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Registered number: 06486633
Vesey UK Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 29 February 2024
Financial Statements
Contents
Page
Company Information 1
Strategic Report 2
Directors' Report 3
Independent Auditor's Report 4—7
Profit and Loss Account 8
Statement of Comprehensive Income 9
Balance Sheet 10—11
Statement of Changes in Equity 12
Statement of Cash Flows 13
Notes to the Statement of Cash Flows 14
Notes to the Financial Statements 15—23
Page 1
Company Information
Directors Mr K Kirby
Mr L Kirby
Secretary Ms A Bass
Company Number 06486633
Registered Office Old Bank Chambers
582-586 Kingsbury Road Erdington
Birmingham
West Midlands
B24 9ND
Business Unit 54 Gravelly Industrial Park
Jarvis Way
Birmingham
West Midlands
B24 8TQ
Auditors Lindley & Co
Suite 4 Europa House
Europa Way
Lichfield
Staffordshire
WS14 9TZ
Page 1
Page 2
Strategic Report
The directors present their strategic report for the year ended 29 February 2024.
Principal Activity
The company's principal activity continues to be that of embellishment and distribution of some of the world's largest sports branded products, along with our own branded products and accessories in to the specialist teamwear market.
Review of the Business
The results for the year are set out on pages 8 to 23.
The challenges for the current year were as expected and increased levels of acivity were required to maintain 
our market position.
Key Performance Indicators
The company's turnover has increased by 1% from £13,042,482 to £13,185,453. Gross profit has decreased from £5,950,406 to £5,249,901 with the margin decreasing from 46% to 40%.The company also concentrates on keeping staff turnover to a minimum to preserve investment in skills and training.
Dividends
Particulars of recommended dividends are detailed in note 23 to the financial statements.
Principal Risks & Uncertainties 
Our plans for the year ending February 2025 have been impacted by a devastating fire which started externally to our premises in July 2024. An estimate of the financial effect cannot be made at this time however the company has a robust recovery plan in place, which is being executed as planned, with the support of our dedicated loyal Vesey team, coupled with the support of our key suppliers and our friends in the football teamwear industry across the globe.(No need to mention by name, they know who they are, and we remain committed to you all.)
Sufficient company cash reserves are available to continue to meet all creditors ahead of our trade payment terms.The current year's revenue will be impacted by the fire, however the business remains a profitable going concern.
Going Concern
The directors have prepared and continually review the company's forecasts and projections, taking into account the financial impact of the fire and have a reasonable expectation that the company has adequate resources to continue in operational existance for the forseeable future.The directors believe that there is no reason to believe it is not appropriate for the company to continue to adopt the going concern basis in preparing its financial statements.
On behalf of the board
Mr K Kirby
Director
Mr L Kirby
Director
25/02/2025
Page 2
Page 3
Directors' Report
The directors present their report and the financial statements for the year ended 29 February 2024.
Dividends
Particulars of recommended dividends are detailed in note 23 of the financial statements.
Directors
The directors who held office during the year were as follows:
Ms A Bass Resigned 14/06/2024
Mr K Kirby
Mr L Kirby
Matters covered in the Strategic Report
In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013, information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 has been included in the Strategic Report.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to: 
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of Disclosure of Information to Auditors
The directors of the company who held office at the date of approval of this annual report confirm that: 
  • so far as they are aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Independent Auditors
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
On behalf of the board
Mr K Kirby
Director
Mr L Kirby
Director
25/02/2025
Page 3
Page 4
Independent Auditor's Report
Opinion
We have audited the financial statements of Vesey UK Limited for the year ended 29 February 2024 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 29 February 2024 and of its profit for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
Page 4
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Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records or returns; or
  • certain disclosures of directors' remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Page 5
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Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
  • We gained an understanding of the legal and regulatory framwork applicable to the company and the industry in which it operates and considered the risk of any acts by the company that were not in line with the applicable laws and regulations, including fraud. Additionally, we gained an understanding of management's procedures relating to detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud.
