Vxcel Piling Ltd 07260387 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is foundation installation service for structures Digita Accounts Production Advanced 6.30.9574.0 true true 07260387 2023-06-01 2024-05-31 07260387 2024-05-31 07260387 bus:OrdinaryShareClass1 2024-05-31 07260387 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-05-31 07260387 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-05-31 07260387 core:CurrentFinancialInstruments 2024-05-31 07260387 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 07260387 core:Non-currentFinancialInstruments 2024-05-31 07260387 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 07260387 core:FurnitureFittings 2024-05-31 07260387 core:MotorVehicles 2024-05-31 07260387 core:OfficeEquipment 2024-05-31 07260387 core:PlantMachinery 2024-05-31 07260387 bus:SmallEntities 2023-06-01 2024-05-31 07260387 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 07260387 bus:FilletedAccounts 2023-06-01 2024-05-31 07260387 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 07260387 bus:RegisteredOffice 2023-06-01 2024-05-31 07260387 bus:Director1 2023-06-01 2024-05-31 07260387 bus:Director2 2023-06-01 2024-05-31 07260387 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 07260387 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 07260387 core:FurnitureFittings 2023-06-01 2024-05-31 07260387 core:MotorVehicles 2023-06-01 2024-05-31 07260387 core:OfficeEquipment 2023-06-01 2024-05-31 07260387 core:PlantMachinery 2023-06-01 2024-05-31 07260387 countries:EnglandWales 2023-06-01 2024-05-31 07260387 2023-05-31 07260387 core:FurnitureFittings 2023-05-31 07260387 core:MotorVehicles 2023-05-31 07260387 core:OfficeEquipment 2023-05-31 07260387 core:PlantMachinery 2023-05-31 07260387 2022-06-01 2023-05-31 07260387 2023-05-31 07260387 bus:OrdinaryShareClass1 2023-05-31 07260387 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-05-31 07260387 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-05-31 07260387 core:CurrentFinancialInstruments 2023-05-31 07260387 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 07260387 core:Non-currentFinancialInstruments 2023-05-31 07260387 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 07260387 core:FurnitureFittings 2023-05-31 07260387 core:MotorVehicles 2023-05-31 07260387 core:OfficeEquipment 2023-05-31 07260387 core:PlantMachinery 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07260387

Vxcel Piling Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Vxcel Piling Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Vxcel Piling Ltd

Company Information

Directors

Mr Lance Stuart Derbyshire

Mrs Lucy Emma Derbyshire

Registered office

9 Riverside
Waters Meeting Road
Bolton
BL1 8TU

Accountants

HML Davies Ltd
Chartered Certified Accountants
9 Riverside
Waters Meeting Road
Bolton
BL1 8TU

 

Vxcel Piling Ltd

(Registration number: 07260387)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

295,364

264,272

Current assets

 

Stocks

5

121,000

108,000

Debtors

6

129,483

98,983

Cash at bank and in hand

 

31,375

66,353

 

281,858

273,336

Creditors: Amounts falling due within one year

7

(277,311)

(288,518)

Net current assets/(liabilities)

 

4,547

(15,182)

Total assets less current liabilities

 

299,911

249,090

Creditors: Amounts falling due after more than one year

7

(101,557)

(115,359)

Net assets

 

198,354

133,731

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

198,254

133,631

Shareholders' funds

 

198,354

133,731

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 March 2025 and signed on its behalf by:
 

.........................................
Mr Lance Stuart Derbyshire
Director

 

Vxcel Piling Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
9 Riverside
Waters Meeting Road
Bolton
BL1 8TU

The principal place of business is:
Unit 5A
Dorlan Court
Alan Ramsbottom Way
Great Harwood
Lancashire
BB6 7UR

These financial statements were authorised for issue by the Board on 5 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Vxcel Piling Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Plant & equipment

15% reducing balance

Office equipment

15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Vxcel Piling Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Vxcel Piling Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2023 - 20).

 

Vxcel Piling Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 June 2023

40,277

261,747

12,117

130,520

Additions

-

17,476

-

67,262

At 31 May 2024

40,277

279,223

12,117

197,782

Depreciation

At 1 June 2023

15,085

102,984

7,093

55,227

Charge for the year

3,779

22,232

1,497

26,138

At 31 May 2024

18,864

125,216

8,590

81,365

Carrying amount

At 31 May 2024

21,413

154,007

3,527

116,417

At 31 May 2023

25,192

158,763

5,024

75,293

Total
£

Cost or valuation

At 1 June 2023

444,661

Additions

84,738

At 31 May 2024

529,399

Depreciation

At 1 June 2023

180,389

Charge for the year

53,646

At 31 May 2024

234,035

Carrying amount

At 31 May 2024

295,364

At 31 May 2023

264,272

5

Stocks

2024
£

2023
£

Other inventories

121,000

108,000

 

Vxcel Piling Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

72,315

73,065

Prepayments

54,165

11,862

Other debtors

3,003

14,056

 

129,483

98,983

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

38,043

27,647

Trade creditors

 

125,502

172,614

Taxation and social security

 

59,189

7,423

Accruals and deferred income

 

8,820

8,400

Other creditors

 

45,757

72,434

 

277,311

288,518

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

101,557

115,359

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       
 

Vxcel Piling Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

45,457

30,050

Other borrowings

56,100

85,309

101,557

115,359

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

2,465

2,465

Hire purchase contracts

35,578

25,182

38,043

27,647