Vinyl (GB) Limited - Period Ending 2015-01-31

Registration number: 05056778

Vinyl (GB) Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 January 2015
 

Harts Limited
Westminster House
10 Westminster Road
Macclesfield
Cheshire
SK10 1BX

Vinyl (GB) Limited
Contents

Directors' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 5

Page 0

Vinyl (GB) Limited
Directors' Report for the Year Ended 31 January 2015

The director presents his report and the unaudited abbreviated accounts financial statements for the year ended 31 January 2015 .

Directors of the company

The directors who held office during the year were as follows:

Mr S A Burgess
 

Principal activity

The principal activity of the company is trading in reprocessed PVC and other plastic materials.

Business review

There has been a significant improvement in the trading of Vinyl GB during this financial period bought about by a reduction in overheads and increased sales of more profitable product lines. As a result of this improvement we are pleased to report that the company has more than made up the deficit incurred during the last financial period and continues to trade profitably with a strengthening balance sheet.
The capital grant awarded by the Welsh Government in 2014 has now been drawn down and further finance has been secured in order to commence manufacturing in Wrexham, North Wales in March 2015. The production of reprocessed, semi virgin and virgin PVC compounds and other associated materials will be the primary function during the next financial period although trading will still be of great importance to the business.
During this year we have made contributions to our chosen charity Cancer Research but have not made any political donations.

Small company provisions

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the Board on 3 March 2015 and signed on its behalf by:

.........................................
Mr S A Burgess
Director

Vinyl (GB) Limited
(Registration number: 05056778)
Abbreviated Balance Sheet at 31 January 2015

		Note			31 January 2015 £			31 January 2014 £
Fixed assets
Intangible fixed assets					5,483			6,183
Tangible fixed assets					17,687			25,617
					23,170			31,800
Current assets
Stocks					33,595			13,397
Debtors					177,931			140,838
Cash at bank and in hand					3,423			41,268
					214,949			195,503
Creditors: Amounts falling due within one year					(216,244)			(255,567)
Net current liabilities					(1,295)			(60,064)
Total assets less current liabilities					21,875			(28,264)
Creditors: Amounts falling due after more than one year					(18,852)			(32,152)
Net assets/(liabilities)					3,023			(60,416)
Capital and reserves
Called up share capital		4			110			110
Revaluation reserve					5,483			6,184
Profit and loss account					(2,570)			(66,710)
Shareholders' funds/(deficit)					3,023			(60,416)

For the year ending 31 January 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 2

Vinyl (GB) Limited
(Registration number: 05056778)
Abbreviated Balance Sheet at 31 January 2015
......... continued

Approved by the director on 3 March 2015

.........................................
Mr S A Burgess
Director

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 3

Vinyl (GB) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 January 2015
......... continued

2	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover is recognised when the company obtains the right to consideration.

Amortisation

The balance on the Revaluation reserve of £7,000 in respect of Intellectual property is being amortised over its estimated useful life of ten years. The amortisation charge is being deducted from the Revaluation reserve.

Asset class	Amortisation method and rate
Intellectual property	10 % straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	15% on cost
Motor vehicles	25% on cost
Computer equipment	25% on cost

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Page 4

Vinyl (GB) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 January 2015
......... continued

3	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 February 2014		7,000			35,678			42,678
Additions		-			594			594
At 31 January 2015		7,000			36,272			43,272
Depreciation
At 1 February 2014		817			10,061			10,878
Charge for the year		700			8,524			9,224
At 31 January 2015		1,517			18,585			20,102
Net book value
At 31 January 2015		5,483			17,687			23,170
At 31 January 2014		6,183			25,617			31,800

4	Share capital

Allotted, called up and fully paid shares

	31 January 2015						31 January 2014
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100
Ordinary A of £1 each		10			10			10			10
		110			110			110			110

5

Control

The company is controlled by Ecovyn Limited who own 91% of the issued share capital. The ultimate controlling party is Mr S A Burgess.

Page 5