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REGISTERED NUMBER: 01025224 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

VANDAPOWER LIMITED

VANDAPOWER LIMITED (REGISTERED NUMBER: 01025224)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


VANDAPOWER LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: D Aelvoet
Vandapower Group NV
S Uitterhaegen



REGISTERED OFFICE: Unit 4 Spring Business Park
Stanbridge Road
Havant
Hampshire
PO9 2GJ



REGISTERED NUMBER: 01025224 (England and Wales)



AUDITORS: Lewis Brownlee (Chichester) Limited
Statutory Auditors
Appledram Barns
Birdham Road
Chichester
West Sussex
PO20 7EQ



ACCOUNTANTS: Hughes Spencer
12 Acorn Business Park
Northarbour Road
Portsmouth
Hampshire
PO6 3TH

VANDAPOWER LIMITED (REGISTERED NUMBER: 01025224)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 35,469 22,989

CURRENT ASSETS
Stocks 1,426,980 1,324,846
Debtors 5 1,223,714 1,432,327
Cash at bank 2,276 55,601
2,652,970 2,812,774
CREDITORS
Amounts falling due within one year 6 1,635,679 1,696,974
NET CURRENT ASSETS 1,017,291 1,115,800
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,052,760

1,138,789

CREDITORS
Amounts falling due after more than one year 7 (14,783 ) (24,922 )

PROVISIONS FOR LIABILITIES 10 (6,739 ) (5,747 )
NET ASSETS 1,031,238 1,108,120

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 1,031,236 1,108,118
1,031,238 1,108,120

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 March 2025 and were signed on its behalf by:




D Aelvoet - Director



S Uitterhaegen - Director


VANDAPOWER LIMITED (REGISTERED NUMBER: 01025224)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Vandapower Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

Going concern
The company relies on support from the parent company. Vandapower Group NV has confirmed it intends to continue to provide financial support to enable Vandapower Limited to meet its obligations as they fall due, at least until 31 March 2026. The directors are confident that Vandapower Group NV has sufficient resources to provide a sufficient level of support.

At the time of approving the financial statements, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis in preparing the financial statements.

Related party exemption
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.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future period for.

The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.

Critical judgement and key estimations
Despite significant ageing of some items of stock held at year end, the directors believe that no provision is required in the financial statements in relation to stocks.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax.

Turnover from the sale of goods is recognised when the company has transferred the significant risks and rewards of ownership to the buyer, the amount of turnover can be measured reliably, it is probable that the company will receive the consideration due under the transaction and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

VANDAPOWER LIMITED (REGISTERED NUMBER: 01025224)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful
life.

Plant and machinery-20% on cost
Fixtures and fittings-10% on cost
Computer equipment-33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, on an average costing basis incorporating a calculation of some absorption of transport and customs costs, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial instruments are classified by the director as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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
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.

Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

VANDAPOWER LIMITED (REGISTERED NUMBER: 01025224)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Employee benefits
The cost of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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

Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Operating lease commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 10 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£ £ £ £
COST
At 1 January 2023 15,577 13,606 1,916 31,099
Additions 7,000 11,377 - 18,377
At 31 December 2023 22,577 24,983 1,916 49,476
DEPRECIATION
At 1 January 2023 6,237 1,164 709 8,110
Charge for year 3,027 2,238 632 5,897
At 31 December 2023 9,264 3,402 1,341 14,007
NET BOOK VALUE
At 31 December 2023 13,313 21,581 575 35,469
At 31 December 2022 9,340 12,442 1,207 22,989

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 974,331 1,257,245
Other debtors 9,146 -
VAT 187,192 67,161
Prepayments 53,045 107,921
1,223,714 1,432,327

Included within trade debtors is £672,350 (2022: £909,653) of amounts due from group undertakings from normal trading activities.

VANDAPOWER LIMITED (REGISTERED NUMBER: 01025224)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts (see note 8) 10,141 9,891
Trade creditors 1,167,478 1,264,556
Amounts owed to group undertakings 165,827 204,864
Corporation Tax 66,420 153,310
Social security and other taxes - 3,848
Accrued expenses 225,813 60,505
1,635,679 1,696,974

Included within trade creditors is £583,803 (2022: £721,052) of amounts due to group undertakings from normal trading activities.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£ £
Bank loans (see note 8) 14,783 24,922

8. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£ £
Amounts falling due within one year or on demand:
Bank loans 10,141 9,891

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,397 10,141

Amounts falling due between two and five years:
Bank loans - 2-5 years 4,386 14,781

The bank loan was received under the Bounce Back Loan Scheme. A full guarantee has been provided by the UK Government. Interest is charged on the loan at 2.5% per annum.

9. LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases due are £175,235 (2022: £234,516).

10. PROVISIONS FOR LIABILITIES
2023 2022
£ £
Deferred tax 6,739 5,747

VANDAPOWER LIMITED (REGISTERED NUMBER: 01025224)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. PROVISIONS FOR LIABILITIES - continued

Deferred tax
£
Balance at 1 January 2023 5,747
Charge to Income Statement during year 992
Balance at 31 December 2023 6,739

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified 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 Auditors' 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. We were not appointed as auditor of the company until after 31 December 2023 and thus did not observe the counting of physical stock at the end of the year. We were also not able to demonstrate there is appropriate sufficient audit evidence for some unit price valuations and the potential provision of some slow moving categories of certain items of stock. We were unable to satisfy ourselves by alternative means concerning the stock quantities and the valuation of certain stock items held at 31 December 2023 or 31 December 2022, which are included at the balance sheet date at £1,426,980, by using other audit procedures. Consequently, we were unable to determine whether any adjustment to this amount was necessary.

Matters required to report by exception
Arising solely from the limitation on the scope of our work relating to stocks, referred to above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
- we were unable to determine whether adequate accounting records have been kept.

Sam Ede BFP FCA FCCA (Senior Statutory Auditor)
for and on behalf of Lewis Brownlee (Chichester) Limited