Company registration number 00338691 (England and Wales)
VIL RESINS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
VIL RESINS LTD
COMPANY INFORMATION
Directors
Mr A W Wallen
Mr R W Wallen
Mr P W Richardson
Mr J W Wallen
Mr P M Stonehewer
Mr J Maugham
Mr A Lomax
Secretary
Mr P W Richardson
Company number
00338691
Registered office
Union Road
Bolton
Auditor
Barlow Andrews LLP
Carlyle House
78 Chorley New Road
Bolton
Bankers
HSBC Bank Plc
1-3 Victoria Square
Bolton
VIL RESINS LTD
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 21
VIL RESINS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 September 2024.

Review of the business
The key performance indicators for the company are as follows:
2024
2023
£
£
Turnover
25,892,050
25,541,543
Profit before taxation
2,450,073
2,031,484
Gross profit margin
22.22%
20.42%

The company can reflect on another positive year, due to increased volumes and a more settled raw material market. The investment projects continue to be ongoing as the company looks to improve and expand its capabilities. Further projects will continue in the coming year, as VIL looks to expand its product ranges to cater to their growing customer base.

Principal risks and uncertainties

Health and Safety - Within the activities of the company, the directors continually recognise the high level of importance when it comes to health and safety. Thus, each process of the business will continue to carry out regular risk assessments to ensure a safe working environment and provide internal controls of each process.

The company further supports its environmental responsibilities and supports the key regulations that ensure our surrounding environments are maintained in their natural states.

Competition - The company operates in highly competitive markets and is dependent on maintaining customer relationships and developing new products specific to each customer specific need. The company hopes to achieve these objectives by providing a first-class service, as well as competitive pricing policies.

Financial Instruments and Currency Risks - The company’s principal financial instruments comprise of bank balances, trade creditors and currency exchanges. It is these instruments that allows the company to move forward with its operations.

The company trades with some of its customers and suppliers in foreign currencies, which results in risks of currency fluctuations. The company manages the risk by using the facility of a Euro bank account and ensuring that the net effect of creditors and debtors is closely monitored.

Credit risk from trade debtors is managed by operating strict credit control procedures, including detailed credit reference checks on new customers, regular reviews of credit limits and monitoring payments received.

On behalf of the board

Mr R W Wallen
Director
1 April 2025
VIL RESINS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -

The directors present their annual report and financial statements for the year ended 30 September 2024.

Principal activities

The principal activity of the company continued to be the manufacture and sale of surface coating resins. The directors are satisfied with the results for the year.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £1,016,732. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A W Wallen
Mr R W Wallen
Mr P W Richardson
Mr J W Wallen
Mr P M Stonehewer
Mr J Maugham
Mr A Lomax
Research and development

Research and development activities continue to be a high priority with the development of new products and maintaining the quality of existing products. In particular the focus is on reducing VOC content, increasing use of sustainable raw materials, and transitioning to water based products.

Future developments

Further new projects are planned for the coming year, as VIL looks to continue its investment into its infrastructure. The continued theme of investment for growth and sustainability will continue as the company works towards its longer-term objectives. Quality and long-term customer relationships remain the foundation of the company.

The company continues to focus on new products and markets to ensure that all opportunities are considered. Diversification within its product range has always been important, to ensure that the company can service any changes in the industry, which can be both customer and environmentally led.

Auditor

In accordance with the company's articles, a resolution proposing that Barlow Andrews LLP be reappointed as auditor of the company will be put at a General Meeting.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of Financial Instruments.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

VIL RESINS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr R W Wallen
Director
1 April 2025
VIL RESINS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -

The directors are responsible for preparing the annual 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 of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

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.

