Silverfin false false 28/02/2025 01/03/2024 28/02/2025 Mr H A Brake 01/07/2015 Mrs J M Brake 31/10/2007 Mrs M A Salisbury 13 June 2025 The principal activity of the Company during the financial year was that of mail order sale of fishing tackle. 02685693 2025-02-28 02685693 bus:Director1 2025-02-28 02685693 bus:Director2 2025-02-28 02685693 2024-02-29 02685693 core:CurrentFinancialInstruments 2025-02-28 02685693 core:CurrentFinancialInstruments 2024-02-29 02685693 core:Non-currentFinancialInstruments 2025-02-28 02685693 core:Non-currentFinancialInstruments 2024-02-29 02685693 core:ShareCapital 2025-02-28 02685693 core:ShareCapital 2024-02-29 02685693 core:CapitalRedemptionReserve 2025-02-28 02685693 core:CapitalRedemptionReserve 2024-02-29 02685693 core:RetainedEarningsAccumulatedLosses 2025-02-28 02685693 core:RetainedEarningsAccumulatedLosses 2024-02-29 02685693 core:LeaseholdImprovements 2024-02-29 02685693 core:Vehicles 2024-02-29 02685693 core:OfficeEquipment 2024-02-29 02685693 core:LeaseholdImprovements 2025-02-28 02685693 core:Vehicles 2025-02-28 02685693 core:OfficeEquipment 2025-02-28 02685693 core:CurrentFinancialInstruments core:Secured 2025-02-28 02685693 core:MoreThanFiveYears 2025-02-28 02685693 core:MoreThanFiveYears 2024-02-29 02685693 bus:OrdinaryShareClass1 2025-02-28 02685693 2024-03-01 2025-02-28 02685693 bus:FilletedAccounts 2024-03-01 2025-02-28 02685693 bus:SmallEntities 2024-03-01 2025-02-28 02685693 bus:AuditExemptWithAccountantsReport 2024-03-01 2025-02-28 02685693 bus:PrivateLimitedCompanyLtd 2024-03-01 2025-02-28 02685693 bus:Director1 2024-03-01 2025-02-28 02685693 bus:Director2 2024-03-01 2025-02-28 02685693 bus:Director3 2024-03-01 2025-02-28 02685693 core:LeaseholdImprovements core:TopRangeValue 2024-03-01 2025-02-28 02685693 core:Vehicles 2024-03-01 2025-02-28 02685693 core:OfficeEquipment core:TopRangeValue 2024-03-01 2025-02-28 02685693 2023-03-01 2024-02-29 02685693 core:LeaseholdImprovements 2024-03-01 2025-02-28 02685693 core:OfficeEquipment 2024-03-01 2025-02-28 02685693 core:CurrentFinancialInstruments 2024-03-01 2025-02-28 02685693 core:Non-currentFinancialInstruments 2024-03-01 2025-02-28 02685693 bus:OrdinaryShareClass1 2024-03-01 2025-02-28 02685693 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure xbrli:shares

Company No: 02685693 (England and Wales)

VEALS MAIL ORDER LIMITED

Unaudited Financial Statements
For the financial year ended 28 February 2025
Pages for filing with the registrar

VEALS MAIL ORDER LIMITED

Unaudited Financial Statements

For the financial year ended 28 February 2025

Contents

VEALS MAIL ORDER LIMITED

STATEMENT OF FINANCIAL POSITION

As at 28 February 2025
VEALS MAIL ORDER LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 28 February 2025
Note 2025 2024
£ £
Fixed assets
Tangible assets 3 484,656 474,331
484,656 474,331
Current assets
Stocks 888,982 801,497
Debtors 4 113,425 11,113
Cash at bank and in hand 33,075 138,418
1,035,482 951,028
Creditors: amounts falling due within one year 5 ( 519,008) ( 340,711)
Net current assets 516,474 610,317
Total assets less current liabilities 1,001,130 1,084,648
Creditors: amounts falling due after more than one year 6 ( 155,895) ( 163,499)
Provision for liabilities ( 17,407) ( 15,688)
Net assets 827,828 905,461
Capital and reserves
Called-up share capital 7 500 500
Capital redemption reserve 500 500
Profit and loss account 826,828 904,461
Total shareholders' funds 827,828 905,461

For the financial year ending 28 February 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Veals Mail Order Limited (registered number: 02685693) were approved and authorised for issue by the Board of Directors on 13 June 2025. They were signed on its behalf by:

Mr H A Brake
Director
VEALS MAIL ORDER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2025
VEALS MAIL ORDER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2025
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.

General information and basis of accounting

Veals Mail Order Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Bishop Fleming Llp, 10 Temple Back, Bristol, BS1 6FL, United Kingdom and the trading address is Unit 306, Central Business Park, Petherton Road, Hengrove, Bristol BS14 9BZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 50 years straight line
Vehicles 25 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including directors 18 16

3. Tangible assets

Leasehold improve-
ments
Vehicles Office equipment Total
£ £ £ £
Cost
At 01 March 2024 487,796 34,143 93,058 614,997
Additions 7,471 49,990 2,494 59,955
Disposals 0 ( 26,410) 0 ( 26,410)
At 28 February 2025 495,267 57,723 95,552 648,542
Accumulated depreciation
At 01 March 2024 48,367 11,553 80,746 140,666
Charge for the financial year 9,851 10,311 9,293 29,455
Disposals 0 ( 6,235) 0 ( 6,235)
At 28 February 2025 58,218 15,629 90,039 163,886
Net book value
At 28 February 2025 437,049 42,094 5,513 484,656
At 29 February 2024 439,429 22,590 12,312 474,331

4. Debtors

2025 2024
£ £
Trade debtors 14,853 3,970
Prepayments 98,572 7,143
113,425 11,113

5. Creditors: amounts falling due within one year

2025 2024
£ £
Bank loans (secured) 32,761 38,974
Trade creditors 402,271 220,321
Accruals and deferred income 21,240 11,294
Taxation and social security 48,239 66,030
Obligations under finance leases and hire purchase contracts (secured) 9,583 0
Other creditors 4,914 4,092
519,008 340,711

Bank loans are secured against the property of the company.

Hire purchase balance is secured against the asset purchased.

6. Creditors: amounts falling due after more than one year

2025 2024
£ £
Bank loans (secured) 140,622 163,499
Obligations under finance leases and hire purchase contracts 15,273 0
155,895 163,499

The bank loans are secured against the property of the company.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2025 2024
£ £
Bank loans 29,270 0

7. Called-up share capital

2025 2024
£ £
Allotted, called-up and fully-paid
500 Ordinary shares of £ 1.00 each 500 500

8. Related party transactions

Transactions with the entity's directors

During the year the directors received aggregate dividends of £75,883 (2024 - £30,600).