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Unaudited Financial Statements |
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for the Year Ended 31st July 2020 |
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for |
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Vickers Business Machines (North West) |
Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31st July 2020 |
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for |
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Vickers Business Machines (North West) |
Limited |
Vickers Business Machines (North West) |
Limited (Registered number: 04005420) |
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Contents of the Financial Statements |
for the Year Ended 31st July 2020 |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Vickers Business Machines (North West) |
Limited |
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Company Information |
for the Year Ended 31st July 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Bank House |
Market Square |
Congleton |
Cheshire |
CW12 1ET |
Vickers Business Machines (North West) |
Limited (Registered number: 04005420) |
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Abridged Balance Sheet |
31st July 2020 |
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31/7/20 | 31/7/19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their 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. |
Vickers Business Machines (North West) |
Limited (Registered number: 04005420) |
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Abridged Balance Sheet - continued |
31st July 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Vickers Business Machines (North West) |
Limited (Registered number: 04005420) |
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Notes to the Financial Statements |
for the Year Ended 31st July 2020 |
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1. | STATUTORY INFORMATION |
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Vickers Business Machines (North West) Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going Concern |
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The directors have considered the potential impact of COVID-19 on the principal activities of the business and they believe that they have sufficient resources in place to operate for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. |
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Income is recognized when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
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Financial instruments |
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors loans. |
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Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. |
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Directors loans (being repayable on demand ), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Vickers Business Machines (North West) |
Limited (Registered number: 04005420) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st July 2020 |
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4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1st August 2019 |
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Additions |
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At 31st July 2020 |
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DEPRECIATION |
At 1st August 2019 |
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Charge for year |
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At 31st July 2020 |
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NET BOOK VALUE |
At 31st July 2020 |
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At 31st July 2019 |
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5. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31/7/20 | 31/7/19 |
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Bank loans |
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There is a fixed and floating charge from the National Westminster Bank PLC created 26.09.13 |
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6. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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At 31 July 2020 the director's loan account was overdrawn by £12,013 (2019 £67,098). |
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7. | POST BALANCE SHEET EVENTS |
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In March 2020, the UK was impacted by the outbreak of COVID-19. In order to manage the spread of the virus the Government has imposed significant restrictions on the movement of people and the ability of businesses to continue to trade. |
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The Directors acknowledge the increasing risk from COVID-19 and have sought to mitigate their risk by carrying out a thorough review of the business as discussed below: |
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Coronavirus bounce back loan |
After the year end the company received a coronavirus bounce back loan to help support the continuation of the business. |