Registered number
NI635984
Value Stream Machinery Ltd
Unaudited Filleted Accounts
for the year ended
31 December 2023
Value Stream Machinery Ltd
Registered number: NI635984
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 262,381 238,961
Current assets
Stocks 65,000 5,200
Debtors 4 102,641 317,669
Cash at bank and in hand 48,775 107,162
216,416 430,031
Creditors: amounts falling due within one year 5 (274,559) (287,749)
Net current (liabilities)/assets (58,143) 142,282
Total assets less current liabilities 204,238 381,243
Creditors: amounts falling due after more than one year 6 (167,375) (204,219)
Provisions for liabilities (2,906) (13,068)
Net assets 33,957 163,956
Capital and reserves
Called up share capital 10 10
Profit and loss account 33,947 163,946
Shareholders' funds 33,957 163,956
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr. R. Stewart-Maunder
Director
Approved by the board on 23 September 2024
Value Stream Machinery Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 2% reducing balance
Plant and machinery 20% straight line
Motor vehicles 20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 16 16
3 Tangible fixed assets
Land and buildings Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 147,600 64,573 69,543 281,716
Additions - 53,903 - 53,903
Disposals - (6,000) - (6,000)
At 31 December 2023 147,600 112,476 69,543 329,619
Depreciation
At 1 January 2023 2,952 33,561 6,242 42,755
Charge for the year 2,893 16,841 4,749 24,483
At 31 December 2023 5,845 50,402 10,991 67,238
Net book value
At 31 December 2023 141,755 62,074 58,552 262,381
At 31 December 2022 144,648 31,012 63,301 238,961
4 Debtors 2023 2022
£ £
Trade debtors 95,486 317,251
Other debtors 7,155 418
102,641 317,669
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 32,980 26,196
Obligations under finance lease and hire purchase contracts 11,571 11,571
Trade creditors 162,639 104,724
Taxation and social security costs 67,284 102,065
Directors current accounts (1,513) 41,643
Other creditors 1,598 1,550
274,559 287,749
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 143,273 169,531
Obligations under finance lease and hire purchase contracts 24,102 34,688
167,375 204,219
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 47,541 64,000
Secured bank loans 74,389 82,930
The loan is secured by a first legal charge over the property at Unit 6, 18 Westbank Road, Belfast BT3 6JL.
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr. P. Nelson
Loan to director (7,161) 20,652 - 13,491
(7,161) 20,652 - 13,491
9 Related party transactions
The directors owed the company £1,513 at year end (2022 the company owed the directors: £41,643).
10 Controlling party
Mr P. Nelson and Mr R. Stewart-Maunder are joint controlling parties by virtue of their interest in the equity of the business.
11 Other information
Value Stream Machinery Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
Unit 6
18 Westbank Road
Belfast
BT3 9JL
Value Stream Machinery Ltd NI635984 false 2023-01-01 2023-12-31 2023-12-31 VT Final Accounts April 2024 Mr. R. Stewart-Maunder No description of principal activity NI635984 2022-01-01 2022-12-31 NI635984 core:WithinOneYear 2022-12-31 NI635984 core:AfterOneYear 2022-12-31 NI635984 core:ShareCapital 2022-12-31 NI635984 core:RetainedEarningsAccumulatedLosses 2022-12-31 NI635984 2023-01-01 2023-12-31 NI635984 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI635984 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 NI635984 bus:Director40 2023-01-01 2023-12-31 NI635984 1 2023-01-01 2023-12-31 NI635984 2 2023-01-01 2023-12-31 NI635984 core:LandBuildings 2023-01-01 2023-12-31 NI635984 core:PlantMachinery 2023-01-01 2023-12-31 NI635984 core:Vehicles 2023-01-01 2023-12-31 NI635984 bus:Director1 2023-01-01 2023-12-31 NI635984 bus:Director1 1 2023-01-01 2023-12-31 NI635984 countries:England 2023-01-01 2023-12-31 NI635984 bus:FRS102 2023-01-01 2023-12-31 NI635984 bus:FilletedAccounts 2023-01-01 2023-12-31 NI635984 2023-12-31 NI635984 core:WithinOneYear 2023-12-31 NI635984 core:AfterOneYear 2023-12-31 NI635984 core:ShareCapital 2023-12-31 NI635984 core:RetainedEarningsAccumulatedLosses 2023-12-31 NI635984 core:LandBuildings 2023-12-31 NI635984 core:PlantMachinery 2023-12-31 NI635984 core:Vehicles 2023-12-31 NI635984 bus:Director1 1 2023-12-31 NI635984 2022-12-31 NI635984 core:LandBuildings 2022-12-31 NI635984 core:PlantMachinery 2022-12-31 NI635984 core:Vehicles 2022-12-31 NI635984 bus:Director1 1 2022-12-31 iso4217:GBP xbrli:pure