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COMPANY REGISTRATION NUMBER: 05677827
Vehicle Weighing Solutions Limited
Financial Statements
30 September 2024
Vehicle Weighing Solutions Limited
Financial Statements
Year ended 30 September 2024
Contents
Page
Strategic report
1
Directors' report
3
Independent auditor's report to the members
5
Statement of income and retained earnings
9
Statement of financial position
10
Statement of cash flows
11
Notes to the financial statements
12
Vehicle Weighing Solutions Limited
Strategic Report
Year ended 30 September 2024
The directors present their strategic report for the year ended 30 September 2024. Overview and Strategy Proudly manufactured in Great Britain, Vehicle Weighing Solutions Ltd (VWS) specialises in design, manufacture, installation and service of on-board weighing, bin weighing, overload protection system and waste management software. Widely regarded as the UK market leader, VWS designs and manufactures load cells here in the UK to BS ISO9001 at their facility in Reading and have a service hub as well as extensive installation workshops in Chesterfield. Designed for high accuracy and reliability, their solutions are used across a range of sectors, from local authorities and private waste management operators to highways, haulage and quarrying companies Summary of key performance indicators
2024 2023
£ £
Turnover 11,309,865 9,702,687
Gross profit 4,367,442 3,616,100
Profit before tax 2,344,939 1,425,517
The balance sheet at the year end shows shareholders funds of £2,589,714 (2023: £1,982,034) and demonstrates the directors intentions to continue to retain significant working capital within the business to support the ongoing advancement of the company. Future Development The management team aim to continue working to their upmost potential and be leading innovators in the field by constantly adapting and improving their technology to suit new openings in the market. VWS seeks to continue to be the UK's industry leaders for vehicle weighing solutions. VWS has strong partnerships with associated companies including Applied Weighing International and VWS Software Solutions, both of which offer complementary products and services, enabling them to deliver best class systems. Risks and uncertainties The Directors have considered various relevant market and economic risks that may materially impact the business including supplier and customer credit terms, changes in interest rates, cashflow, pricing, market competition and current business trading trends to understand and model the financial impact. Taking into account the above risks collectively and the options available to mitigate them, the Directors are satisfied that the financial statements should continue to be prepared on a going concern basis and that there are no material foreseeable risks to the business that haven't been assessed or disclosed. Environmental concerns Vehicle Weighing Solutions Ltd is fully aware of the environmental impact of road transport, which is a matter it takes very seriously, and is always seeking wherever possible to mitigate this. Global activities The directors have considered the impact of the events happening on global scale with particular reference to how this may disrupt their business model, strategy and operations. The directors have liaised with suppliers and customers, and similarly they have no dealings that will impact the company's supply chain, recoverability of debt and credit. There has been a worldwide impact on the cost of particular goods, including fuel, which in turn has increased the costs of the business. The directors have calculated the effect and believe that this will not significantly impact its ability to trade or going concern.
This report was approved by the board of directors on 26 March 2025 and signed on behalf of the board by:
Mr J Treacy
Mr J Glasspole
Director
Director
Registered office:
Unit 5, Southview Park
Marsack Street
Caversham
Reading
Berkshire
RG4 5AF
Vehicle Weighing Solutions Limited
Directors' Report
Year ended 30 September 2024
The directors present their report and the financial statements of the company for the year ended 30 September 2024 .
Directors
The directors who served the company during the year were as follows:
Mr J Treacy
Mr M Lister
Mr J Glasspole
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, 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 the profit or loss of the company for that period. In preparing these 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 26 March 2025 and signed on behalf of the board by:
Mr J Treacy
Mr J Glasspole
Director
Director
Registered office:
Unit 5, Southview Park
Marsack Street
Caversham
Reading
Berkshire
RG4 5AF
Vehicle Weighing Solutions Limited
Independent Auditor's Report to the Members of Vehicle Weighing Solutions Limited
Year ended 30 September 2024
Opinion
We have audited the financial statements of Vehicle Weighing Solutions Limited (the 'company') for the year ended 30 September 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows 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, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 company's ability to continue as a going concern for a period of at least twelve 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 and 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, 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.
