Silverfin false false 31/10/2023 01/11/2022 31/10/2023 D Andrew 08/02/2010 L Andrew 29/08/2007 30 July 2024 The principal activity of the Company during the financial year was the supply of engineering safety products and the wholesale of new and used machine tools. 06355264 2023-10-31 06355264 bus:Director1 2023-10-31 06355264 bus:Director2 2023-10-31 06355264 2022-10-31 06355264 core:CurrentFinancialInstruments 2023-10-31 06355264 core:CurrentFinancialInstruments 2022-10-31 06355264 core:Non-currentFinancialInstruments 2023-10-31 06355264 core:Non-currentFinancialInstruments 2022-10-31 06355264 core:ShareCapital 2023-10-31 06355264 core:ShareCapital 2022-10-31 06355264 core:RetainedEarningsAccumulatedLosses 2023-10-31 06355264 core:RetainedEarningsAccumulatedLosses 2022-10-31 06355264 core:LandBuildings 2022-10-31 06355264 core:PlantMachinery 2022-10-31 06355264 core:Vehicles 2022-10-31 06355264 core:FurnitureFittings 2022-10-31 06355264 core:OfficeEquipment 2022-10-31 06355264 core:OtherPropertyPlantEquipment 2022-10-31 06355264 core:LandBuildings 2023-10-31 06355264 core:PlantMachinery 2023-10-31 06355264 core:Vehicles 2023-10-31 06355264 core:FurnitureFittings 2023-10-31 06355264 core:OfficeEquipment 2023-10-31 06355264 core:OtherPropertyPlantEquipment 2023-10-31 06355264 core:CostValuation 2022-10-31 06355264 core:CostValuation 2023-10-31 06355264 core:ImmediateParent core:Non-currentFinancialInstruments 2023-10-31 06355264 core:ImmediateParent core:Non-currentFinancialInstruments 2022-10-31 06355264 bus:OrdinaryShareClass1 2023-10-31 06355264 core:WithinOneYear 2023-10-31 06355264 core:WithinOneYear 2022-10-31 06355264 core:BetweenOneFiveYears 2023-10-31 06355264 core:BetweenOneFiveYears 2022-10-31 06355264 core:MoreThanFiveYears 2023-10-31 06355264 core:MoreThanFiveYears 2022-10-31 06355264 2022-11-01 2023-10-31 06355264 bus:FilletedAccounts 2022-11-01 2023-10-31 06355264 bus:SmallEntities 2022-11-01 2023-10-31 06355264 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 06355264 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 06355264 bus:Director1 2022-11-01 2023-10-31 06355264 bus:Director2 2022-11-01 2023-10-31 06355264 core:LandBuildings core:TopRangeValue 2022-11-01 2023-10-31 06355264 core:PlantMachinery core:TopRangeValue 2022-11-01 2023-10-31 06355264 core:Vehicles 2022-11-01 2023-10-31 06355264 core:FurnitureFittings 2022-11-01 2023-10-31 06355264 core:OfficeEquipment 2022-11-01 2023-10-31 06355264 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-11-01 2023-10-31 06355264 2021-11-01 2022-10-31 06355264 core:LandBuildings 2022-11-01 2023-10-31 06355264 core:PlantMachinery 2022-11-01 2023-10-31 06355264 core:OtherPropertyPlantEquipment 2022-11-01 2023-10-31 06355264 core:CurrentFinancialInstruments 2022-11-01 2023-10-31 06355264 core:Non-currentFinancialInstruments 2022-11-01 2023-10-31 06355264 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 06355264 bus:OrdinaryShareClass1 2021-11-01 2022-10-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 06355264 (England and Wales)

VIGILANCE ENGINEERING SAFETY PRODUCTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

VIGILANCE ENGINEERING SAFETY PRODUCTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

