Vertco Limited |
|
Report to the directors on the preparation of the unaudited abbreviated accounts of Vertco Limited for the year ended 31 March 2016 |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated accounts of Vertco Limited for the year ended 31 March 2016 which comprise of the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us. |
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com/ |
This report is made solely to the Board of Directors of Vertco Limited, as a body, in accordance with the terms of our engagement letter dated 31 March 2014. Our work has been undertaken solely to prepare for your approval the accounts of Vertco Limited and state those matters that we have agreed to state to the Board of Directors of Vertco Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Vertco Limited and its Board of Directors as a body for our work or for this report. |
It is your duty to ensure that Vertco 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 Vertco Limited. You consider that Vertco 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 Vertco 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 abbreviated accounts. |
|
Shackleton Stott Limited |
Chartered Certified Accountants |
Downs Court |
29 The Downs |
Altrincham |
WA14 2QD |
|
15 June 2016 |
|
Vertco Limited
|
|
Registered number: |
05055502
|
Abbreviated Balance Sheet |
as at 31 March 2016
|
31 March |
31 March |
Notes |
|
|
2016 |
|
|
2015 |
£ |
£ |
Fixed assets |
Tangible assets |
2 |
|
|
130,761 |
|
|
150,306 |
|
Current assets |
Stocks |
|
|
25,566 |
|
|
23,233 |
Debtors |
|
|
144,479 |
|
|
177,530 |
Cash at bank and in hand |
|
|
86,384 |
|
|
33,977 |
|
|
|
256,429 |
|
|
234,740 |
|
Creditors: amounts falling due within one year |
|
|
(82,719) |
|
|
(103,703) |
|
Net current assets |
|
|
|
173,710 |
|
|
131,037 |
|
Total assets less current liabilities |
|
|
|
304,471 |
|
|
281,343 |
|
Creditors: amounts falling due after more than one year |
|
|
|
(799,989) |
|
|
(845,642) |
|
|
Net liabilities |
|
|
|
(495,518) |
|
|
(564,299) |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
3 |
|
|
100 |
|
|
100 |
Profit and loss account |
|
|
|
(495,618) |
|
|
(564,399) |
|
Shareholders' funds |
|
|
|
(495,518) |
|
|
(564,299) |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
|
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
|
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
|
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
|
|
|
Mrs AM Arkinstall |
Director |
Approved by the board on 15 June 2016
|
|
Vertco Limited
|
|
Notes to the Abbreviated Accounts |
for the year ended 31 March 2016
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
|
|
|
Turnover |
|
Turnover comprises the value of sales (excluding value added tax and discounts) of goods provided in the normal course of business. Revenue is recognised when the goods are despatched to customers, which is the same day on which the goods are delivered and hence the point at which the risks and rewards of ownership pass to the buyer. Turnover, in respect of service contracts is recognised when the company obtains the right to receive consideration for services provided.
|
|
|
Depreciation |
|
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
|
|
Leasehold improvements |
20% reducing balance |
|
Plant, machinery and office equipment |
10% to 20% reducing balance and 33 1/3% straight line
|
|
Motor vehicles |
25% straight line
|
|
|
Stocks |
|
Stock is valued at the lower of cost and net realisable value. |
|
|
Deferred taxation |
|
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. |
|
|
2 |
Tangible fixed assets |
£ |
|
|
Cost |
|
At 1 April 2015 |
450,661 |
|
Additions |
3,037 |
|
At 31 March 2016 |
453,698 |
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2015 |
300,355 |
|
Charge for the year |
22,582 |
|
At 31 March 2016 |
322,937 |
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2016 |
130,761 |
|
At 31 March 2015 |
150,306 |
|
|
|
|
|
|
|
|
|
31 March |
31 March |
31 March |
3 |
Share capital |
Nominal |
|
2016 |
|
2016 |
|
2015 |
value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares
|
£1 each |
|
100 |
|
100 |
|
100 |
|
|
|
|
|
|
|
|
|
|
|
4 |
Related party transactions |
|
|
TG Beaver |
|
Director |
|
Monies loaned to the company at the year end |
(797,237) |
|
(846,115) |
|
The loan is secured by a debenture dated 27th May 2009 |
|
over the assets of the company |
|
|
AG Beaver |
|
Director |
|
Monies loaned to the company at the year end |
(93) |
|
(73) |
|
|
Mrs AM Arkinstall |
|
Director |
|
Monies loaned to the company at the year end |
(2,659) |
|
(2,280) |
|
|
Total monies owed to the directors |
(799,989) |
|
(848,468) |
|
|
|
|
|
|
|
|
|
|
|
5 |
Ultimate controlling party |
|
|
The company was under the control of the directors and members of their close family who |
|
controlled the whole of the company's issued share capital throughout the year and the |
|
previous year. |