Company Registration No. 01955821 (England and Wales)
VEXCOLT (UK) LIMITED
Unaudited accounts
for the year ended 31 December 2019
VEXCOLT (UK) LIMITED
Unaudited accounts
Contents
VEXCOLT (UK) LIMITED
Company Information
for the year ended 31 December 2019
Directors
Jan Peter De Boer
Susan Tracy Wolfe
Company Number
01955821 (England and Wales)
Registered Office
UNIT 3D WRANGATON BUSINESS PARK
WRANGATON
SOUTH BRENT
DEVON
TQ10 9GQ
ENGLAND
Accountants
the fresh accountancy company limited
Orchard House
Clyst St Mary
EXETER
Devon
EX5 1BR
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of VEXCOLT (UK) LIMITED for the year ended 31 December 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
VEXCOLT (UK) LIMITED for the year ended
31 December 2019 as set out on pages
5 -
8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
Our work has been undertaken in accordance with AAF 7/16 as detailed at icaew.com/compilation.
the fresh accountancy company limited
Chartered Accountants
Orchard House
Clyst St Mary
EXETER
Devon
EX5 1BR
24 June 2020
VEXCOLT (UK) LIMITED
Statement of financial position
as at 31 December 2019
Tangible assets
33,657
33,548
Inventories
276,316
329,859
Cash at bank and in hand
124,458
-
Creditors: amounts falling due within one year
(120,989)
(153,532)
Net current assets
505,526
330,651
Total assets less current liabilities
539,183
364,199
Creditors: amounts falling due after more than one year
(159,365)
(88,896)
Net assets
379,818
275,303
Called up share capital
100
100
Profit and loss account
379,718
275,203
Shareholders' funds
379,818
275,303
For the year ending 31 December 2019 the company was entitled to exemption from audit 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2020 and were signed on its behalf by
Susan Tracy Wolfe
Director
Company Registration No. 01955821
VEXCOLT (UK) LIMITED
Notes to the Accounts
for the year ended 31 December 2019
VEXCOLT (UK) LIMITED is a private company, limited by shares, registered in England and Wales, registration number 01955821. The registered office is UNIT 3D WRANGATON BUSINESS PARK, WRANGATON, SOUTH BRENT, DEVON, TQ10 9GQ, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
25% reducing balance
Computer equipment
25% reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
VEXCOLT (UK) LIMITED
Notes to the Accounts
for the year ended 31 December 2019
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Expenditure on research and development is written off in the year in which it is incurred.
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.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2019
3,450
92,772
54,847
-
151,069
Additions
2,264
1,199
-
5,200
8,663
At 31 December 2019
5,714
93,971
54,847
5,200
159,732
At 1 January 2019
345
71,870
45,306
-
117,521
Charge for the year
383
5,526
2,385
260
8,554
At 31 December 2019
728
77,396
47,691
260
126,075
At 31 December 2019
4,986
16,575
7,156
4,940
33,657
At 31 December 2018
3,105
20,902
9,541
-
33,548
The net book value of land and buildings above is £4,986 (2018 - £3,105) in respect of long leasehold land and buildings.
Finished goods
276,316
329,859
VEXCOLT (UK) LIMITED
Notes to the Accounts
for the year ended 31 December 2019
Trade debtors
191,688
135,583
Accrued income and prepayments
27,664
18,741
7
Creditors: amounts falling due within one year
2019
2018
Trade creditors
110,843
69,001
Taxes and social security
3,579
35,575
Other creditors
2,350
20,609
8
Creditors: amounts falling due after more than one year
2019
2018
Amounts owed to group undertakings and other participating interests
159,365
88,896
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £856 (2018 - £946).
The company's immediate parent is Vexcolt Holdings Limited , incorporated in England.
The ultimate parent is Vexcolt Holdings Ltd, incorporated in England.
The most senior parent entity producing publicly available financial statements is Vexcolt Holdings Ltd. The ultimate controlling party is Vexcolt Holdings Ltd.
11
Average number of employees
During the year the average number of employees was 9 (2018: 9).