VIGILANCE ENGINEERING SAFETY PRODUCTS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 October 2023
VIGILANCE ENGINEERING SAFETY PRODUCTS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 161,927 179,062
Investments 4 1 1
161,928 179,063
Current assets
Stocks 843,038 703,133
Debtors 5 440,203 287,068
Cash at bank and in hand 266,305 237,838
1,549,546 1,228,039
Creditors: amounts falling due within one year 6 ( 893,377) ( 577,202)
Net current assets 656,169 650,837
Total assets less current liabilities 818,097 829,900
Creditors: amounts falling due after more than one year 7 ( 109,929) ( 181,972)
Provision for liabilities ( 34,696) ( 41,221)
Net assets 673,472 606,707
Capital and reserves
Called-up share capital 8 3 3
Profit and loss account 673,469 606,704
Total shareholder's funds 673,472 606,707

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

Directors' responsibilities:

The financial statements of Vigilance Engineering Safety Products Limited (registered number: 06355264) were approved and authorised for issue by the Board of Directors on 30 July 2024. They were signed on its behalf by:

D Andrew
Director
VIGILANCE ENGINEERING SAFETY PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
VIGILANCE ENGINEERING SAFETY PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Vigilance Engineering Safety Products Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 1-3 Chapel Lane, Clay Hill, Fishponds, Bristol, BS5 7EY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line/reducing balance] basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 5 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 20 % reducing balance
Office equipment 33 % reducing balance
Other property, plant and equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 12 12

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Office equipment Other property, plant
and equipment
Total
£ £ £ £ £ £ £
Cost
At 01 November 2022 24,255 79,713 195,910 5,826 16,281 18,485 340,470
Additions 10,692 1,400 18,000 0 4,453 0 34,545
Disposals 0 ( 180) ( 16,604) 0 0 0 ( 16,784)
At 31 October 2023 34,947 80,933 197,306 5,826 20,734 18,485 358,231
Accumulated depreciation
At 01 November 2022 16,067 48,997 63,821 3,104 10,934 18,485 161,408
Charge for the financial year 485 7,888 32,671 545 2,566 0 44,155
Disposals 0 ( 60) ( 9,199) 0 0 0 ( 9,259)
At 31 October 2023 16,552 56,825 87,293 3,649 13,500 18,485 196,304
Net book value
At 31 October 2023 18,395 24,108 110,013 2,177 7,234 0 161,927
At 31 October 2022 8,188 30,716 132,089 2,722 5,347 0 179,062

4. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 November 2022 1
At 31 October 2023 1
Carrying value at 31 October 2023 1
Carrying value at 31 October 2022 1

5. Debtors

2023 2022
£ £
Trade debtors 356,509 88,293
Amounts owed by directors 0 12,575
Prepayments 9,929 3,147
VAT recoverable 53,305 32,683
Other debtors 20,460 150,370
440,203 287,068

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 61,831 61,585
Trade creditors 355,786 315,510
Amounts owed to directors 38,019 0
Accruals 78,411 3,325
Taxation and social security 61,020 70,973
Obligations under finance leases and hire purchase contracts (secured) 289,103 121,300
Other creditors 9,207 4,509
893,377 577,202

Obligations under finance lease and hire purchase contracts are secured over the assets to which they relate.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 62,225 124,057
Amounts owed to Parent undertakings 29 30
Obligations under finance leases and hire purchase contracts (secured) 47,675 57,885
109,929 181,972

Obligations under finance lease and hire purchase contracts are secured over the assets to which they relate.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
30 Ordinary shares of £ 0.10 each 3 3

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 94,001 80,000
between one and five years 337,650 320,000
after five years 0 73,332
431,651 473,332

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 1,972 1,647

10. Related party transactions

Transactions with the entity's directors

During the year, the directors maintained a loan account with the company. At year end, the company owed the directors £38,019 (2022: the directors owed the company £12,575). Interest has been charged at the official HMRC rate when overdrawn - in 2023 this totaled £218 (2022: £557). There are no fixed repayment terms.

The Company has taken advantage of the exemption available under FRS 102 S1.AC 35 to not disclose transactions with related parties within a wholly owned group.

The Company maintains a trading account with a number of Companies under the control of close family members of the shareholders. During the current and preceding year the Company made purchases and sales to these related parties at arms length. At the year end these related parties owed the Company £17,670 (2022: £132,198).