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Company No: 01809021 (England and Wales)

VGG LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

VGG LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

VGG LIMITED

BALANCE SHEET

As at 31 August 2024
VGG LIMITED

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 360,339 351,170
360,339 351,170
Current assets
Stocks 188,000 185,000
Debtors 4 191,215 217,129
Cash at bank and in hand 39,171 62,735
418,386 464,864
Creditors: amounts falling due within one year 5 ( 240,246) ( 300,388)
Net current assets 178,140 164,476
Total assets less current liabilities 538,479 515,646
Creditors: amounts falling due after more than one year 6 ( 54,752) ( 92,851)
Provision for liabilities 7 ( 61,769) ( 60,229)
Net assets 421,958 362,566
Capital and reserves
Called-up share capital 47 47
Capital redemption reserve 52 52
Profit and loss account 421,859 362,467
Total shareholder's funds 421,958 362,566

For the financial 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 financial statements of VGG Limited (registered number: 01809021) were approved and authorised for issue by the Board of Directors on 31 July 2025. They were signed on its behalf by:

S J Vincent
Director
A J Vincent
Director
VGG LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
VGG LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
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, unless otherwise stated.

General information and basis of accounting

VGG 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 14 Gazelle Road Lynx Trading Estate, Yeovil, BA20 2PJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

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 Profit and Loss Account 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 Balance Sheet.

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 Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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:

Land and buildings 100 years straight line
Leasehold improvements 15 % reducing balance
Vehicles 25 % reducing balance
Computer equipment 25 % reducing balance
Other property, plant and equipment 10 % reducing balance

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.

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.

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 Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

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. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Ordinary share capital

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

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 12 11

3. Tangible assets

Land and buildings Leasehold improve-
ments
Vehicles Computer equipment Other property, plant
and equipment
Total
£ £ £ £ £ £
Cost
At 01 September 2023 147,450 8,519 199,714 20,426 540,954 917,063
Additions 0 4,822 10,750 2,209 31,153 48,934
At 31 August 2024 147,450 13,341 210,464 22,635 572,107 965,997
Accumulated depreciation
At 01 September 2023 38,815 5,145 140,502 17,520 363,911 565,893
Charge for the financial year 1,475 778 17,042 935 19,535 39,765
At 31 August 2024 40,290 5,923 157,544 18,455 383,446 605,658
Net book value
At 31 August 2024 107,160 7,418 52,920 4,180 188,661 360,339
At 31 August 2023 108,635 3,374 59,212 2,906 177,043 351,170

4. Debtors

2024 2023
£ £
Trade debtors 155,250 209,068
Other debtors 35,965 8,061
191,215 217,129

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 9,054 25,514
Trade creditors 138,352 121,208
Taxation and social security 43,195 28,964
Obligations under finance leases and hire purchase contracts (secured) 28,827 38,319
Other creditors 20,818 86,383
240,246 300,388

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

2024 2023
£ £
Bank loans (secured) 13,266 22,537
Obligations under finance leases and hire purchase contracts (secured) 41,486 70,314
54,752 92,851

Within bank borrowings is a balance of £22,320 (2023 - £31,181) relating to an outstanding amount due from a Coronavirus Bounce Back Loan. The UK government have guaranteed 100% of the value of the loan as well as agreeing to pay interest and fees for the first 12 months.

Also within bank loans is a balance of £nil (2023 - £16,870) which is secured by a fixed and floating charge over the undertaking and all property of the company.

The hire purchase contracts are secured on the assets concerned which are included within vehicles and other property, plant and equipment. The total net book value of the assets held on hire purchase is £119,293 (2023 - £152,932).

7. Provision for liabilities

2024 2023
£ £
Deferred tax 61,769 60,229

8. Related party transactions

Transactions with the entity's directors

The director's loan accounts are repayable on demand and interest has been charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 September 2023 the balance owed from the directors was £360. During the year, the company made advances to directors amounting to £4,500 and received repayments of £360 leaving a balance due from the directors of £4,500.

During the previous year, the company made advances to directors amounting to £360, leaving a balance due from the directors of £360.