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Registration number: 05808822

Vanton Pumps (Europe) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Vanton Pumps (Europe) Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 12

 

Vanton Pumps (Europe) Ltd

Company Information

Director

Mr Andrew Bould

Company secretary

Mrs Sharon Bould

Registered office

Unit 4
Royle Park
Royle Street
Congleton
Cheshire
CW12 1JJ

Accountants

Prospero Accounting Ltd
Chartered Accountants
Lowry House
17 Marble Street
Manchester
M2 3AW

 

Vanton Pumps (Europe) Ltd

(Registration number: 05808822)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

5

3,400

3,964

Current assets

 

Stocks

6

71,316

80,659

Debtors

7

132,498

83,059

Cash at bank and in hand

 

63,549

142,581

 

267,363

306,299

Creditors: Amounts falling due within one year

8

(122,016)

(116,223)

Net current assets

 

145,347

190,076

Total assets less current liabilities

 

148,747

194,040

Provisions for liabilities

402

(798)

Net assets

 

149,149

193,242

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

149,049

193,142

Shareholders' funds

 

149,149

193,242

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director on 10 November 2023
 

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

Mr Andrew Bould

Director

 

Vanton Pumps (Europe) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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 and principal place of business is:
Unit 4
Royle Park
Royle Street
Congleton
Cheshire
CW12 1JJ
England

These financial statements were authorised for issue by the director on 10 November 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.

 

Vanton Pumps (Europe) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Going concern

The company suffered a loss after tax of £4,093 during the period ended 31st March 2023 (2022: profit after tax £108,354), and as of that date, the Company had net assets of £149,149 (2022: £193,242).

While the company has been benefitting from continuous trading, the Covid-19 pandemic has resulted in significant uncertainties in the world economy. However, as a specialist in pumps, whose services are in much demand, the director is optimistic about the company's future.

The financial statements are therefore prepared on the going concern basis.

Changes in circumstances

Covid-19 Pandemic
During 2020 and 2021, the spread of COVID-19 has severely impacted many local economies around the globe. In many countries, businesses were forced to cease or limit operations for long or indefinite periods of time. Measures taken to contain the spread of the virus, including travel bans, quarantines, social distancing, and closures of non-essential services have triggered significant disruptions to businesses worldwide, resulting in an economic slowdown. Global stock markets have also experienced great volatility and a significant weakening. Governments and central banks have responded with monetary and fiscal interventions to try and stabilise
economic conditions.

The company does have customers inside and outside of the EU, which have affected sales during this period, But since the Covid restrictions have been largely relaxed in Europe since 2022, the Director expects that they can be operating at normal sales capacity.

The director has concluded that these events are non-adjusting subsequent events. Accordingly, the financial position and results of operations as of and for the period ended 31 March 2023 have not been adjusted to reflect their impact. The duration and impact of the COVID-19 pandemic, as well as the effectiveness of government and central bank responses, still remains unclear at this time. It is not possible to reliably estimate the duration and severity of these consequences, as well as their impact on the financial position and results of the Company for future periods.

Judgements

Preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that the actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on items in the financial statements where these judgements have been made include:

1. As with most UK companies, we are still unsure about the impact following the exit of the UK from the European Union. We are involved in the manufacture of pumps and compressors and both import the product and sell to customers in the UK and Europe. We have to make significant judgements as to how we feel the economy will perform in the forthcoming year and how that will affect our customers purchasing decisions. We are also uncertain currently of the position re import tariffs following Brexit. We are monitoring the situation closely, but it appears that the future situation between the UK and EU is at best uncertain.

2. The calculation of tax liabilities involves uncertainties in the application of complex tax laws. Determining tax provisions therefore requires judgement on the treatment of certain transactions. Deferred tax is recognised on tax losses not yet used and on temporary differences where it is probable that there will be a taxable revenue against which these can be offset. Management has made judgements as to the probability of future taxable revenues being generated against which tax losses will be available for offset.

