Company Registration No. 08873073 (England and Wales)
Vestemi Limited
Unaudited accounts
for the period from 1 March 2018 to 30 June 2019
Vestemi Limited
Unaudited accounts
Contents
Vestemi Limited
Company Information
for the period from 1 March 2018 to 30 June 2019
Directors
Damon Hart-Davis
Mark Hill
Jeremy Lock
Daniel Look
Company Number
08873073 (England and Wales)
Registered Office
16 Willingham Way
Kingston Upon Thames
Surrey
KT1 3JA
Vestemi Limited
Statement of financial position
as at
30 June 2019
Tangible assets
33,500
1,004
Cash at bank and in hand
124,035
150,346
Creditors: amounts falling due within one year
(125,211)
(123,533)
Net current assets
267,721
53,751
Total assets less current liabilities
301,221
54,755
Creditors: amounts falling due after more than one year
(19,504)
(19,504)
Net assets
281,717
35,251
Called up share capital
264
153
Share premium
1,024,680
279,945
Profit and loss account
(743,227)
(244,847)
Shareholders' funds
281,717
35,251
For the period ending 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 12 March 2020.
Jeremy Lock
Director
Company Registration No. 08873073
Vestemi Limited
Notes to the Accounts
for the period from 1 March 2018 to 30 June 2019
Vestemi Limited is a private company, limited by shares, registered in England and Wales, registration number 08873073. The registered office is 16 Willingham Way, Kingston Upon Thames, Surrey, KT1 3JA.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
Cost - 50%
Fixtures & fittings
Cost - 50%
Computer equipment
Cost - 50%
Expenditure on research and development is written off in the year in which it is incurred.
Grants received in respect of expenditure which has already been incurred are recognised in the profit and loss account in the same period.
Grants received in the year £215,363 - BEIS. (2018: £49,228 The Technology Strategy Board £29,596 and Innovate UK £19,632)
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Vestemi Limited
Notes to the Accounts
for the period from 1 March 2018 to 30 June 2019
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 March 2018
598
-
2,792
3,390
Additions
66,083
200
1,173
67,456
At 30 June 2019
66,681
200
3,965
70,846
At 1 March 2018
598
-
1,788
2,386
Charge for the period
33,041
133
1,786
34,960
At 30 June 2019
33,639
133
3,574
37,346
At 30 June 2019
33,042
67
391
33,500
At 28 February 2018
-
-
1,004
1,004
Accrued income and prepayments
-
491
Other debtors
120,469
26,447
7
Creditors: amounts falling due within one year
2019
2018
Trade creditors
109,754
9,133
Taxes and social security
-
252
Other creditors
439
109,148
Loans from directors
-
5,000
8
Creditors: amounts falling due after more than one year
2019
2018
Other creditors
19,504
19,504
Vestemi Limited
Notes to the Accounts
for the period from 1 March 2018 to 30 June 2019
9
Share capital
2019
2018
Allotted, called up and fully paid:
52,800 Ordinary shares of £0.005 each
264.00
153.21
Shares issued during the period:
22,158 Ordinary shares of £0.005 each
110.79
10
Average number of employees
During the period the average number of employees was 10 (2018: 7).