Vanguard Processing Equipment Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 02088097 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023

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

First Floor, Unit 12

Pennine Business Park

Longbow Close, Bradley

Huddersfield

West Yorkshire

HD2 1GQ

FIXED ASSETS

Tangible assets

4

320,765

323,292

CURRENT ASSETS

Stocks

68,456

63,326

Debtors

5

416,964

382,710

Cash at bank and in hand

285,989

309,581

771,409

755,617

CREDITORS

Amounts falling due within one year

6

205,388

149,337

NET CURRENT ASSETS

566,021

606,280

TOTAL ASSETS LESS CURRENT LIABILITIES

886,786

929,572

CREDITORS

Amounts falling due after more than one year

7

(27,500

)

(37,500

)

PROVISIONS FOR LIABILITIES

(293

)

-

NET ASSETS

858,993

892,072

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Profit and loss account

857,993

891,072

858,993

892,072

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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 31 July 2023 and were signed on its behalf by:

Benjamin Michael Wardill - Director

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

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 (2022 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 March 2022

548,733

11,172

28,743

127,564

716,212

Additions

-

-

-

25,006

25,006

Disposals

-

-

-

(22,055

)

(22,055

)

At 28 February 2023

548,733

11,172

28,743

130,515

719,163

DEPRECIATION

At 1 March 2022

244,978

9,355

27,439

111,148

392,920

Charge for year

13,094

183

412

13,585

27,274

Eliminated on disposal

-

-

-

(21,796

)

(21,796

)

At 28 February 2023

258,072

9,538

27,851

102,937

398,398

NET BOOK VALUE

At 28 February 2023

290,661

1,634

892

27,578

320,765

At 28 February 2022

303,755

1,817

1,304

16,416

323,292

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

414,664

380,416

Other debtors

2,300

2,294

416,964

382,710

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

10,000

10,000

Trade creditors

76,691

6,991

Taxation and social security

53,163

79,427

Other creditors

65,534

52,919

205,388

149,337

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

27,500

37,500

8.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

37,500

47,500

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 £9,183 (2022: £5,182). Contributions totalling £4062 (2022: £758) 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 2023 Mr D Wardill, a director of the company, was owed from Vanguard Processing Equipment Limited £48,560 (2022: £44,753).

As at 28 February 2023 Mr B Wardill, a director of the company, was owed from Vanguard Processing Equipment Limited £2,000 (2022: £2,000).

As at 28 February 2023 Mr C Begley, a director of the company, was owed from Vanguard Processing Equipment Limited £645 (2022: £752).