Company Registration No. 10564891 (England and Wales)
V2 LEISURE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2020
PAGES FOR FILING WITH REGISTRAR
V2 LEISURE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
V2 LEISURE LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2020
31 January 2020
- 1 -
2020
2019
as restated
Notes
£
£
£
£
Current assets
Debtors
3
84,382
26,598
Cash at bank and in hand
2
102,635
84,384
129,233
Creditors: amounts falling due within one year
4
(70,589)
(151,178)
Net current assets/(liabilities)
13,795
(21,945)
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
13,794
(21,946)
Total equity
13,795
(21,945)
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 period ended 31 January 2020 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 member has not required the company to obtain an audit of its financial statements for the period 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 4 April 2021
S H Lewin
Director
Company Registration No. 10564891
V2 LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2020
- 2 -
1
Accounting policies
Company information
V2 Leisure Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Acre House, 11-15 William Road, London, NW1 3ER, United Kingdom.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
As stated in note 6, the director has considered the effect of the Covid-19 outbreak. The director considers that the outbreak is unlikely to cause a significant disruption to the company’s business and is confident that the company can continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. The director has a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future.
true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable
for
services provided in the normal course of business
, and
is shown net of VAT
.
1.4
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
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.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
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.
V2 LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2020
1
Accounting policies
(Continued)
- 3 -
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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
1.7
Taxation
The tax expense represents the tax currently payable.
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.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.9
The current
year
relate to the period from 1 May 2019 to 31 January 2020. The comparative figures relate to the year ended 30 April 2019.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 0 (2019 - 1).
3
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
22,170
-
Other debtors
62,212
26,598
84,382
26,598
O
ther debtors
includes an amount of £46,776 (2019: £26,598) due from the director of the company and it is repayable on demand.
V2 LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2020
- 4 -
4
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
26
-
Trade creditors
1,060
70,000
Corporation tax
45,473
32,584
Other taxation and social security
14,515
43,830
Accruals and deferred income
9,515
4,764
70,589
151,178
5
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
Ordinary share of £1
1
1
1
1
6
Events after the reporting date
The director has considered the effect of the Covid-19 outbreak, that has been spreading throughout the world in early 2020, on the company’s activities. This outbreak is unlikely to cause a significant disruption to the company’s business but at the date of approval of these financial statements, the extent and quantum of the disruption remains uncertain.
7
Directors' transactions
Dividends totalling £0 (2019 - £44,747) were paid in the period in respect of shares held by the company's directors.
At 31 January 2020 the balance on the director's current account was £
4
6
,
773 (
D
r.) (2019: £
26,598
D
r.). The
loan is repayable on demand,
interest
has
been
charge
d,
by
the company
,
at a rate of 2.5%.
V2 LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2020
- 5 -
8
Prior period adjustment
An administrative expense incurred in the prior year, however t
h
e same wasn't reflected in the
prior year
accounts.
Details of the prior year adjustment are as follows:
Changes to the balance sheet
At 30 April 2019
As previously reported
Adjustment
As restated
£
£
£
Creditors due within one year
Other creditors
(4,764)
(70,000)
(74,764)
Net assets
48,055
(70,000)
(21,945)
Capital and reserves
Profit and loss
48,054
(70,000)
(21,946)
Total equity
48,055
(70,000)
(21,945)