REGISTERED NUMBER: |
Report of the Directors and |
Audited Financial Statements |
for the Year Ended 30 November 2023 |
for |
IHH-VAC Limited |
REGISTERED NUMBER: |
Report of the Directors and |
Audited Financial Statements |
for the Year Ended 30 November 2023 |
for |
IHH-VAC Limited |
IHH-VAC Limited (Registered number: 03227745) |
Contents of the Financial Statements |
for the Year Ended 30 November 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Statement of Directors' Responsibilities | 3 |
Report of the Independent Auditors | 4 |
Income Statement | 7 |
Balance Sheet | 8 |
Notes to the Financial Statements | 9 |
IHH-VAC Limited |
Company Information |
for the Year Ended 30 November 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants |
& Statutory Auditor |
Stafford House |
Blackbrook Park Avenue |
Taunton |
Somerset |
TA1 2PX |
SOLICITORS: |
Blackbrook Gate |
Blackbrook Park Avenue |
Taunton |
TA1 2PG |
IHH-VAC Limited (Registered number: 03227745) |
Report of the Directors |
for the Year Ended 30 November 2023 |
The directors present their report with the financial statements of the company for the year ended 30 November 2023. |
REVIEW OF BUSINESS |
The results for the year and financial position of the company are as shown in the annexed financial statements. |
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face. |
This year has seen an increase in turnover of £758,314, rising to £2,742,686 compared to £1,984,372 last year. Cost of sales increased accordingly, totalling £1,951,471 compared to £1,392,214. This has resulted in a gross profit for the year of £791,215 compared to £592,158. Expenditure has also increased but overall the company achieved a profit before tax of £38,744 for 2023 compared to a loss in 2022 of £98,136. |
The company continues to trade with group companies and is looking to build on the number of completed contacts achieved in 2023 in 2024. We are aware of the constant threat to staffing levels but keep this under regular review to ensure we have sufficient resources available. |
Given the straightforward nature of the business, the company's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the company. |
FUTURE DEVELOPMENTS |
IHH-VAC Limited is tasked with becoming a centre of excellence for ventilation equipment supplying only group companies. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report. |
GOING CONCERN |
These financial statements are prepared on a going concern basis. The company is reliant upon both its parent company, Chick Master Incubator Company, and other group companies controlled by the ultimate parent company Petersime NV, in respect of trading and financial support. Both parties have confirmed they will continue to trade and provide financial support to the company. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
IHH-VAC Limited (Registered number: 03227745) |
Statement of Directors' Responsibilities |
for the Year Ended 30 November 2023 |
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law, including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102). |
Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable United Kingdom Accounting Standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | notify the company's shareholders in writing about the use of disclosure exemptions, if any, of FRS 102 used in the preparation of financial statements; and |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the |
company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Report of the Independent Auditors to the Members of |
IHH-VAC Limited |
Opinion |
We have audited the financial statements of IHH-VAC Limited (the 'company') for the year ended 30 November 2023 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 November 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
Report of the Independent Auditors to the Members of |
IHH-VAC Limited |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Identifying and assessing potential risks of material misstatement due to irregularities |
We considered the following when identifying and assessing risks of material misstatement due to irregularities, including fraud and non-compliance with laws and regulations: |
- the legal and regulatory framework in which the company operates |
- the nature of the sector in which the company operates |
- the control environment and controls established to mitigate such risks |
- the results of our enquiries of management about their identification and assessment of risks of irregularities |
- discussions with the audit engagement team about where fraud might occur |
- the incentives for fraud. |
Laws and regulations which are considered to be significant to the company include those relating to the requirements of financial reporting framework FRS102, the Companies Act 2006, UK tax legislation, employment law and health and safety. In addition we consider other laws and regulation which may not directly impact the financial statements but may impact on the operation of the company. |
As a result of these procedures we concluded, in accordance with International Auditing Standards, that a risk in relation to the potential for management override of controls existed. |
Audit responses to risks identified |
We undertook audit procedures to respond to the risks identified, and designed our audit testing to respond to these risks. The additional procedures we undertook included the following: |
- gaining an understanding of the company's procedures for ensuring compliance with laws and regulations |
- testing the appropriateness of journal entries and other adjustments |
- considering whether accounting estimates were indicative of potential bias |