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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered; the nature of the industry, control environment and business performance. We also consider the results of our enquiries of management, relating to their own identification and assessment of the risks of irregularities and possible related fraud. This includes reviewing available documentation on their policies and procedures and performing tests of controls to evidence their effectiveness. Throughout the audit testing we are considering the incentives that may exist within the organisation for fraud. Key areas include timing of recognising income around the year end, posting of unusual journals and manipulating the Company's performance measures to meet remuneration targets and bank covenants. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We ensure we have an understanding of the relevant laws and regulations and remain alert to possible non-compliance throughout the audit. Despite proper planning and audit work in accordance with auditing standards there are inherent limitations and unavoidable risk that we may not detect some irregularities and material misstatements in the financial statements. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment 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. We communicate 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. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Steven Sutton FCA
(Senior Statutory Auditor)
For and on behalf of
Burgess Hodgson LLP
Chartered accountants & statutory auditor
Camburgh House
27 New Dover Road
Canterbury
Kent
CT1 3DN
26 March 2025
Vehicle Weighing Solutions Limited
Statement of Income and Retained Earnings
Year ended 30 September 2024
2024
2023
Note
£
£
Turnover
4
11,309,865
9,702,687
Cost of sales
6,942,423
6,086,587
-------------
------------
Gross profit
4,367,442
3,616,100
Administrative expenses
1,955,044
2,101,847
------------
------------
Operating profit
5
2,412,398
1,514,253
Other interest receivable and similar income
9
3,920
Interest payable and similar expenses
10
71,379
88,736
------------
------------
Profit before taxation
2,344,939
1,425,517
Tax on profit
11
637,259
337,030
------------
------------
Profit for the financial year and total comprehensive income
1,707,680
1,088,487
------------
------------
Dividends paid and payable
12
( 1,100,000)
( 1,000,000)
Retained earnings at the start of the year
1,981,934
1,893,447
------------
------------
Retained earnings at the end of the year
2,589,614
1,981,934
------------
------------
All the activities of the company are from continuing operations.
Vehicle Weighing Solutions Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
13
2,189,549
1,912,352
Current assets
Stocks
14
1,449,459
1,584,332
Debtors
15
2,353,088
2,256,195
Cash at bank and in hand
1,263,004
584,439
------------
------------
5,065,551
4,424,966
Creditors: amounts falling due within one year
16
4,484,217
3,739,680
------------
------------
Net current assets
581,334
685,286
------------
------------
Total assets less current liabilities
2,770,883
2,597,638
Creditors: amounts falling due after more than one year
17
511,010
Provisions
Taxation including deferred tax
19
181,169
104,594
------------
------------
Net assets
2,589,714
1,982,034
------------
------------
Capital and reserves
Called up share capital
22
100
100
Profit and loss account
2,589,614
1,981,934
------------
------------
Shareholders funds
2,589,714
1,982,034
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 26 March 2025 , and are signed on behalf of the board by:
Mr J Treacy
Mr J Glasspole
Director
Director
Company registration number: 05677827
Vehicle Weighing Solutions Limited
Statement of Cash Flows
Year ended 30 September 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
1,707,680
1,088,487
Adjustments for:
Depreciation of tangible assets
209,090
172,818
Interest payable and similar expenses
71,379
88,736
Gains on disposal of tangible assets
( 4,167)
( 1,583)
Tax on profit
637,259
337,030
Accrued (income)/expenses
( 388,763)
466,887
Changes in:
Stocks
134,873
( 56,540)
Trade and other debtors
( 201,893)
( 72,365)
Trade and other creditors
115,837
( 303,757)
------------
------------
Cash generated from operations
2,281,295
1,719,713
Interest paid
( 71,379)
( 88,736)
Tax paid
( 287,691)
( 211,398)
------------
------------
Net cash from operating activities
1,922,225
1,419,579
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 486,287)
( 271,355)
Proceeds from sale of tangible assets
4,167
1,583
------------
------------
Net cash used in investing activities
( 482,120)
( 269,772)
------------
------------
Cash flows from financing activities
Proceeds from borrowings
( 759,594)
( 931,583)
Payments of finance lease liabilities
( 1,946)
( 10,298)
Dividends paid
( 1,000,000)
------------
------------
Net cash used in financing activities
( 761,540)
( 1,941,881)
------------
------------
Net increase/(decrease) in cash and cash equivalents
678,565
( 792,074)
Cash and cash equivalents at beginning of year
584,439
1,376,513
------------
------------
Cash and cash equivalents at end of year
1,263,004
584,439
------------
------------
Vehicle Weighing Solutions Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 5, Southview Park, Marsack Street, Caversham, Reading, Berkshire, RG4 5AF.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings
-
50 years straight line
Plant and machinery
-
1 - 10 years straight line
Fixtures and fittings
-
1 - 4 years straight line
Motor vehicles
-
1 - 4 years straight line
Equipment
-
1 - 3 years straight line
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, 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.
Financial instruments
Financial liabilities and equity instruments are classified and accounted for according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
11,309,865
9,702,687
-------------
------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
209,090
172,818
Gains on disposal of tangible assets
( 4,167)
( 1,583)
Impairment of trade debtors
2,030
6,712
Foreign exchange differences
37,145
23,203
---------
---------
6. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
15,475
15,000
--------
--------
7. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
74
71
Management staff
3
3
----
----
77
74
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
3,344,611
2,907,440
Social security costs
9,549
9,230
Other pension costs
53,113
53,050
------------
------------
3,407,273
2,969,720
------------
------------
8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
155,225
103,752
Company contributions to defined contribution pension plans
53,113
53,050
---------
---------
208,338
156,802
---------
---------
9. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
3,920
-------
----
10. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
71,108
88,031
Interest on obligations under finance leases and hire purchase contracts
271
705
--------
--------
71,379
88,736
--------
--------
11. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
516,546
278,195
Adjustments in respect of prior periods
44,138
29,275
---------
---------
Total current tax
560,684
307,470
---------
---------
Deferred tax:
Origination and reversal of timing differences
76,575
29,560
---------
---------
Tax on profit
637,259
337,030
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 22 %).
