Company Registration No. 04785166 (England and Wales)
VOICE 2 VOICE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
VOICE 2 VOICE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
VOICE 2 VOICE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
46,031
57,501
Current assets
Stocks
19,889
22,557
Debtors
4
343,905
450,405
Cash at bank and in hand
1,325,890
937,273
1,689,684
1,410,235
Creditors: amounts falling due within one year
5
(326,554)
(331,099)
Net current assets
1,363,130
1,079,136
Total assets less current liabilities
1,409,161
1,136,637
Provisions for liabilities
(8,357)
(10,523)
Net assets
1,400,804
1,126,114
Capital and reserves
Called up share capital
7
200
200
Profit and loss reserves
1,400,604
1,125,914
Total equity
1,400,804
1,126,114
VOICE 2 VOICE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2018
31 December 2018
- 2 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 28 March 2019
Mr Warren Stroud
Director
Company Registration No. 04785166
VOICE 2 VOICE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2018
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2017
200
884,335
884,535
Year ended 31 December 2017:
Profit and total comprehensive income for the year
-
251,579
251,579
Dividends
-
(10,000)
(10,000)
Balance at 31 December 2017
200
1,125,914
1,126,114
Year ended 31 December 2018:
Profit and total comprehensive income for the year
-
268,690
268,690
Dividends
-
(4,000)
(4,000)
Cancellation of dividends
-
10,000
10,000
Balance at 31 December 2018
200
1,400,604
1,400,804
VOICE 2 VOICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 4 -
1
Accounting policies
Company information
Voice 2 Voice Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
9 Lakhpur Court, Staffordshire Technology Park, Stafford, Staffordshire, England, ST18 0FX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Improvements to property
20% straight line
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
10% reducing balance
Computer equipment
25% reducing balance
Motor vehicles
25% reducing balance
VOICE 2 VOICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 5 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price
.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are
measured at transaction price
including transaction costs and are subsequently carried at amortised cost.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
VOICE 2 VOICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, 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 receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers.
Amounts
payable are classified as
current liabilities
as
payment is due within one year or less. Trade creditors are recognised at transaction price
and subsequently measured at amortised cost.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax at a future date at rates expected to apply when then crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements. Deferred tax assets are recongmised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets are liabilities are not discounted.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
VOICE 2 VOICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 7 -
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 13 (2017 - 12).
3
Tangible fixed assets
Improvements to leashold property
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2018
13,922
142,850
156,772
Additions
-
4,241
4,241
Disposals
-
(29,734)
(29,734)
At 31 December 2018
13,922
117,357
131,279
Depreciation and impairment
At 1 January 2018
13,922
85,349
99,271
Depreciation charged in the year
-
10,628
10,628
Eliminated in respect of disposals
-
(24,651)
(24,651)
At 31 December 2018
13,922
71,326
85,248
Carrying amount
At 31 December 2018
-
46,031
46,031
At 31 December 2017
-
57,501
57,501
VOICE 2 VOICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 8 -
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
336,435
441,203
Other debtors
7,470
9,202
343,905
450,405
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
172,695
189,784
Other taxation and social security
136,996
125,245
Other creditors
16,863
16,070
326,554
331,099
6
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
15,795
27,802
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
200 Ordinary shares of £1 each
200
200
200
200
2018-12-31
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CCH Software
CCH Accounts Production 2018.310
No description of principal activity
28 March 2019
Mr W Stroud
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