  • We made enquiries of management , being those charged with governance , and reviewed correspondence with the company's solicitors around actual and potential litigation and claims. We also reviewed legal expenditure during the year to identfiy non compliance with laws and regulations.
  • We made enquiry of staff in compliance functions to identify any instances of non-compliance with laws and regulations.
  • We reviewed the financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
  • We performed audit work over the risk of management override of controls , including testing of journal entries and other adjustments for appropriateness ,evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities , including those leading to a material misstatement in the financial statements or non-compliance with regulation.This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment,forgery, collusion, omission or misrepresentation.
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit .We also :
  • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error,as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
  • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
  • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
  • Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
  • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
  • The auditor communicates with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Page 6
Page 7
Sandra Kay Lindley (Senior Statutory Auditor)
for and on behalf of Lindley & Co , Statutory Auditor
25/02/2025
Lindley & Co
Suite 4 Europa House
Europa Way
Lichfield
Staffordshire
WS14 9TZ
Page 7
Page 8
Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 3 13,185,453 13,042,482
Cost of sales (7,935,552 ) (7,092,076 )
GROSS PROFIT 5,249,901 5,950,406
Administrative expenses (3,023,655 ) (3,052,365 )
Other operating income - -
OPERATING PROFIT 4 2,226,246 2,898,041
(Loss)/profit on disposal of fixed assets (13,766 ) 13,150
Other interest receivable and similar income 9 53,388 80
Interest payable and similar charges 10 (104,726 ) (94,617 )
PROFIT BEFORE TAXATION 2,161,142 2,816,654
Tax on Profit 11 (660,035 ) (526,553 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 1,501,107 2,290,101
The notes on pages 14 to 23 form part of these financial statements.
Page 8
Page 9
Statement of Comprehensive Income
2024 2023
£ £
PROFIT FOR THE FINANCIAL YEAR 1,501,107 2,290,101
OTHER COMPREHENSIVE INCOME:
Loss on revaluation of other assets - (25,543 )
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,501,107 2,264,558
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Balance Sheet
Registered number: 06486633
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 12 50,000 100,000
Tangible Assets 13 566,039 544,510
616,039 644,510
CURRENT ASSETS
Stocks 14 3,286,964 4,195,351
Debtors 15 856,761 437,124
Cash at bank and in hand 4,487,077 3,728,803
8,630,802 8,361,278
Creditors: Amounts Falling Due Within One Year 16 (1,568,595 ) (2,443,711 )
NET CURRENT ASSETS (LIABILITIES) 7,062,207 5,917,567
TOTAL ASSETS LESS CURRENT LIABILITIES 7,678,246 6,562,077
PROVISIONS FOR LIABILITIES
Deferred Taxation 17 (114,796 ) (121,734 )
NET ASSETS 7,563,450 6,440,343
CAPITAL AND RESERVES
Called up share capital 19 49 49
Revaluation reserve 24 157,489 186,123
Capital redemption reserve 105 105
Profit and Loss Account 7,405,807 6,254,066
SHAREHOLDERS' FUNDS 7,563,450 6,440,343
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Company Number :- 06486633
The financial statements were approved by the board of directors on 25 February 2025 and were signed on its behalf by:
Mr K Kirby
Director
Mr L Kirby
Director
25/02/2025
The notes on pages 14 to 23 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Revaluation reserve Capital Redemption Profit and Loss Account Total
£ £ £ £ £
As at 1 March 2022 50 240,300 104 4,307,331 4,547,785
Profit for year - - - 2,290,101 2,290,101
Surplus on revaluation - (25,543 ) - - (25,543 )
Other comprehensive income for the year - (25,543 ) - - (25,543 )
Total comprehensive income for the year - (25,543) - 2,290,101 2,264,558
Dividends paid - - - (372,000) (372,000)
Share capital reduction (1 ) - 1 - -
Transfer from revaluation reserve - - - 28,634 28,634
Transfer to/from Profit & Loss Account - (28,634 ) - - (28,634)
As at 28 February 2023 and 1 March 2023 49 186,123 105 6,254,066 6,440,343
Profit for the year and total comprehensive income - - - 1,501,107 1,501,107
Dividends paid - - - (378,000) (378,000)
Transfer from revaluation reserve - - - 28,634 28,634
Transfer to/from Profit & Loss Account - (28,634 ) - - (28,634)
As at 29 February 2024 49 157,489 105 7,405,807 7,563,450
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Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 2,188,977 2,179,575
Interest paid (111,150 ) (94,855 )