 

Vanton Pumps (Europe) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Key sources of estimation uncertainty

1. The obsolescence provision for stock and therefore the realisable value and net value of stock dependent on trends and technological improvements and market pricing of pumps and compressors.. The carrying amount is £71,316 (2022 -£80,659).

2. Impairmant of Debtors - The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. . The carrying amount is £125,612 (2022 -£74,513).

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.

Government grants

Grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and the company will comply with all the attached conditions.

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 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.

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.

 

Vanton Pumps (Europe) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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

Fixtures and fittings

25% reducing balance basis

Office equipment

25% reducing balance basis

Plant and machinery

25% reducing balance basis

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.

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.

 

Vanton Pumps (Europe) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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.

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 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.

Financial instruments

Classification
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102, in full, to all of its financial instruments.The following assets and liabilities are classified as financial instruments - inter related company debt, trade debtors, trade creditors, bank loans and directors' loans.

 Recognition and measurement
Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Related company debt, directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

 Impairment
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

 

Vanton Pumps (Europe) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Government grants

Government grants relate to salary costs under the Coronavirus Job Retention Scheme and are recognised in the profit and loss account over the period necessary to match them with the costs that they are intended to compensate.

The amount of grants recognised in the financial statements was £Nil (2022 - £16,921).

4

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

5

Tangible Assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

14,702

6,029

20,731

Additions

614

-

614

Disposals

(2,787)

(166)

(2,953)

At 31 March 2023

12,529

5,863

18,392

Depreciation

At 1 April 2022

12,508

4,259

16,767

Charge for the year

612

443

1,055

Eliminated on disposal

(2,686)

(144)

(2,830)

At 31 March 2023

10,434

4,558

14,992

Carrying amount

At 31 March 2023

2,095

1,305

3,400

At 31 March 2022

2,194

1,770

3,964

6

Stocks

2023
£

2022
£

Other inventories

71,316

80,659

 

Vanton Pumps (Europe) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

125,612

74,513

Amounts owed by company under common control

12

5,000

-

Prepayments

 

1,825

7,160

Other debtors

 

61

1,386

 

132,498

83,059

 

Vanton Pumps (Europe) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

-

34,950

Trade creditors

 

99,099

56,756

Taxation and social security

 

18,433

22,001

Accruals and deferred income

 

4,484

2,300

Other creditors

 

-

216

 

122,016

116,223

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

         

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

-

34,950

11

Dividends

Final dividends paid

   

2023
£

 

2022
£

Final dividend of £400.00 (2022 - £600.00) per each Ordinary Share.

 

40,000

 

60,000

         
 

Vanton Pumps (Europe) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

12

Related party transactions

Key management compensation

2023
£

2022
£

Salaries and other short term employee benefits

66,654

65,757

Transactions with the director

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr Andrew Bould

(17,475)

37,500

(20,000)

25

         
       

Mrs Sharon Bould

(17,475)

37,500

(20,000)

25

         
       

 

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

Mr Andrew Bould

(2,875)

15,400

(30,000)

(17,475)

         
       

Mrs Sharon Bould

(2,875)

15,400

(30,000)

(17,475)

         
       

 

Dividends Paid to Director

   

2023
£

 

2022
£

Mrs Sharon Bould

       

 

20,000

 

30,000

         

Mr Andrew Bould

       

 

20,000

 

30,000

         

Summary of transactions with other related parties

Floquip Pumps & Filters Ltd
The company carries out transactions with Floquip Pumps & Filters Ltd and is related by common director and shareholder Mr Andrew Bould.

Vanton Pumps & Equipment Corp
The company carries out transactions with Vanton Pumps & Equipment Corp for which it acts as the main sales distributor for USA, Europe, the Middle East and Africa.

 
At the balance sheet date the amount due from Floquip Pumps & Filters Ltd was £5,000 (2022 - £nil).

At the balance sheet date the amount due to Vanton Pumps & Equipment Corp was £95,529 (2022 - £54,590).

 

 

Vanton Pumps (Europe) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

13

Parent and ultimate parent undertaking

The ultimate controlling party is the director.