Registered number
12525112
West 10 Vending Ltd
Filleted Accounts
31 January 2022
West 10 Vending Ltd
Registered number: 12525112
Balance Sheet
as at 31 January 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 3 5,100 6,800
Tangible assets 4 14,230 11,982
19,330 18,782
Current assets
Stocks 6,125 5,347
Debtors 5 3,288 3,279
Cash at bank and in hand 1,891 3,093
11,304 11,719
Creditors: amounts falling due within one year 6 (14,910) (6,693)
Net current (liabilities)/assets (3,606) 5,026
Total assets less current liabilities 15,724 23,808
Creditors: amounts falling due after more than one year 7 (29,483) (33,147)
Net liabilities (13,759) (9,339)
Capital and reserves
Called up share capital 200 200
Profit and loss account (13,959) (9,539)
Shareholders' funds (13,759) (9,339)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
……………………………….
Mr M R Park
Director
Approved by the board on 16 July 2022
West 10 Vending Ltd
Notes to the Accounts
for the year ended 31 January 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2021 8,500
At 31 January 2022 8,500
Amortisation
At 1 February 2021 1,700
Provided during the year 1,700
At 31 January 2022 3,400
Net book value
At 31 January 2022 5,100
At 31 January 2021 6,800
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2021 7,476 8,500 15,976
Additions 6,992 - 6,992
At 31 January 2022 14,468 8,500 22,968
Depreciation
At 1 February 2021 1,869 2,125 3,994
Charge for the year 3,150 1,594 4,744
At 31 January 2022 5,019 3,719 8,738
Net book value
At 31 January 2022 9,449 4,781 14,230
At 31 January 2021 5,607 6,375 11,982
5 Debtors 2022 2021
£ £
Trade debtors 794 180
Other debtors 2,494 3,099
3,288 3,279
6 Creditors: amounts falling due within one year 2022 2021
£ £
Obligations under finance lease and hire purchase contracts 1,945 3,361
Trade creditors 12,685 2,940
Other creditors 280 392
14,910 6,693
7 Creditors: amounts falling due after one year 2022 2021
£ £
Obligations under finance lease and hire purchase contracts 150 1,045
Directors loan account 29,333 32,102
29,483 33,147
8 Other information
West 10 Vending Ltd is a private company limited by shares and incorporated in England. Its registered office is:
V01 203-205 Charminster Road
Bournemouth
Dorset
BH8 9QQ
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