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Registration number: 02603208

V E S Precision Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

V E S Precision Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

V E S Precision Limited

(Registration number: 02603208)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,332,512

1,644,505

Current assets

 

Stocks

5

639,818

716,871

Debtors

6

279,613

331,889

Cash at bank and in hand

 

4,486

30,781

 

923,917

1,079,541

Creditors: Amounts falling due within one year

7

(542,107)

(496,583)

Net current assets

 

381,810

582,958

Total assets less current liabilities

 

1,714,322

2,227,463

Creditors: Amounts falling due after more than one year

7

(275,267)

(489,965)

Provisions for liabilities

(51,322)

(135,042)

Net assets

 

1,387,733

1,602,456

Capital and reserves

 

Called up share capital

110,000

110,000

Share premium reserve

13,182

13,182

Retained earnings

1,264,551

1,479,274

Shareholders' funds

 

1,387,733

1,602,456

 

V E S Precision Limited

(Registration number: 02603208)
Balance Sheet as at 30 November 2023

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 13 August 2024 and signed on its behalf by:
 

I W Scarr
Director

   
     
 

V E S Precision Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 10
Cropmead Industrial Estate
Crewkerne
Somerset
TA18 7HQ

These financial statements were authorised for issue by the Board on 13 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

 

V E S Precision Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land

Nil

Freehold buildings

4% straight line

Plant and machinery

10% reducing balance

Fixtures, fittings and equipment

10% to 25% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

V E S Precision Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

V E S Precision Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 19 (2022 - 24).

 

V E S Precision Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Freehold land and buildings
£

Plant and machinery
£

Fixtures, fittings and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

1,108,830

3,237,877

265,945

90,584

4,703,236

Additions

-

9,841

5,340

-

15,181

Disposals

-

(312,915)

-

(29,630)

(342,545)

At 30 November 2023

1,108,830

2,934,803

271,285

60,954

4,375,872

Depreciation

At 1 December 2022

580,946

2,189,913

226,764

61,108

3,058,731

Charge for the year

39,425

101,837

10,697

7,043

159,002

Eliminated on disposal

-

(149,687)

-

(24,686)

(174,373)

At 30 November 2023

620,371

2,142,063

237,461

43,465

3,043,360

Carrying amount

At 30 November 2023

488,459

792,740

33,824

17,489

1,332,512

At 30 November 2022

527,884

1,047,964

39,181

29,476

1,644,505

Included within the net book value of land and buildings above is £488,459 (2022 - £527,884) in respect of freehold land and buildings.
 

 

V E S Precision Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Stocks

2023
£

2022
£

Finished goods including raw materials

481,667

576,227

Work in progress

158,151

140,644

639,818

716,871

6

Debtors

2023
£

2022
£

Trade debtors

271,577

303,894

Other debtors

337

1,292

Prepayments

7,699

26,703

279,613

331,889

7

Creditors

Due within one year

Note

2023
£

2022
£

 

Loans and borrowings

8

374,712

302,032

Trade creditors

 

114,084

110,937

Social security and other taxes

 

31,304

29,123

Other creditors

 

-

25,740

Accruals

 

22,007

28,751

 

542,107

496,583

Due after one year

 

Loans and borrowings

8

275,267

489,965

 

V E S Precision Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

38,307

72,382

Hire purchase contracts

27,825

68,637

Other borrowings

209,135

348,946

275,267

489,965

Current loans and borrowings

2023
£

2022
£

Bank borrowings

34,237

36,594

Bank overdrafts

144,224

74,067

Hire purchase contracts

40,813

53,850

Other borrowings

155,438

137,521

374,712

302,032

The Lloyds bank borrowings are secured by an unlimited debenture incorporating a fixed and floating charge and a legal charge over commercial freehold property.

The Barclays bank borrowings are secured by a legal charge over commercial freehold property.

The hire purchase contracts are secured on the assets held.

9

Obligations under leases

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

28,200

28,200

Later than one year and not later than five years

-

28,200

28,200

56,400

The amount of non-cancellable operating lease payments recognised as an expense during the year was £28,200 (2022 - £28,200).