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Company Registration No. NI049058 (Northern Ireland)
Vemac Engineering Ltd Unaudited accounts for the year ended 31 December 2023
Vemac Engineering Ltd Unaudited accounts Contents
Page
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Vemac Engineering Ltd Company Information for the year ended 31 December 2023
Director
Vincent James McCann
Company Number
NI049058 (Northern Ireland)
Registered Office
64 Aughrim Road Magherafelt BT45 6JY Northern Ireland
Accountants
McGrath Pattison Ltd 61d Main Street Maghera Londonderry BT46 5AB
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Vemac Engineering Ltd Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
625,694 
638,359 
Current assets
Inventories
26,750 
37,758 
Debtors
59,951 
44,606 
Cash at bank and in hand
177,760 
65,347 
264,461 
147,711 
Creditors: amounts falling due within one year
(171,221)
(77,132)
Net current assets
93,240 
70,579 
Total assets less current liabilities
718,934 
708,938 
Creditors: amounts falling due after more than one year
(16,254)
(31,651)
Net assets
702,680 
677,287 
Capital and reserves
Called up share capital
2 
2 
Profit and loss account
702,678 
677,285 
Shareholders' funds
702,680 
677,287 
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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 24 September 2024 and were signed on its behalf by
Vincent James McCann Director Company Registration No. NI049058
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Vemac Engineering Ltd Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
Vemac Engineering Ltd is a private company, limited by shares, registered in Northern Ireland, registration number NI049058. The registered office is 64 Aughrim Road, Magherafelt, BT45 6JY, Northern Ireland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
0% Straight Line
Plant & machinery
20% Reducing Balance
Motor vehicles
25% Reducing Balance
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 January 2023
20,118 
At 31 December 2023
20,118 
Amortisation
At 1 January 2023
20,118 
At 31 December 2023
20,118 
Net book value
At 31 December 2023
- 
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Vemac Engineering Ltd Notes to the Accounts for the year ended 31 December 2023
5
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 January 2023
573,347 
220,401 
57,123 
850,871 
Additions
- 
4,309 
- 
4,309 
At 31 December 2023
573,347 
224,710 
57,123 
855,180 
Depreciation
At 1 January 2023
9,079 
169,219 
34,214 
212,512 
Charge for the year
149 
11,098 
5,727 
16,974 
At 31 December 2023
9,228 
180,317 
39,941 
229,486 
Net book value
At 31 December 2023
564,119 
44,393 
17,182 
625,694 
At 31 December 2022
564,268 
51,182 
22,909 
638,359 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
5,834 
5,432 
Trade debtors
55,217 
40,274 
Accrued income and prepayments
2,400 
2,400 
Other debtors
(3,500)
(3,500)
59,951 
44,606 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
9,936 
9,936 
VAT
4,098 
(10,448)
Trade creditors
32,171 
34,407 
Taxes and social security
18,846 
1,852 
Other creditors
- 
5,337 
Loans from directors
103,750 
33,628 
Accruals
2,420 
2,420 
171,221 
77,132 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
16,254 
25,964 
Obligations under finance leases and hire purchase contracts
- 
5,687 
16,254 
31,651 
9
Average number of employees
During the year the average number of employees was 5 (2022: 6).
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