Vulcatech Belting Ltd
Vulcatech Belting Ltd
Registered number: 04811326
Unaudited Financial Statements
For The Year Ended
31 July 2023
Steve Pye & Co.
Chartered Certified Accountants
3 North Lynn Bus. Village
Bergen Way, North Lynn Industrial Estate
King's Lynn
Norfolk
PE30 2JG
Vulcatech Belting Ltd
Unaudited Financial Statements
For The Year Ended
31 July 2023
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—7 |
Vulcatech Belting Ltd
Balance Sheet
As At
31 July 2023
Balance Sheet
Registered number:
04811326
For the year ending 31 July 2023 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
2023 | 2022 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 4 |
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Investments | 5 |
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CURRENT ASSETS | |||||
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 8 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 9 |
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PROVISIONS FOR LIABILITIES | |||||
Deferred Taxation |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 11 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 962,995 | 791,971 | |||
Vulcatech Belting Ltd
Balance Sheet (continued)
As At
31 July 2023
The financial statements were approved by the board of directors on 20 October 2023 and were signed on its behalf by:
Director
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The notes on pages 3 to 7 form part of these financial statements.
Vulcatech Belting Ltd
Notes to the Financial Statements
For The Year Ended
31 July 2023
Notes to the Financial Statements
1.
General Information
Vulcatech Belting Ltd
is a private company, limited by shares, incorporated in England & Wales. The company's registered number and registered office address can be found on the Company Information page.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3.
Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold |
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Plant & Machinery |
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Motor Vehicles |
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Improvements to property |
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No depreciation is provided on the company's freehold properties since in the opinion of the directors the expected useful lives are sufficiently long and the estimated residual values are sufficiently high that any such depreciation would be immaterial. The directors undertake an annual impairment review of these properties.
2.4.
Leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2.5.
Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items.
Vulcatech Belting Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 July 2023
2.6.
Financial Instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.
a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.
b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.7.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
2.8.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 18 (2022: 19)
Vulcatech Belting Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 July 2023
4.
Tangible Assets
Land & Property | |||||
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Freehold | Plant & Machinery | Motor Vehicles | Improvements to property | Total | |
£ | £ | £ | £ | £ | |
Cost | |||||
As at
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Additions |
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Disposals |
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As at
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Depreciation | |||||
As at
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Provided during the period |
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Disposals |
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As at
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Net Book Value | |||||
As at
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As at
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5.
Investments
Listed | |
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£ | |
Cost | |
As at
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As at
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Provision | |
As at
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As at
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Net Book Value | |
As at
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As at
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6.
Stocks
2023 | 2022 | ||
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£ | £ | ||
Stock |
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Vulcatech Belting Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 July 2023
7.
Debtors
2023 | 2022 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Amounts owed by participating interests | 20,130 | 20,000 | |
Other debtors | 38,842 | 32,500 | |
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8.
Creditors: Amounts Falling Due Within One Year
2023 | 2022 | ||
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£ | £ | ||
Net obligations under finance leases |
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Trade creditors |
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Bank loans and overdrafts |
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Other creditors | 316,706 | 343,605 | |
Taxation and social security |
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9.
Creditors: Amounts Falling Due After More Than One Year
2023 | 2022 | ||
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£ | £ | ||
Net obligations under finance leases |
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Bank loans |
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10.
Obligations Under Finance Leases
2023 | 2022 | ||
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£ | £ | ||
The future minimum finance lease payments are as follows: | |||
Not later than one year |
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Later than one year and not later than five years |
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Vulcatech Belting Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 July 2023
12.
Reserves
Retained earnings
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£
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At 1 August 2022
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790,971
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Profit for the year
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607,408
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EOT account
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(437,500)
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At 31 July 2023
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960,879
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13.
Secured Debts
The following secured debts are included within creditors:
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2023
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2022
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£
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£
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Bank loans
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312,311
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329,574
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Invoice factoring
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305,369
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323,230
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617,680
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652,804
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On 25 August 2017 a charge was created securing the mortgage against the property owned at Units 1-4 Enterprise Way, and all furnishings, fixtures and plant and machinery kept at the premises.
On 31 July 2020, a debenture charge was created, securing a loan and fixed and floating charges owed to Clydesdale Bank Plc against all property and undertakings of the company.