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Registration number: 08857555

Vigo Presses Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Vigo Presses Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 12

 

Vigo Presses Limited

Company Information

Directors

Mrs Linda Dawn Courtney

Mr Paul James Courtney

Company secretary

Mr Paul James Courtney

Registered office

Pelagic House
Flightway
Dunkeswell
Honiton
Devon
EX14 4RB

Accountants

Redwoods
Chartered Certified Accountants2 Clyst Works
Clyst Road
Topsham
Exeter
Devon
EX3 0DB

 

Vigo Presses Limited

(Registration number: 08857555)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

235,837

144,617

Current assets

 

Stocks

6

357,945

408,135

Debtors

7

36,759

38,294

Cash at bank and in hand

 

6,058

1,029

 

400,762

447,458

Creditors: Amounts falling due within one year

8

(432,514)

(282,688)

Net current (liabilities)/assets

 

(31,752)

164,770

Total assets less current liabilities

 

204,085

309,387

Creditors: Amounts falling due after more than one year

8

(110,723)

(84,167)

Provisions for liabilities

-

(425)

Net assets

 

93,362

224,795

Capital and reserves

 

Called up share capital

9

126

126

Share premium reserve

49,982

49,982

Retained earnings

43,254

174,687

Shareholders' funds

 

93,362

224,795

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 July 2025 and signed on its behalf by:
 

.........................................
Mr Paul James Courtney
Company secretary and director

 

Vigo Presses Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The address of its registered office is:
Pelagic House
Flightway
Dunkeswell
Honiton
Devon
EX14 4RB

These financial statements were authorised for issue by the Board on 31 July 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

In common with many other businesses of our size and nature we use our accountant to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The accounts are presented in £ sterling and are rounded to the nearest £1.

 

Vigo Presses Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Judgements

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

Key sources of estimation uncertainty

Depreciation of tangible fixed assets. This by nature is an estimate and the actual market values of assets may be different to the values presented in the accounts. The fixed assets are shown on the balance sheet in the financial statements. The carrying amount is £235,837 (2023 -£144,617).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

The retail, leisure and hospitality grant received has been treated as income in the period that it was received.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.

At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the profit and loss.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, 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 is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Vigo Presses Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short leasehold property

10% straight line

Plant & machinery

25% reducing balance

Fixtures & fittings

25% reducing balance

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line

Website development costs

33.33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Vigo Presses Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Vigo Presses Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities, such as trade and other accounts receivable and payable and loans from banks/other third parties.

 Recognition and measurement
Debt instruments like loans are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payable or receivables, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. In the case of a non current liability not at a market rate of interest, the financial liability is measured initially and subsequently at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows, discounted at the assets original effective interest rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

 

Vigo Presses Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 8).

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2024

11,000

8,000

19,000

At 31 December 2024

11,000

8,000

19,000

Amortisation

At 1 January 2024

11,000

8,000

19,000

At 31 December 2024

11,000

8,000

19,000

Carrying amount

At 31 December 2024

-

-

-

 

Vigo Presses Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

31,216

33,317

252,184

31,670

348,387

Additions

23,673

-

106,680

36,063

166,416

Disposals

-

-

-

(28,242)

(28,242)

At 31 December 2024

54,889

33,317

358,864

39,491

486,561

Depreciation

At 1 January 2024

11,380

26,127

138,570

27,693

203,770

Charge for the year

5,488

1,798

55,073

9,067

71,426

Eliminated on disposal

-

-

-

(24,472)

(24,472)

At 31 December 2024

16,868

27,925

193,643

12,288

250,724

Carrying amount

At 31 December 2024

38,021

5,392

165,221

27,203

235,837

At 31 December 2023

19,836

7,190

113,614

3,977

144,617

Included within the net book value of land and buildings above is £38,021 (2023 - £19,836) in respect of short leasehold land and buildings.
 

 

Vigo Presses Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Stocks

2024
£

2023
£

Other inventories

357,945

408,135

7

Debtors

Current

2024
£

2023
£

Trade debtors

22,000

26,389

Prepayments

14,759

11,905

 

36,759

38,294

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

153,223

106,395

Trade creditors

 

8,197

9,440

Taxation and social security

 

43,478

18,789

Accruals and deferred income

 

24,846

13,760

Other creditors

 

202,770

134,304

 

432,514

282,688

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

110,723

84,167

 

Vigo Presses Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

100

100

100

100

Ordinary B of £1 each

-

-

-

-

Ordinary C of £1 each

6

6

6

6

Ordinary D of £1 each

2

2

2

2

Ordinary E of £1 each

9

9

9

9

Ordinary F of £1 each

9

9

9

9

126

126

126

126

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

40,000

70,000

Hire purchase contracts

70,723

14,167

110,723

84,167

Current loans and borrowings

2024
£

2023
£

Bank borrowings

30,000

30,000

Bank overdrafts

94,081

63,466

Hire purchase contracts

29,142

12,929

153,223

106,395

 

Vigo Presses Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

6,018

11,418

Later than one year and not later than five years

6,018

12,036

12,036

23,454

The amount of non-cancellable operating lease payments recognised as an expense during the year was £11,418 (2023 - £21,600).