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Company No: SC334149 (Scotland)

VE-TECH CONCRETE LTD.

Unaudited Financial Statements
For the financial year ended 30 November 2024
Pages for filing with the registrar

VE-TECH CONCRETE LTD.

Unaudited Financial Statements

For the financial year ended 30 November 2024

Contents

VE-TECH CONCRETE LTD.

COMPANY INFORMATION

For the financial year ended 30 November 2024
VE-TECH CONCRETE LTD.

COMPANY INFORMATION (continued)

For the financial year ended 30 November 2024
DIRECTOR Robert Veitch
SECRETARY Robert Veitch
REGISTERED OFFICE Strandhead Farm
Tarbolton
Mauchline
Ayrshire
KA5 5NP
United Kingdom
COMPANY NUMBER SC334149 (Scotland)
ACCOUNTANT Dains
Ellersley House
30 Miller Road
Ayr
KA7 2AY
VE-TECH CONCRETE LTD.

BALANCE SHEET

As at 30 November 2024
VE-TECH CONCRETE LTD.

BALANCE SHEET (continued)

As at 30 November 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 5 3,865,215 3,570,469
3,865,215 3,570,469
Current assets
Stocks 6 494,273 323,626
Debtors 7 2,863,102 2,327,222
Cash at bank and in hand 1,800,358 1,359,263
5,157,733 4,010,111
Creditors: amounts falling due within one year 8 ( 2,314,766) ( 1,690,693)
Net current assets 2,842,967 2,319,418
Total assets less current liabilities 6,708,182 5,889,887
Creditors: amounts falling due after more than one year 9 ( 1,413,540) ( 1,346,316)
Provision for liabilities ( 928,379) ( 763,632)
Net assets 4,366,263 3,779,939
Capital and reserves
Called-up share capital 100 100
Profit and loss account 4,366,163 3,779,839
Total shareholder's funds 4,366,263 3,779,939

For the financial year ending 30 November 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of VE-TECH CONCRETE LTD. (registered number: SC334149) were approved and authorised for issue by the Director on 31 July 2025. They were signed on its behalf by:

Robert Veitch
Director
VE-TECH CONCRETE LTD.

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
VE-TECH CONCRETE LTD.

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 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

VE-TECH CONCRETE LTD. (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Strandhead Farm, Tarbolton, Mauchline, Ayrshire, KA5 5NP, United Kingdom.

The financial statements have been prepared under the historical cost convention, 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.

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 dispatch 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.

Revenue from contracts is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

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.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

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:

Land and buildings 10 years straight line
Plant and machinery etc. 3 - 10 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.

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.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

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. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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.

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.

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.

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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

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 Balance Sheet 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.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the director is required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the director has made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 48 45

4. Intangible assets

Goodwill Total
£ £
Cost
At 01 December 2023 100,000 100,000
At 30 November 2024 100,000 100,000
Accumulated amortisation
At 01 December 2023 100,000 100,000
At 30 November 2024 100,000 100,000
Net book value
At 30 November 2024 0 0
At 30 November 2023 0 0

5. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 December 2023 343,789 5,753,385 6,097,174
Additions 0 878,957 878,957
Disposals 0 ( 446,759) ( 446,759)
At 30 November 2024 343,789 6,185,583 6,529,372
Accumulated depreciation
At 01 December 2023 183,789 2,342,916 2,526,705
Charge for the financial year 16,000 502,086 518,086
Disposals 0 ( 380,634) ( 380,634)
At 30 November 2024 199,789 2,464,368 2,664,157
Net book value
At 30 November 2024 144,000 3,721,215 3,865,215
At 30 November 2023 160,000 3,410,469 3,570,469

6. Stocks

2024 2023
£ £
Stocks 216,357 280,291
Work in progress 277,916 43,335
494,273 323,626

7. Debtors

2024 2023
£ £
Trade debtors 2,588,029 2,060,328
CIS suffered 0 33,494
Other debtors 275,073 233,400
2,863,102 2,327,222

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 1,002,028 542,186
CIS withheld 14,523 0
Taxation and social security 492,864 317,540
Obligations under finance leases and hire purchase contracts 631,382 556,365
Other creditors 173,969 274,602
2,314,766 1,690,693

Included above are hire purchase liabilities of £631,382 (2023 - £556,365) which are secured over the assets to which they relate.

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

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 1,413,540 1,346,316

Included above are hire purchase liabilities which are secured over the assets to which they relate.

10. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 43,000 43,000

11. Related party transactions

Transactions with the entity's director

Included within other debtors are amounts owed by the director to the company of £85,763 (2023 - £69,502). This loan is interest free and there are no fixed terms for repayment.