Vanfest Ltd t/a Busfest Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05039764 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2018

for

Vanfest Ltd t/a Busfest Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S J Holloway

SECRETARY:

R Wallace

REGISTERED OFFICE:

Wessington House

2 Milton Lane

Steventon

OX13 6SA

REGISTERED NUMBER:

05039764 (England and Wales)

ACCOUNTANTS:

Derek Young & Co Accountants LLP

Chartered Accountants

Estate House

Evesham Street

Redditch

Worcestershire

B97 4HP

FIXED ASSETS

Tangible assets

3

43,400

52,792

CURRENT ASSETS

Stocks

1,909

1,858

Debtors

19,196

4,180

Cash at bank and in hand

3,511

17,076

24,616

23,114

CREDITORS

Amounts falling due within one year

46,883

58,671

NET CURRENT LIABILITIES

(22,267

)

(35,557

)

TOTAL ASSETS LESS CURRENT LIABILITIES

21,133

17,235

CREDITORS

Amounts falling due after more than one year

-

3,668

NET ASSETS

21,133

13,567

CAPITAL AND RESERVES

Called up share capital

4

2

2

Retained earnings

21,131

13,565

SHAREHOLDERS' FUNDS

21,133

13,567

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2018 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 18 March 2019 and were signed by:

S J Holloway - Director

1.	STATUTORY INFORMATION

Vanfest Ltd t/a Busfest Ltd is a private company, limited by shares , registered in England and Wales. 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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents amounts derived from the provision of goods and services falling within the company's

ordinary activities, after deduction of trade discounts, value added tax and any other tax based on the amounts so

derived.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Motor vehicles

-

25% on reducing balance

Equipment

-

15% on reducing balance

Tangible fixed assets are stated at cost less depreciation.

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 Income Statement, 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.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2018

160,948

Additions

1,973

At 31 December 2018

162,921

DEPRECIATION

At 1 January 2018

108,156

Charge for year

11,365

At 31 December 2018

119,521

NET BOOK VALUE

At 31 December 2018

43,400

At 31 December 2017

52,792

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2018

and 31 December 2018

48,829

DEPRECIATION

At 1 January 2018

21,363

Charge for year

6,867

At 31 December 2018

28,230

NET BOOK VALUE

At 31 December 2018

20,599

At 31 December 2017

27,466

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

2

Ordinary

£1

2

2

5.	ULTIMATE CONTROLLING PARTY