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1
2023-01-01
2023-12-31
COMPANY REGISTRATION NUMBER:
11789589
Year ended 31 December 2023
Independent auditor's report to the members |
3 |
|
|
Statement of income and retained earnings |
6 |
|
|
Statement of financial position |
7 |
|
|
Notes to the financial statements |
8 |
|
|
Year ended 31 December 2023
The director presents his report and the financial statements of the company for the year ended
31 December 2023
.
Director
The director who served the company during the year was as follows:
Hendricus Renatus Tamerus |
|
|
|
Director's responsibilities statement
The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
11 March 2024
and signed on behalf of the board by:
Hendricus Renatus Tamerus |
|
Director |
|
|
|
Registered office: |
Cattlegate Road |
Enfield |
England |
Herts |
EN2 9ED |
|
Independent Auditor's Report to the Members of
Van Vliet UK Ltd |
|
Year ended 31 December 2023
Opinion
We have audited the financial statements of Van Vliet UK Ltd (the 'company') for the year ended 31 December 2023 which comprise the statement of income and retained earnings, statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the director's report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the director's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the director's report and from the requirement to prepare a strategic report.
Responsibilities of the director
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
- Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from a fraud or error and are considered material if, individually or in aggregate, they could be reasonably expected to influence the economic decisions of the user of the financial statements. - Irregularities, including fraud, are instances of non-compliance with laws and regulations; We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, are now detailed below - Enquiring of management around actual and potential litigation claims; - Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; - Performing audit work over the risks of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. Because of the inherent limitations of an audit, there is a risk we will not detect all irregularities, including those leading to a material misstatement in the financial statements or a non-compliance with a a law or regulation. This risk increases the more compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of the instances of non-compliance. A further description of our responsibilities for the audit of the financial statements is located on the FRC website at: www.frc.org.uk/auditorsresponsibilties. This description forms part of our Auditors' Report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Shenol Moustafa |
(Senior Statutory Auditor) |
|
For and on behalf of |
Hurshens Limited |
Chartered accountants & statutory auditor |
Unit 2, 32-34 Station Close |
Herts |
EN6 1TL |
|
11 March 2024
Statement of Income and Retained Earnings |
|
Year ended 31 December 2023
|
2023 |
2022 |
Note |
£ |
£ |
Turnover |
33,853,753 |
38,107,378 |
|
|
|
Cost of sales |
33,214,814 |
37,386,155 |
|
------------- |
------------- |
Gross profit |
638,939 |
721,223 |
|
|
|
Administrative expenses |
108,810 |
116,192 |
|
--------- |
--------- |
Operating profit |
530,129 |
605,031 |
|
|
|
|
--------- |
--------- |
Profit before taxation |
530,129 |
605,031 |
|
|
|
Tax on profit |
124,689 |
113,272 |
|
--------- |
--------- |
Profit for the financial year and total comprehensive income |
405,440 |
491,759 |
|
--------- |
--------- |
|
|
|
Retained earnings at the start of the year |
1,083,414 |
591,655 |
|
------------ |
------------ |
Retained earnings at the end of the year |
1,488,854 |
1,083,414 |
|
------------ |
------------ |
|
|
|
All the activities of the company are from continuing operations.
Statement of Financial Position |
|
31 December 2023
Current assets
Debtors |
6 |
1,369,403 |
1,591,639 |
Cash at bank and in hand |
1,004,817 |
958,325 |
|
------------ |
------------ |
|
2,374,220 |
2,549,964 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
875,366 |
1,456,550 |
|
------------ |
------------ |
Net current assets |
1,498,854 |
1,093,414 |
|
------------ |
------------ |
Total assets less current liabilities |
1,498,854 |
1,093,414 |
|
------------ |
------------ |
Net assets |
1,498,854 |
1,093,414 |
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
10,000 |
10,000 |
Profit and loss account |
1,488,854 |
1,083,414 |
|
------------ |
------------ |
Shareholders funds |
1,498,854 |
1,093,414 |
|
------------ |
------------ |
|
|
|
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the
board of directors
and authorised for issue on
11 March 2024
, and are signed on behalf of the board by:
Hendricus Renatus Tamerus |
|
Director |
|
|
|
Company registration number:
11789589
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cattlegate Road, Enfield, England, EN2 9ED, Herts.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities at fair value through profit or loss.
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction
.
4.
Auditor's remuneration
|
2023 |
2022 |
|
£ |
£ |
Fees payable for the audit of the financial statements |
3,500 |
3,500 |
|
------- |
------- |
|
|
|
5.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2022:
1
).
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
1,169,403 |
1,391,639 |
Other debtors |
200,000 |
200,000 |
|
------------ |
------------ |
|
1,369,403 |
1,591,639 |
|
------------ |
------------ |
|
|
|
The company has a fixed charge against a certain bank balance.
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
55,712 |
498,882 |
Corporation tax |
71,689 |
44,956 |
Social security and other taxes |
735,344 |
871,435 |
Other creditors |
12,621 |
41,277 |
|
--------- |
------------ |
|
875,366 |
1,456,550 |
|
--------- |
------------ |
|
|
|
8.
Financial commitments
The company has guarantees in place on behalf of a fellow subsidiary's bank borrowings. At the year end, this consisted of trade debtors and certain cash balances totalling of £1,925,982 (2022:£2,049,777).
9.
Related party transactions
The company is exempt from disclosing related party transactions within its own group where 100% ownership is in existence. However, the following company transactions occurred with related companies where the company has no ownership or control:- During the year the company sold goods in the normal course of business to J van Vliet London Cash and Carry Ltd for £25,601,935
(2022:£28,004,899). The price charged was the normal market price in the case of each individual purchase. At the balance sheet date the amount due from this company amounted to £479,848 (2022:£634,893).
10.
Controlling party
The ultimate controlling party and parent is Gojinjac NV,a company registered in Curacao. The immediate parent company is Vliem Beheer B.V., a company incorporated in the Netherlands. The ultimate controlling party is J.van Vliet. The smallest undertaking for which group financial statements are prepared is Vliem Beheer B.V. Copies of these consolidated financial statements can be obtained from P.O. Box 687,2675 ZX Honselersdijk, The Netherlands. The largest undertaking for which group financial statements are prepared is Gojinjac NV. The copies of these financial statements can be obtained from Landhuis Joonchi, Kaya Richard J. Beajon z/n, PO Box 837, Willemstad, Curacao.