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REGISTERED NUMBER: 06910207 (England and Wales)















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: P Cole
R Olver





SECRETARY: P Cole





REGISTERED OFFICE: Unit A
Halesfield 14
Telford
Shropshire
TF7 4QR





REGISTERED NUMBER: 06910207 (England and Wales)





AUDITORS: Cheney & Co
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 6 322,307 280,364
322,307 280,364

CURRENT ASSETS
Stocks 442,341 531,457
Debtors 7 856,611 689,280
Cash at bank and in hand 78,760 32,519
1,377,712 1,253,256
CREDITORS
Amounts falling due within one year 8 1,174,269 1,081,909
NET CURRENT ASSETS 203,443 171,347
TOTAL ASSETS LESS CURRENT
LIABILITIES

525,750

451,711

CREDITORS
Amounts falling due after more than one
year

9

418,097

349,634
NET ASSETS 107,653 102,077

CAPITAL AND RESERVES
Called up share capital 13 100 100
Retained earnings 107,553 101,977
SHAREHOLDERS' FUNDS 107,653 102,077

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 8th May 2024 and were signed on its behalf by:





P Cole - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

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

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of ten years.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 30% on cost, 20% on cost and 10%/15% on cost

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 25 (2022 - 28 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st January 2023
and 31st December 2023 12,500
AMORTISATION
At 1st January 2023
and 31st December 2023 12,500
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 638,589
Additions 147,088
Disposals (66,915 )
At 31st December 2023 718,762
DEPRECIATION
At 1st January 2023 358,225
Charge for year 81,671
Eliminated on disposal (43,441 )
At 31st December 2023 396,455
NET BOOK VALUE
At 31st December 2023 322,307
At 31st December 2022 280,364

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 364,817 504,862
Amounts owed by group undertakings 295,249 186
Other debtors 196,545 184,232
856,611 689,280

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 10,000 9,890
Hire purchase contracts (see note 10) 52,995 54,930
Trade creditors 546,003 772,466
Amounts owed to group undertakings 461,391 152,654
Taxation and social security 45,507 63,171
Other creditors 58,373 28,798
1,174,269 1,081,909

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 14,603 24,950
Hire purchase contracts (see note 10) 45,478 47,381
Amounts owed to group undertakings 358,016 277,303
418,097 349,634

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 52,995 54,930
Between one and five years 45,478 47,381
98,473 102,311

Non-cancellable operating leases
2023 2022
£    £   
Within one year 121,090 110,923
Between one and five years 43,000 44,000
164,090 154,923

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
429,494 530,963

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 (133,500 )
Charge to Income Statement during year 8,500
Balance at 31st December 2023 (125,000 )

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.

Paul Sparks FCA FCCA (Senior Statutory Auditor)
for and on behalf of Cheney & Co

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.