Always Available Vending Ltd - Period Ending 2022-06-30

Always Available Vending Ltd - Period Ending 2022-06-30


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Registration number: 08877683

Always Available Vending Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2022

 

Always Available Vending Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Always Available Vending Ltd

Company Information

Director

Mrs Diane Jervis

Registered office

The Station House
Station Road
Whalley
Lancashire
BB7 9RT

 

Always Available Vending Ltd

(Registration number: 08877683)
Balance Sheet as at 30 June 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

7,893

10,524

Current assets

 

Stocks

5

10,400

11,200

Debtors

6

6,073

725

Cash at bank and in hand

 

1,353

6,007

 

17,826

17,932

Creditors: Amounts falling due within one year

7

(14,522)

(14,713)

Net current assets

 

3,304

3,219

Total assets less current liabilities

 

11,197

13,743

Creditors: Amounts falling due after more than one year

7

(5,500)

(5,500)

Net assets

 

5,697

8,243

Capital and reserves

 

Called up share capital

100

100

Retained earnings

5,597

8,143

Shareholders' funds

 

5,697

8,243

For the financial year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 24 March 2023
 

.........................................
Mrs Diane Jervis
Director

 

Always Available Vending Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
The Station House
Station Road
Whalley
Lancashire
BB7 9RT
Great Britain

The principal place of business is:
184 Chorley Road
Walton Le Dale
Preston
Lancshire
PR5 4PD

These financial statements were authorised for issue by the director on 24 March 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Always Available Vending Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Always Available Vending Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

 

Always Available Vending Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2021

28,880

28,880

At 30 June 2022

28,880

28,880

Depreciation

At 1 July 2021

18,356

18,356

Charge for the year

2,631

2,631

At 30 June 2022

20,987

20,987

Carrying amount

At 30 June 2022

7,893

7,893

At 30 June 2021

10,524

10,524

5

Stocks

2022
£

2021
£

Stocks held

10,400

11,200

6

Debtors

Note

2022
£

2021
£

Trade debtors

 

135

-

Amounts owed by related parties

5,742

480

Prepayments

 

196

245

 

6,073

725

Current

Note

2022
£

2021
£

Trade debtors

 

135

-

Amounts owed by related parties

5,742

480

Prepayments

 

196

245

   

6,073

725

 

Always Available Vending Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Trade creditors

 

3,111

140

Accruals

 

720

720

Director loan account

 

10,691

13,853

 

14,522

14,713

Due after one year

 

Loans and borrowings

5,500

5,500

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Director loan account

5,500

5,500