Company registration number 09172648 (England and Wales)
VOX MARKETS LIMITED
Unaudited Financial Statements
for the Period Ended 31 December 2022
VOX MARKETS LIMITED
Contents
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
VOX MARKETS LIMITED
Company Information
- 1 -
Director
Mr M Luke
Company number
09172648
Registered office
The Hawthorns
6 North Road
Cardiff
UK
CF10 3DU
Accountants
Mitchell Meredith Limited
The Hawthorns
6 North Road
Cardiff
UK
CF10 3DU
VOX MARKETS LIMITED
Balance Sheet
As at 31 December 2022
31 December 2022
- 2 -
31 December 2022
31 August 2021
Notes
£
£
£
£
Fixed assets
Intangible assets
4
108,646
255,862
Tangible assets
5
7,121
5,755
Investments
6
19,540
43,120
135,307
304,737
Current assets
Debtors
8
237,913
319,365
Cash at bank and in hand
46,591
31,898
284,504
351,263
Creditors: amounts falling due within one year
9
(635,667)
(705,858)
Net current liabilities
(351,163)
(354,595)
Total assets less current liabilities
(215,856)
(49,858)
Creditors: amounts falling due after more than one year
10
(33,879)
(46,266)
Net liabilities
(249,735)
(96,124)
Capital and reserves
Called up share capital
2,350
2,350
Share premium account
1,256,710
1,256,710
Profit and loss reserves
(1,508,795)
(1,355,184)
Total equity
(249,735)
(96,124)
VOX MARKETS LIMITED
Balance Sheet
As at 31 December 2022
31 December 2022
- 3 -
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 Period ended 31 December 2022 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.
The members have not required the company to obtain an audit of its financial statements for the Period 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 by the board of directors and authorised for issue on 26 September 2023 and are signed on its behalf by:
Mr M Luke
Director
Company Registration No. 09172648
VOX MARKETS LIMITED
Notes to the Financial Statements
For the Period Ended 31 December 2022
- 4 -
1
Accounting policies
Company information
Vox Markets Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Hawthorns, 6 North Road, Cardiff, UK, CF10 3DU.
1.1
Reporting period
The accounting period has been extended to a 16 month period and therefore the figures are not comparable for this
reason.
1.2
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 sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.3
Going concern
At the balance sheet date the company had net current liabilities of £351,163 (2021 - £354,596) and total net liabilities of £249,735 (2021 - £96,124). However creditors includes loans from the directors of £264,260 (2021 - £207,420). On the basis of their continued support, the directors consider it appropriate to prepare these accounts on the going concern basis.true
1.4
Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises Turnover when:
The amount of Turnover can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website development costs
5 years
VOX MARKETS LIMITED
Notes to the Financial Statements
For the Period Ended 31 December 2022
1
Accounting policies
- 5 -
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% reducing balance
Computers
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
VOX MARKETS LIMITED
Notes to the Financial Statements
For the Period Ended 31 December 2022
1
Accounting policies
- 6 -
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 measured at transaction price.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.
1.11
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
VOX MARKETS LIMITED
Notes to the Financial Statements
For the Period Ended 31 December 2022
1
Accounting policies
- 7 -
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2022
2021
Number
Number
Total
7
8
4
Intangible fixed assets
Website development costs
£
Cost
At 1 September 2021
1,318,995
Additions
34,867
At 31 December 2022
1,353,862
Amortisation and impairment
At 1 September 2021
1,063,133
Amortisation charged for the Period
182,083
At 31 December 2022
1,245,216
Carrying amount
At 31 December 2022
108,646
At 31 August 2021
255,862
VOX MARKETS LIMITED
Notes to the Financial Statements
For the Period Ended 31 December 2022
4
Intangible fixed assets
- 8 -
5
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 September 2021
1,139
17,819
18,958
Additions
4,621
4,621
At 31 December 2022
1,139
22,440
23,579
Depreciation and impairment
At 1 September 2021
498
12,704
13,202
Depreciation charged in the Period
214
3,042
3,256
At 31 December 2022
712
15,746
16,458
Carrying amount
At 31 December 2022
427
6,694
7,121
At 31 August 2021
640
5,115
5,755
6
Fixed asset investments
2022
2021
£
£
Other investments other than loans
19,540
43,120
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 September 2021
43,120
Additions
48,000
Disposals
(71,580)
At 31 December 2022
19,540
Carrying amount
At 31 December 2022
19,540
At 31 August 2021
43,120
VOX MARKETS LIMITED
Notes to the Financial Statements
For the Period Ended 31 December 2022
- 9 -
7
Financial instruments
2022
2021
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
19,540
43,120
8
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
229,827
318,308
Prepayments and accrued income
8,086
1,057
237,913
319,365
9
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
11
9,394
3,734
Trade creditors
85,359
158,584
Corporation tax
(32,835)
Other taxation and social security
119,590
63,216
Other creditors
264,260
350,212
Accruals and deferred income
157,064
162,947
635,667
705,858
10
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans and overdrafts
11
33,879
46,266
11
Loans and overdrafts
2022
2021
£
£
Bank loans
43,273
50,000
Payable within one year
9,394
3,734
Payable after one year
33,879
46,266
Barclays Bounce Back Loan is denominated in GBP with a nominal interest rate of 2.5% after 12 months interest free, and the final instalment is due on 31 March 2027. The carrying amount at year end is £43,273 (2021 - £50,000)