VIL RESINS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF VIL RESINS LTD
- 5 -
Opinion

We have audited the financial statements of Vil Resins Ltd (the 'company') for the year ended 30 September 2024 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, 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:

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 contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 our audit:

VIL RESINS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF VIL RESINS LTD (CONTINUED)
- 6 -
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:

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

 

To address the risk of fraud through management bias and override of controls, we:

 

VIL RESINS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF VIL RESINS LTD (CONTINUED)
- 7 -

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Alison Cornes (Senior Statutory Auditor)
For and on behalf of Barlow Andrews LLP, Statutory Auditor
Carlyle House
78 Chorley New Road
Bolton
1 April 2025
VIL RESINS LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
25,892,050
25,541,543
Cost of sales
(20,139,334)
(20,327,091)
Gross profit
5,752,716
5,214,452
Distribution costs
(1,543,219)
(1,450,451)
Administrative expenses
(1,865,023)
(1,705,617)
Other operating income
126,311
39,354
Operating profit
4
2,470,785
2,097,738
Interest receivable and similar income
7
55,407
6,985
Interest payable and similar expenses
8
(76,119)
(73,239)
Profit before taxation
2,450,073
2,031,484
Taxation
9
(686,548)
(387,159)
Profit for the financial year
1,763,525
1,644,325

The profit and loss account has been prepared on the basis that all operations are continuing operations.

 

There is no other comprehensive income for the year. The total comprehensive income is the profit for the financial year shown above.

 

VIL RESINS LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
8,963,627
5,928,409
Current assets
Stocks
12
3,389,589
4,611,004
Debtors
13
5,844,754
7,840,366
Cash at bank and in hand
3,478,364
961,240
12,712,707
13,412,610
Creditors: amounts falling due within one year
14
(9,754,449)
(8,789,835)
Net current assets
2,958,258
4,622,775
Total assets less current liabilities
11,921,885
10,551,184
Provisions for liabilities
Deferred tax liability
16
(1,275,653)
(651,745)
(1,275,653)
(651,745)
Net assets
10,646,232
9,899,439
Capital and reserves
Called up share capital
18
1,000
1,000
Capital redemption reserve
20
500
500
Other reserves
19
3,499,500
3,499,500
Profit and loss reserves
7,145,232
6,398,439
Total equity
10,646,232
9,899,439

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 1 April 2025 and are signed on its behalf by:
Mr R W Wallen
Mr P W Richardson
Director
Director
Company registration number 00338691 (England and Wales)
VIL RESINS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
Share capital
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 October 2022
1,000
500
3,499,500
7,754,114
11,255,114
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
-
1,644,325
1,644,325
Dividends
10
-
-
-
(3,000,000)
(3,000,000)
Balance at 30 September 2023
1,000
500
3,499,500
6,398,439
9,899,439
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
-
-
1,763,525
1,763,525
Dividends
10
-
-
-
(1,016,732)
(1,016,732)
Balance at 30 September 2024
1,000
500
3,499,500
7,145,232
10,646,232
VIL RESINS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
1
Accounting policies
Company information

Vil Resins Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Union Road, Bolton.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

Vil Resins Limited is a wholly owned subsidiary of Vil Holdings Limited and the results of Vil Resins Limited are consolidated in the financial statements of Vil Holdings Limited. These consolidated financial statements are available from Companies House, Crown Way, Cardiff.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on customer receipt of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

VIL RESINS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 12 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold Land and buildings
2% Straight line
Plant and machinery
6 2/3 - 25% Straight line
Fixtures, fittings and equipment
10% Straight line
Motor vehicles
25% Straight line

Assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Cost is calculated using the FIFO method.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

VIL RESINS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

VIL RESINS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.15
Research and development

Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.

VIL RESINS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover
Sale of goods
25,892,050
25,541,543
Other significant revenue
Interest income
55,407
6,985
Turnover analysed by geographical market

In the opinion of the directors, it would be seriously prejudicial to disclose turnover by geographical location. The directors have therefore taken advantage of the exemption to omit this disclosure.

4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
48,686
24,105
Research and development costs
-
263,539
Fees payable to the company's auditor for the audit of the company's financial statements
10,450
9,900
Depreciation of owned tangible fixed assets
425,659
394,264
Profit on disposal of tangible fixed assets
-
(16,493)
VIL RESINS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Production staff
17
16
Sales and distribution staff
9
7
Administration and technical staff
8
11
Total
34
34

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,568,696
1,514,141
Social security costs
157,821
142,283
Pension costs
99,798
48,793
1,826,315
1,705,217
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
496,258
498,506
Company pension contributions to defined contribution schemes
55,469
23,682
551,727
522,188

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 6 (2023 - 6).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
211,927
208,119
Company pension contributions to defined contribution schemes
6,409
6,077

The directors are also considered to be the key management personnel.

