Company Registration No. 10271100 (England and Wales)
VEHICLE DAMAGE ASSESSORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2021
PAGES FOR FILING WITH REGISTRAR
VEHICLE DAMAGE ASSESSORS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
VEHICLE DAMAGE ASSESSORS LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2021
31 January 2021
- 1 -
2021
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
20,117
25,627
Current assets
Debtors
4
70,856
4,139
Cash at bank and in hand
74,422
22,253
145,278
26,392
Creditors: amounts falling due within one year
5
(104,246)
(26,060)
Net current assets
41,032
332
Total assets less current liabilities
61,149
25,959
Creditors: amounts falling due after more than one year
6
(44,483)
Net assets
16,666
25,959
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
16,566
25,859
Total equity
16,666
25,959
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 January 2021 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 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.
VEHICLE DAMAGE ASSESSORS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2021
31 January 2021
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 26 October 2021
Mr Z Iqbal
Director
Company Registration No. 10271100
VEHICLE DAMAGE ASSESSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2021
- 3 -
1
Accounting policies
Company information
Vehicle Damage Assessors Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
314 Bradford Road, Huddersfield, West Yorkshire, HD1 6LQ.
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
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The director is not aware of any material uncertainties affecting the company and considers that the company will have sufficient resources to continue trading for the foreseeable future. As a result the director has continued to adopt the going concern basis in preparing the financial statements.
true
Whilst the director has adopted the going concern basis set out above, the impact of the worldwide Coronavirus pandemic, Covid-19, on all businesses represents an uncertainty and the true impact of this pandemic will only become apparent over time.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT
.
1.4
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
15% reducing balance
Computers
33% reducing balance
Motor vehicles
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
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
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).
VEHICLE DAMAGE ASSESSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2021
1
Accounting policies
(Continued)
- 4 -
1.6
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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.
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.
Basic financial liabilities
Basic financial liabilities, including creditors
and
loans, 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.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable
.
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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
VEHICLE DAMAGE ASSESSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2021
1
Accounting policies
(Continued)
- 5 -
1.11
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.12
Government grants
Government grants are recognised at the fair value of the asset receive
d
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
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2021
2019
Number
Number
Total
12
12
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2019
48,482
Additions
3,643
At 31 January 2021
52,125
Depreciation and impairment
At 1 August 2019
22,857
Depreciation charged in the period
9,151
At 31 January 2021
32,008
Carrying amount
At 31 January 2021
20,117
At 31 July 2019
25,627
VEHICLE DAMAGE ASSESSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2021
- 6 -
4
Debtors
2021
2019
Amounts falling due within one year:
£
£
Trade debtors
1,542
Other debtors
70,856
2,597
70,856
4,139
Other debtors include £19,850 (2019 : £Nil) in respect of an interest-free loan made to a connected company and £50,000 (2019 : £Nil) in respect of an interest-free loan made to a charity.
5
Creditors: amounts falling due within one year
2021
2019
£
£
Bank loans
5,517
Taxation and social security
31,867
24,645
Other creditors
66,862
1,415
104,246
26,060
Other creditors represent accrued expenses.
6
Creditors: amounts falling due after more than one year
2021
2019
£
£
Bank loans and overdrafts
44,483
Creditors which fall due after five years are as follows:
2021
2019
£
£
Payable by instalments
4,409
-
7
Called up share capital
2021
2019
2021
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A ordinary shares of £1 each
90
90
90
90
B ordinary shares of £1 each
5
5
5
5
C ordinary shares of £1 each
5
5
5
5
100
100
100
100