VDP Direct Mail Ltd 31/03/2018 iXBRL

VDP Direct Mail Ltd 31/03/2018 iXBRL

VDP DIRECT MAIL LTD - Company Information

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Company registration number: 08444785
VDP Direct Mail Ltd
Trading as VDP Direct Mail
Unaudited filleted financial statements
31 March 2018
VDP Direct Mail Ltd
Contents
Directors and other information
Accountant's report
Statement of financial position
Notes to the financial statements
VDP Direct Mail Ltd
Directors and other information
Director Mr J R Keogh
Company number 08444785
Registered office Quarry Cottage
Quarry Lane
Yateley
Hants
GU46 6XW
Business address Meridian House
Blackwater Way
Aldershot
Hants
GU12 4DL
Accountant Accountancy Matters
147 Ship Lane
Farnborough
Hants
GU14 8BJ
VDP Direct Mail Ltd
Chartered accountant's report to the director on the preparation of the
unaudited statutory financial statements of VDP Direct Mail Ltd
Year ended 31 March 2018
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of VDP Direct Mail Ltd for the year ended 31 March 2018 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales, I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the director of VDP Direct Mail Ltd, as a body, in accordance with the terms of my engagement. My work has been undertaken solely to prepare for your approval the financial statements of VDP Direct Mail Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than VDP Direct Mail Ltd and its director as a body for my work or for this report.
It is your duty to ensure that VDP Direct Mail Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of VDP Direct Mail Ltd. You consider that VDP Direct Mail Ltd is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of VDP Direct Mail Ltd. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Accountancy Matters
Chartered Accountants
147 Ship Lane
Farnborough
Hants
GU14 8BJ
18 December 2018
VDP Direct Mail Ltd
Statement of financial position
31 March 2018
2018 2017
Note £ £ £ £
Fixed assets
Intangible assets 5 - 29,731
Tangible assets 6 27,268 37,506
_______ _______
27,268 67,237
Current assets
Debtors 7 16,751 89,000
Cash at bank and in hand 32,245 33,266
_______ _______
48,996 122,266
Creditors: amounts falling due
within one year 8 ( 23,534) ( 94,035)
_______ _______
Net current assets 25,462 28,231
_______ _______
Total assets less current liabilities 52,730 95,468
Provisions for liabilities ( 5,180) ( 7,501)
_______ _______
Net assets 47,550 87,967
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 47,450 87,867
_______ _______
Shareholders funds 47,550 87,967
_______ _______
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 18 December 2018 , and are signed on behalf of the board by:
Mr J R Keogh
Director
Company registration number: 08444785
VDP Direct Mail Ltd
Notes to the financial statements
Year ended 31 March 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Quarry Cottage, Quarry Lane, Yateley, Hants, GU46 6XW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 33 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2017: 10 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2017 and 31 March 2018 148,652 148,652
_______ _______
Amortisation
At 1 April 2017 118,921 118,921
Charge for the year 29,731 29,731
_______ _______
At 31 March 2018 148,652 148,652
_______ _______
Carrying amount
At 31 March 2018 - -
_______ _______
At 31 March 2017 29,731 29,731
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2017 67,090 3,790 24,572 95,452
Disposals ( 2,723) ( 3,790) - ( 6,513)
_______ _______ _______ _______
At 31 March 2018 64,367 - 24,572 88,939
_______ _______ _______ _______
Depreciation
At 1 April 2017 37,358 3,790 16,798 57,946
Charge for the year 7,146 - 1,943 9,089
Disposals ( 1,574) ( 3,790) - ( 5,364)
_______ _______ _______ _______
At 31 March 2018 42,930 - 18,741 61,671
_______ _______ _______ _______
Carrying amount
At 31 March 2018 21,437 - 5,831 27,268
_______ _______ _______ _______
At 31 March 2017 29,732 - 7,774 37,506
_______ _______ _______ _______
7. Debtors
2018 2017
£ £
Trade debtors 14,684 88,483
Other debtors 2,067 517
_______ _______
16,751 89,000
_______ _______
8. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 2,568 70,768
Corporation tax - 1,589
Social security and other taxes 11,966 19,696
Other creditors 9,000 1,982
_______ _______
23,534 94,035
_______ _______
9. Related party transactions
The company was under the control of Mr J R Keogh throughout the current year. Mr J R Keogh is the managing director and sole shareholder of the parent company.During the year Dragon Services, a business owned by Mr J R Keogh and Mr R Keogh received rent of £63,000 (2017: £108,000).
10. Ultimate Parent Company
The ultimate parent company is Keyoko Ltd (Registration number 08443119), a company registered in England & Wales.