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Registrar

Registration number: 01137688

Volspec Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Volspec Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Volspec Limited

Company Information

Directors

A W Notley

A G Read

Registered office

Woodrolfe Road
Tollesbury
Maldon
Essex
CM9 8SE

Bankers

Barclays Bank plc
High Street
Chelmsford
Essex
CM1 1BG

Accountants

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Volspec Limited

(Registration number: 01137688)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

98,275

67,542

Current assets

 

Stocks

5

544,433

494,938

Debtors

6

599,421

1,075,488

Cash at bank and in hand

 

77,735

260,036

 

1,221,589

1,830,462

Creditors: Amounts falling due within one year

7

(417,175)

(612,955)

Net current assets

 

804,414

1,217,507

Total assets less current liabilities

 

902,689

1,285,049

Creditors: Amounts falling due after more than one year

7

(11,310)

(15,084)

Provisions for liabilities

(18,672)

(12,833)

Net assets

 

872,707

1,257,132

Capital and reserves

 

Called up share capital

8

116

116

Share premium reserve

96,300

96,300

Revaluation reserve

11,937

11,937

Retained earnings

764,354

1,148,779

Shareholders' funds

 

872,707

1,257,132

 

Volspec Limited

(Registration number: 01137688)
Balance Sheet as at 30 April 2024

For the financial year ending 30 April 2024 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 19 August 2024 and signed on its behalf by:
 

A W Notley
Director

A G Read
Director

 

Volspec Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office and principal place of business is: Woodrolfe Road, Tollesbury, Maldon, Essex, CM9 8SE.

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 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.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the retailing and servicing of marine and other engines. 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.

Tax

Current Tax is recognised in the profit and loss account, 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 company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

Volspec Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Depreciation

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

Asset class

Depreciation method and rate

Short leasehold

Over the term of the lease

Plant and machinery

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade 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.

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 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

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.

 

Volspec Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Dividends

Dividend distribution to the company’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 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 21 (2023 - 21).

 

Volspec Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

27,387

97,874

125,757

251,018

Additions

43,880

-

4,828

48,708

At 30 April 2024

71,267

97,874

130,585

299,726

Depreciation

At 1 May 2023

7,803

79,141

96,533

183,477

Charge for the year

5,228

-

8,063

13,291

Eliminated on disposal

-

4,683

-

4,683

At 30 April 2024

13,031

83,824

104,596

201,451

Carrying amount

At 30 April 2024

58,236

14,050

25,989

98,275

At 30 April 2023

19,584

18,733

29,225

67,542

5

Stocks

2024
£

2023
£

Other inventories

544,433

494,938

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

337,083

510,927

Amounts owed by group undertakings and undertakings in which the company has a participating interest

10

215,830

490,548

Prepayments

 

37,454

35,986

Other debtors

 

9,054

38,027

 

599,421

1,075,488

 

Volspec Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

3,774

3,436

Trade creditors

 

258,182

396,381

Taxation and social security

 

131,602

148,802

Accruals and deferred income

 

5,693

7,363

Other creditors

 

17,924

56,973

 

417,175

612,955

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

11,310

15,084

Bank borrowings

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

116

116

116

116

       

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

3,774

3,436

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

11,310

15,084

 

Volspec Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

10

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

(16,355)

145,354

(104,400)

24,599

 

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

2,805

71,640

(90,800)

(16,355)