Vada Life Ltd - Accounts to registrar (filleted) - small 18.2

Vada Life Ltd - Accounts to registrar (filleted) - small 18.2

VADA LIFE LTD - Company Information

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REGISTERED NUMBER: 11689982 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 November 2020

for

Vada Life Ltd
Vada Life Ltd (Registered number: 11689982)






Contents of the Financial Statements
for the Year Ended 30 November 2020




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Vada Life Ltd

Company Information
for the Year Ended 30 November 2020







DIRECTOR: E Eribo





REGISTERED OFFICE: 6 Ground Floor
220 The Vale
London
NW11 8SR





REGISTERED NUMBER: 11689982 (England and Wales)





Page 1
Vada Life Ltd (Registered number: 11689982)

Balance Sheet
30 November 2020

30.11.20 30.11.19
Notes £    £   
CURRENT ASSETS
Stocks 12,183 11,560
Debtors 4 210,801 110,733
Cash at bank and in hand 45,920 9,315
268,904 131,608
CREDITORS
Amounts falling due within one year 5 214,686 129,536
NET CURRENT ASSETS 54,218 2,072
TOTAL ASSETS LESS CURRENT
LIABILITIES
54,218
2,072

CREDITORS
Amounts falling due after more than one year 6 50,000 -
NET ASSETS 4,218 2,072

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 4,217 2,071
4,218 2,072

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2020 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 notes form part of these financial statements

Page 2 continued...
Vada Life Ltd (Registered number: 11689982)

Balance Sheet - continued
30 November 2020


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 21 June 2021 and were signed by:





E Eribo - Director


The notes form part of these financial statements

Page 3
Vada Life Ltd (Registered number: 11689982)

Notes to the Financial Statements
for the Year Ended 30 November 2020

1. STATUTORY INFORMATION

Vada Life 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Page 4 continued...
Vada Life Ltd (Registered number: 11689982)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2020

2. ACCOUNTING POLICIES - continued

Financial instruments
Initial recognition of financial assets and liabilities.

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Initial measurement
When a financial asset or liability is recognised initially, the company shall measure it at the transaction price including transaction costs except in the initial measurement of financial assets and liabilities that are measured at fair value through profit or loss unless the arrangement constitutes, in effect, a financial transaction. If the arrangement constitutes a financial transaction, the company shall measure the financial asset or financial liability at the present value of the future payments discounted at the market rate of interest for a similar debt instrument.

Subsequent measurement
At the end of each reporting period, the company shall measure financial instruments without any deduction for transaction costs the company may incur on sale or other disposal. Debt instruments shall be measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year shall be measured at the undiscounted amount of the cash or other consideration expected to be paid or received unless the arrangement constitutes, in effect, a financial transaction. If the arrangement constitutes a financing transaction, the company shall measure the debt instrument at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment of financial instruments

Impairment of financial instruments measured at cost or amortised cost. At the end of of each reporting period, the company shall assess whether there is objective evidence of impairment of any financial assets that are measured at cost or amortised cost.If there is objective evidence of impairment, the company shall recognise an impairment loss in profit or loss immediately.

Derecognition of a financial asset

The company shall derecognise a financial asset only when the contractual rights to the cash flows from the financial asset expire or are settled, or the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the company, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer. In this case, the company shall derecognise the asset and recognise

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.


Page 5 continued...
Vada Life Ltd (Registered number: 11689982)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2020

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2019 - 5 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.20 30.11.19
£    £   
Trade debtors 210,801 -
Amounts owed by participating interests - 110,733
210,801 110,733

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.20 30.11.19
£    £   
Bank loans and overdrafts 18,300 -
Trade creditors - 40,009
Tax 989 486
Social security and other taxes 79,903 32,387
VAT 65,345 16,004
Other creditors 1,532 2,033
Directors' current accounts 28,617 28,617
Accrued expenses 20,000 10,000
214,686 129,536

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.20 30.11.19
£    £   
Bank loans more 5 yr by instal 50,000 -

Page 6 continued...
Vada Life Ltd (Registered number: 11689982)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2020

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
30.11.20 30.11.19
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 50,000 -

7. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 30 November 2020 and the period ended 30 November 2019:

30.11.20 30.11.19
£    £   
E Eribo
Balance outstanding at start of year (28,617 ) -
Amounts advanced - (28,617 )
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (28,617 ) (28,617 )

Page 7