Vytech Solutions Limited - Accounts to registrar (filleted) - small 18.2
Vytech Solutions Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2018 |
FOR |
VYTECH SOLUTIONS LIMITED |
VYTECH SOLUTIONS LIMITED (REGISTERED NUMBER: 09513829) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2018 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
VYTECH SOLUTIONS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2018 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Fernwood House |
Fernwood Road |
Jesmond |
Newcastle upon Tyne |
NE2 1TJ |
VYTECH SOLUTIONS LIMITED (REGISTERED NUMBER: 09513829) |
BALANCE SHEET |
30 JUNE 2018 |
2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the director on |
VYTECH SOLUTIONS LIMITED (REGISTERED NUMBER: 09513829) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2018 |
1. | STATUTORY INFORMATION |
Vytech Solutions Limited is a |
The company's registered number and registered office address can be found on the Company |
Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in UK Sterling which is the functional currency of the company |
and rounded to the nearest £1. |
The financial statements have been prepared on a going concern basis on the grounds that current |
and future sources of funding or support will be more than adequate for the company's needs. The |
directors have considered a period of twelve months from the date of approval of the financial |
statements and believe that no further disclosures relating to the company's ability to continue as a |
going concern need to be made in the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured |
at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss |
Account, except to the extent that it relates to items recognised in other comprehensive income or |
directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
VYTECH SOLUTIONS LIMITED (REGISTERED NUMBER: 09513829) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable |
that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Development expenditure is written off in the period of expenditure except in the following |
circumstances when it is capitalised: - |
(a) there is a clearly defined project; and |
(b) the related expenditure is separately identifiable; and |
(c) the outcome of such a project has been assessed with reasonable certainty as to: |
(i) its technical feasibility; and |
(ii) its ultimate commercial viability considered in the light of factors such as likely market conditions |
(including competing products), public opinion, consumer and environmental legislation; and |
(d) the aggregate of the deferred development costs, any further development costs, and related |
production, selling and administration costs is reasonably expected to be exceeded by related future |
sales or other revenues; and |
(e) adequate resources exist, or are reasonably expected to be available, to enable the project to be |
completed and to provide any consequential increases in working capital. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Development |
costs |
£ |
COST |
At 1 July 2017 |
Additions |
At 30 June 2018 |
AMORTISATION |
At 1 July 2017 |
Amortisation for year |
At 30 June 2018 |
NET BOOK VALUE |
At 30 June 2018 |
At 30 June 2017 |
VYTECH SOLUTIONS LIMITED (REGISTERED NUMBER: 09513829) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 July 2017 |
Additions |
At 30 June 2018 |
DEPRECIATION |
At 1 July 2017 |
Charge for year |
At 30 June 2018 |
NET BOOK VALUE |
At 30 June 2018 |
At 30 June 2017 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
Other Debtors | 30,437 | 16,417 |
Corporation tax repayable |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Accrued expenses |
8. | RELATED PARTY DISCLOSURES |
A balance of £357,221 was owed to NBT Integrated Services Limited, a company under common |
control, at the year end. |