Company registration number: 07658487
Unaudited financial statements
for the year ended 31 March 2024
for
Vulcan Bossit Ltd
Pages for filing with the Registrar
Vulcan Bossit Ltd
Chartered Accountants' Report to the Board of Directors for the preparation of the
unaudited financial statements
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Vulcan Bossit Ltd for the year ended 31 March 2024 which comprise the Profit and loss account, Balance sheet and the notes to the financial statements from the company's accounting records and from information and explanations you have given us.
As a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at https://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Vulcan Bossit Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Vulcan Bossit Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Vulcan Bossit Ltd and its Board of Directors, as a body, for our work, or for this report.
It is your duty to ensure that Vulcan Bossit Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Vulcan Bossit Ltd. You consider that Vulcan Bossit Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Vulcan Bossit Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Cobble Accountants Limited
Commerce House
Carlton Boulevard
Lincoln
Lincolnshire
LN2 4WJ
United Kingdom
Date: 13 September 2024
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Company registration number: 07658487
Vulcan Bossit Ltd
Balance sheet
as at 31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 4 271,088 299,979
271,088 299,979
Current assets
Stocks 16,605 2,500
Debtors 75,802 71,577
Cash at bank and in hand 9,370 55,870
101,777 129,947
Creditors: amounts falling due within
one year
(131,252) (154,348)
Net current liabilities (29,475) (24,401)
Total assets less current liabilities 241,613 275,578
Creditors: Amounts falling due after
more than one year
(42,619) (72,932)
NET ASSETS 198,994 202,646
Capital and reserves
Called up share capital 5 5
Profit and loss account 198,989 202,641
TOTAL EQUITY 198,994 202,646
The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the year ended 31 March 2024.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities to comply with the Companies Act 2006 in respect to accounting records and the preparation of financial statements.
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Company registration number: 07658487
Vulcan Bossit Ltd
Balance sheet - continued
as at 31 March 2024
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 Profit and loss account has not been delivered to the Registrar.
These financial statements were approved by the Board of directors and authorised for issue on 13 September 2024 and signed on its behalf by:
Mr J Probert, Director
13 September 2024
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Vulcan Bossit Ltd
Notes to the financial statements
for the year ended 31 March 2024
1 Company information
The company is registered in England and Wales. Its registered number is 07658487. The company is limited by shares. Its registered office is Vulcan Bossit House, Wharton Close, Gainsborough, DN21 1EB.
2 Accounting policies
Basis of preparing the financial statements
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. The financial statements have been prepared under the historic cost convention.
Going concern
In preparing these financial statements, the directors have assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the directors take into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The directors consider that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.
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.
Land and buildings:
Freehold property - 4% straight line
Plant and machinery etc.:
Plant and machinery - 10% straight line
Fixtures & fittings - 10% straight line
Motor vehicles - 25% straight line
Computer equipment - 25% straight line
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Work in progress is valued at the lower of cost and net realisable value. Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.
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Vulcan Bossit Ltd
Notes to the financial statements - continued
for the year ended 31 March 2024
2 Accounting policies - continued
Taxation
Taxation for the year comprises current taxation. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current 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 balance sheet date.
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 lossover the relevant period. The capital element of the future payments is treated as a liability.
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate.
3 Average number of employees
During the year the average number of employees was 7 (2023 - 7).
4 Tangible fixed assets
Land and
buildings
Plant and
machinery
etc.
Totals
£ £ £
Cost
At 1 April 2023 257,035 94,297 351,332
Additions - 1,483 1,483
Disposals - (48,671) (48,671)
At 31 March 2024 257,035 47,109 304,144
Depreciation
At 1 April 2023 6,548 44,805 51,353
Charge for year 7,857 5,490 13,347
Eliminated on disposal - (31,644) (31,644)
At 31 March 2024 14,405 18,651 33,056
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Vulcan Bossit Ltd
Notes to the financial statements - continued
for the year ended 31 March 2024
4 Tangible fixed assets - continued
Net book value
At 31 March 2024 242,630 28,458 271,088
At 31 March 2023 250,487 49,492 299,979
5 Advances, credit and guarantees granted to directors
The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023.
2024 2023
£ £
Mr John Robert Probert
Balance outstanding at start of year 9,405 6,405
Amounts advanced - 5,000
Amounts repaid (2,000) (2,000)
Balance outstanding at end of year 7,405 9,405
2024 2023
£ £
Mr Mark Rimmer
Balance outstanding at start of year - 21
Amounts repaid - (21)
Balance outstanding at end of year - -
2024 2023
£ £
Ms Marian Probert
Balance outstanding at start of year 8,000 5,143
Amounts advanced - 5,000
Amounts repaid (2,000) (2,143)
Balance outstanding at end of year 6,000 8,000
2024 2023
£ £
Mr Robert Macgregor Warburton Wood
Balance outstanding at start of year 8,000 -
Amounts advanced - 10,000
Amounts repaid (1,000) (2,000)
Balance outstanding at end of year 7,000 8,000
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