Company Registration No. 11024691 (England and Wales)
VAUNT DESIGN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
VAUNT DESIGN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
VAUNT DESIGN LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
11,578
7,372
Current assets
Stocks
53,113
31,370
Debtors
4
6,382
2,796
Cash at bank and in hand
7,674
7,890
67,169
42,056
Creditors: amounts falling due within one year
5
(81,488)
(71,039)
Net current liabilities
(14,319)
(28,983)
Total assets less current liabilities
(2,741)
(21,611)
Capital and reserves
Called up share capital
6
200
200
Profit and loss reserves
(2,941)
(21,811)
Total equity
(2,741)
(21,611)
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 March 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 2 December 2020
S D Smith
Director
Company Registration No. 11024691
VAUNT DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 2 -
1
Accounting policies
Company information
Vaunt Design Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
2 Lace Market Square, Nottingham, NG1 1PB.
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
In the absence of other funding, the company is in the short term dependent upon the continued support of the director and shareholders. The director and shareholders have agreed to support the company for a period of at least one year from the date of approval of these financial statements.
true
The director therefore considers it appropriate that the financial statements are prepared on the going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
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:
Leasehold land and buildings
12% Straight line
Fixtures and fittings
20% straight line
Computers
33% straight line
Motor vehicles
20% Straight line
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
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
VAUNT DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents
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
Basic financial assets
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Basic financial liabilities
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest method. Loans and borrowings that are receivable within one year are not discounted. If an arrangement constitutes a finance transaction it is measured at present value of future payments discounted at a market rate of interest for a similar loan.
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
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.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Year was 1
(2019 - 1).
VAUNT DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 4 -
3
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2019
4,910
2,503
1,574
-
8,987
Additions
2,540
333
3,904
896
7,673
At 31 March 2020
7,450
2,836
5,478
896
16,660
Depreciation and impairment
At 1 April 2019
589
501
525
-
1,615
Depreciation charged in the Year
894
568
1,826
179
3,467
At 31 March 2020
1,483
1,069
2,351
179
5,082
Carrying amount
At 31 March 2020
5,967
1,767
3,127
717
11,578
At 31 March 2019
4,321
2,002
1,049
-
7,372
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
5,816
2,796
Other debtors
566
-
6,382
2,796
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
6,970
6,097
Taxation and social security
517
1,153
Other creditors
74,001
63,789
81,488
71,039
VAUNT DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 5 -
6
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary A of £1 each
100
100
100 Ordinary B of £1 each
100
100
200
200
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
1,725
-
8
Related party transactions
All transactions that took place were on normal commercial terms and on an arms length basis and therefore no further disclosure is required by FRS102 Section 1A.