Company Registration No. 01955821 (England and Wales)
Vexcolt (UK) Limited
Unaudited accounts
for the year ended 31 December 2020
Vexcolt (UK) Limited
Unaudited accounts
Contents
Vexcolt (UK) Limited
Company Information
for the year ended 31 December 2020
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
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 2020
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 2020 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
12 April 2021
Vexcolt (UK) Limited
Statement of financial position
as at 31 December 2020
Tangible assets
34,269
33,657
Inventories
249,145
276,316
Cash at bank and in hand
390,160
124,458
Creditors: amounts falling due within one year
(99,010)
(120,989)
Net current assets
818,483
505,526
Total assets less current liabilities
852,752
539,183
Creditors: amounts falling due after more than one year
(150,000)
(159,365)
Provisions for liabilities
Net assets
696,612
379,818
Called up share capital
100
100
Profit and loss account
696,512
379,718
Shareholders' funds
696,612
379,818
For the year ending 31 December 2020 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 10 May 2021 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 2020
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.
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:
Land & buildings
Straight line bases - 10 years
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 2020
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 2020
5,714
93,971
54,847
5,200
159,732
Additions
-
7,002
-
2,458
9,460
At 31 December 2020
5,714
100,973
54,847
7,658
169,192
At 1 January 2020
728
77,396
47,691
260
126,075
Charge for the year
571
5,048
1,789
1,440
8,848
At 31 December 2020
1,299
82,444
49,480
1,700
134,923
At 31 December 2020
4,415
18,529
5,367
5,958
34,269
At 31 December 2019
4,986
16,575
7,156
4,940
33,657
The net book value of land and buildings above is £4,986 (2018 - £3,105) in respect of long leasehold land and buildings.
5
Debtors: amounts falling due within one year
2020
2019
Trade debtors
242,467
191,688
Accrued income and prepayments
16,325
27,664
Other debtors
19,396
6,389
Vexcolt (UK) Limited
Notes to the Accounts
for the year ended 31 December 2020
6
Creditors: amounts falling due within one year
2020
2019
Trade creditors
72,834
110,843
Taxes and social security
11,771
3,579
Other creditors
1,456
2,350
7
Creditors: amounts falling due after more than one year
2020
2019
Amounts owed to group undertakings and other participating interests
-
159,365
The controlling party is Vexcolt Holdings Ltd, incorporated in England.
9
Average number of employees
During the year the average number of employees was 8 (2019: 9).