Tax paid (834,693 ) (140,798 )
Net cash generated from operating activities 1,243,134 1,943,922
Cash flows from investing activities
Purchase of tangible assets (189,205 ) (14,099 )
Proceeds from disposal of tangible assets 25,330 47,325
Interest received 53,388 80
Net cash (used in)/generated from investing activities (110,487 ) 33,306
Cash flows from financing activities
Equity dividends paid (378,000 ) (372,000 )
Amount introduced by directors 3,627 -
Amount withdrawn by directors - (6,366)
Net cash used in financing activities (374,373 ) (378,366 )
Increase in cash and cash equivalents 758,274 1,598,862
Cash and cash equivalents at beginning of year 2 3,728,803 2,129,941
Cash and cash equivalents at end of year 2 4,487,077 3,728,803
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Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
£ £
Profit for the financial year 1,501,107 2,290,101
Adjustments for:
Tax on profit 660,035 526,553
Interest expense 104,726 94,617
Interest income (53,388 ) (80 )
Amortisation of intangible assets 50,000 50,000
Depreciation of tangible assets 128,580 109,308
Loss/(profit) on disposal of tangible assets 13,766 (13,150)
Foreign exchange losses/(gains) 6,424 (10,086)
Movements in working capital:
Decrease/(increase) in stocks 908,387 (1,390,344 )
(Increase)/decrease in trade and other debtors (419,637 ) 165,770
(Decrease)/increase in trade and other creditors (711,023 ) 356,886
Net cash generated from operations 2,188,977 2,179,575
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 4,487,077 3,728,803
3. Analysis of changes in net funds
As at 1 March 2023 Cash flows As at 29 February 2024
£ £ £
Cash at bank and in hand 3,728,803 758,274 4,487,077
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Notes to the Financial Statements
1. General Information
Vesey UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06486633 . The registered office is Old Bank Chambers, 582-586 Kingsbury Road Erdington, Birmingham, West Midlands, B24 9ND.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
The financial statements are prepared in Sterling which is the functional currency of the entity.
2.2. Going Concern Disclosure
The accounts have been prepared on a going concern basis.
As referred to in note 25, the company experienced a fire in July 2024, which destroyed the company premises, however due to the strong financial position of the company, a robust recovery plan and the support of its customers, suppliers and staff the company recommenced operations quickly and has continued to trade profitably whilst still having no requirement for bank borrowings or loans and continuing to pay creditors within their payment terms. The directors continually review the financial position taking into account the impact on revenue as a result of the fire, and believe that despite this the company has adequate resources to continue its operations for at least 12 months from the date of signing these financial statements on a going concern basis.
2.3. Significant judgements and estimations
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported .These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
There are no significant judgements (apart from those involving estimations) made by the management in the process of applying the entity's accounting polices and having a significant effect on the amounts recognised in the finanacial statements.
Accounting estimates and assumptions are made concerning the future and, by their nature ,will rarely equal the related actual income. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next year.
2.4. 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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point of despatch of the goods.
2.5. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised fully .
2.6. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets have been amortised at 33.33% on cost .
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2.7. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. The revaluation model has been adpoted for plant and machinery .Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 10% on cost
Motor Vehicles 20% on cost
Fixtures & Fittings 20% on cost
Computer Equipment 20% on cost
The revaluation model has been adopted for Plant and Machinery . The assets were revalued at 28 February 2022.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluations less any subsequent accumulated deprecaition and subsequent accumulated impairment losses.  An increase in the carrying amount of an asset as a result of revaluation,is recognised in other comprehensive income and accumulated in capital and reserves , except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset .Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset , the excess shall be recognised in profit or loss.
