Vinyl (GB) Limited - Period Ending 2014-01-31

Registration number: 05056778

Vinyl (GB) Limited

Unaudited Abbreviated Accounts

for the Period from 1 June 2013 to 31 January 2014

 

Vinyl (GB) Limited
Contents

Director's Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 5

Vinyl (GB) Limited
Director's Report for the Period from 1 June 2013 to 31 January 2014

The director presents his report and the unaudited abbreviated accounts for the period from 1 June 2013 to 31 January 2014.

Directors of the company

The directors who held office during the period were as follows:

Mr S A Burgess

Mr K Burgess (Resigned 29 January 2014)

Principal activity

The principal activity of the company is trading in reprocessed PVC and other plastic materials.

Business review

During this accounting period Vinyl GB Ltd was acquired by EcoVyn Ltd (company registration number 08869948) which in turn is owned by Mr S A Burgess. This transaction was for the purposes of buying out other shareholders, thus preparing the company for the move from trading in to manufacturing during the next financial period.

The company had experienced some financial difficulties during the course of this financial year but with the reduction in overheads associated with the previous shareholders it has since returned to profitability.

Vinyl GB Ltd sells most of its product in to plastics processors who in turn supply the construction industry. Whilst trading conditions were difficult during the period covered by these accounts the market did improve towards the end of 2013 with the government introduction of the “help to buy” scheme which kick started new build construction.

We are now in a position to move in to manufacturing with a resultant increase in turnover and profitability and have recently been awarded a substantial grant under the Welsh Economic Development Fund, phase 2 to enable the installation of a processing plant on the Wrexham Industrial Estate in 2014.

The company made a small donation to the Act 4 Africa foundation but no political donations.

Small company provisions

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
  The report of the directors has been prepared taking advantage of the small companies' exemption of Section 415A of the Companies Act 2006.
 

Approved by the Board on 30 September 2014 and signed on its behalf by:

.........................................
Mr S A Burgess
Director

Page 1

Vinyl (GB) Limited
(Registration number: 05056778)
Abbreviated Balance Sheet at 31 January 2014

		Note			31 January 2014 £			31 May 2013 £
Fixed assets
Intangible fixed assets					6,183			6,650
Tangible fixed assets					25,617			29,582
					31,800			36,232
Current assets
Stocks					13,397			15,356
Debtors					140,838			102,176
Cash at bank and in hand					41,268			9,079
					195,503			126,611
Creditors: Amounts falling due within one year					(255,567)			(114,741)
Net current (liabilities)/assets					(60,064)			11,870
Total assets less current liabilities					(28,264)			48,102
Creditors: Amounts falling due after more than one year					(32,152)			(40,882)
Net (liabilities)/assets					(60,416)			7,220
Capital and reserves
Called up share capital		3			110			110
Revaluation reserve					6,184			6,650
Profit and loss account					(66,710)			460
Shareholders' (deficit)/funds					(60,416)			7,220

For the year ending 31 January 2014 the company was entitled to exemption 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 2

Vinyl (GB) Limited
(Registration number: 05056778)
Abbreviated Balance Sheet at 31 January 2014
......... continued

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 30 September 2014

.........................................
Mr S A Burgess
Director

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 3

Vinyl (GB) Limited
Notes to the Abbreviated Accounts for the Period from 1 June 2013 to 31 January 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Amortisation

The balance on the Revaluation reserve of £7,000 in respect of Intellectual property is being amortised over its estimated useful life of ten years. The amortisation charge is being deducted from the Revaluation reserve.

Asset class	Amortisation method and rate
Intellectual property	10 % straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	15% on cost
Motor vehicles	25% on cost
Computer equipment	25% on cost

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 4

Vinyl (GB) Limited
Notes to the Abbreviated Accounts for the Period from 1 June 2013 to 31 January 2014
......... continued

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 June 2013		7,000			34,013			41,013
Additions		-			1,665			1,665
At 31 January 2014		7,000			35,678			42,678
Depreciation
At 1 June 2013		350			4,431			4,781
Charge for the period		467			5,630			6,097
At 31 January 2014		817			10,061			10,878
Net book value
At 31 January 2014		6,183			25,617			31,800
At 31 May 2013		6,650			29,582			36,232

3	Share capital

Allotted, called up and fully paid shares

	31 January 2014						31 May 2013
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100
Ordinary A of £1 each		10			10			10			10
		110			110			110			110

 

 

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