For the year ended 31 December 2015
Unaudited Abbreviated Report and Financial Statements
England and Wales
Registered Number: 06618493
Vex Limited
For the year ended 31 December 2015
1
Balance Sheet
2 to 4
Notes to the Abbreviated Financial Statements
Notes to the Abbreviated Financial Statements
|
Vex Limited
For the year ended 31 December 2015
The financial statements are prepared under the historical cost convention, as modified by the revaluation of certain fixed assets, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
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Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
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The finance element of the rental payment is charged to the profit and loss account on a method giving a constant rate of return on the balance outstanding.
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Deferred taxation arises when items are charged or credited in accounts in different periods to those in which they are included in the company's tax computations.Deferred tax is provided in full on timing differences that result in an obligation to pay more (or less) tax at a future date. Deferred tax is calculated at the average rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. The resulting deferred tax asset or liability is not discounted.Deferred tax assets are only recognised if it is more likely than not that they will be recovered either against future taxable profits or against the reversal of other deferred tax liabilities.
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Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
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Plant and Machinery
Motor Vehicles
Assets on finance lease and hire purchase
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Assets held under finance lease or hire purchase contracts i
.
e
.
those contracts where substantially all the risks and
|
rewards of ownership have passed to the company
,
are included in the appropriate category of tangible fixed assets
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and depreciated over the shorter of the lease term and their estimated expected useful lives
.
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Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods
.
|
2 of 4
Notes to the Abbreviated Financial Statements
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Vex Limited
For the year ended 31 December 2015
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
|
23,395
23,000
46,395
2,335
2,413
Charge for year
4,748
41,647
21,060
3
Fixed asset investments
|
510
510
510
510
3 of 4
Notes to the Abbreviated Financial Statements
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Vex Limited
For the year ended 31 December 2015
The company owns more than
20
%
of the issued share capital of the companies listed below
:
|
Holiday Homes Transport ltd
Ordinary
51.00
-
-
2014
2015
4
Creditors due after more than one year
|
17,010
21,576
Allotted called up and fully paid
|
2015
2014
1
,
000
Ordinary shares of £
1
.
00
each
|
1,000
1,000
1,000
1,000
4 of 4