited

Chartered Accountants

30 New Road

Brighton

East Sussex

BN1 1BN

FIXED ASSETS

Tangible assets

4

23,310

-

CURRENT ASSETS

Stocks

576,193

-

Debtors

5

-

2

Cash at bank

575

-

576,768

2

CREDITORS

Amounts falling due within one year

6

595,545

-

NET CURRENT (LIABILITIES)/ASSETS

(18,777

)

2

TOTAL ASSETS LESS CURRENT LIABILITIES

4,533

2

CREDITORS

Amounts falling due after more than one year

7

(15,590

)

-

PROVISIONS FOR LIABILITIES

8

(4,450

)

-

NET (LIABILITIES)/ASSETS

(15,507

)

2

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(15,509

)

-

SHAREHOLDERS' FUNDS

(15,507

)

2

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 18 December 2017 and were signed by:

Mr G W J Merchant - Director

1.	STATUTORY INFORMATION

VGM Developments Ltd 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Tangible fixed assets

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

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.

Going concern

These accounts have been prepared on the going concern basis, on the understanding that the director and shareholders will

continue to financially support the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

Additions

31,080

At 31 March 2017

31,080

DEPRECIATION

Charge for year

7,770

At 31 March 2017

7,770

NET BOOK VALUE

At 31 March 2017

23,310

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

-

2

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts

3,465

-

Other creditors

592,080

-

595,545

-

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts

15,590

-

8.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

4,450

-

Deferred

tax

£

Accelerated capital allowances

4,450

Balance at 31 March 2017

4,450

9.	FIRST YEAR ADOPTION

These are the company's first set of financial statements prepared in accordance with FRS 102.

The transition to FRS 102 Section 1A occurred on 20 March 2015 with the end of the comparative period being 31 March

2016. There have been no changes to accounting policies nor to any balances in the financial statements.