Registration number:
Vanton Pumps (Europe) Ltd
for the Year Ended 31 March 2023
Vanton Pumps (Europe) Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Vanton Pumps (Europe) Ltd
Company Information
Director |
Mr Andrew Bould |
Company secretary |
Mrs Sharon Bould |
Registered office |
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Accountants |
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Vanton Pumps (Europe) Ltd
(Registration number: 05808822)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
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Fixed Assets |
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Tangible Assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
149,049 |
193,142 |
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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:
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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
.........................................
Mr Andrew Bould
Director
Vanton Pumps (Europe) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
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:
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 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
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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
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
Recognition and measurement
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
Vanton Pumps (Europe) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Government grants |
The amount of grants recognised in the financial statements was £Nil (2022 - £
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible Assets |
Furniture, fittings and equipment |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 April 2022 |
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Additions |
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- |
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Disposals |
( |
( |
( |
At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
( |
At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Stocks |
2023 |
2022 |
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Other inventories |
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Vanton Pumps (Europe) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Debtors |
Note |
2023 |
2022 |
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Trade debtors |
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Amounts owed by company under common control |
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- |
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Prepayments |
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Other debtors |
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Vanton Pumps (Europe) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
- |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
- |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Loans and borrowings |
2023 |
2022 |
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Current loans and borrowings |
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Other borrowings |
- |
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Dividends |
Final dividends paid
2023 |
2022 |
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Final dividend of £ |
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Vanton Pumps (Europe) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Related party transactions |
Key management compensation
2023 |
2022 |
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Salaries and other short term employee benefits |
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Transactions with the director |
2023 |
At 1 April 2022 |
Advances to director |
Repayments by director |
At 31 March 2023 |
Mr Andrew Bould |
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( |
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( |
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Mrs Sharon Bould |
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( |
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( |
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2022 |
At 1 April 2021 |
Advances to director |
Repayments by director |
At 31 March 2022 |
Mr Andrew Bould |
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( |
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( |
( |
Mrs Sharon Bould |
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( |
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( |
( |
Dividends Paid to Director |
2023 |
2022 |
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Mrs Sharon Bould |
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20,000 |
30,000 |
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Mr Andrew Bould |
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20,000 |
30,000 |
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Summary of transactions with other related parties
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
Parent and ultimate parent undertaking |
The ultimate controlling party is