2.8. Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.9. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.10. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.11. Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a
financing transaction,where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date.  If there is objective evidence of impairment, an impairment loss is recognised in the profit or loss immediately.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the finanacial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
2.12. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.13. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.14. Provisions and Contingencies
Provisions
Provisions are recognised when the company has an obligation at the reporting date as as a result of a past events; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense .
2.15. 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.
2.16. Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date , with the recoverable amount being estimated where such indicators exist .Where the carrying value exceeds the recoverable amount , the asset is impaired accordingly . Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate  the recoverable amount of an individual asset, an estimate is made of the recoverable ampunt of the cash-generating unit to which the asset belongs .The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash infows from other assets or groups of assets .
3. Turnover
The turnover is attributable to the one principal activity of the company wholly undertaken in the United Kingdom.
Analysis of turnover by class of business is as follows:
2024 2023
£ £
Sales of goods 13,185,453 13,042,482
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4. Operating Profit
The operating profit is stated after charging:
2024 2023
£ £
Operating lease rentals 206,713 212,695
Exchange differences 6,424 (10,086 )
Depreciation of tangible fixed assets 128,580 109,308
Amortisation of intangible fixed assets 50,000 50,000
5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 5,000 5,000
6. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 882,547 735,604
Social security costs 60,206 69,472
Other pension costs 195,103 133,325
1,137,856 938,401
7. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Office and administration 9 11
Sales, marketing and distribution 15 8
Manufacturing 17 12
41 31
8. Directors' remuneration
2024 2023
£ £
Emoluments 30,000 30,000
Company contributions to defined benefit pension schemes 180,000 120,000
210,000 150,000
The number of directors to whom retirement benefits were accruing was as follows:
2024 2023
Defined benefit pension schemes 3 3
Information regarding the highest paid director was as follows:
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2024 2023
£ £
Emoluments 10,000 10,000
Company contributions to defined benefit pension schemes 60,000 40,000
70,000 50,000
9. Interest Receivable and Similar Income
2024 2023
£ £
Bank interest receivable 53,388 80
53,388 80
10. Interest Payable and Similar Charges
2024 2023
£ £
Late payment tax charges 12,104 -
Other finance charges 92,622 94,617
104,726 94,617
11. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 19.0% 549,359 534,655
Prior period adjustment 117,614 -
666,973 534,655
Deferred Tax
Deferred taxation (6,938 ) (8,102 )
Total tax charge for the period 660,035 526,553
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 2,161,142 2,816,654
Tax on profit at 25% (UK standard rate) 529,303 535,164
Goodwill/depreciation not allowed for tax 33,395 30,268
Expenses not deductible for tax purposes 1 -
Capital allowances (25,387 ) (1,367 )
Short term timing differences (6,938 ) (8,102 )
...CONTINUED
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Research and Development tax credit - (29,410 )
Prior period adjustment 117,614 -
Difference in tax rates 12,047 -
Total tax charge for the period 660,035 526,553
Deferred tax charge in the year recognised in other comprehensive income is £0 (2023 £15,219).
12. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 March 2023 388,787 150,000 538,787
As at 29 February 2024 388,787 150,000 538,787
Amortisation
As at 1 March 2023 388,787 50,000 438,787
Provided during the period - 50,000 50,000
As at 29 February 2024 388,787 100,000 488,787
Net Book Value
As at 29 February 2024 - 50,000 50,000
As at 1 March 2023 - 100,000 100,000
There was a change to the amortisation policy in 2023 and other tangible assets have been amortised over three years.The asset was valued by the directors on the basis of the value in the market.
13. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost or Valuation
As at 1 March 2023 966,622 337,737 239,530 101,163 1,645,052
Additions 55,379 130,305 3,521 - 189,205
Disposals - (65,159 ) - - (65,159 )
As at 29 February 2024 1,022,001 402,883 243,051 101,163 1,769,098
Depreciation
As at 1 March 2023 624,657 138,664 236,058 101,163 1,100,542
Provided during the period 47,411 79,386 1,783 - 128,580
Disposals - (26,063 ) - - (26,063 )
As at 29 February 2024 672,068 191,987 237,841 101,163 1,203,059
Net Book Value
As at 29 February 2024 349,933 210,896 5,210 - 566,039
As at 1 March 2023 341,965 199,073 3,472 - 544,510
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Cost or valuation as at 29 February 2024 represented by:
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
At cost 735,659 402,883 243,051 101,163 1,482,756
At valuation 286,342 - - - 286,342
1,022,001 402,883 243,051 101,163 1,769,098
The plant and machinery under the historical cost model for 2023 is £84,257.
