Voro Limited Filleted accounts for Companies House (small and micro)
Voro Limited Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
07005967
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Statement of Financial Position |
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2020 |
2019 |
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Note |
£ |
£ |
£ |
Fixed assets
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Intangible assets |
4 |
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Current assets
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Debtors |
5 |
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Cash at bank and in hand |
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------- |
-------- |
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Creditors: amounts falling due within one year |
6 |
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--------- |
--------- |
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Net current liabilities |
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--------- |
--------- |
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Total assets less current liabilities |
(
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-------- |
-------- |
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Net (liabilities)/assets |
(
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-------- |
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Capital and reserves
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Called up share capital |
7 |
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Share premium account |
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Profit and loss account |
(
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(
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Shareholders (deficit)/funds |
(
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In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
Directors' responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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These financial statements were approved by the
board of directors
and authorised for issue on
29 June 2021
, and are signed on behalf of the board by:
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Director |
Company registration number:
07005967
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Notes to the Financial Statements |
Year ended 30 September 2020
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Bruce Grove, London, N17 6RA, UK.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Going concern
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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 payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Intangible fixed assets and amortisation
Expenditure for creation and registration of patent rights are capitalised and written off over the expected useful life. The useful life of these assets is dependent on the period of the contractual or legal rights. Amortisation shall commence when the intangible fixed asset is available for use. The patent rights have not come into use and thus no amortisation has been provided. This departure from the requirements of the Companies Act 2006 is, in the opinion of the directors, necessary for the financial statements to give a true and fair view.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Intangible assets
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Development costs |
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£ |
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Cost |
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At 1 October 2019 |
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Additions |
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At 30 September 2020 |
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Amortisation |
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At 1 October 2019 and 30 September 2020 |
– |
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Carrying amount |
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At 30 September 2020 |
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At 30 September 2019 |
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5.
Debtors
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2020 |
2019 |
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£ |
£ |
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Other debtors |
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------- |
------- |
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6.
Creditors:
amounts falling due within one year
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2020 |
2019 |
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£ |
£ |
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Trade creditors |
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Accruals and deferred income |
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Director loan accounts |
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Other creditors |
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7.
Called up share capital
Issued, called up and fully paid
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2020 |
2019 |
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No. |
£ |
No. |
£ |
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10 |
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10 |
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8.
Related party transactions
The company is under the control of the director Mr A Amin who is also the majority shareholder.