Registered number
NI635984
Value Stream Machinery Ltd
Unaudited Filleted Accounts
for the year ended
31 December 2024
Value Stream Machinery Ltd
Registered number: NI635984
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 77,726 262,381
Current assets
Stocks 200 65,000
Debtors 4 123,990 102,641
Cash at bank and in hand 29,684 48,775
153,874 216,416
Creditors: amounts falling due within one year 5 (189,971) (274,559)
Net current liabilities (36,097) (58,143)
Total assets less current liabilities 41,629 204,238
Creditors: amounts falling due after more than one year 6 (66,245) (167,375)
Provisions for liabilities (14,419) (2,906)
Net (liabilities)/assets (39,035) 33,957
Capital and reserves
Called up share capital 10 10
Profit and loss account (39,045) 33,947
Shareholders' funds (39,035) 33,957
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr. R. Stewart-Maunder
Director
Approved by the board on 1 May 2025
Value Stream Machinery Ltd
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 2% reducing balance
Plant and machinery 20% straight line
Motor vehicles 20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 9 16
3 Tangible fixed assets
Land and buildings Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 January 2024 147,600 112,476 69,543 329,619
Additions - 1,468 1,900 3,368
Disposals (147,600) (24,169) - (171,769)
At 31 December 2024 - 89,775 71,443 161,218
Depreciation
At 1 January 2024 5,845 50,402 10,991 67,238
Charge for the year - 12,645 14,288 26,933
On disposals (5,845) (4,834) - (10,679)
At 31 December 2024 - 58,213 25,279 83,492
Net book value
At 31 December 2024 - 31,562 46,164 77,726
At 31 December 2023 141,755 62,074 58,552 262,381
4 Debtors 2024 2023
£ £
Trade debtors 115,259 95,486
Other debtors 8,731 7,155
123,990 102,641
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 24,300 32,980
Obligations under finance lease and hire purchase contracts 11,571 11,571
Trade creditors 39,914 162,639
Taxation and social security costs 94,146 67,284
Directors current accounts 17,392 (1,513)
Other creditors 2,648 1,598
189,971 274,559
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 53,714 143,273
Obligations under finance lease and hire purchase contracts 12,531 24,102
66,245 167,375
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 5,008 47,541
Secured bank loans - 74,389
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr. P. Nelson
Loan to director (13,491) - 12,155 (1,336)
(13,491) - 12,155 (1,336)
9 Related party transactions
The company owed the directors £17,392 at year end (2023 the directors owed the company: £1,513).
10 Controlling party
Mr P. Nelson and Mr R. Stewart-Maunder are joint controlling parties by virtue of their interest in the equity of the business.
11 Other information
Value Stream Machinery Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
Unit 6
18 Westbank Road
Belfast
BT3 9JL
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