Company Registration No. 03625975 (England and Wales)
VANTAGE FACILITIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
PAGES FOR FILING WITH REGISTRAR
VANTAGE FACILITIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
VANTAGE FACILITIES LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2018
30 September 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
57,953
39,408
Current assets
Debtors
4
107,403
133,685
Cash at bank and in hand
17,036
7
124,439
133,692
Creditors: amounts falling due within one year
5
(110,456)
(128,401)
Net current assets
13,983
5,291
Total assets less current liabilities
71,936
44,699
Creditors: amounts falling due after more than one year
6
(33,203)
(12,855)
Provisions for liabilities
(10,700)
(7,500)
Net assets
28,033
24,344
Capital and reserves
Called up share capital
7
111
111
Profit and loss reserves
27,922
24,233
Total equity
28,033
24,344
VANTAGE FACILITIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2018
30 September 2018
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 June 2019 and are signed on its behalf by:
H Williams
Director
Company Registration No. 03625975
VANTAGE FACILITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 3 -
1
Accounting policies
Company information
Vantage Facilities Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
23 Cadbury Road, Sunbury-on-Thames, Middlesex, TW16 7YF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and is shown net of VAT.
Sales invoices for other installation and repair work are raised when a right to consideration exists.
Revenue from a contract to provide maintenance services is recognised by reference to the stage of completion of the contract.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Property improvements
Fully written off
Plant and machinery
20% reducing balance basis
Fixtures, fittings & equipment
20% reducing balance basis
Motor vehicles
25% reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets.
A provision is made for any impairment loss and taken to the profit and loss account.
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
VANTAGE FACILITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company
only enters into Basic financial instrument transactions
.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in the tax assessments.
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.
The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
VANTAGE FACILITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
1
Accounting policies
(Continued)
- 5 -
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5 (2017 - 6
).
VANTAGE FACILITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 6 -
3
Tangible fixed assets
Property improvements
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2017
4,669
11,257
49,254
84,786
149,966
Additions
-
-
-
32,943
32,943
Disposals
-
-
-
(26,518)
(26,518)
At 30 September 2018
4,669
11,257
49,254
91,211
156,391
Depreciation and impairment
At 1 October 2017
4,669
9,914
47,892
48,083
110,558
Depreciation charged in the year
-
269
1,089
11,548
12,906
Eliminated in respect of disposals
-
-
-
(25,026)
(25,026)
At 30 September 2018
4,669
10,183
48,981
34,605
98,438
Carrying amount
At 30 September 2018
-
1,074
273
56,606
57,953
At 30 September 2017
-
1,343
1,362
36,703
39,408
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
102,890
131,451
Corporation tax recoverable
2,314
-
Other debtors
2,199
2,234
107,403
133,685
5
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
-
2,217
Obligations under finance leases
6,540
6,635
Trade creditors
42,417
65,532
Corporation tax
3,899
6,652
Other taxation and social security
23,682
44,263
Other creditors
30,786
-
Accruals and deferred income
3,132
3,102
110,456
128,401
VANTAGE FACILITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 7 -
6
Creditors: amounts falling due after more than one year
2018
2017
Notes
£
£
Obligations under finance leases
33,203
12,855
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 ordinary of £1 each
100
100
10 ordinary B of £1 each
10
10
1 ordinary C of £1 each
1
1
111
111
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
2,745
4,088
9
Related party transactions
One of the directors has made a loan to the company amounting to £30,786. The loan is interest free, unsecured and has no fixed repayment date.
The directors have provided personal guarantees to support the bank borrowings. One of the directors has guaranteed an element of the hire purchased liabilities.