VIL RESINS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 17 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
55,407
6,985
8
Interest payable and similar expenses
2024
2023
£
£
Other interest
76,119
73,239
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
354,908
Adjustments in respect of prior periods
62,640
-
0
Total current tax
62,640
354,908
Deferred tax
Origination and reversal of timing differences
623,908
32,251
Total tax charge
686,548
387,159

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,450,073
2,031,484
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.01%)
612,518
447,093
Tax effect of expenses that are not deductible in determining taxable profit
1,403
-
0
Unutilised tax losses carried forward
177,067
-
0
Research and development tax credit
62,640
(62,641)
Capital allowances in excess of depreciation
(167,080)
2,707
Taxation charge for the year
686,548
387,159
VIL RESINS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 18 -
10
Dividends
2024
2023
£
£
Interim paid
1,016,732
3,000,000
11
Tangible fixed assets
Freehold Land and buildings
Assets under construction
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2023
2,828,210
-
0
7,428,888
336,436
425,636
11,019,170
Additions
-
0
3,071,655
359,481
-
0
29,741
3,460,877
Disposals
-
0
-
0
(200,650)
-
0
-
0
(200,650)
At 30 September 2024
2,828,210
3,071,655
7,587,719
336,436
455,377
14,279,397
Depreciation and impairment
At 1 October 2023
398,810
-
0
4,188,427
336,436
167,088
5,090,761
Depreciation charged in the year
39,946
-
0
276,751
-
0
108,962
425,659
Eliminated in respect of disposals
-
0
-
0
(200,650)
-
0
-
0
(200,650)
At 30 September 2024
438,756
-
0
4,264,528
336,436
276,050
5,315,770
Carrying amount
At 30 September 2024
2,389,454
3,071,655
3,323,191
-
0
179,327
8,963,627
At 30 September 2023
2,429,400
-
0
3,240,461
-
0
258,548
5,928,409
12
Stocks
2024
2023
£
£
Raw materials and consumables
1,759,597
2,805,902
Finished goods and goods for resale
1,629,992
1,805,102
3,389,589
4,611,004
VIL RESINS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 19 -
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,663,416
6,687,169
Corporation tax recoverable
54,732
-
0
Other debtors
965
400
Prepayments and accrued income
125,641
1,152,797
5,844,754
7,840,366
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank overdrafts
15
134
134
Trade creditors
3,876,290
2,873,556
Amounts owed to group undertakings
5,437,284
5,216,552
Corporation tax
-
0
254,908
Other taxation and social security
245,986
202,207
Other creditors
8,736
7,800
Accruals and deferred income
186,019
234,678
9,754,449
8,789,835
15
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
134
134
Payable within one year
134
134
16
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
1,452,719
651,745
Tax losses
(177,066)
-
1,275,653
651,745
VIL RESINS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
16
Deferred taxation
(Continued)
- 20 -
2024
Movements in the year:
£
Liability at 1 October 2023
651,745
Charge to profit or loss
623,908
Liability at 30 September 2024
1,275,653

The deferred tax liability set out above is expected to reverse over the useful economic life of the assets to which the provision relates.

17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
99,798
48,793

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000

The holders of ordinary shares are entitled to full voting rights and are entitled to one vote per share at meetings of the Company. All shares rank equally with regard to the Company's residual assets.

19
Other reserves

Other reserves relates to funds set aside in respect of future projects.

20
Capital redemption reserve

The capital redemption reserve records the nominal value of shares repurchased by the company.

21
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
550,000
2,019,698
VIL RESINS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
22
Directors' transactions

During the year, two immediate family members were remunerated with a total of £65,073 (2023: £44,952).

23
Ultimate controlling party

The company's parent is Vil Holdings Limited.

The company is included in the consolidated accounts of Vil Holdings Limited. The registered office of this company is Union Road, Bolton.

 

Vil Holdings Limited is under the control of it's directors being the Wallen family.

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