Vertco Limited
|
Registered number: |
05055502
|
|
Balance Sheet |
as at 31 March 2019
|
|
31st March |
31st March |
Notes |
|
|
2019 |
|
|
2018 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
92,869 |
|
|
105,641 |
|
Current assets |
Stocks |
|
|
32,640 |
|
|
32,731 |
Debtors |
4 |
|
188,698 |
|
|
146,844 |
Cash at bank and in hand |
|
|
85,619 |
|
|
92,154 |
|
|
|
306,957 |
|
|
271,729 |
|
Creditors: amounts falling due within one year |
5 |
|
(102,174) |
|
|
(103,201) |
|
Net current assets |
|
|
|
204,783 |
|
|
168,528 |
|
|
Total assets less current liabilities |
|
|
|
297,652 |
|
|
274,169 |
|
Creditors: amounts falling due after more than one year |
6 |
|
|
(623,057) |
|
|
(682,125) |
|
Net liabilities |
|
|
|
(325,405) |
|
|
(407,956) |
|
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Profit and loss account |
|
|
|
(325,505) |
|
|
(408,056) |
|
Shareholders' funds |
|
|
|
(325,405) |
|
|
(407,956) |
|
|
|
|
|
|
|
|
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.
|
The 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 and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
|
|
Mrs AM Arkinstall |
Director |
Approved by the board on 16 May 2019
|
|
Vertco Limited
|
|
Notes to the Accounts |
for the year ended 31 March 2019
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
|
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
|
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
|
|
|
Leasehold improvements |
20% reducing balance |
|
Plant and machinery |
10% to 20% reducing balance and 33 1/3 straight line |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
|
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
|
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price).
|
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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 tax assessments. 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.
|
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate.
|
|
31st March |
31st March |
2 |
Employees |
2019 |
|
2018 |
Number |
Number |
|
|
Average number of persons employed by the company |
13 |
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
Leasehold improvements |
|
Plant and machinery |
|
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 April 2018 |
50,455 |
|
408,943 |
|
459,398 |
|
At 31 March 2019 |
50,455 |
|
408,943 |
|
459,398 |
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2018 |
44,540 |
|
309,217 |
|
353,757 |
|
Charge for the year |
1,183 |
|
11,589 |
|
12,772 |
|
At 31 March 2019 |
45,723 |
|
320,806 |
|
366,529 |
|
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2019 |
4,732 |
|
88,137 |
|
92,869 |
|
At 31 March 2018 |
5,915 |
|
99,726 |
|
105,641 |
|
|
|
|
|
|
|
|
|
|
|
31st March |
31st March |
4 |
Debtors |
2019 |
|
2018 |
£ |
£ |
|
|
Trade debtors |
121,741 |
|
88,706 |
|
Other debtors |
66,957 |
|
58,138 |
|
|
|
|
|
|
188,698 |
|
146,844 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
|
|
Trade creditors |
70,970 |
|
78,153 |
|
Other taxes and social security costs |
24,064 |
|
16,551 |
|
Other creditors |
7,140 |
|
8,497 |
|
|
|
|
|
|
102,174 |
|
103,201 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due after one year |
|
|
Directors' loan accounts |
623,057 |
|
682,125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31st March |
31st March |
7 |
Related party transactions |
2019 |
|
2018 |
£ |
£ |
|
|
TG Beaver |
|
Director
|
|
Monies loaned to the company at the year end
|
620,051 |
|
679,119 |
|
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 |
|
93 |
|
|
|
Mrs AM Arkinstall |
|
Director |
|
Monies loaned to the company at the year end |
2,913 |
|
2,913 |
|
|
Total monies owed to the directors |
623,057 |
|
682,125 |
|
|
|
|
|
|
|
|
|
|
|
|
8 |
Other information |
|
|
Vertco Limited is a private company limited by shares and incorporated in England. The registered office is: |
|
Unit E2 |
|
Countess Avenue |
|
Stanley Green Trading Estate |
|
Cheadle Cheshire |
|
SK8 6QU |