Vanguard Processing Equipment Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 02088097 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022

FOR

VANGUARD PROCESSING EQUIPMENT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Christian Robert Begley

Donald George Wardill

Benjamin Michael Wardill

REGISTERED OFFICE:

Spa Fields

Slaithwaite

Huddersfield

West Yorkshire

HD7 5BB

REGISTERED NUMBER:

02088097 (England and Wales)

ACCOUNTANTS:

Walter Dawson & Son

Chartered Accountants

St Peters Building

Primitive Street

Huddersfield

West Yorkshire

HD1 1RA

FIXED ASSETS

Tangible assets

4

323,292

345,276

CURRENT ASSETS

Stocks

63,326

73,579

Debtors

5

382,710

286,389

Cash at bank and in hand

309,581

388,104

755,617

748,072

CREDITORS

Amounts falling due within one year

6

149,337

172,422

NET CURRENT ASSETS

606,280

575,650

TOTAL ASSETS LESS CURRENT LIABILITIES

929,572

920,926

CREDITORS

Amounts falling due after more than one year

7

37,500

46,667

NET ASSETS

892,072

874,259

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Profit and loss account

891,072

873,259

892,072

874,259

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 August 2022 and were signed on its behalf by:

Donald George Wardill - Director

1.	STATUTORY INFORMATION

Vanguard Processing Equipment Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2.5% on cost

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

33% on reducing balance and 20% on reducing balance

Motor vehicles

-

33% on reducing balance

GOVERNMENT GRANTS

Grants receivable in relation to profit and loss expenditure are credited to the profit and loss in the year which they relate.

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

FOREIGN CURRENCIES

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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

INCOME RECOGNITION

Income is recognised when goods have been delivered to customers such that the risks and rewards of ownership have transferred to them.

FINANCE COST OF DEBT

The finance costs of debt, including interest and issue cost, are allocated to each period over the term of the debt and charged to the profit and loss account at a constant rate on the outstanding amount.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2021 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 March 2021

and 28 February 2022

548,733

11,172

28,743

127,564

716,212

DEPRECIATION

At 1 March 2021

231,884

9,153

26,836

103,063

370,936

Charge for year

13,094

202

603

8,085

21,984

At 28 February 2022

244,978

9,355

27,439

111,148

392,920

NET BOOK VALUE

At 28 February 2022

303,755

1,817

1,304

16,416

323,292

At 28 February 2021

316,849

2,019

1,907

24,501

345,276

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

380,416

283,875

Other debtors

2,294

2,514

382,710

286,389

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

10,000

3,333

Trade creditors

6,991

30,237

Taxation and social security

79,427

71,063

Other creditors

52,919

67,789

149,337

172,422

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

37,500

46,667

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

6,667

8.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

47,500

50,000

The bank loan is a corona virus business interruption loan which has government backed security.

9.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the pension scheme are held separately from those of the company in an independently administered fund. The pension cost represents the total contributions payable by the company to the fund and amounted to £5,182 (2021: £4,477). Contributions totalling £758 (2021: £610) were payable to the fund at the year end and are included in other creditors.

10.	RELATED PARTY DISCLOSURES

Mr. D Wardill has control over a majority of shares in the company, and together with his involvement in its day-to-day management, is deemed to be the controlling party for the purposes of Financial Reporting Standard No. 102.

As at 28 February 2022 Mr D Wardill, a director of the company, was owed from Vanguard Processing Equipment Limited £44,753 (2021: £40,215).

As at 28 February 2022 Mr B Wardill, a director of the company, was owed from Vanguard Processing Equipment Limited £2,000 (2021: £12,896).

As at 28 February 2022 Mr C Begley, a director of the company, was owed from Vanguard Processing Equipment Limited £752 (2021: £4,302).