The revaluation model was adopted for Plant and Machinery at February 2022.The plant was valued by the directors on the basis of the value in the market. The directors do not believe the valuation at 2024 to be materially different to the net book value.
If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:
Plant & Machinery
£
Cost 735,659
Accumulated depreciation and impairment 614,801
Carrying amount 120,858
14. Stocks
2024 2023
£ £
Stock-raw materials 3,286,964 4,195,351
15. Debtors
2024 2023
£ £
Due within one year
Trade debtors 444,426 110,449
Other debtors 412,335 326,675
856,761 437,124
16. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 375,901 1,244,261
Other creditors 586,574 548,551
Corporation tax 366,897 534,617
Taxation and social security 183,581 40,647
Accruals and deferred income 55,642 75,635
1,568,595 2,443,711
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17. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 114,796 121,734
2024
2023
£
£
Accelerated capItal allowances 
       43,211
50,149
Revaluation
       71,585
71,585
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image
18. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 March 2023 121,734 121,734
Additions (6,938 ) (6,938)
Balance at 29 February 2024 114,796 114,796
19. Share Capital
2024 2023
Allotted, called up and fully paid £ £
48 Ordinary Shares of £ 1 each 48 48
1 Ordinary D shares of £ 1 each 1 1
49 49
20. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 65,347 212,695
Later than one year and not later than five years - 391,330
65,347 604,025
The building to which the lease applied was destroyed in July 2024 and as a result there were no further commitments .
21. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £15,103 (2023: £13,325).
At the balance sheet date contributions of £5,422 (2023: £3,096) were due to the fund and are included in creditors.
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22. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans from directors:
As at 1 March 2023 Amounts advanced Amounts repaid Amounts written off As at 29 February 2024
£ £ £ £ £
Ms Anita Bass 188 94,500 94,056 - 632
Mr Kevin Kirby 718 94,500 95,018 - 200
Mr Lee Kirby 799 94,500 90,799 - 4,500
The above loans are unsecured, interest free and repayable on demand.
23. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 378,000 372,000
378,000 372,000
24. Reserves
a. Revaluation Reserve
    The revaluation reserve represents the cumulative effect of revaluation of tangible assets where a policy of          
    revaluation has been adopted.   
b. Profit and Loss Account
    The profit and loss account represents cumulative profits and losses net of dividends.
c. Capital Redemption Reserve 
    The capital redemption reserve represents a non-distributable reserve to which amounts are paid following 
    a redemption or share buy-back.
25. Post Balance Sheet Events
In July 2024, a fire destroyed the company's leased premises, stock and machinery. The company recommenced trading within weeks. Despite the detrimental impact on revenue, the company has continued to trade profitably in the current year with no requirement for borrowings or impact on the company's ability to continue to pay all creditors and liabilities within their payment terms.The directors are confident that despite the fire and its financial effect in the short term, there is no reason to believe the going concern basis is not appropriate.
An estimate of the financial impact cannot be assessed with reasonable accuracy at this stage.
26. Related Party Disclosures
Debtors (note 15) includes a loan of £150,000 to a related party which is repayable on demand .This has now been repaid. During the year the company purchased services from this related company for £1,039,934 (2023 £1,292,339). At the year end £0 ( 2023 £73,889 ) was owed to the related party.
27. Controlling Parties
After the year end the company became a wholly owned subsidiary.The company's immediate parent undertaking is Vesey UK Holdings Limited who acquired the shares from the directors on 14 June 2024
The ultimate parent undertaking is incorporated in England and Wales. Its registered office is 582-586 Kingsbury Road,Birmingham,West Midlands, B24 9ND .
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