Vexcolt Holdings Limited - Period Ending 2016-12-31
Vexcolt Holdings Limited - Period Ending 2016-12-31
Registration number:
Vexcolt Holdings Limited
for the Year Ended 31 December 2016
Accountant
Suite 2
5 Vaughan Parade
Torquay
Devon
TQ2 5EG
Vexcolt Holdings Limited
Contents
Company Information |
|
Directors' Report |
|
Accountants' Report |
|
Abridged Balance Sheet |
|
Notes to the Abridged Financial Statements |
Vexcolt Holdings Limited
Company Information
Directors |
Jan Peter De Boer Mr Hendrik Runnardus Bijl |
Registered office |
|
Accountants |
|
Page 1 |
Vexcolt Holdings Limited
Directors' Report for the Year Ended 31 December 2016
The directors present their report and the abridged financial statements for the year ended 31 December 2016.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is during the year continued to be that of a holding company for a group of companies involved in the manufacture and supply of expansion joints and building material for the construction industry.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
.........................................
Jan Peter De Boer
Director
Page 2 |
Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Vexcolt Holdings Limited
for the Year Ended 31 December 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Vexcolt Holdings Limited for the year ended 31 December 2016 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Vexcolt Holdings Limited , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Vexcolt Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Vexcolt Holdings Limited , as a body, in this report in accordance with accounting standard procedures. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Vexcolt Holdings Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Vexcolt Holdings Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Vexcolt Holdings Limited . You consider that Vexcolt Holdings Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Vexcolt Holdings Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Accountant
5 Vaughan Parade
Torquay
Devon
TQ2 5EG
Page 3 |
Vexcolt Holdings Limited
(Registration number: 02199068)
Abridged Balance Sheet as at 31 December 2016
Note |
2016 |
2015 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Prepayments and accrued income |
|
|
|
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Accruals and deferred income |
|
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.
Directors' responsibilities:
Page 4 |
Vexcolt Holdings Limited
(Registration number: 02199068)
Abridged Balance Sheet as at 31 December 2016
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the Board on
.........................................
Jan Peter De Boer
Director
Page 5 |
Vexcolt Holdings Limited
Notes to the Abridged Financial Statements for the Year Ended 31 December 2016
General information |
The company is a private company limited by share capital incorporated in England .
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Page 6 |
Vexcolt Holdings Limited
Notes to the Abridged Financial Statements for the Year Ended 31 December 2016
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture and fittings |
25% reducing balance |
Motor vehicles |
25% reducing balance |
Plant and machinery |
25% reducing balance |
Office equiptment |
25% reducing balance |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Page 7 |
Vexcolt Holdings Limited
Notes to the Abridged Financial Statements for the Year Ended 31 December 2016
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Loss before tax |
Arrived at after charging/(crediting)
2016 |
2015 |
|
Depreciation expense |
- |
|
Page 8 |
Vexcolt Holdings Limited
Notes to the Abridged Financial Statements for the Year Ended 31 December 2016
Tangible assets |
Total |
|
Cost or valuation |
|
At 1 January 2016 |
|
At 31 December 2016 |
|
Depreciation |
|
At 1 January 2016 |
|
Charge for the year |
|
At 31 December 2016 |
|
Carrying amount |
|
At 31 December 2016 |
|
At 31 December 2015 |
|
Investments |
Total |
|
Cost or valuation |
|
At 1 January 2016 |
|
Provision |
|
Carrying amount |
|
At 31 December 2016 |
|
At 31 December 2015 |
|
Subsidiaries |
£ |
Fair value |
|
At 1 January 2016 |
|
At 31 December 2016 |
|
Fair value has been determined on a going concern basis.
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Page 9 |
Vexcolt Holdings Limited
Notes to the Abridged Financial Statements for the Year Ended 31 December 2016
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2016 |
2015 |
|||
Subsidiary undertakings |
||||
|
UK |
Ordninary Shares |
|
|
UK |
||||
|
45 |
Original Shares |
|
|
UK |
The principal activity of Vexcolt (UK) Limited is |
The principal activity of Vexcolt International Limited is |
The profit for the financial period of Vexcolt (UK) Limited was £19,151 and the aggregate amount of capital and reserves at the end of the period was £(227,279). |
The loss for the financial period of Vexcolt International Limited was £14,446 and the aggregate amount of capital and reserves at the end of the period was £(113,731). |
Page 10 |