Company Registration No. 05307155 (England and Wales)
VANDASHIELD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
VANDASHIELD LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
VANDASHIELD LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Investments
3
121,081
448,462
Current assets
Debtors
4
3,334,702
3,072,004
Cash at bank and in hand
1,678,267
1,608,377
5,012,969
4,680,381
Creditors: amounts falling due within one year
5
(4,500,837)
(4,721,760)
Net current assets/(liabilities)
512,132
(41,379)
Total assets less current liabilities
633,213
407,083
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
7
633,113
406,983
Total equity
633,213
407,083
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 and signed by the director and authorised for issue on 16 February 2022
M Morris
Director
Company Registration No. 05307155
VANDASHIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
1
Accounting policies
Company information
Vandashield Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Devonshire House, 1 Devonshire Street, London, W1W 5DR.
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
pound sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest
pound sterling
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The
financial statements
present information about the company as an individual entity and not about its group
.
1.2
Fixed asset investments
Fixed asset investments are stated at cost less provision for permanent diminution in value.
1.3
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand
.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
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.
Financial assets classified as receivable within one year are not amortised.
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.
VANDASHIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including
creditors and
loans from
fellow group companies, 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.
Financial liabilities classified as payable within one year are not amortised.
1.5
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into
pound s
terling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Employees
The company had no employees, other than its director, during the current or prior year.
3
Fixed asset investments
2020
2019
£
£
Other investments other than loans
121,081
448,462
VANDASHIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
3
Fixed asset investments
(Continued)
- 4 -
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 January 2020
448,462
Foreign exchange movements
14,179
Reclassification
(341,560)
At 31 December 2020
121,081
Carrying amount
At 31 December 2020
121,081
At 31 December 2019
448,462
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Corporation tax recoverable
78,754
78,754
Other debtors
3,255,948
2,993,250
3,334,702
3,072,004
Included within other debtors at the year end was a loan of £149,342 owed by the director (2019: £
92,415
). This includes interest which accrues at 2.25% to 2.50%. At the year end, £15,404 of interest was accrued (2019: £12,517).
5
Creditors: amounts falling due within one year
2020
2019
£
£
Other creditors
4,500,837
4,721,760
6
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
50
50
50
50
Ordinary B shares of £1 each
50
50
50
50
100
100
100
100
VANDASHIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 5 -
7
Profit and loss reserves
2020
2019
£
£
At the beginning of the year
406,983
214,537
Profit for the year
726,130
192,446
Dividends declared in the year
(500,000)
-
At the end of the year
633,113
406,983
8
Related party transactions
During the year the company entered into the following related party transactions and had the following balances outstanding at 31 December 2020:
i) The company has previously provided loans to a company under common control,
at the year end
£413,232
was outstanding
(201
9
: £424,232).
Due to uncertainty over this company's ability to repay its indebtedness, the capital balance had previously been fully provided against and no interest income has been recognised as the loan is regarded as non-performing.
ii) The company has previously provided loan
s
to a charity, of which, the director is a trustee. At the year end, £311,928 (201
9
: £311,928) was owed by the charity. The loan is interest free, unsecured and repayable on demand.
iii) At the year end the company owed a subsidiary undertaking £42,370 (201
9
: £867,861). The balance is interest free, unsecured and repayable on demand.
iv) The company
h
as previously
received
loans
from
another company under common control and at the year end £2,881,512 was outstanding (2019: £2,796,226). The loan is interest bearing with interest currently accruing at 3%. The balance at the year end includes accrued interest of £
861,228
(201
9
: £
778,113
).
v) A shareholder has mad
e
interest free loan
s
to the company,
at the year end
£1,571,803
was outstanding
(2019: £1,071,803).
This loan is repayable on demand.
Details of related party transactions with the director of the company are set out in note
5
to the financial statements.