REGISTERED NUMBER: |
VEPA UK Ltd |
Financial Statements |
For The Year Ended 31st December 2023 |
REGISTERED NUMBER: |
VEPA UK Ltd |
Financial Statements |
For The Year Ended 31st December 2023 |
VEPA UK Ltd (Registered number: 06910207) |
Contents of the Financial Statements |
For The Year Ended 31st December 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 | to | 7 |
VEPA UK Ltd |
Company Information |
For The Year Ended 31st December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
310 Wellingborough Road |
Northampton |
NN1 4EP |
VEPA UK Ltd (Registered number: 06910207) |
Statement of Financial Position |
31st December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
VEPA UK Ltd (Registered number: 06910207) |
Notes to the Financial Statements |
For The Year Ended 31st December 2023 |
1. | STATUTORY INFORMATION |
VEPA UK Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The principal activity of the company in the year under review was that of design and manufacture of office seating and furniture. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery etc | - |
Stocks |
Stock of raw materials, consumables and goods for resale are valued at acquisition price or lower net realizable value,taking into account obsolescence.The stocks of work in progress, semi-finished products and finished products are valued at the direct cost price (material,wage and machine costs),taking into account obsolescence. |
Financial instruments |
The company has entered into an arrangement to factor certain of its trade debtors.The risks and rewards of ownership remain with the Company and therefore amounts advanced are treated as a loan from the factor and classified as other creditors, amounts falling due within one year. |
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 is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
VEPA UK Ltd (Registered number: 06910207) |
Notes to the Financial Statements - continued |
For The Year Ended 31st December 2023 |
3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred except that expenditure incurred on development projects which are capitalised as intangible fixed assets to the extent that such expenditure is expected to generate future economic benefits. |
Capitalised development expenditure is measured at cost less accumulated amortisation and impairment losses, if any. Costs will be written off once the product has come to market over a period of three years. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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. |
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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st January 2023 |
and 31st December 2023 |
AMORTISATION |
At 1st January 2023 |
and 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
VEPA UK Ltd (Registered number: 06910207) |
Notes to the Financial Statements - continued |
For The Year Ended 31st December 2023 |
6. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1st January 2023 |
Additions |
Disposals | ( |
) |
At 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
The net book value of tangible fixed assets includes £ 135,268 (2022 - £ 131,479 ) in respect of assets held under hire purchase contracts. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Included in trade debtors is an amount of £380,393 (2022 - £435,352) which has been factored. |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 10) |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Trade creditors includes £331,021 (2022 - £428,652) in respect of secured factoring company advances. Under the factoring agreement there is recourse to the seller and therefore separate presentation has been applied. |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 10) |
Amounts owed to group undertakings |
VEPA UK Ltd (Registered number: 06910207) |
Notes to the Financial Statements - continued |
For The Year Ended 31st December 2023 |
10. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 98,473 | 102,311 |
Factored debts | 331,021 | 428,652 |
The factored debts are secured by a debenture dated 23rd September 2020 which covers a fixed and floating charge over all company assets. |
12. | DEFERRED TAX |
£ |
Balance at 1st January 2023 | ( |
) |
Charge to Income Statement during year |
Balance at 31st December 2023 | ( |
) |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
50 | Ordinary A | £1 | 50 | 50 |
50 | Ordinary B | £1 | 50 | 50 |
100 | 100 |
VEPA UK Ltd (Registered number: 06910207) |
Notes to the Financial Statements - continued |
For The Year Ended 31st December 2023 |
14. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
15. | CONTINGENT LIABILITIES |
There were no contingent liabilities as at 31st December 2023 or as at 31st December 2022.. |
16. | CAPITAL COMMITMENTS |
There were no capital commitments as at 31st December 2023 or as at 31st December 2022. |
17. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
18. | COMPANY NAME CHANGE |
The company changed its name from Nomique Seating Limited on 4th January 2023 following a special resolution by its members on 29th November 2022. |
19. | ULTIMATE CONTROLLING PARTY |
Vepa UK Limited`s immediate parent company is Vepa UK Holdings Limited , a company registered in England and Wales.. |
The ultimate holding company is Vepa Beheer Group B.V. a company registered in the Netherlands. |