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Registered number: 04811326
Vulcatech Belting Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2024
Steve Pye & Co.
Chartered Certified Accountants
3 North Lynn Bus. Village
Bergen Way, North Lynn Industrial Estate
King's Lynn
Norfolk
PE30 2JG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04811326
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,014,654 924,909
Investments 5 31,257 31,257
1,045,911 956,166
CURRENT ASSETS
Stocks 6 592,784 549,803
Debtors 7 958,178 918,992
Cash at bank and in hand 28,939 30,701
1,579,901 1,499,496
Creditors: Amounts Falling Due Within One Year 8 (1,284,360 ) (1,045,433 )
NET CURRENT ASSETS (LIABILITIES) 295,541 454,063
TOTAL ASSETS LESS CURRENT LIABILITIES 1,341,452 1,410,229
Creditors: Amounts Falling Due After More Than One Year 9 (336,818 ) (358,490 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (110,432 ) (88,744 )
NET ASSETS 894,202 962,995
CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Profit and Loss Account 893,202 961,995
SHAREHOLDERS' FUNDS 894,202 962,995
Page 1
Page 2
For the year ending 31 July 2024 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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements were approved by the board of directors on 31 October 2024 and were signed on its behalf by:
Mr Steven Pledger
Director
31 October 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Vulcatech Belting Ltd is a private company, limited by shares, incorporated in England & Wales. The company's registered number and registered office address can be found on the Company Information page.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Significant judgements and estimations
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources.  The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.  The estimates and underlying assumptions are reviewed on an ongoing basis.  Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of revision and future periods if the revision affects both current and future periods.  The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
2.4. Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold No depreciation
Plant & Machinery 15% on reducing balance
Motor Vehicles 25% on reducing balance
Improvements to Property 15% on cost
No depreciation is provided on the company's freehold properties since in the opinion of the directors the expected useful lives are sufficiently long and the estimated residual values are sufficiently high that any such depreciation would be immaterial. The directors undertake an annual impairment review of these properties.
2.5. Leasing and Hire Purchase Contracts
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2.6. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items.
2.7. Financial Instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.
a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.
b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
...CONTINUED
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Page 4
2.7. Financial Instruments - continued
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.8. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 19 (2023: 18)
19 18
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Improvements to Property Total
£ £ £ £ £
Cost
As at 1 August 2023 493,637 684,400 291,581 54,100 1,523,718
Additions - 153,867 80,499 - 234,366
Disposals - (2,918 ) (63,128 ) - (66,046 )
As at 31 July 2024 493,637 835,349 308,952 54,100 1,692,038
Depreciation
As at 1 August 2023 - 423,021 135,427 40,361 598,809
Provided during the period - 62,129 53,968 6,695 122,792
Disposals - (1,871 ) (42,346 ) - (44,217 )
As at 31 July 2024 - 483,279 147,049 47,056 677,384
Net Book Value
As at 31 July 2024 493,637 352,070 161,903 7,044 1,014,654
As at 1 August 2023 493,637 261,379 156,154 13,739 924,909
Page 4
Page 5
5. Investments
Other
£
Cost
As at 1 August 2023 31,257
As at 31 July 2024 31,257
Provision
As at 1 August 2023 -
As at 31 July 2024 -
Net Book Value
As at 31 July 2024 31,257
As at 1 August 2023 31,257
6. Stocks
2024 2023
£ £
Stock 592,784 549,803
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 895,837 860,020
Amounts owed by participating interests 20,634 20,130
Other debtors 41,707 38,842
958,178 918,992
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 53,166 42,001
Trade creditors 589,855 384,641
Bank loans and overdrafts 21,671 19,336
Other creditors 403,248 316,706
Taxation and social security 216,420 282,749
1,284,360 1,045,433
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 64,275 65,515
Bank loans 272,543 292,975
336,818 358,490
Page 5
Page 6
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
11. Secured Debts
The following secured debts are included within creditors:
2024
2023
£
£
Bank loans
294,214
312,311
Invoice factoring
389,544
image
305,369
image
679,667
image
617,680
image
On 25 August 2017 a charge was created securing the mortgage against the property owned at Units 1-4 Enterprise Way, and all furnishings, fixtures and plant and machinery kept at the premises.
On 31 July 2020, a debenture charge was created, securing a loan and fixed and floating charges owed to Clydesdale Bank Plc against all property and undertakings of the company.
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