Company registration number 07257861 (England and Wales)
VITRITECH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
VITRITECH LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
VITRITECH LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
42,640
55,511
Tangible assets
5
684,854
648,604
727,494
704,115
Current assets
Stocks
777,499
67,047
Debtors
6
330,811
798,719
Cash at bank and in hand
752,069
777,774
1,860,379
1,643,540
Creditors: amounts falling due within one year
7
(1,838,103)
(823,903)
Net current assets
22,276
819,637
Total assets less current liabilities
749,770
1,523,752
Creditors: amounts falling due after more than one year
8
(5,283)
(24,433)
-
-
Net assets
744,487
1,499,319
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
744,387
1,499,219
Total equity
744,487
1,499,319
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
VITRITECH LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023
30 June 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 November 2023 and are signed on its behalf by:
BK Stewart
Director
Company Registration No. 07257861
VITRITECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information
Vitritech Limited is a private company limited by shares incorporated in England and Wales. The registered office is Northfield Road, Rotherham, South Yorkshire, England, S60 1RR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents
20 years
VITRITECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
5 -10 years
Fixtures, fittings & equipment
3 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
VITRITECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
VITRITECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Income recognition for contracts
Income from contracts is recognised on delivery of goods and services. Costs for contracts are held in stock as work in progress until delivery when all risks and rewards transfer. At the year end amounts included in deferred income total £1,561,892 (2022: £nil).
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
12
12
4
Intangible fixed assets
Patents
£
Cost
At 1 July 2022 and 30 June 2023
64,356
Amortisation and impairment
At 1 July 2022
8,845
Amortisation charged for the year
12,871
At 30 June 2023
21,716
Carrying amount
At 30 June 2023
42,640
At 30 June 2022
55,511
VITRITECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
5
Tangible fixed assets
Assets under construction
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 July 2022
747,512
6,107
753,619
Additions
127,381
26,408
153,789
Disposals
(75,385)
(75,385)
At 30 June 2023
127,381
698,535
6,107
832,023
Depreciation and impairment
At 1 July 2022
98,908
6,107
105,015
Depreciation charged in the year
83,639
83,639
Eliminated in respect of disposals
(41,485)
(41,485)
At 30 June 2023
141,062
6,107
147,169
Carrying amount
At 30 June 2023
127,381
557,473
684,854
At 30 June 2022
648,604
648,604
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
65,250
750,000
Other debtors
265,561
48,719
330,811
798,719
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
76,751
46,221
Taxation and social security
17,059
13,654
Other creditors
1,744,293
764,028
1,838,103
823,903
VITRITECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
16,250
Other creditors
5,283
8,183
5,283
24,433
Included in creditor greater than one year is a preference share. The details of the preference share rights are provided in the share capital note.
9
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
2,900
2,900
In two to five years
5,283
8,183
8,183
11,083
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
10
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Authorised
B Ordinary Shares of 1p each
6,500
6,500
65
65
Ordinary Shares of 1p each
2,500
2,500
25
25
C Ordinary Shares of 1p each
1,000
1,000
10
10
D Ordinary Shares of 1p each
1,000
1,000
10
10
11,000
11,000
110
110
Issued and fully paid
B Ordinary Shares of 1p each
6,500
6,500
65
65
Ordinary Shares of 1p each
2,500
2,500
25
25
C Ordinary Shares of 1p each
1,000
1,000
10
10
10,000
10,000
100
100
VITRITECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
10
Share capital
(Continued)
- 9 -
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Authorised
Issued and fully paid
A Ordinary shares of 1p each
1
1
-
-
1
1
-
-
The preference shares are treated as debt and shown in creditors due > 1 year.
The rights of the company shares are as follows:
Voting:
A Ordinary shares are entitled to receive notice of all general meetings but shall not be entitled to attend or vote,
B shareholders, Ordinary share, C Shareholders shall have a right to vote.
D shareholders are not entitled to attend or vote.
Capital:
On a return of assets, the assets of the company remaining after the payment of its liabilities shall be applied as follows:
First in paying the A shareholders, if the A share limit has not been met, an amount equal to the A share limits less the aggregate dividends paid to the A shareholders. Secondly the balance of those assets shall be distributed amongst the B shareholders, Ordinary share, C Shareholders and D shareholders in proportion to the number of shares held respectively.
Distributions:
Ordinary shares: to pay the balance of such available profits following the distribution of the A Ordinary share. Thereafter the dividend rights are the same as for B Ordinary shares and C Ordinary shares.
A Ordinary share: share rights of 10% of the available profits per annum for a period of five years from and including the first year in which available profits exceed £100,000 provided that the A Ordinary share shall not be entitled to receive dividends in respect of more than five consecutive financial years in which available profits exceed £100,000 and subject to a limit of £3,000,000 in aggregate.
B Ordinary shares: to pay the balance of such available profits following the distribution of the A Ordinary share. Thereafter the dividend rights are the same as for Ordinary shares and C Ordinary shares.
C Ordinary shares: no dividend will be payable prior to 1 May 2023. Thereafter the dividend rights are the same as for Ordinary shares and B Ordinary shares.
D Ordinary shares: have no right to receive payment of any dividend declared.
11
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
168,750
168,750
VITRITECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 10 -
12
Parent company
The parent undertaking of this company is Vitri Holdings Limited, a company which is limited by shares and registered in England and Wales.
The ultimate controlling party is Mr B K Stewart.
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