- considering whether any transactions arose outside the normal course of business |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
IHH-VAC Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
& Statutory Auditor |
Stafford House |
Blackbrook Park Avenue |
Taunton |
Somerset |
TA1 2PX |
IHH-VAC Limited (Registered number: 03227745) |
Income Statement |
for the Year Ended 30 November 2023 |
2023 | 2022 |
£ | £ | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
761,537 | 698,863 |
29,678 | (106,705 | ) |
Other operating income |
OPERATING PROFIT/(LOSS) | ( |
) |
Interest receivable and similar income |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR | ( |
) |
IHH-VAC Limited (Registered number: 03227745) |
Balance Sheet |
30 November 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
CURRENT ASSETS |
Stocks |
Debtors | 4 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
IHH-VAC Limited (Registered number: 03227745) |
Notes to the Financial Statements |
for the Year Ended 30 November 2023 |
1. | ACCOUNTING POLICIES |
General information |
IHH-VAC Limited is engaged in the manufacture, distribution and installation of hatchery incubation, ventilation and energy management equipment within the Petersime NV Group. |
The company is incorporated and domiciled in the UK. The address of the registered office is Stafford House, Blackbrook Park Avenue, Taunton, Somerset, TA1 2PX. |
Statement of compliance and basis of preparation |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the Companies Act 2006. These financial statements are prepared on a going concern basis, under the historical cost convention, as modified by certain financial assets and liabilities measured at fair value through profit or loss. |
Going concern |
These financial statements are prepared on a going concern basis. The company is reliant upon both its parent company, Chick Master Incubator Company, and other group companies controlled by the ultimate parent company Petersime NV, in respect of trading and financial support. Both parties have confirmed they will continue to trade and provide financial support to the company. |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added tax. |
Tangible fixed assets |
Short leasehold | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Fixed assets are initially recorded at cost. |
Stocks |
Stock and work in progress are valued at the lower of cost or net realisable value, after making due allowance for obsolete and slow moving items. |
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 tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or substantively enacted by the balance sheet date. |
Deferred taxation |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
IHH-VAC Limited (Registered number: 03227745) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
1. | ACCOUNTING POLICIES - continued |
Foreign currencies |
i) Functional and presentational currency |
The financial statements are prepared in Pound Sterling, which is the functional currency of the company. |
ii) Transactions and balances |
Transactions in foreign currencies are translated into sterling using the average rate of exchange for the month. |
At each balance sheet date foreign currency monetary items are translated using the closing exchange rate. |
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the balance sheet date exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement. |
Leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Financial instruments |
i) Financial assets |
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price and subsequently measured at amortised cost. |
At the balance sheet date financial assets are assessed for evidence of impairment. If an asset is impaired the impairment loss is recognised in the income statement. |
ii) Financial liabilities |
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price and subsequently measured at amortised cost. |
Critical accounting judgements and estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The directors are of the opinion that apart from a stock provision, which is based on when an item was last used, there are no other estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
IHH-VAC Limited (Registered number: 03227745) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
3. | TANGIBLE FIXED ASSETS |
Short | Plant and | Motor | Computer |
leasehold | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 December 2022 |
Additions |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
4. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Amounts owed by group |
companies | 881,849 | 605,064 |
VAT |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Social security and other taxes |
Accruals and deferred income |
6. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
IHH-VAC Limited (Registered number: 03227745) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
7. | RELATED PARTY DISCLOSURES |
The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
8. | ULTIMATE CONTROLLING PARTY |
Chick Master Holdings Limited is the parent company of IHH-VAC Limited, a company registered in England and Wales. Copies of the consolidated accounts for Chick Master Holdings Limited can be obtained from Companies House. |
In the directors' opinion, the company's ultimate parent company is Petersime NV, registered in Zulte, Belgium. The ultimate controlling party is Favorita Investment Limited, a company registered in Malta. The office address of Favorita Investments Limited is Level 8 West, Mercury Tower, Elia Zammit Street, St. Julian's STJ Malta. The financial statements of Favorita Investment Limited are filed with the Chamber of Commerce in Amsterdam. |