Vape Importers Ltd - Accounts to registrar - small 16.3

REGISTERED NUMBER: 09444762 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2017

FOR

VAPE IMPORTERS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

D S Mowatt

REGISTERED OFFICE:

20-22 Wenlock Road

London

London

N1 7GU

REGISTERED NUMBER:

09444762 (England and Wales)

ACCOUNTANTS:

John Williams and Co

Chartered Accountants

Chart House

2 Effingham Road

Reigate

Surrey

RH2 7JN

FIXED ASSETS

Tangible assets

4

23,549

23,425

CURRENT ASSETS

Stocks

5

337,078

66,185

Debtors

6

66,126

41,549

Cash at bank

17,743

370,994

420,947

478,728

CREDITORS

Amounts falling due within one year

7

161,241

387,203

NET CURRENT ASSETS

259,706

91,525

TOTAL ASSETS LESS CURRENT LIABILITIES

283,255

114,950

PROVISIONS FOR LIABILITIES

8

4,710

4,685

NET ASSETS

278,545

110,265

CAPITAL AND RESERVES

Called up share capital

9

102

102

Retained earnings

10

278,443

110,163

SHAREHOLDERS' FUNDS

278,545

110,265

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2017 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.

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 3 April 2017 and were signed by:

D S Mowatt - Director

1.	STATUTORY INFORMATION

Vape Importers 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

15% on reducing balance

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 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 March 2016

25,649

1,910

27,559

Additions

90

4,190

4,280

At 28 February 2017

25,739

6,100

31,839

DEPRECIATION

At 1 March 2016

3,847

287

4,134

Charge for year

3,284

872

4,156

At 28 February 2017

7,131

1,159

8,290

NET BOOK VALUE

At 28 February 2017

18,608

4,941

23,549

At 29 February 2016

21,802

1,623

23,425

5.

STOCKS

2017

2016

£

£

Stocks

337,078

66,185

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

35,025

36,718

Other debtors

7,883

4,831

VAT

23,218

-

66,126

41,549

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

73,575

217,256

Tax

71,406

43,272

Social security and other taxes

3,818

1,642

VAT

-

30,920

Other creditors

5,495

37,228

Directors' current accounts

6,947

56,885

161,241

387,203

8.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

4,710

4,685

Deferred

tax

£

Balance at 1 March 2016

4,685

Accelerated capital allowances

25

Balance at 28 February 2017

4,710

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

£1

100

100

1

Ordinary A

£1

1

1

1

Ordinary B

£1

1

1

102

102

10.

RESERVES

Retained

earnings

£

At 1 March 2016

110,163

Profit for the year

270,280

Dividends

(102,000

)

At 28 February 2017

278,443

11.	RELATED PARTY DISCLOSURES

D S Mowatt

Director and shareholder of the company.

During the year dividends of £102,000 (2016 - £80,460) where distributed to Mr D Mowatt.

2017

2016

£

£

Amount due to related party at the balance sheet date

6,947

56,885

Sub Ohm Juice Limited

A company under common control

Included in cost of sales are purchases of £410,226 (2016 - £nil) from Sub Ohm Juice Ltd. These transactions

were made at arms length and in the ordinary course of business.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is D S Mowatt.