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Registrar

Registration number: 01137688

Volspec Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2022

 

Volspec Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Volspec Limited

Company Information

Directors

A W Notley

A G Read

Registered office

Woodrolfe Road
Tollesbury
Maldon
Essex
CM9 8SE

Bankers

Barclays Bank plc
High Street
Chelmsford
Essex
CM1 1BG

Accountants

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Volspec Limited

(Registration number: 01137688)
Balance Sheet as at 30 April 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

43,853

58,112

Current assets

 

Stocks

5

472,146

394,743

Debtors

6

756,490

609,568

Cash at bank and in hand

 

303,528

583,004

 

1,532,164

1,587,315

Creditors: Amounts falling due within one year

7

(414,945)

(489,498)

Net current assets

 

1,117,219

1,097,817

Total assets less current liabilities

 

1,161,072

1,155,929

Provisions for liabilities

(8,332)

(11,041)

Net assets

 

1,152,740

1,144,888

Capital and reserves

 

Called up share capital

8

116

116

Share premium reserve

96,300

96,300

Revaluation reserve

11,937

11,937

Profit and loss account

1,044,387

1,036,535

Shareholders' funds

 

1,152,740

1,144,888

 

Volspec Limited

(Registration number: 01137688)
Balance Sheet as at 30 April 2022

For the financial year ending 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 19 August 2022 and signed on its behalf by:
 

A W Notley
Director

A G Read
Director

 

Volspec Limited

Notes to the Financial Statements for the Year Ended 30 April 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office and principal place of business is: Woodrolfe Road, Tollesbury, Maldon, Essex, CM9 8SE.

On 12th July 2022, Mr Robert George Brammer resigned as a director

2

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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the retailing and servicing of marine and other engines. Turnover is shown net of 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

Current Tax is recognised in the profit and loss account, 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

 

Volspec Limited

Notes to the Financial Statements for the Year Ended 30 April 2022

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short leasehold

Over the term of the lease

Plant and machinery

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Volspec Limited

Notes to the Financial Statements for the Year Ended 30 April 2022

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2021 - 22).

 

Volspec Limited

Notes to the Financial Statements for the Year Ended 30 April 2022

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2021

7,200

110,113

105,440

222,753

Additions

-

-

322

322

At 30 April 2022

7,200

110,113

105,762

223,075

Depreciation

At 1 May 2021

7,200

71,753

85,688

164,641

Charge for the year

-

9,590

4,991

14,581

At 30 April 2022

7,200

81,343

90,679

179,222

Carrying amount

At 30 April 2022

-

28,770

15,083

43,853

At 30 April 2021

-

38,360

19,752

58,112

5

Stocks

2022
£

2021
£

Stocks

472,146

394,743

6

Debtors

Note

2022
£

2021
£

Trade debtors

 

221,276

232,053

Amounts owed by group undertakings and undertakings in which the company has a participating interest

11

472,328

318,523

Prepayments

 

32,373

45,369

Other debtors

 

30,513

13,623

 

756,490

609,568

 

Volspec Limited

Notes to the Financial Statements for the Year Ended 30 April 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
 £

2021
 £

Due within one year

 

Loans and borrowing

9

-

1,512

Trade creditors

 

304,598

230,686

Taxation and social security

 

19,559

115,524

Other creditors

 

90,788

141,776

 

414,945

489,498

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

116

116

116

116

         

9

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Hire purchase contracts

-

1,512

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £3,251 (2021 - £20,768). These are in respect of operating leases.

 

Volspec Limited

Notes to the Financial Statements for the Year Ended 30 April 2022

11

Related party transactions

Transactions with directors

2022

At 1 May 2021
£

Advances to director
£

Repayments by director
£

At 30 April 2022
£

(10,750)

13,555

-

2,805

         
         

 

2021

At 1 May 2020
£

Advances to director
£

Repayments by director
£

At 30 April 2021
£

(3,856)

31,552

(38,446)

(10,750)

         
         

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2022
£

2021
£

Remuneration

99,240

107,240

Contributions paid to money purchase schemes

117,200

19,200

216,440

126,440

Summary of transactions with parent

Volspec (Holding) Limited
 

Loans to related parties

2022

Parent
£

Total
£

At start of period

318,523

318,523

Advanced

379,000

379,000

Repaid

(251,000)

(251,000)

At end of period

446,523

446,523

2021

Parent
£

Total
£

At start of period

309,503

309,503

Advanced

329,020

329,020

Repaid

(320,000)

(320,000)

At end of period

318,523

318,523