Registration number: 08381224
Vibe Southend Ltd
Annual Report and Unaudited Financial Statements
for the Year Ended 31 January 2023
Brian Nuttgens Accountants Limited Chartered Certified Accountants 1007 London Road Leigh-On-Sea Essex SS9 3JY
Vibe Southend Ltd
Contents
| Company Information | 1 |
|---|---|
| Directors' Report | 2 |
| Accountants' Report | 3 |
| Profit and Loss Account | 4 |
| Statement of Comprehensive Income | 5 |
| Balance Sheet | 6 |
| Statement of Changes in Equity | 7 |
| Notes to the Unaudited Financial Statements | 8 to 13 |
| Detailed Profit and Loss Account | 14 to 16 |
Vibe Southend Ltd
Company Information
Directors Mrs Rita Bell Mr Arthur Bell Company secretary Cobat Secretarial Services Limited Registered office 1007 London Road Leigh on Sea Essex SS9 3JY Accountants Brian Nuttgens Accountants Limited Chartered Certified Accountants 1007 London Road Leigh-On-Sea Essex SS9 3JY
Page 1
Vibe Southend Ltd
Directors' Report for the Year Ended 31 January 2023
The directors present their report and the financial statements for the year ended 31 January 2023.
Directors of the company
The directors who held office during the year were as follows:
Mrs Rita Bell
Mr Arthur Bell
Principal activity
The principal activity of the company is Charity
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the Board on 24 April 2023 and signed on its behalf by:
......................................... Mrs Rita Bell Director
Page 2
Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of Vibe Southend Ltd for the Year Ended 31 January 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Vibe Southend Ltd for the year ended 31 January 2023 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html .
This report is made solely to the Board of Directors of Vibe Southend Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of the Company and state those matters that we have agreed to state to the Board of Directors of the Company, as a body, in this report in accordance with
the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/october/factsheet -163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Vibe Southend Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of the Company. You consider that Vibe Southend Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of the Company. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Brian Nuttgens Accountants Limited Chartered Certified Accountants 1007 London Road Leigh-On-Sea Essex SS9 3JY 24 April 2023
Page 3
Vibe Southend Ltd
Profit and Loss Account for the Year Ended 31 January 2023
| Note Turnover Cost of sales Gross profit Administrative expenses Other operating income Operating profit Interest payable and similar expenses Profit before tax 4 Profit for the financial year |
2023 £ 77,204 (3,102) 74,102 (62,409) - 11,693 - 11,693 11,693 |
2022 £ 52,024 (4,954) |
|---|---|---|
| 47,070 (44,385) 19,354 |
||
| 22,039 (2,678) |
||
| 19,361 | ||
| 19,361 |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
The notes on pages 8 to 13 form an integral part of these financial statements. Page 4
Vibe Southend Ltd
Statement of Comprehensive Income for the Year Ended 31 January 2023
| Profit for the year Total comprehensive income for the year |
2023 £ 11,693 11,693 |
2022 £ 19,361 |
|---|---|---|
| 19,361 |
The notes on pages 8 to 13 form an integral part of these financial statements. Page 5
Vibe Southend Ltd
(Registration number: 08381224) Balance Sheet as at 31 January 2023
| Note Fixed assets Tangible assets 5 Current assets Debtors 6 Cash at bank and in hand Creditors: Amounts falling due within one year 7 Net current assets Total assets less current liabilities Creditors: Amounts falling due after more than one year 7 Net assets Capital and reserves Called up share capital 8 Retained earnings Shareholders' funds |
2023 £ 6,815 368 40,922 41,290 (725) 40,565 47,380 (14,266) 33,114 100 33,014 33,114 |
2022 £ 7,226 - 33,420 |
|---|---|---|
| 33,420 (525) |
||
| 32,895 | ||
| 40,121 (18,700) |
||
| 21,421 | ||
| 100 21,321 |
||
| 21,421 |
For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the Board on 24 April 2023 and signed on its behalf by:
......................................... Mrs Rita Bell Director
The notes on pages 8 to 13 form an integral part of these financial statements. Page 6
Vibe Southend Ltd
Statement of Changes in Equity for the Year Ended 31 January 2023
| At 1 February 2022 Profit for the year At 31 January 2023 At 1 February 2021 Profit for the year At 31 January 2022 |
Share capital £ 100 - 100 Share capital £ 100 - 100 |
Retained earnings £ 21,321 11,693 33,014 Retained earnings £ 1,960 19,361 21,321 |
Total £ 21,421 |
|---|---|---|---|
| 11,693 | |||
| 33,114 | |||
| Total £ 2,060 |
|||
| 19,361 | |||
| 21,421 |
The notes on pages 8 to 13 form an integral part of these financial statements. Page 7
Vibe Southend Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023
1 General information
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is: 1007 London Road Leigh on Sea Essex SS9 3JY England
These financial statements were authorised for issue by the Board on 24 April 2023.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class Equipment
Depreciation method and rate 20%Reducing Balance
Page 8
Vibe Southend Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
3 Staff numbers
The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 6).
