Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 04001550 Mr Simon Fowler Mr Thomas Fowler iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 04001550 2022-12-31 04001550 2023-12-31 04001550 2023-01-01 2023-12-31 04001550 frs-core:CurrentFinancialInstruments 2023-12-31 04001550 frs-core:Non-currentFinancialInstruments 2023-12-31 04001550 frs-core:BetweenOneFiveYears 2023-12-31 04001550 frs-core:ComputerEquipment 2023-12-31 04001550 frs-core:ComputerEquipment 2023-01-01 2023-12-31 04001550 frs-core:ComputerEquipment 2022-12-31 04001550 frs-core:MotorVehicles 2023-12-31 04001550 frs-core:MotorVehicles 2023-01-01 2023-12-31 04001550 frs-core:MotorVehicles 2022-12-31 04001550 frs-core:PlantMachinery 2023-12-31 04001550 frs-core:PlantMachinery 2023-01-01 2023-12-31 04001550 frs-core:PlantMachinery 2022-12-31 04001550 frs-core:WithinOneYear 2023-12-31 04001550 frs-core:ShareCapital 2023-12-31 04001550 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 04001550 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04001550 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 04001550 frs-bus:SmallEntities 2023-01-01 2023-12-31 04001550 frs-bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04001550 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04001550 frs-bus:Director1 2023-01-01 2023-12-31 04001550 frs-bus:Director2 2023-01-01 2023-12-31 04001550 frs-countries:EnglandWales 2023-01-01 2023-12-31 04001550 2021-12-31 04001550 2022-12-31 04001550 2022-01-01 2022-12-31 04001550 frs-core:CurrentFinancialInstruments 2022-12-31 04001550 frs-core:Non-currentFinancialInstruments 2022-12-31 04001550 frs-core:BetweenOneFiveYears 2022-12-31 04001550 frs-core:WithinOneYear 2022-12-31 04001550 frs-core:ShareCapital 2022-12-31 04001550 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 04001550
Vectec Limited
Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Company Information 1
Accountant's Report 2
Balance Sheet 3—4
Notes to the Financial Statements 5—7
Page 1
Company Information
Directors Mr Simon Fowler
Mr Thomas Fowler
Company Number 04001550
Registered Office 9 Station Approach
Wendover
Aylesbury
HP22 6BN
Accountants CS Scott Accounting LLP
Suite 1, Hardy House
Northbridge Road
Berkhamsted
HP4 1EF
Page 1
Page 2
Accountant's Report
Report of the Accountant to the directors of Vectec Limited
These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended 31 December 2023.
We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.
On the Balance Sheet you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give “a true and fair view”.
You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.
The financial statements are provided exclusively to the director for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.
Signed
CS Scott Accounting LLP
19th September 2024
CS Scott Accounting LLP
Suite 1, Hardy House
Northbridge Road
Berkhamsted
HP4 1EF
Page 2
Page 3
Balance Sheet
Registered number: 04001550
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 43,588 52,493
43,588 52,493
CURRENT ASSETS
Stocks 5 45,440 74,140
Debtors 6 159,798 426,403
Cash at bank and in hand 50,619 116,300
255,857 616,843
Creditors: Amounts Falling Due Within One Year 7 (295,019 ) (639,763 )
NET CURRENT ASSETS (LIABILITIES) (39,162 ) (22,920 )
TOTAL ASSETS LESS CURRENT LIABILITIES 4,426 29,573
Creditors: Amounts Falling Due After More Than One Year 8 (47,759 ) (34,445 )
NET LIABILITIES (43,333 ) (4,872 )
CAPITAL AND RESERVES
Called up share capital 10 5,000 5,000
Profit and Loss Account (48,333 ) (9,872 )
SHAREHOLDERS' FUNDS (43,333) (4,872)
Page 3
Page 4
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Simon Fowler
Director
19th September 2024
The notes on pages 5 to 7 form part of these financial statements.
Page 4
Page 5
Notes to the Financial Statements
1. General Information
Vectec Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04001550 . The registered office is 9 Station Approach, Wendover, Aylesbury, HP22 6BN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% straight line
Motor Vehicles 25% on reducing balance
Computer Equipment 33.3% Straight Line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2022: 6)
6 6
Page 5
Page 6
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 654 77,144 24,736 102,534
Additions 6,255 - - 6,255
As at 31 December 2023 6,909 77,144 24,736 108,789
Depreciation
As at 1 January 2023 347 26,822 22,872 50,041
Provided during the period 1,256 12,667 1,237 15,160
As at 31 December 2023 1,603 39,489 24,109 65,201
Net Book Value
As at 31 December 2023 5,306 37,655 627 43,588
As at 1 January 2023 307 50,322 1,864 52,493
5. Stocks
2023 2022
£ £
Finished goods 43,836 40,016
Work in progress 1,604 34,124
45,440 74,140
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 155,988 424,270
Other debtors 3,810 2,133
159,798 426,403
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 4,310 44,693
Trade creditors 146,080 560,937
Bank loans and overdrafts 1 -
Other creditors 126,707 13,568
Taxation and social security 17,921 20,565
295,019 639,763
Page 6
Page 7
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 23,228 -
Bank loans 24,531 32,481
Other creditors - 1,964
47,759 34,445
9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 4,310 44,693
Later than one year and not later than five years 23,228 -
27,538 44,693
27,538 44,693
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 5,000 5,000
Page 7