Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31No description of principal activitytrue2022-04-01false4340trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05430730 2022-04-01 2023-03-31 05430730 2021-04-01 2022-03-31 05430730 2023-03-31 05430730 2022-03-31 05430730 2021-04-01 05430730 c:Director1 2022-04-01 2023-03-31 05430730 d:Buildings d:LongLeaseholdAssets 2022-04-01 2023-03-31 05430730 d:Buildings d:LongLeaseholdAssets 2023-03-31 05430730 d:Buildings d:LongLeaseholdAssets 2022-03-31 05430730 d:PlantMachinery 2022-04-01 2023-03-31 05430730 d:PlantMachinery 2023-03-31 05430730 d:PlantMachinery 2022-03-31 05430730 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05430730 d:MotorVehicles 2022-04-01 2023-03-31 05430730 d:MotorVehicles 2023-03-31 05430730 d:MotorVehicles 2022-03-31 05430730 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05430730 d:FurnitureFittings 2022-04-01 2023-03-31 05430730 d:FurnitureFittings 2023-03-31 05430730 d:FurnitureFittings 2022-03-31 05430730 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05430730 d:OfficeEquipment 2022-04-01 2023-03-31 05430730 d:OfficeEquipment 2023-03-31 05430730 d:OfficeEquipment 2022-03-31 05430730 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05430730 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05430730 d:CurrentFinancialInstruments 2023-03-31 05430730 d:CurrentFinancialInstruments 2022-03-31 05430730 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 05430730 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 05430730 d:ShareCapital 2023-03-31 05430730 d:ShareCapital 2022-03-31 05430730 d:RetainedEarningsAccumulatedLosses 2023-03-31 05430730 d:RetainedEarningsAccumulatedLosses 2022-03-31 05430730 c:OrdinaryShareClass1 2022-04-01 2023-03-31 05430730 c:OrdinaryShareClass1 2023-03-31 05430730 c:OrdinaryShareClass1 2022-03-31 05430730 c:FRS102 2022-04-01 2023-03-31 05430730 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 05430730 c:FullAccounts 2022-04-01 2023-03-31 05430730 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05430730 d:WithinOneYear 2023-03-31 05430730 d:WithinOneYear 2022-03-31 05430730 d:BetweenOneFiveYears 2023-03-31 05430730 d:BetweenOneFiveYears 2022-03-31 05430730 d:MoreThanFiveYears 2023-03-31 05430730 d:MoreThanFiveYears 2022-03-31 05430730 7 2022-04-01 2023-03-31 05430730 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 05430730 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 05430730 d:OtherDeferredTax 2023-03-31 05430730 d:OtherDeferredTax 2022-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05430730









VEKER EXTRUSIONS & GASKETS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
VEKER EXTRUSIONS & GASKETS LIMITED
REGISTERED NUMBER: 05430730

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
819,310
698,060

  
819,310
698,060

Current assets
  

Stocks
  
37,564
37,745

Debtors: amounts falling due within one year
 5 
1,600,525
1,921,750

Cash at bank and in hand
  
1,320,888
2,218,704

  
2,958,977
4,178,199

Creditors: amounts falling due within one year
 6 
(1,394,589)
(2,411,160)

Net current assets
  
 
 
1,564,388
 
 
1,767,039

Total assets less current liabilities
  
2,383,698
2,465,099

Provisions for liabilities
  

Deferred tax
 7 
(168,301)
(133,713)

  
 
 
(168,301)
 
 
(133,713)

Net assets
  
2,215,397
2,331,386


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
2,215,297
2,331,286

  
2,215,397
2,331,386


Page 1

 
VEKER EXTRUSIONS & GASKETS LIMITED
REGISTERED NUMBER: 05430730
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 November 2023.




Paul Kersel
Director

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
VEKER EXTRUSIONS & GASKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

The Company is a private company, limited by shares, incorporated and domiciled in England within the United Kingdom, registration number 05430730.  The Company's registered office is Shaftmoor Industrial Estate, Shaftmoor Lane, Hall Green, Birmingham, United Kingdom, B28 8SP.
The financial statements are presented in sterling which is the functional currency of the company and the financial statements are rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

Cash flow
Under Financial Reporting Standard 102, the company is exempt from the requirement to prepare a cash flow statement on the grounds that it qualifies as a small company.

 
2.2

Going concern

The directors have prepared the accounts on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
VEKER EXTRUSIONS & GASKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
VEKER EXTRUSIONS & GASKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 5

 
VEKER EXTRUSIONS & GASKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Over the period of the lease
Plant and machinery
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
20% straight line
Office equipment
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.12

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
VEKER EXTRUSIONS & GASKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.15

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Page 7

 
VEKER EXTRUSIONS & GASKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)


Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 43 (2022 - 40).

Page 8

 
VEKER EXTRUSIONS & GASKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Computer equipment
Office equipment

£
£
£
£
£



Cost or valuation


At 1 April 2022
220,574
1,830,177
39,625
133,350
25,794


Additions
-
208,352
-
1,932
-



At 31 March 2023

220,574
2,038,529
39,625
135,282
25,794



Depreciation


At 1 April 2022
158,751
1,209,744
37,029
121,373
24,562


Charge for the year on owned assets
11,776
71,337
649
4,743
531



At 31 March 2023

170,527
1,281,081
37,678
126,116
25,093



Net book value



At 31 March 2023
50,047
757,448
1,947
9,166
701



At 31 March 2022
61,823
620,433
2,596
11,976
1,232
Page 9

 
VEKER EXTRUSIONS & GASKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

           4.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 April 2022
2,249,520


Additions
210,284



At 31 March 2023

2,459,804



Depreciation


At 1 April 2022
1,551,459


Charge for the year on owned assets
89,036



At 31 March 2023

1,640,495



Net book value



At 31 March 2023
819,309



At 31 March 2022
698,060

Page 10

 
VEKER EXTRUSIONS & GASKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Debtors

2023
2022
£
£


Trade debtors
1,544,835
1,817,585

Other debtors
-
51,506

Prepayments and accrued income
55,690
52,659

1,600,525
1,921,750



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,023,930
1,170,300

Corporation tax
-
138,753

Other taxation and social security
107,496
184,721

Other creditors
188,811
830,564

Accruals and deferred income
74,352
86,822

1,394,589
2,411,160


Page 11

 
VEKER EXTRUSIONS & GASKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Deferred taxation




2023
2022


£

£






At beginning of year
(133,712)
(110,370)


Charged to profit or loss
(34,589)
(23,343)



At end of year
(168,301)
(133,713)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(136,210)
(101,620)

Changes in tax rates
(32,092)
(32,092)

(168,302)
(133,712)


8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. Contributions totalling £3,587 (2022 - £3,914) are due to the fund at the balance sheet date and are included in creditors.

Page 12

 
VEKER EXTRUSIONS & GASKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Commitments under operating leases

At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
108,882
114,457

Later than 1 year and not later than 5 years
290,437
342,757

Later than 5 years
-
19,133

399,319
476,347


11.


Transactions with directors

As at the year end £145,257 (2022: £789,678) was due to the directors of the company. The loan is interest free and repayable on demand. 

 
Page 13