Company registration number 03978696 (England and Wales)
VACUUM AND ATMOSPHERE SERVICES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
VACUUM AND ATMOSPHERE SERVICES LTD
COMPANY INFORMATION
Directors
Mr M M Long
Mr I A Scott
Secretary
Mr M M Long
Company number
03978696
Registered office
Unit 30
Park Rose Industrial Estate
Middlemore Road
Smethwick
Birmingham
B66 2DZ
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
National Westminster Bank Plc
3 Church Street
Oldbury
Warley
West Midlands
B69 3ND
VACUUM AND ATMOSPHERE SERVICES LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
VACUUM AND ATMOSPHERE SERVICES LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF VACUUM AND ATMOSPHERE SERVICES LTD FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Vacuum and Atmosphere Services Ltd for the year ended 30 April 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Vacuum and Atmosphere Services Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Vacuum and Atmosphere Services Ltd and state those matters that we have agreed to state to the board of directors of Vacuum and Atmosphere Services Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Vacuum and Atmosphere Services Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Vacuum and Atmosphere Services Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Vacuum and Atmosphere Services Ltd. You consider that Vacuum and Atmosphere Services Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Vacuum and Atmosphere Services Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ormerod Rutter Limited
4 December 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
VACUUM AND ATMOSPHERE SERVICES LTD
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
574,794
396,698
Current assets
Stocks
354,198
270,914
Debtors
5
1,407,621
1,314,855
Cash at bank and in hand
28,239
711,032
1,790,058
2,296,801
Creditors: amounts falling due within one year
6
(1,266,807)
(1,218,128)
Net current assets
523,251
1,078,673
Total assets less current liabilities
1,098,045
1,475,371
Creditors: amounts falling due after more than one year
7
(284,094)
(508,098)
Provisions for liabilities
8
(41,404)
(39,421)
Net assets
772,547
927,852
Capital and reserves
Called up share capital
10
300
300
Capital redemption reserve
166
166
Profit and loss reserves
772,081
927,386
Total equity
772,547
927,852

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

VACUUM AND ATMOSPHERE SERVICES LTD
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 4 December 2024 and are signed on its behalf by:
Mr M M Long
Director
Company registration number 03978696 (England and Wales)
VACUUM AND ATMOSPHERE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information

Vacuum and Atmosphere Services Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 30, Park Rose Industrial Estate, Middlemore Road, Smethwick, Birmingham, B66 2DZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and has been fully amortised.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
Nil
Improvements to property
5% on cost
Plant and machinery
15% on reducing balance
Office equipment
15% on reducing balance
Computer equipment
25% on cost
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

VACUUM AND ATMOSPHERE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -

No depreciation is provided on freehold property. This treatment may be a departure from the requirements of Companies Act 2006 concerning depreciation of fixed assets, however, the company follows a program of regular refurbishment and maintenance of its properties, which includes the reinstatement of the fabric of the buildings where necessary in order to maintain them to a high standard. Accordingly, in the opinion of the directors, any element of depreciation would be immaterial and no provision has been made, as the residual value would be in excess of cost.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

VACUUM AND ATMOSPHERE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.10

Invoice discounting

The company has entered into an invoice discounting arrangement for certain trade debtors. Amounts due from the customers are shown in full in trade debtors, with amounts due to the finance company in creditors due within twelve months under the other creditors heading and amounts due from the finance company in debtors due within twelve months under the other debtors heading.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
37
34
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
112,000
Amortisation and impairment
At 1 May 2023 and 30 April 2024
112,000
Carrying amount
At 30 April 2024
-
0
At 30 April 2023
-
0
VACUUM AND ATMOSPHERE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
4
Tangible fixed assets
Land and buildings Freehold
Improvements to property
Plant and machinery
Office equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 May 2023
-
0
98,366
231,001
75,749
84,533
310,371
800,020
Additions
245,447
-
0
3,133
2,353
3,300
-
0
254,233
At 30 April 2024
245,447
98,366
234,134
78,102
87,833
310,371
1,054,253
Depreciation and impairment
At 1 May 2023
-
0
40,502
102,576
52,670
75,100
132,474
403,322
Depreciation charged in the year
-
0
4,923
19,734
3,816
3,189
44,475
76,137
At 30 April 2024
-
0
45,425
122,310
56,486
78,289
176,949
479,459
Carrying amount
At 30 April 2024
245,447
52,941
111,824
21,616
9,544
133,422
574,794
At 30 April 2023
-
0
57,864
128,425
23,079
9,433
177,897
396,698
VACUUM AND ATMOSPHERE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,382,981
1,297,792
Other debtors
24,640
17,063
1,407,621
1,314,855
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
200,000
209,966
Trade creditors
412,164
677,081
Amounts owed to group undertakings
108,903
4,495
Taxation and social security
411,604
175,340
Other creditors
134,136
151,246
1,266,807
1,218,128
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
266,667
466,667
Other creditors
17,427
41,431
284,094
508,098
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
41,404
39,421
VACUUM AND ATMOSPHERE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
9
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Hire purchase contracts
41,431
68,075
Bank overdrafts
-
0
9,966
Bank loans
466,667
666,667
Factoring account
47,973
-
556,071
744,708
Hire purchase contracts are secured against the assets to which they relate.
Bank loans are secured by way of a government-back guarentee.
All monies due or to become due from the company to the factoring company, RBS Invoice Finance, are secured against trade debtors.
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
150
150
150
150
Ordinary B of £1 each
143
143
143
143
Ordinary C of £1 each
4
4
4
4
Ordinary D of £1 each
2
2
2
2
Ordinary E of £1 each
1
1
1
1
300
300
300
300
11
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12
Control

Ultimate parent company

The ultimate parent company is Vacuum and Atmosphere Holdings Limited, a company registered in England and Wales.

Ultimate controlling party

The ultimate controlling party is Mr M M Long and Mrs S J Long.

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