4 Profit before tax
Arrived at after charging/(crediting)
Page 9
Vibe Southend Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023
Depreciation expense
| 2023 £ 1,704 |
2022 £ 1,806 |
|---|---|
Page 10
Vibe Southend Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023
5 Tangible assets
| Cost or valuation At 1 February 2022 Additions At 31 January 2023 Depreciation At 1 February 2022 Charge for the year At 31 January 2023 Carrying amount At 31 January 2023 At 31 January 2022 6 Debtors Current Other debtors 7 Creditors Creditors: amounts falling due within one year Due within one year Other creditors Creditors: amounts falling due after more than one year Note Due after one year Loans and borrowings 9 |
Furniture, fittings and equipment £ 8,631 3,293 |
Total £ 8,631 3,293 11,924 3,405 1,704 5,109 6,815 7,226 2022 £ - |
||
|---|---|---|---|---|
| 11,924 | ||||
| 3,405 1,704 |
||||
| 5,109 | ||||
| 6,815 | ||||
| 7,226 | ||||
| 2023 £ 368 2023 £ 725 2023 £ 14,266 |
||||
| 2022 £ 525 |
||||
| 2022 £ 18,700 |
Page 11
Vibe Southend Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023
8 Share capital
Allotted, called up and fully paid shares
| Ordinary of £1 each 9 Loans and borrowings Non-current loans and borrowings Other borrowings |
2023 No. £ 100 100 |
2022 No. £ 100 100 2023 £ 2022 £ 14,266 18,700 |
2022 No. £ 100 100 2023 £ 2022 £ 14,266 18,700 |
|---|---|---|---|
| 2022 £ 18,700 |
10 Related party transactions
Page 12
Vibe Southend Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023
Directors' remuneration
The directors' remuneration for the year was as follows:
Remuneration
| 2023 | 2022 |
|---|---|
| £ | £ |
| 2,936 | - |
Page 13
Vibe Southend Ltd
Detailed Profit and Loss Account for the Year Ended 31 January 2023
| Turnover (analysed below) Cost of sales (analysed below) Gross profit Gross profit (%) Administrative expenses Employment costs (analysed below) Establishment costs (analysed below) General administrative expenses (analysed below) Depreciation costs (analysed below) Other operating income (analysed below) Operating profit Interest payable and similar expenses (analysed below) Profit before tax |
2023 £ 77,204 (3,102) 74,102 95.98% (36,670) (12,903) (11,132) (1,704) (62,409) - 11,693 - 11,693 |
2022 £ 52,024 (4,954) |
|---|---|---|
| 47,070 | ||
| 90.48% (22,775) (12,117) (7,687) (1,806) |
||
| (44,385) 19,354 |
||
| 22,039 (2,678) |
||
| 19,361 |
This page does not form part of the statutory financial statements. Page 14
Vibe Southend Ltd
Detailed Profit and Loss Account for the Year Ended 31 January 2023
| Turnover Fees recieved Donations Interest received Cost of sales Activities Purchases Employment costs Wages and salaries (excluding directors) Directors remuneration Staff training Establishment costs Rent Water rates Insurance Repairs and renewals General administrative expenses Telephone and fax Computer software and maintenance costs Printing, postage and stationery Sundry expenses Cleaning Motor expenses Travel and subsistence Advertising Accountancy fees Consultancy fees Legal and professional fees Depreciation costs Depreciation of fixtures and fittings (owned) Other operating income Government grants receivable |
2023 £ 67,168 10,000 36 77,204 (1,029) (2,073) (3,102) (32,673) (2,936) (1,061) (36,670) (10,500) (379) (308) (1,716) (12,903) (359) (888) (2,274) (367) (2,015) (1,874) (25) (255) (788) (1,639) (648) (11,132) (1,704) - |
2022 £ 49,877 2,140 7 |
|---|---|---|
| 52,024 | ||
| - (4,954) |
||
| (4,954) | ||
| (22,775) - - |
||
| (22,775) | ||
| (10,500) (349) (692) (576) |
||
| (12,117) | ||
| (475) (3,869) (1,148) (235) (298) (197) (330) (290) (432) - (413) |
||
| (7,687) | ||
| (1,806) | ||
| 19,354 |
This page does not form part of the statutory financial statements. Page 15
Vibe Southend Ltd
Detailed Profit and Loss Account for the Year Ended 31 January 2023
| Interest payable and similar expenses Bank interest payable |
2023 £ - |
2022 £ (2,678) |
|---|---|---|
This page does not form part of the statutory financial statements. Page 16