Vehicle Weighing Solutions Limited Filleted accounts for Companies House (small and micro)

VEHICLE WEIGHING SOLUTIONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05677827

Vehicle Weighing Solutions Limited

Filleted Unaudited Financial Statements

30 September 2021

Vehicle Weighing Solutions Limited

Financial Statements

Year ended 30 September 2021

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Vehicle Weighing Solutions Limited

Statement of Financial Position

30 September 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5		1,624,852	1,264,241

Current assets

Stocks		988,521	812,844
Debtors	6	1,867,792	1,799,592
Cash at bank and in hand		1,110,924	703,764
		------------	------------
		3,967,237	3,316,200

Creditors: amounts falling due within one year	7	2,285,626		2,360,746
		------------		------------
Net current assets			1,681,611	955,454
			------------	------------
Total assets less current liabilities			3,306,463	2,219,695

Creditors: amounts falling due after more than one year	8		1,267,989	616,728

Provisions

Taxation including deferred tax	74,088	24,684
	------------	------------
Net assets	1,964,386	1,578,283
	------------	------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	1,964,286	1,578,183
	------------	------------
Shareholders funds	1,964,386	1,578,283
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 September 2021 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Vehicle Weighing Solutions Limited

Statement of Financial Position (continued)

30 September 2021

These financial statements were approved by the board of directors and authorised for issue on 21 June 2022 , and are signed on behalf of the board by:

Mr J Treacy	Mr J Glasspole
Director	Director

Company registration number: 05677827

Vehicle Weighing Solutions Limited

Notes to the Financial Statements

Year ended 30 September 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 5, Southview Park, Marsack Street, Caversham, Reading, Berkshire, RG4 5AF.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Land and buildings	-	50 years straight line
Plant and machinery	-	1 - 10 years straight line
Fixtures and fittings	-	1 - 4 years straight line
Motor vehicles	-	1 - 4 years straight line
Equipment	-	1 - 3 years straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

Financial liabilities and equity instruments are classified and accounted for according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 64 (2020: 65 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Oct 2020	1,192,921	343,165	39,380	394,350	15,651	1,985,467
Additions	119,445	230,425	1,000	171,394	–	522,264
Disposals	–	–	–	( 17,800)	( 4,995)	( 22,795)
	------------	---------	--------	---------	--------	------------
At 30 Sep 2021	1,312,366	573,590	40,380	547,944	10,656	2,484,936
	------------	---------	--------	---------	--------	------------
Depreciation
At 1 Oct 2020	82,401	261,321	36,297	325,557	15,650	721,226
Charge for the year	16,959	63,812	2,367	78,515	–	161,653
Disposals	–	–	–	( 17,800)	( 4,995)	( 22,795)
	------------	---------	--------	---------	--------	------------
At 30 Sep 2021	99,360	325,133	38,664	386,272	10,655	860,084
	------------	---------	--------	---------	--------	------------
Carrying amount
At 30 Sep 2021	1,213,006	248,457	1,716	161,672	1	1,624,852
	------------	---------	--------	---------	--------	------------
At 30 Sep 2020	1,110,520	81,844	3,083	68,793	1	1,264,241
	------------	---------	--------	---------	--------	------------

The land and buildings cost includes £450,000 relating to land on which no depreciation is charged.

6. Debtors

	2021	2020
	£	£
Trade debtors	1,442,126	1,492,141
Other debtors	425,666	307,451
	------------	------------
	1,867,792	1,799,592
	------------	------------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	187,163	44,631
Trade creditors	355,938	354,589
Corporation tax	85,981	123,813
Social security and other taxes	198,953	348,693
Other creditors	1,457,591	1,489,020
	------------	------------
	2,285,626	2,360,746
	------------	------------

Barclays Bank Plc hold a fixed and floating charge over the undertaking and all property and assets of the company.

8. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	1,255,745	616,728
Other creditors	12,244	–
	------------	---------
	1,267,989	616,728
	------------	---------

Barclays Bank Plc hold a fixed and floating charge over the undertaking and all property and assets of the company.

9. Directors' advances, credits and guarantees

At the year end a director was owed £150,000 by the company (2020: owed £174,984 to the company). During the year there were no advances made to the director and repayments of £174,984 were made by the director. No interest was charged on the loan.

10. Related party transactions

At the year end the company owed a director £150,000 (2020: £63,531). At the year end the company was owed £4,633 (2020: £52,985) by and owed £1,019,733 (2020: £1,181,907) to companies associated by common control.

11. Controlling party

The parent company is VWS Holdings Limited, a company incorporated in England and Wales, who own 100% of the share capital. The address of VWS Holdings Limited is Unit 5 Southview Park, Marsack Street, Caversham, Reading, Berkshire, United Kingdom, RG4 5AF.