Company Registration No. 04304681 (England and Wales)
VESTY (UK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2023
30 September 2023
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
VESTY (UK) LIMITED
COMPANY INFORMATION
Directors
Mr D P Brown
Miss A L C Eriksson
Secretary
Miss A L C Eriksson
Company number
04304681
Registered office
Unit 2 Bridgewater Close
Network 65 Business Park
Burnley
Lancashire
BB11 5TE
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
VESTY (UK) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
VESTY (UK) LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
87,936
141,372
Current assets
Stocks
3,975,257
3,806,530
Debtors
4
1,025,686
1,178,902
Cash at bank and in hand
629,952
286,543
5,630,895
5,271,975
Creditors: amounts falling due within one year
5
(1,982,744)
(1,665,290)
Net current assets
3,648,151
3,606,685
Total assets less current liabilities
3,736,087
3,748,057
Creditors: amounts falling due after more than one year
6
(69,524)
(82,374)
Provisions for liabilities
(934)
Net assets
3,666,563
3,664,749
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
3,665,563
3,663,749
Total equity
3,666,563
3,664,749
The notes on pages 3 to 6 form part of these financial statements.
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 September 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 member has 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.
VESTY (UK) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023
30 September 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 March 2024 and are signed on its behalf by:
Mr D P Brown
Miss A L C Eriksson
Director
Director
Company registration number 04304681 (England and Wales)
VESTY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information
Vesty (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2 Bridgewater Close, Network 65 Business Park, Burnley, Lancashire, BB11 5TE.
1.1
Accounting convention
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.
The financial statements have been prepared under the historical cost convention.
1.2
Turnover
Turnover represents net invoiced sales of goods, excluding value added tax.
1.3
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold property
over the term of the lease
Plant and machinery
20% on cost
Fixtures and fittings
20% on cost
Computer Equpment
33% on cost
Motor vehicles
25% on cost
1.4
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.5
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
VESTY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the
company's pension scheme are charged to profit or loss in the period to which they relate.
1.7
Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
1.8
Foreign exchange
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
20
19
VESTY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
3
Tangible fixed assets
Short leasehold property
Plant and machinery
Fixtures and fittings
Computer Equpment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2022
16,000
154,429
42,490
88,896
262,994
564,809
Additions
10,846
10,846
At 30 September 2023
16,000
154,429
53,336
88,896
262,994
575,655
Depreciation and impairment
At 1 October 2022
16,000
154,429
39,409
85,322
128,277
423,437
Depreciation charged in the year
2,248
2,983
59,051
64,282
At 30 September 2023
16,000
154,429
41,657
88,305
187,328
487,719
Carrying amount
At 30 September 2023
11,679
591
75,666
87,936
At 30 September 2022
3,081
3,574
134,717
141,372
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
522,699
761,575
Other debtors
502,987
417,327
1,025,686
1,178,902
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
245,305
207,528
Amounts owed to group undertakings
729,508
257,908
Taxation and social security
333,868
436,069
Other creditors
674,063
763,785
1,982,744
1,665,290
Included in creditors due within one year are hire purchase balances of £12,677 (2022 - £11,833) which are secured by fixed charges over the assets to which they relate.
VESTY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
69,524
82,374
Included in creditors due after one year are hire purchase balances of £69,524 (2022 - £82,374) are secured by fixed charges over the assets to which they relate.
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
3,903
133,280