Vending Services Ltd - Period Ending 2014-12-31

Registration number: SC361549

Vending Services Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2014
 

Vending Services Ltd
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Vending Services Ltd
(Registration number: SC361549)
Abbreviated Balance Sheet at 31 December 2014

		Note			2014 £			2013 £
Fixed assets
Intangible fixed assets					6,760			13,520
Tangible fixed assets					56,611			73,850
					63,371			87,370
Current assets
Stocks					29,799			17,880
Debtors					7,122			4,383
Cash at bank and in hand					8,015			3,357
					44,936			25,620
Creditors: Amounts falling due within one year					(81,277)			(83,273)
Net current liabilities					(36,341)			(57,653)
Total assets less current liabilities					27,030			29,717
Provisions for liabilities					(12,228)			-
Net assets					14,802			29,717
Capital and reserves
Called up share capital		3			2			2
Profit and loss account					14,800			29,715
Shareholders' funds					14,802			29,717

For the year ending 31 December 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 24 August 2015 and signed on its behalf by:

.........................................
Mr J S Bell
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Vending Services Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	20% straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% on cost

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

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Vending Services Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 January 2014		33,800			89,025			122,825
Additions		-			708			708
At 31 December 2014		33,800			89,733			123,533
Depreciation
At 1 January 2014		20,280			15,175			35,455
Charge for the year		6,760			17,947			24,707
At 31 December 2014		27,040			33,122			60,162
Net book value
At 31 December 2014		6,760			56,611			63,371
At 31 December 2013		13,520			73,850			87,370

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary of £1 each		2			2			2			2

4	Related party transactions

Other related party transactions

During the year the company made the following related party transactions:

Mr J S Bell ( Director ) During the year, the above director operated a loan account with the company . At the balance sheet date the amount due to Mr J S Bell was £48,933 ( 2013 - £60,599 ) . There are no repayment terms and no interest is due on the balance.

5

Control

The company is controlled by the directors who own 100% of the called up share capital.

Page 3