Company Registration No. NI049058 (Northern Ireland)
Vemac Engineering Ltd
Unaudited accounts
for the year ended 31 December 2023
Vemac Engineering Ltd
Unaudited accounts
Contents
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
Vemac Engineering Ltd
Statement of financial position
as at 31 December 2023
Tangible assets
625,694
638,359
Cash at bank and in hand
177,760
65,347
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
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
Vemac Engineering Ltd
Notes to the Accounts
for the year ended 31 December 2023
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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 (including purchased goodwill and patents) are included at cost less accumulated amortisation.
4
Intangible fixed assets
Goodwill
At 31 December 2023
20,118
At 31 December 2023
20,118
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
At 31 December 2023
573,347
224,710
57,123
855,180
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
At 31 December 2023
564,119
44,393
17,182
625,694
At 31 December 2022
564,268
51,182
22,909
638,359
Amounts falling due within one year
Trade debtors
55,217
40,274
Accrued income and prepayments
2,400
2,400
Other debtors
(3,500)
(3,500)
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
9,936
9,936
Trade creditors
32,171
34,407
Taxes and social security
18,846
1,852
Loans from directors
103,750
33,628
8
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
-
5,687
9
Average number of employees
During the year the average number of employees was 5 (2022: 6).