2024
2023
£
£
Profit on ordinary activities before taxation
2,344,939
1,425,517
------------
------------
Profit on ordinary activities by rate of tax
586,235
313,481
Adjustment to tax charge in respect of prior periods
44,138
29,275
Effect of expenses not deductible for tax purposes
14,254
8,681
Effect of capital allowances and depreciation
( 70,503)
( 22,440)
Effect of different UK tax rates on some earnings
(13,440)
R&D additional deduction
( 21,527)
Deferred tax charge
76,575
29,560
------------
------------
Tax on profit
637,259
337,030
------------
------------
12. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
1,100,000
1,000,000
------------
------------
13. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Oct 2023
1,623,911
630,054
33,411
722,834
15,344
3,025,554
Additions
237,251
249,036
486,287
Disposals
( 36,637)
( 36,637)
------------
---------
--------
---------
--------
------------
At 30 Sep 2024
1,623,911
867,305
33,411
935,233
15,344
3,475,204
------------
---------
--------
---------
--------
------------
Depreciation
At 1 Oct 2023
142,302
461,512
29,857
466,997
12,534
1,113,202
Charge for the year
25,289
63,928
2,110
116,200
1,563
209,090
Disposals
( 36,637)
( 36,637)
------------
---------
--------
---------
--------
------------
At 30 Sep 2024
167,591
525,440
31,967
546,560
14,097
1,285,655
------------
---------
--------
---------
--------
------------
Carrying amount
At 30 Sep 2024
1,456,320
341,865
1,444
388,673
1,247
2,189,549
------------
---------
--------
---------
--------
------------
At 30 Sep 2023
1,481,609
168,542
3,554
255,837
2,810
1,912,352
------------
---------
--------
---------
--------
------------
The land and buildings cost includes £345,000 (2023: £345,000) relating to land on which no depreciation is charged.
14. Stocks
2024
2023
£
£
Raw materials and consumables
1,449,459
1,584,332
------------
------------
15. Debtors
2024
2023
£
£
Trade debtors
1,956,674
1,903,811
Amounts owed by group undertakings
105,000
Prepayments and accrued income
220,117
82,061
Other debtors
176,297
165,323
------------
------------
2,353,088
2,256,195
------------
------------
16. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
202,044
Trade creditors
896,266
531,375
Amounts owed to group undertakings
995,000
Accruals and deferred income
285,734
674,497
Corporation tax
561,811
288,818
Social security and other taxes
239,912
274,568
Obligations under finance leases and hire purchase contracts
1,946
Director loan accounts
46,540
Other creditors
1,505,494
1,719,892
------------
------------
4,484,217
3,739,680
------------
------------
Barclays Bank Plc hold a fixed and floating charge over the undertaking and all property and assets of the company.
17. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
511,010
----
---------
Barclays Bank Plc hold a fixed and floating charge over the undertaking and all property and assets of the company.
18. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
1,946
----
-------
19. Provisions
Deferred tax (note 20)
£
At 1 October 2023
104,594
Additions
76,575
---------
At 30 September 2024
181,169
---------
20. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 19)
181,169
104,594
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
181,169
104,594
---------
---------
21. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 53,113 (2023: £ 53,050 ).
22. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.01 each
10,000
100
10,000
100
--------
----
--------
----
23. Analysis of changes in net debt
At 1 Oct 2023
Cash flows
At 30 Sep 2024
£
£
£
Cash at bank and in hand
584,439
678,565
1,263,004
Debt due within one year
(250,530)
(744,470)
(995,000)
Debt due after one year
(511,010)
511,010
---------
---------
------------
( 177,101)
445,105
268,004
---------
---------
------------
24. Directors' advances, credits and guarantees
At the balance sheet date, the company owed a director £Nil (2023: £34,660). At the balance sheet date, the company owed a director £Nil (2023: £11,880).
25. Related party transactions
At the balance sheet date the company was owed £57,464 (2023: £57,100) by and owed £1,464,982 (2023: £1,618,680) to companies associated by common control. At the balance sheet date the company owed £995,000 to (2023: was owed £105,000 by) a group company.
26. Controlling party
The parent company is VWS Holdings Limited , a company incorporated in England and Wales, who own 100% of the share capital. The address of VWS Holdings Limited is Unit 5 Southview Park, Marsack Street, Caversham, Reading, Berkshire, United Kingdom, RG4 5AF .