Silverfin false false 31/05/2024 01/06/2023 31/05/2024 Mr C D Graddon 01/09/2023 Mrs K M Graddon 01/09/2023 Mr D J Graddon 20/04/1998 Mrs S Graddon Ms B Youldon 01/09/2023 Mr D Youldon 01/09/2023 29 January 2025 The principal activity of the Company during the financial year was that of vending machine services. 00915003 2024-05-31 00915003 bus:Director1 2024-05-31 00915003 bus:Director2 2024-05-31 00915003 bus:Director3 2024-05-31 00915003 bus:Director5 2024-05-31 00915003 bus:Director6 2024-05-31 00915003 2023-05-31 00915003 core:CurrentFinancialInstruments 2024-05-31 00915003 core:CurrentFinancialInstruments 2023-05-31 00915003 core:Non-currentFinancialInstruments 2024-05-31 00915003 core:Non-currentFinancialInstruments 2023-05-31 00915003 core:ShareCapital 2024-05-31 00915003 core:ShareCapital 2023-05-31 00915003 core:SharePremium 2024-05-31 00915003 core:SharePremium 2023-05-31 00915003 core:RetainedEarningsAccumulatedLosses 2024-05-31 00915003 core:RetainedEarningsAccumulatedLosses 2023-05-31 00915003 core:ComputerSoftware 2023-05-31 00915003 core:ComputerSoftware 2024-05-31 00915003 core:LeaseholdImprovements 2023-05-31 00915003 core:PlantMachinery 2023-05-31 00915003 core:Vehicles 2023-05-31 00915003 core:FurnitureFittings 2023-05-31 00915003 core:LeaseholdImprovements 2024-05-31 00915003 core:PlantMachinery 2024-05-31 00915003 core:Vehicles 2024-05-31 00915003 core:FurnitureFittings 2024-05-31 00915003 core:CostValuation 2023-05-31 00915003 core:CostValuation 2024-05-31 00915003 core:ProvisionsForImpairmentInvestments 2023-05-31 00915003 core:ProvisionsForImpairmentInvestments 2024-05-31 00915003 core:CurrentFinancialInstruments core:Secured 2024-05-31 00915003 2022-05-31 00915003 bus:OrdinaryShareClass1 2024-05-31 00915003 core:WithinOneYear 2024-05-31 00915003 core:WithinOneYear 2023-05-31 00915003 core:BetweenOneFiveYears 2024-05-31 00915003 core:BetweenOneFiveYears 2023-05-31 00915003 core:MoreThanFiveYears 2024-05-31 00915003 core:MoreThanFiveYears 2023-05-31 00915003 2023-06-01 2024-05-31 00915003 bus:FilletedAccounts 2023-06-01 2024-05-31 00915003 bus:SmallEntities 2023-06-01 2024-05-31 00915003 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 00915003 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 00915003 bus:Director1 2023-06-01 2024-05-31 00915003 bus:Director2 2023-06-01 2024-05-31 00915003 bus:Director3 2023-06-01 2024-05-31 00915003 bus:Director4 2023-06-01 2024-05-31 00915003 bus:Director5 2023-06-01 2024-05-31 00915003 bus:Director6 2023-06-01 2024-05-31 00915003 core:ComputerSoftware core:TopRangeValue 2023-06-01 2024-05-31 00915003 core:OtherResidualIntangibleAssets 2023-06-01 2024-05-31 00915003 core:LeaseholdImprovements core:TopRangeValue 2023-06-01 2024-05-31 00915003 core:PlantMachinery core:TopRangeValue 2023-06-01 2024-05-31 00915003 core:Vehicles core:TopRangeValue 2023-06-01 2024-05-31 00915003 core:FurnitureFittings core:BottomRangeValue 2023-06-01 2024-05-31 00915003 core:FurnitureFittings core:TopRangeValue 2023-06-01 2024-05-31 00915003 2022-06-01 2023-05-31 00915003 core:ComputerSoftware 2023-06-01 2024-05-31 00915003 core:LeaseholdImprovements 2023-06-01 2024-05-31 00915003 core:PlantMachinery 2023-06-01 2024-05-31 00915003 core:Vehicles 2023-06-01 2024-05-31 00915003 core:FurnitureFittings 2023-06-01 2024-05-31 00915003 core:CurrentFinancialInstruments 2023-06-01 2024-05-31 00915003 core:Non-currentFinancialInstruments 2023-06-01 2024-05-31 00915003 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 00915003 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 00915003 (England and Wales)

V H GRADDON & SONS VENDING LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

