Company Registration No. 10564891 (England and Wales)
V2 LEISURE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
PAGES FOR FILING WITH REGISTRAR
V2 LEISURE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
V2 LEISURE LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2021
31 January 2021
- 1 -
2021
2020
Notes
£
£
£
£
Current assets
Debtors
3
140,698
84,382
Cash at bank and in hand
779
2
141,477
84,384
Creditors: amounts falling due within one year
4
(94,126)
(70,589)
Net current assets
47,351
13,795
Creditors: amounts falling due after more than one year
5
(47,609)
Net (liabilities)/assets
(258)
13,795
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(259)
13,794
Total equity
(258)
13,795
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 January 2021 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 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 16 January 2022
S H Lewin
Director
Company Registration No. 10564891
V2 LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
- 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, United Kingdom, NW1 3ER.
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
The director has considered the effect of the Covid-19 outbreak. The outbreak has caused little disruption to the company’s business to date. The director considers it unlikely that a prolonged outbreak will cause significant disruption. Accordingly, at the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements. The validity of this assumptions is on the basis of that the company will continue to be supported by the director.
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 YEAR ENDED 31 JANUARY 2021
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
The current year relate
s
to the year ended 31 January 2021. The comparative figures relate to the period from 1 May 2019 to 31 January 2020.
2
Employees
There were no employees during
current year and
previous
period.
3
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
22,170
Other debtors
140,698
62,212
140,698
84,382
O
ther debtors
includes an amount of £9
6,222
(2020: £46,776) due from the director of the company and it is repayable on demand.
V2 LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
- 4 -
4
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
2,391
26
Trade creditors
785
1,060
Corporation tax
63,482
45,473
Other taxation and social security
17,540
14,515
Accruals and deferred income
9,928
9,515
94,126
70,589
5
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
47,609
6
Directors' transactions
At 31 January 2021 the balance on the director's current account was £9
6,222
(
D
r.) (2020: £4
6,
773
D
r.). The
loan is repayable on demand,
interest
has
been
charge
d,
by
the company
,
at a rate of 2.5%.