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Registration number: 01263262

Van Guard Accessories Limited

Filleted Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Van Guard Accessories Limited
(Registration number: 01263262)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Van Guard Accessories Limited
(Registration number: 01263262)

Company Information

Directors

B J Woodward

M K Land

E Harris

L S Andrews

A D Rote

Company secretary

A Land

Registered office

Exeter Airport Business Park
Fair Oak Close
Clyst Honiton
Exeter
Devon
EX5 2UL

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Van Guard Accessories Limited
(Registration number: 01263262)

Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1

1

Tangible assets

5

836,810

1,387,599

Investments

5,099

5,099

 

841,910

1,392,699

Current assets

 

Stocks

7

1,476,599

1,150,431

Debtors

8

1,324,008

1,256,298

Cash at bank and in hand

 

116,385

31,473

 

2,916,992

2,438,202

Creditors: Amounts falling due within one year

9

(1,631,359)

(2,033,537)

Net current assets

 

1,285,633

404,665

Total assets less current liabilities

 

2,127,543

1,797,364

Creditors: Amounts falling due after more than one year

9

(26,662)

(268,090)

Provisions for liabilities

(189,078)

(157,503)

Net assets

 

1,911,803

1,371,771

Capital and reserves

 

Called up share capital

5,100

5,100

Revaluation reserve

-

406,011

Profit and loss account

1,906,703

960,660

Total equity

 

1,911,803

1,371,771

For the financial year ending 30 April 2024 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.

 

Van Guard Accessories Limited
(Registration number: 01263262)

Balance Sheet as at 30 April 2024

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 21 January 2025 and signed on its behalf by:
 

.........................................
B J Woodward
Director

 

Van Guard Accessories Limited
(Registration number: 01263262)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Exeter Airport Business Park
Fair Oak Close
Clyst Honiton
Exeter
Devon
EX5 2UL

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 Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Van Guard Accessories Limited
(Registration number: 01263262)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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.

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

Freehold property

Not depreciated

Plant and machinery

20% straight line basis

Fixtures and fittings

10% straight line basis

Office equipment

33.3% straight line basis

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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.

 

Van Guard Accessories Limited
(Registration number: 01263262)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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

Not amortised

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Van Guard Accessories Limited
(Registration number: 01263262)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 65 (2023 - 57).

 

Van Guard Accessories Limited
(Registration number: 01263262)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

1

1

At 30 April 2024

1

1

Amortisation

Carrying amount

At 30 April 2024

1

1

At 30 April 2023

1

1

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Projects
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

747,453

285,254

186,761

1,432,385

2,651,853

Additions

-

140,764

-

287,792

428,556

Disposals

(697,513)

(33,036)

-

-

(730,549)

At 30 April 2024

49,940

392,982

186,761

1,720,177

2,349,860

Depreciation

At 1 May 2023

-

249,710

104,136

910,408

1,264,254

Charge for the year

-

11,477

37,328

202,744

251,549

Eliminated on disposal

-

(2,753)

-

-

(2,753)

At 30 April 2024

-

258,434

141,464

1,113,152

1,513,050

Carrying amount

At 30 April 2024

49,940

134,548

45,297

607,025

836,810

At 30 April 2023

747,453

35,544

82,625

521,977

1,387,599

Included within the net book value of land and buildings above is £Nil (2023 - £747,453) in respect of freehold land and buildings and £49,940 (2023 - £Nil) in respect of long leasehold land and buildings.
 

 

Van Guard Accessories Limited
(Registration number: 01263262)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Investments

2024
£

2023
£

Investments in subsidiaries

5,099

5,099

Subsidiaries

£

Cost or valuation

At 1 May 2023

5,099

Carrying amount

At 30 April 2024

5,099

At 30 April 2023

5,099

7

Stocks

2024
£

2023
£

Raw materials and consumables

1,249,837

943,708

Work in progress

8,618

9,086

Finished goods and goods for resale

218,144

217,486

Other stocks

-

(19,849)

1,476,599

1,150,431

8

Debtors

Note

2024
£

2023
£

Trade debtors

 

1,076,947

863,499

Amounts owed by group undertakings and undertakings in which the company has a participating interest

28,237

27,638

Other debtors

 

78,207

180,820

Prepayments and accrued income

 

140,617

184,341

Total current trade and other debtors

 

1,324,008

1,256,298

 

Van Guard Accessories Limited
(Registration number: 01263262)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

14,542

22,159

Trade creditors

 

1,211,202

1,276,419

Amounts owed to group undertakings and undertakings in which the company has a participating interest

21,004

5,050

Taxation and social security

 

276,868

108,476

Other creditors

 

29,597

570,863

Accrued expenses

 

78,146

50,570

 

1,631,359

2,033,537

Creditors include an invoice discounting liability which is secured of £nil (2023 - £569,529).

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

26,662

44,737

Other non-current financial liabilities

 

-

223,353

 

26,662

268,090

10

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

14,542

21,406

Bank overdrafts

-

753

14,542

22,159

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

26,662

44,737

 

Van Guard Accessories Limited
(Registration number: 01263262)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

11

Parent and ultimate parent undertaking

The company's immediate parent is G K Land Engineering (Holdings) Ltd, incorporated in England and Wales.