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Registration number: 07922841

Global Vac Forming Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Global Vac Forming Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Global Vac Forming Limited

Company Information

Directors

G. P. Leach

A. R. Smith

Registered office

Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

Accountants

Robert Whowell & Partners LLP
Chartered Accountants
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

 

Global Vac Forming Limited

(Registration number: 07922841)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

115,740

153,280

Current assets

 

Stocks

5

183,163

263,446

Debtors

6

476,249

642,830

Cash at bank and in hand

 

467,547

813,513

 

1,126,959

1,719,789

Creditors: Amounts falling due within one year

7

(331,419)

(343,933)

Net current assets

 

795,540

1,375,856

Total assets less current liabilities

 

911,280

1,529,136

Provisions for liabilities

(25,016)

(25,490)

Net assets

 

886,264

1,503,646

Capital and reserves

 

Called up share capital

8

240

480

Capital redemption reserve

360

120

Retained earnings

885,664

1,503,046

Shareholders' funds

 

886,264

1,503,646

 

Global Vac Forming Limited

(Registration number: 07922841)
Balance Sheet as at 30 April 2023

For the financial year ending 30 April 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 September 2023 and signed on its behalf by:
 

.........................................
A. R. Smith
Director

 

Global Vac Forming Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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:
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

These financial statements were authorised for issue by the Board on 11 September 2023.

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 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.

 

Global Vac Forming Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. 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 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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

straight line over the life of the lease

Fixtures, fittings and equipment

10% straight line

Plant and machinery

10% straight line

 

Global Vac Forming Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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 debtors.

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 comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks 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 the profit and loss account.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

 

Global Vac Forming Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease. 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 useful life of the asset. 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.

Dividends

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

 

Global Vac Forming Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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 17 (2022 - 22).

 

Global Vac Forming Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Tangible assets

Leasehold improvements
£

Fixtures, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 May 2022

78,920

8,500

517,942

605,362

Additions

-

-

13,186

13,186

At 30 April 2023

78,920

8,500

531,128

618,548

Depreciation

At 1 May 2022

69,980

8,500

373,602

452,082

Charge for the year

2,230

-

48,496

50,726

At 30 April 2023

72,210

8,500

422,098

502,808

Carrying amount

At 30 April 2023

6,710

-

109,030

115,740

At 30 April 2022

8,940

-

144,340

153,280

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

183,163

263,446

6

Debtors

Current

2023
£

2022
£

Trade debtors

357,770

461,608

Prepayments

43,422

42,490

Other debtors

75,057

138,732

 

476,249

642,830

 

Global Vac Forming Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

210,722

224,659

Taxation and social security

110,665

94,259

Accruals and deferred income

9,310

24,641

Other creditors

722

374

331,419

343,933

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

200

200

400

400

A shares of £1 each

-

-

20

20

B shares of £1 each

20

20

20

20

C shares of £1 each

-

-

20

20

D shares of £1 each

20

20

20

20

 

240

240

480

480

 

Global Vac Forming Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

9

Related party transactions

Transactions with directors

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

K. C. Masters

Director's loan account

20,000

5,000

(25,000)

-

         
       

J. M. Dyson

Director's loan account

20,000

-

(20,000)

-

         
       

 

2022

At 1 May 2021
£

Advances to director
£

Repayments by director
£

At 30 April 2022
£

K. C. Masters

Director's loan account

(705)

65,000

(44,295)

20,000

         
       

J. M. Dyson

Director's loan account

(705)

60,000

(39,295)

20,000

         
       

 

Summary of transactions with other related parties

During the year dividends of £140,040 (2022 - £212,180) were paid to the directors and close family members.