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REGISTERED NUMBER: 05537445 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 August 2024

for

Vietec Limited

Vietec Limited (Registered number: 05537445)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Vietec Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: P J Drew
S D Oliver





REGISTERED OFFICE: 182 Worcester Road
Bromsgrove
Worcestershire
B61 7AZ





REGISTERED NUMBER: 05537445 (England and Wales)





ACCOUNTANTS: Attwoods
Chartered Certified Accountants
182 Worcester Road
Bromsgrove
Worcestershire
B61 7AZ

Vietec Limited (Registered number: 05537445)

Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 31,687 36,758
Tangible assets 5 33,998 28,550
65,685 65,308

CURRENT ASSETS
Stocks 4,105 18,455
Debtors 6 685,177 371,465
Cash at bank 147,645 212,021
836,927 601,941
CREDITORS
Amounts falling due within one year 7 420,158 289,299
NET CURRENT ASSETS 416,769 312,642
TOTAL ASSETS LESS CURRENT
LIABILITIES

482,454

377,950

CREDITORS
Amounts falling due after more than one
year

8

(14,157

)

(20,015

)

PROVISIONS FOR LIABILITIES (10,662 ) (10,200 )
NET ASSETS 457,635 347,735

CAPITAL AND RESERVES
Called up share capital 101 101
Share premium 14,990 14,990
Retained earnings 442,544 332,644
SHAREHOLDERS' FUNDS 457,635 347,735

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Vietec Limited (Registered number: 05537445)

Balance Sheet - continued
31 August 2024


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 20 December 2024 and were signed on its behalf by:





P J Drew - Director


Vietec Limited (Registered number: 05537445)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Vietec 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 25% on reducing balance and 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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

Vietec Limited (Registered number: 05537445)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

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.

Government grants
Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 15 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 September 2023
and 31 August 2024 50,705
AMORTISATION
At 1 September 2023 13,947
Charge for year 5,071
At 31 August 2024 19,018
NET BOOK VALUE
At 31 August 2024 31,687
At 31 August 2023 36,758

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2023 92,631
Additions 15,814
Disposals (869 )
At 31 August 2024 107,576
DEPRECIATION
At 1 September 2023 64,081
Charge for year 10,366
Eliminated on disposal (869 )
At 31 August 2024 73,578
NET BOOK VALUE
At 31 August 2024 33,998
At 31 August 2023 28,550

Vietec Limited (Registered number: 05537445)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

6. DEBTORS
31.8.24 31.8.23
£    £   
Amounts falling due within one year:
Trade debtors 556,451 356,128
Owed by companies under common control 100,144 72
Other debtors 19,927 15,265
676,522 371,465

Amounts falling due after more than one year:
Other debtors 8,655 -

Aggregate amounts 685,177 371,465

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Hire purchase contracts (see note 9) 5,858 5,858
Trade creditors 232,018 203,658
Taxation and social security 153,311 68,496
Other creditors 28,971 11,287
420,158 289,299

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.24 31.8.23
£    £   
Hire purchase contracts (see note 9) 14,157 20,015

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.8.24 31.8.23
£    £   
Net obligations repayable:
Within one year 5,858 5,858
Between one and five years 14,157 20,015
20,015 25,873

Vietec Limited (Registered number: 05537445)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

9. LEASING AGREEMENTS - continued

Non-cancellable operating leases
31.8.24 31.8.23
£    £   
Within one year 30,964 27,431
Between one and five years 70,671 41,250
101,635 68,681

10. RELATED PARTY DISCLOSURES

Included within debtors is an amount of £100,072 (2023 - £36) owed by Vietec Holdings Ltd, a company under common control. This amount is unsecured, interest free and has no fixed date for repayment.

Included within debtors is an amount of £72 (2023 - £36) owed by Vietec Investments Ltd, a company under common control. This amount is unsecured, interest free and has no fixed date for repayment.