V H GRADDON & SONS VENDING LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

V H GRADDON & SONS VENDING LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 May 2024
V H GRADDON & SONS VENDING LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 148,375 0
Tangible assets 4 1,004,858 989,443
1,153,233 989,443
Current assets
Stocks 308,815 268,301
Debtors 6 156,798 189,715
Cash at bank and in hand 480,177 424,282
945,790 882,298
Creditors: amounts falling due within one year 7 ( 1,021,166) ( 859,651)
Net current (liabilities)/assets (75,376) 22,647
Total assets less current liabilities 1,077,857 1,012,090
Creditors: amounts falling due after more than one year 8 ( 434,441) ( 428,859)
Provision for liabilities 9 ( 39,954) ( 11,348)
Net assets 603,462 571,883
Capital and reserves
Called-up share capital 10 22,000 22,000
Share premium account 168,000 168,000
Profit and loss account 413,462 381,883
Total shareholder's funds 603,462 571,883

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of V H Graddon & Sons Vending Limited (registered number: 00915003) were approved and authorised for issue by the Board of Directors on 29 January 2025. They were signed on its behalf by:

Mr D J Graddon
Director
V H GRADDON & SONS VENDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
V H GRADDON & SONS VENDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

V H Graddon & Sons Vending Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Richmond Walk, Devonport, Plymouth, PL1 4LL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 10 years straight line
Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line
Plant and machinery 10 years straight line
Vehicles 4 years straight line
Fixtures and fittings 3 - 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income. Grants that do not not impose specified future performance-related conditions on the recipient are recognised in income when the grant proceeds are received or receivable.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 46 44

3. Intangible assets

Computer software Total
£ £
Cost
At 01 June 2023 0 0
Additions 148,375 148,375
At 31 May 2024 148,375 148,375
Accumulated amortisation
At 01 June 2023 0 0
At 31 May 2024 0 0
Net book value
At 31 May 2024 148,375 148,375
At 31 May 2023 0 0

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 June 2023 8,243 2,759,801 846,364 149,461 3,763,869
Additions 0 198,524 101,163 21,507 321,194
Disposals 0 ( 67,585) ( 15,176) 0 ( 82,761)
At 31 May 2024 8,243 2,890,740 932,351 170,968 4,002,302
Accumulated depreciation
At 01 June 2023 8,243 2,206,089 450,846 109,248 2,774,426
Charge for the financial year 0 126,678 158,859 17,500 303,037
Disposals 0 ( 64,843) ( 15,176) 0 ( 80,019)
At 31 May 2024 8,243 2,267,924 594,529 126,748 2,997,444
Net book value
At 31 May 2024 0 622,816 337,822 44,220 1,004,858
At 31 May 2023 0 553,712 395,518 40,213 989,443

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 June 2023 180,000
At 31 May 2024 180,000
Provisions for impairment
At 01 June 2023 180,000
At 31 May 2024 180,000
Carrying value at 31 May 2024 0
Carrying value at 31 May 2023 0

6. Debtors

2024 2023
£ £
Trade debtors 140,807 169,587
Amounts owed by directors 3,601 3,601
Prepayments 2,874 3,947
Other debtors 9,516 12,580
156,798 189,715

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 20,000 20,000
Trade creditors 578,274 453,317
Accruals and deferred income 111,623 65,152
Taxation and social security 151,872 170,813
Obligations under finance leases and hire purchase contracts (secured) 150,621 134,200
Other creditors 8,776 16,169
1,021,166 859,651

See note 8 for details of security given.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 20,000 40,000
Obligations under finance leases and hire purchase contracts (secured) 212,951 275,768
Other creditors 201,490 113,091
434,441 428,859

The total of amounts owed due to obligation under finance leases and hire purchases contracts are secured against the assets to which they relate.

The total of amounts due to obligation under bank loans is secured by way of debenture against all monies due or to become due from the company on any account whatsoever with fixed and floating charges over the undertaking and all present and future property and assets.

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 11,348) ( 39,714)
(Charged)/credited to the Statement of Income and Retained Earnings ( 28,606) 28,366
At the end of financial year ( 39,954) ( 11,348)

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
22,000 Ordinary shares of £ 1.00 each 22,000 22,000

11. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 47,629 33,175
between one and five years 29,535 63,466
after five years 20,340 0
97,504 96,641

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 8,338 6,982

12. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed by Directors 3,601 3,601

A director has given an all money guarantee for a principle amount of £50,000. The amounts are repayable on demand and no interest is charged.

In the year, the company paid £16,380 (2023: £16,380) rent to a director.