Vaniers Limited 04325867 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the manufacture of fresh pastry and cakes Digita Accounts Production Advanced 6.30.9574.0 true true 04325867 2023-01-01 2023-12-31 04325867 2023-12-31 04325867 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-31 04325867 core:CurrentFinancialInstruments 2023-12-31 04325867 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 04325867 core:Goodwill 2023-12-31 04325867 core:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 04325867 core:MotorVehicles 2023-12-31 04325867 core:PlantMachinery 2023-12-31 04325867 2 2023-12-31 04325867 bus:SmallEntities 2023-01-01 2023-12-31 04325867 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04325867 bus:FilletedAccounts 2023-01-01 2023-12-31 04325867 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04325867 bus:RegisteredOffice 2023-01-01 2023-12-31 04325867 bus:Director1 2023-01-01 2023-12-31 04325867 bus:Director2 2023-01-01 2023-12-31 04325867 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04325867 core:Goodwill 2023-01-01 2023-12-31 04325867 core:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 04325867 core:MotorVehicles 2023-01-01 2023-12-31 04325867 core:PlantMachinery 2023-01-01 2023-12-31 04325867 countries:EnglandWales 2023-01-01 2023-12-31 04325867 2 2023-01-01 2023-12-31 04325867 2022-12-31 04325867 core:Goodwill 2022-12-31 04325867 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 04325867 core:MotorVehicles 2022-12-31 04325867 core:PlantMachinery 2022-12-31 04325867 2 2022-12-31 04325867 2022-01-01 2022-12-31 04325867 2022-12-31 04325867 bus:Director2 2 2022-12-31 04325867 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-12-31 04325867 core:CurrentFinancialInstruments 2022-12-31 04325867 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 04325867 core:Goodwill 2022-12-31 04325867 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 04325867 core:MotorVehicles 2022-12-31 04325867 core:PlantMachinery 2022-12-31 04325867 bus:Director2 2 2022-01-01 2022-12-31 04325867 bus:Director2 2 2021-12-31 iso4217:GBP xbrli:pure

Registration number: 04325867

Vaniers Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Vaniers Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Vaniers Limited

(Registration number: 04325867)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1,196

1,129

Tangible assets

5

133,056

110,927

 

134,252

112,056

Current assets

 

Stocks

6

23,700

28,600

Debtors

7

160,285

165,505

Cash at bank and in hand

 

294,179

335,565

 

478,164

529,670

Creditors: Amounts falling due within one year

8

(76,491)

(87,688)

Net current assets

 

401,673

441,982

Total assets less current liabilities

 

535,925

554,038

Provisions for liabilities

(19,599)

(25,263)

Net assets

 

516,326

528,775

Capital and reserves

 

Called up share capital

400

400

Retained earnings

515,926

528,375

Shareholders' funds

 

516,326

528,775

 

Vaniers Limited

(Registration number: 04325867)
Balance Sheet as at 31 December 2023

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

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.

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.

Approved and authorised by the Board on 14 August 2024 and signed on its behalf by:
 

Mrs G M Vanier
Director

Mr B Vanier
Director

 
     
 

Vaniers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
Winchester House
Deane Gate Avenue
Taunton
Somerset
TA1 2UH
England

The principal place of business is:
Holyford Lane
Colyford
Devon
EX24 6HW

These financial statements were authorised for issue by the Board on 14 August 2024.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 £.

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.

Going concern

There are no material uncertainties that may cast significant doubt about the company’s ability to continue as a going concern.

 

Vaniers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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 sales/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 group's activities.

Tax

The tax expense for the period comprises current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

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

Plant and machinery

10% reducing balance

Motor vehicles

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Vaniers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Intangible assets

Separately acquired trademarks and licences are shown at historical cost less any subsequent accumulated amortisation.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents

10% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. 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 stocks 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.

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 group will not be able to collect all amounts due according to the original terms of the receivables.

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.

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 group 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.

 

Vaniers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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 group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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.

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.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group 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 10 (2022 - 11).

 

Vaniers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Patents
 £

Total
£

Cost

At 1 January 2023

225,000

17,824

242,824

Additions acquired separately

-

340

340

At 31 December 2023

225,000

18,164

243,164

Amortisation

At 1 January 2023

225,000

16,695

241,695

Amortisation charge

-

273

273

At 31 December 2023

225,000

16,968

241,968

Carrying amount

At 31 December 2023

-

1,196

1,196

At 31 December 2022

-

1,129

1,129

5

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

332,273

7,000

339,273

Additions

60,391

-

60,391

Disposals

(157,156)

-

(157,156)

At 31 December 2023

235,508

7,000

242,508

Depreciation

At 1 January 2023

223,640

4,706

228,346

Charge for the year

14,586

459

15,045

Eliminated on disposal

(133,939)

-

(133,939)

At 31 December 2023

104,287

5,165

109,452

Carrying amount

At 31 December 2023

131,221

1,835

133,056

At 31 December 2022

108,633

2,294

110,927

 

Vaniers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Stocks

2023
£

2022
£

Other inventories

23,700

28,600

7

Debtors

2023
£

2022
£

Trade debtors

82,833

103,602

VAT debtor

4,003

-

Other debtors

73,449

61,903

160,285

165,505

8

Creditors

Due within one year

Note

2023
£

2022
£

 

Loans and borrowings

9

-

838

Trade creditors

 

45,998

29,943

Taxation and social security

 

24,321

52,056

Other creditors

 

2,068

1,051

Accruals and derferred income

 

4,104

3,800

 

76,491

87,688


 

Creditors within one year include net obligations under finance lease and hire purchase contracts which are secured of £Nil (2022 - £838).

 

Vaniers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Hire purchase contracts

-

838

10

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr B Vanier

Loan bearing interest at a commercial rate

59,832

89,260

(75,644)

73,449

 

59,832

89,260

(75,644)

73,449

       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mr B Vanier

Loan bearing interest at a commercial rate

-

141,744

(81,912)

59,832

-

141,744

(81,912)

59,832