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Registration number: 3607580

Vigo Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Vigo Limited

(Registration number: 3607580)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

5

88,316

83,454

Current assets

 

Stocks

6

901,253

766,984

Debtors

7

1,002,954

981,715

Cash at bank and in hand

 

379,852

887,376

 

2,284,059

2,636,075

Creditors: Amounts falling due within one year

8

(758,364)

(1,469,860)

Net current assets

 

1,525,695

1,166,215

Total assets less current liabilities

 

1,614,011

1,249,669

Creditors: Amounts falling due after more than one year

8

-

(50,000)

Provisions for liabilities

(15,523)

(14,518)

Net assets

 

1,598,488

1,185,151

Capital and reserves

 

Called up share capital

10,175

10,175

Share premium reserve

61,620

61,620

Retained earnings

1,526,693

1,113,356

Shareholders' funds

 

1,598,488

1,185,151

For the financial year ending 31 December 2021 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 9 September 2022 and signed on its behalf by:
 

.........................................

S A Pitts
Director

 

Vigo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

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

The address of its registered office is:
Unit D
Dunkeswell Business Park
The Airfield
Honiton
Devon
EX14 4LF

These financial statements were authorised for issue by the Board on 9 September 2022.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These 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 current and deferred 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.

 

Vigo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and machinery

20% reducing balance

Fixtures, fittings and equipment

15% - 20% reducing balance and 33% straight line

Motor vehicles

25% reducing balance

Leasehold property

25% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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.

 

Vigo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2020 - 19).

 

Vigo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2021

27,000

27,000

At 31 December 2021

27,000

27,000

Amortisation

At 1 January 2021

27,000

27,000

At 31 December 2021

27,000

27,000

Carrying amount

At 31 December 2021

-

-

At 31 December 2020

-

-

 

Vigo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2021

675

168,747

60,062

98,618

328,102

Additions

670

11,525

-

14,476

26,671

Disposals

-

(1,344)

(14,945)

(3,242)

(19,531)

At 31 December 2021

1,345

178,928

45,117

109,852

335,242

Depreciation

At 1 January 2021

619

142,749

32,759

68,521

244,648

Charge for the year

187

8,161

6,030

6,092

20,470

Eliminated on disposal

-

(1,118)

(14,023)

(3,051)

(18,192)

At 31 December 2021

806

149,792

24,766

71,562

246,926

Carrying amount

At 31 December 2021

539

29,136

20,351

38,290

88,316

At 31 December 2020

56

25,998

27,303

30,097

83,454

 

Vigo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

6

Stocks

2021
£

2020
£

Raw materials and consumables

901,253

766,984

7

Debtors

Note

2021
£

2020
£

Trade debtors

 

82,752

91,797

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

739,463

584,316

Prepayments

 

12,678

8,672

Other debtors

 

168,061

296,930

 

1,002,954

981,715

Current

Note

2021
£

2020
£

Trade debtors

 

82,752

91,797

Amounts owed by related parties

739,463

584,316

Prepayments

 

12,678

8,672

Other debtors

 

168,061

296,930

   

1,002,954

981,715

8

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

9

-

173,507

Trade creditors

 

150,482

150,052

Taxation and social security

 

261,429

413,015

Accruals and deferred income

 

35,973

123,584

Other creditors

 

310,480

609,702

 

758,364

1,469,860

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £nil (2020- £130,000). 80% of the bank loan was secured by a government guarantee.

 

Vigo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

9

-

50,000

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £nil (2020 - £50,000). 80% of the bank loan was secured by a government guarantee.

9

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

-

50,000

2021
£

2020
£

Current loans and borrowings

Bank borrowings

-

130,000

Other borrowings

-

43,507

-

173,507