13 false false false false false false false false false false true false false false false false false No description of principal activity 2023-09-01 Sage Accounts Production Advanced 2023 - FRS102_2023 41,220 32,170 73,390 27,220 17,723 44,943 28,447 14,000 xbrli:pure xbrli:shares iso4217:GBP 07571842 2023-09-01 2024-08-31 07571842 2024-08-31 07571842 2023-08-31 07571842 2022-09-01 2023-08-31 07571842 2023-08-31 07571842 2022-08-31 07571842 core:LandBuildings core:LongLeaseholdAssets 2023-09-01 2024-08-31 07571842 core:PlantMachinery 2023-09-01 2024-08-31 07571842 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 07571842 core:MotorVehicles 2023-09-01 2024-08-31 07571842 bus:Director1 2023-09-01 2024-08-31 07571842 core:LandBuildings 2023-08-31 07571842 core:PlantMachinery 2023-08-31 07571842 core:FurnitureFittingsToolsEquipment 2023-08-31 07571842 core:MotorVehicles 2023-08-31 07571842 core:LandBuildings 2024-08-31 07571842 core:PlantMachinery 2024-08-31 07571842 core:FurnitureFittingsToolsEquipment 2024-08-31 07571842 core:MotorVehicles 2024-08-31 07571842 core:LandBuildings 2023-09-01 2024-08-31 07571842 core:WithinOneYear 2024-08-31 07571842 core:WithinOneYear 2023-08-31 07571842 core:AfterOneYear 2024-08-31 07571842 core:AfterOneYear 2023-08-31 07571842 bus:AllOrdinaryShares 2023-09-01 2024-08-31 07571842 bus:AllOrdinaryShares 2022-09-01 2023-08-31 07571842 core:ShareCapital 2024-08-31 07571842 core:ShareCapital 2023-08-31 07571842 core:RetainedEarningsAccumulatedLosses 2024-08-31 07571842 core:RetainedEarningsAccumulatedLosses 2023-08-31 07571842 core:LandBuildings 2023-08-31 07571842 core:PlantMachinery 2023-08-31 07571842 core:FurnitureFittingsToolsEquipment 2023-08-31 07571842 core:MotorVehicles 2023-08-31 07571842 bus:SmallEntities 2023-09-01 2024-08-31 07571842 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 07571842 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 07571842 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 07571842 bus:FullAccounts 2023-09-01 2024-08-31 07571842 core:ComputerSoftware 2023-09-01 2024-08-31 07571842 core:ComputerEquipment 2023-09-01 2024-08-31 07571842 core:IntangibleAssetsOtherThanGoodwill 2023-08-31 07571842 core:IntangibleAssetsOtherThanGoodwill 2023-09-01 2024-08-31 07571842 core:IntangibleAssetsOtherThanGoodwill 2024-08-31 07571842 core:ComputerEquipment 2023-08-31 07571842 core:ComputerEquipment 2024-08-31
COMPANY REGISTRATION NUMBER: 07571842
VERMTEK LTD
Filleted Unaudited Financial Statements
For the year ended
31 August 2024
VERMTEK LTD
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
6
28,447
14,000
Tangible assets
7
360,213
366,510
---------
---------
388,660
380,510
Current assets
Debtors
8
507,214
695,659
Cash at bank and in hand
231,555
284,380
---------
---------
738,769
980,039
Creditors: amounts falling due within one year
9
407,276
654,256
---------
---------
Net current assets
331,493
325,783
---------
---------
Total assets less current liabilities
720,153
706,293
Creditors: amounts falling due after more than one year
10
171,410
178,802
---------
---------
Net assets
548,743
527,491
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
548,742
527,490
---------
---------
Shareholders funds
548,743
527,491
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
VERMTEK LTD
Statement of Financial Position (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 21 May 2025 , and are signed on behalf of the board by:
Mr C Hancock
Director
Company registration number: 07571842
VERMTEK LTD
Notes to the Financial Statements
Year ended 31 August 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 8, Shrivenham 100 Business Park, Majors Road, Watchfield, Oxfordshire, SN6 8TZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of 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.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Software
-
33% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Long leasehold property
-
2% straight line
Plant and machinery
-
15% reducing balance
Fixtures, fittings and equipment
-
20% reducing balance
Motor vehicles
-
25% reducing balance
IT equipment
-
33% straight line
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2023: 13 ).
5. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
87,400
90,000
--------
--------
6. Intangible assets
Web-site
£
Cost
At 1 September 2023
41,220
Additions
32,170
--------
At 31 August 2024
73,390
--------
Amortisation
At 1 September 2023
27,220
Charge for the year
17,723
--------
At 31 August 2024
44,943
--------
Carrying amount
At 31 August 2024
28,447
--------
At 31 August 2023
14,000
--------
7. Tangible assets
Land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
IT Software
Total
£
£
£
£
£
£
Cost
At 1 Sep 2023
325,333
54,713
29,759
54,118
29,651
493,574
Additions
5,070
1,102
13,990
20,162
Disposals
( 1,294)
( 1,294)
---------
--------
--------
--------
--------
---------
At 31 Aug 2024
325,333
59,783
29,567
68,108
29,651
512,442
---------
--------
--------
--------
--------
---------
Depreciation
At 1 Sep 2023
26,460
31,062
17,040
28,708
23,794
127,064
Charge for the year
6,175
4,308
3,177
9,877
1,952
25,489
Disposals
( 324)
( 324)
---------
--------
--------
--------
--------
---------
At 31 Aug 2024
32,635
35,370
19,893
38,585
25,746
152,229
---------
--------
--------
--------
--------
---------
Carrying amount
At 31 Aug 2024
292,698
24,413
9,674
29,523
3,905
360,213
---------
--------
--------
--------
--------
---------
At 31 Aug 2023
298,873
23,651
12,719
25,410
5,857
366,510
---------
--------
--------
--------
--------
---------
8. Debtors
2024
2023
£
£
Trade debtors
364,721
549,332
Other debtors
142,493
146,327
---------
---------
507,214
695,659
---------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,542
10,325
Trade creditors
287,575
526,466
Corporation tax
27,351
54,739
Social security and other taxes
58,568
43,910
Other creditors
23,240
18,816
---------
---------
407,276
654,256
---------
---------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
171,410
178,802
---------
---------
11. Directors' advances, credits and guarantees
At the beginning of the year, the director owed the company £74,811 which was repaid in full on 18 March 2024. During the year, the company made net loan advances to the director, totalling £76,005 including interest which was still outstanding at the period end. The maximum amount outstanding during the year was £132,940. Interest was charged on the average outstanding balance for the period.