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Registration number: SC361549

Vending Services Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Vending Services Ltd

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Vending Services Ltd

Company Information

Directors

Mr J S Bell

Ms H K Nicoll

Mr B Kelly

Registered office

 

Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

Accountants

Glen Drummond Ltd
Chartered Accountants
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

Vending Services Ltd

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr J S Bell

Ms H K Nicoll - Company secretary and director

Mr B Kelly

Principal activity

The principal activity of the company is that of supplying, servicing and managing vending machines.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 24 September 2024 and signed on its behalf by:
 

.........................................
Mr J S Bell
Director

 

Vending Services Ltd

(Registration number: SC361549)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

70,118

85,335

Current assets

 

Stocks

6

103,544

81,504

Debtors

7

22,854

17,798

Cash at bank and in hand

 

25,036

36,277

 

151,434

135,579

Creditors: Amounts falling due within one year

8

(160,074)

(129,561)

Net current (liabilities)/assets

 

(8,640)

6,018

Total assets less current liabilities

 

61,478

91,353

Creditors: Amounts falling due after more than one year

8

(41,395)

(77,877)

Provisions for liabilities

(13,114)

(10,544)

Net assets

 

6,969

2,932

Capital and reserves

 

Called up share capital

10

2

2

Retained earnings

6,967

2,930

Shareholders' funds

 

6,969

2,932

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Vending Services Ltd

(Registration number: SC361549)
Balance Sheet as at 31 December 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 September 2024 and signed on its behalf by:
 

.........................................
Mr J S Bell
Director

 

Vending Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

These financial statements were authorised for issue by the Board on 24 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£).

Revenue recognition

Turnover comprises the fair value of the consideration derived from supplying, servicing and managing vending machines. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

 

Vending Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises deferred tax. 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £100 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% on cost

 

Vending Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill amortisation

20% on cost

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Vending Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 7 (2022 - 7).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

33,800

33,800

At 31 December 2023

33,800

33,800

Amortisation

At 1 January 2023

33,800

33,800

At 31 December 2023

33,800

33,800

Carrying amount

At 31 December 2023

-

-

 

Vending Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Pland and machinery
£

Total
£

Cost or valuation

At 1 January 2023

227,507

227,507

Additions

37,856

37,856

At 31 December 2023

265,363

265,363

Depreciation

At 1 January 2023

142,172

142,172

Charge for the year

53,073

53,073

At 31 December 2023

195,245

195,245

Carrying amount

At 31 December 2023

70,118

70,118

At 31 December 2022

85,335

85,335

6

Stocks

2023
£

2022
£

Stock

103,544

81,504

7

Debtors

2023
£

2022
£

Trade debtors

-

4,354

Prepayments

3,358

1,221

Other debtors

19,496

12,223

22,854

17,798

 

Vending Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

36,482

33,710

Trade creditors

 

69,318

78,739

Taxation and social security

 

13,402

5,810

Other creditors

 

40,872

11,302

 

160,074

129,561

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

41,395

77,877

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

41,395

77,877

Current loans and borrowings

2023
£

2022
£

Other borrowings

36,482

33,710


 

The bank loans are supported by a 100% guarantee from the UK Government.

 

Vending Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

11

Related party transactions

The company operates a loan account with the directors, Mr J Bell and Ms H K Nicoll.
During the year, the directors advanced loans totalling £29,408 to the company. At the year end, the balance due to the directors was £39,212 (2022 - £9,804). This loan is unsecured, interest free and has no fixed repayment terms.