Company registration number 03689522 (England and Wales)
VOLMEC UK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
VOLMEC UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
VOLMEC UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
63,489
54,433
Current assets
Stocks
194,710
265,482
Debtors
5
38,961
101,958
Cash at bank and in hand
106,730
131,935
340,401
499,375
Creditors: amounts falling due within one year
6
(110,089)
(145,874)
Net current assets
230,312
353,501
Total assets less current liabilities
293,801
407,934
Creditors: amounts falling due after more than one year
7
(116,326)
(143,170)
Net assets
177,475
264,764
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
176,475
263,764
Total equity
177,475
264,764

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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.

The financial statements were approved by the board of directors and authorised for issue on 12 August 2024 and are signed on its behalf by:
Mr Andrew Munro
Director
Company registration number 03689522 (England and Wales)
VOLMEC UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Volmec UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Plant Yard, School Street, Stairfoot, Barnsley, South Yorkshire, S70 3PT.

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 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 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.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Leasehold land and buildings
2% on cost
Plant and equipment
25% Reducing balance
Fixtures and fittings
25% Reducing balance
Motor vehicles
25% Reducing balance

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.

1.4
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.

1.5
Financial instruments
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.

VOLMEC UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic 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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
5
6
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
73,344
108,972
182,316
Additions
-
0
14,754
14,754
At 31 December 2023
73,344
123,726
197,070
Depreciation and impairment
At 1 January 2023
30,835
97,048
127,883
Depreciation charged in the year
1,467
4,231
5,698
At 31 December 2023
32,302
101,279
133,581
Carrying amount
At 31 December 2023
41,042
22,447
63,489
At 31 December 2022
42,509
11,924
54,433
VOLMEC UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
38,961
85,421
Other debtors
-
0
16,537
38,961
101,958

Other debtors include director's current account balance nil (2022 - £16,537).

6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
30,919
30,750
Trade creditors
41,978
76,992
Taxation and social security
20,452
18,535
Other creditors
16,740
19,597
110,089
145,874

Other creditors consists of director's Loan account £593 (2022 - nil), loan from AM Trust £7,800 (2022- £7,800), pensions payable £4,887 (2022 - £4,887), accruals £3,460 (2022 - £3,160) and hire purchase payable nil (2022- £3,750).

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
86,013
105,057
Other creditors
30,313
38,113
116,326
143,170

Other creditors consists of loan from AM Trust £30,313 (2022- £38,113).

8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
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