VPS POWER LTD

Company Registration Number:
07816774 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 1 January 2023

End date: 31 December 2023

VPS POWER LTD

Contents of the Financial Statements

for the Period Ended 31 December 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

VPS POWER LTD

Directors' report period ended 31 December 2023

The directors present their report with the financial statements of the company for the period ended 31 December 2023

Principal activities of the company

The Company's main activity is testing and reporting on transformer oil quality for its customers.



Directors

The director shown below has held office during the whole of the period from
1 January 2023 to 31 December 2023

M. Cooper


The director shown below has held office during the period of
1 January 2023 to 26 July 2023

R. Vonk


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
14 February 2025

And signed on behalf of the board by:
Name: M. Cooper
Status: Director

VPS POWER LTD

Profit And Loss Account

for the Period Ended 31 December 2023

2023 2022


£

£
Turnover: 1,372,311 1,357,292
Cost of sales: ( 804,038 ) ( 566,317 )
Gross profit(or loss): 568,273 790,975
Administrative expenses: ( 589,495 ) ( 582,753 )
Operating profit(or loss): (21,222) 208,222
Interest receivable and similar income: 2,504
Interest payable and similar charges: ( 6,271 )
Profit(or loss) before tax: (27,493) 210,726
Tax: 3,843 ( 19,285 )
Profit(or loss) for the financial year: (23,650) 191,441

VPS POWER LTD

Balance sheet

As at 31 December 2023

Notes 2023 2022


£

£
Fixed assets
Intangible assets: 3 606,250 681,250
Tangible assets: 4 253,626 286,744
Total fixed assets: 859,876 967,994
Current assets
Stocks: 5 16,186 0
Debtors: 6 800,794 361,752
Cash at bank and in hand: 158,030 250,809
Total current assets: 975,010 612,561
Prepayments and accrued income: 229,735 207,167
Creditors: amounts falling due within one year: 7 ( 500,573 ) ( 205,138 )
Net current assets (liabilities): 704,172 614,590
Total assets less current liabilities: 1,564,048 1,582,584
Provision for liabilities: ( 59,126 ) ( 54,012 )
Total net assets (liabilities): 1,504,922 1,528,572
Capital and reserves
Called up share capital: 1,000 1,000
Profit and loss account: 1,503,922 1,527,572
Total Shareholders' funds: 1,504,922 1,528,572

The notes form part of these financial statements

VPS POWER LTD

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption 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.

This report was approved by the board of directors on 14 February 2025
and signed on behalf of the board by:

Name: M. Cooper
Status: Director

The notes form part of these financial statements

VPS POWER LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Revenue Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised at a point in time when for the services provided all of the following conditions are satisfied: - The amount of revenue can be measured reliably; - It is probable that the Company will receive the consideration due under the contract; - The performance obligations from the contract are satisfied.

    Tangible fixed assets depreciation policy

    Tangible assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Land and buildings 10 years Equipment, fixtures and fittings 5-10 years

    Intangible fixed assets amortisation policy

    Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of twenty years. Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment loss.

    Other accounting policies

    Going concern The VPS Group of which the Company is part of, prepares an annual budget for the group, in which the profitability of the Company is included. Based on the Company’s expected profitability, it’s balance sheet and cash position and cashflows, the directors have a reasonable expectation that the Company has adequate resources to continue in operation for the foreseeable future. Accordingly, the directors consider that the Company is able to continue as a going concern and have therefore continued to adopt the going concern basis in preparing these financial statements. Hire, purchase and leasing commitments Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Pension costs and other post-retirement benefits The company operates a defined contribution pension scheme. Contributions payable to the company’s pension scheme are charged to profit or loss in the period to which they relate. Taxation Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. Debtors Short term debtors are measured at transaction price, less any impairment. Cash and cash equivalents Cash and cash equivalents comprises cash in hand, deposits held with banks and other short-term highly liquid investments with original maturities of three months or less. Creditors Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Financial instruments The Company only engages in basic financial instrument transactions, including other debtors, trade and other creditors, related party loans, and investments in ordinary shares. Debt instruments (excluding those repayable within one year) are initially measured at the present value of future cash flows and subsequently at amortized cost using the effective interest method. Short-term debt instruments, like trade creditors, are measured at the undiscounted amount expected to be paid. However, if a short-term instrument is a financing transaction, such as a deferred trade debt or an out-right short-term loan at non-market rates, it is initially measured at present value discounted at a market rate and then at amortized cost, unless it qualifies as a director's loan or a public benefit entity concessionary loan. 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 fount, and impairment loss is recognised in the profit and loss account. 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 of the recoverable amount, 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. Financial assets and liabilities are offset and the net amount reported in the Balance sheet 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. Judgements in applying accounting policies and key sources of estimation uncertainty The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company’s accounting policies. The critical judgements that the directors have made in the process of applying the Company’s accounting policies that have the most significant effect on the financial statements are discussed below. Assessing indicators of impairment In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairments identified during the current financial year.

VPS POWER LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 12 12

VPS POWER LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 January 2023 1,500,000 1,500,000
Additions
Disposals
Revaluations
Transfers
At 31 December 2023 1,500,000 1,500,000
Amortisation
At 1 January 2023 818,750 818,750
Charge for year 75,000 75,000
On disposals
Other adjustments
At 31 December 2023 893,750 893,750
Net book value
At 31 December 2023 606,250 606,250
At 31 December 2022 681,250 681,250

VPS POWER LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2023 501,258 95,171 596,429
Additions 73,484 3,303 76,787
Disposals ( 141,405 ) ( 141,405 )
Revaluations
Transfers
At 31 December 2023 433,337 98,474 531,811
Depreciation
At 1 January 2023 306,877 2,808 309,685
Charge for year 61,670 9,458 71,128
On disposals ( 102,628 ) ( 102,628 )
Other adjustments
At 31 December 2023 265,919 12,266 278,185
Net book value
At 31 December 2023 167,418 86,208 253,626
At 31 December 2022 194,381 92,363 286,744

VPS POWER LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Stocks

2023 2022
£ £
Stocks 16,186 0
Total 16,186 0

VPS POWER LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

6. Debtors

2023 2022
£ £
Trade debtors 295,470 275,682
Other debtors 505,324 86,070
Total 800,794 361,752

VPS POWER LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

7. Creditors: amounts falling due within one year note

2023 2022
£ £
Trade creditors 108,256 28,321
Taxation and social security 61,886 50,199
Accruals and deferred income 100,155 43,731
Other creditors 230,276 82,887
Total 500,573 205,138

VPS POWER LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

8. Financial Commitments

As at 31 December 2023, the Company had GBP 591,855 future minimum lease payments due under non-cancellable operating leases (2022: GBP 661,485).