Vantage Products Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02963603 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

VANTAGE PRODUCTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S J Gleghorn

Mrs C L Brander

SECRETARY:

Mrs C L Brander

REGISTERED OFFICE:

The Die Pat Centre

Broad March

Daventry

Northamptonshire

NN11 4HE

REGISTERED NUMBER:

02963603 (England and Wales)

AUDITORS:

Prime

Chartered Accountants

Statutory Auditor

No. 3 Caroline Court

13 Caroline Street

St Paul's Square

Birmingham

B3 1TR

FIXED ASSETS

Tangible assets

4

126,103

142,766

CURRENT ASSETS

Stocks

5

117,390

117,121

Debtors

6

318,261

224,632

Cash at bank

55,125

9,175

490,776

350,928

CREDITORS

Amounts falling due within one year

7

70,225

88,214

NET CURRENT ASSETS

420,551

262,714

TOTAL ASSETS LESS CURRENT LIABILITIES

546,654

405,480

CREDITORS

Amounts falling due after more than one year

8

(45,833

)

-

PROVISIONS FOR LIABILITIES

(23,841

)

(26,980

)

NET ASSETS

476,980

378,500

CAPITAL AND RESERVES

Called up share capital

10

5,000

5,000

Retained earnings

471,980

373,500

SHAREHOLDERS' FUNDS

476,980

378,500

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 September 2021 and were signed on its behalf by:

Mrs C L Brander - Director

1.	STATUTORY INFORMATION

Vantage Products 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

at variable rates on reducing balance

Stocks

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

Current and deferred tax

Current tax, including UK corporation tax, is provided at amounts expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and it results as stated in the financial statements that arise from inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

Unrelieved tax losses and other deferred tax assets are only 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 and that are expended to apply to the reversal of the timing differences.

Where items recognised in other comprehensive income and equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 January 2020

and 31 December 2020

215,680

DEPRECIATION

At 1 January 2020

72,914

Charge for year

16,663

At 31 December 2020

89,577

NET BOOK VALUE

At 31 December 2020

126,103

At 31 December 2019

142,766

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 January 2020

177,000

Transfer to ownership

(177,000

)

At 31 December 2020

-

DEPRECIATION

At 1 January 2020

50,655

Transfer to ownership

(50,655

)

At 31 December 2020

-

NET BOOK VALUE

At 31 December 2020

-

At 31 December 2019

126,345

5.

STOCKS

2020

2019

£

£

Stocks

117,390

117,121

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

28,451

85,889

Amounts owed by group undertakings

287,970

134,753

Other debtors

1,840

3,990

318,261

224,632

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

4,167

-

Hire purchase contracts

-

4,425

Trade creditors

24,898

54,482

Taxation and social security

35,899

25,968

Other creditors

5,261

3,339

70,225

88,214

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

45,833

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Hire purchase contracts

-

4,425

Hire purchase liabilities are secured over the assets to which they relate.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

5,000

Ordinary

£1

5,000

5,000

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Morgan Davies FCA (Senior Statutory Auditor)

for and on behalf of Prime

12.	CONTINGENT LIABILITIES

There is an unlimited cross guarantee given by Vantage Products Limited with respect to bank liabilities of other group companies, Die-Pat Divisions Limited and Die-Pat Holdings Limited. At the year end there was contingent liabilities of £202,386 in this regard (2019 £248,735).

13.	POST BALANCE SHEET EVENTS

The economy continues to be affected by the Covid-19 pandemic. The directors have considered the impact of this to the business and are satisfied that at the time of approval of the financial statements the company has sufficient resources to be able to continue trading for the foreseeable future.

14.	PARENT UNDERTAKINGS

The immediate parent undertaking is Die-Pat Holdings Ltd.

The ultimate parent undertaking is Brander-Gleghorn Holdings Ltd.