Company registration number 04347764 (England and Wales)
Vaclensa Limited
Annual report and financial statements
For the year ended 31 December 2024
Vaclensa Limited
Company information
Directors
Kevin O'Riordan
(Appointed 22 January 2024)
Peter Tye
Kathryn Garrison
(Appointed 22 January 2024)
Company number
04347764
Registered office
Unit C5
Leadbeaters Lane
Bolton
BL5 1FL
Auditor
DJH Audit Limited
The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN
Vaclensa Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Income statement
9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Notes to the financial statements
13 - 21
Vaclensa Limited
Strategic report
For the year ended 31 December 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Review of the business
Turnover closed on £7.907m, a Year-on-Year decrease of 8.1%, which fell in line with Company forecasts and expectations. The revenue decrease was driven as a direct result of continually migrating the Floorcare business with Strategic Customers, IPC Distribution Partners and Hospitality customers, through parent company, Tennant UK Cleaning Solutions Ltd (TUKCSL), a project which began mid-2021, enabling a single point of contact and higher level of Customer Service.
Gross Profit Margin of 54.1% (2023 61.7%) decreased by 760bps, mainly due to Customer / Product Mix change following migration of business to TUKCSL, with Vaclensa importing product from IPC for sale via TUKCSL.
Administration costs show a saving v 2023 of 19.1% (-£0.961m). Whilst cost management is still a key objective, the savings posted are because of realignment of cost between Vaclensa and Parent, TUKCSL.
The focus of management continues to be on maximising value on spend such as T&E, marketing, and recruitment whilst ensuring the ability to run the business efficiently and effectively to support the needs of our stakeholders through a period of constant change and adaption.
The company reports a profit after tax of £0.164m (2023 £0.214m)
The key performance indicators watched by the directors relate to turnover, gross profit and net profit. These are shown in the financial statements.
Future Outlook
From 1st Jan 2025, the integration of Vaclensa and TUKCSL was completed, with all future trade continuing through the Tennant entity. Vaclensa as an entity will cease to trade and will be wound up towards the middle of 2025.
The directors outlook for 2025 for the Legacy Vaclensa business is for top line growth with Gross Margins to be maintained. Decarbonizer through the hospitality sector is forecast for minimal growth, whilst Floorcare growth is forecast through Tennant UK Cleaning Solutions Ltd by way of new product range extensions, and through the development of new trading relationships.
The results for Q1 2025 show turnover in line with expectations for the UK entities on a combined basis.
The company has a strong cash position and further support is available from the ultimate parent company, Tennant Company, if required. There is access to draw down liquid funds if needed in the future and we are not aware of any significant collection issues.
Vaclensa Limited
Strategic report (continued)
For the year ended 31 December 2024
- 2 -
Principal risks and uncertainties
GLOBAL SUPPLY CHAIN
We have established cross functional and ongoing communications with suppliers to review, track and prioritise high risk components. We have also identified and activated alternative suppliers and products as required.
MARGIN RISK
Competitive pressure within the UK Cleaning Industry is a continuing risk for the company. The company mitigates this risk by providing innovative and value-added products and service to its customers at competitive price points, whilst also providing a high level of service and quality.
CREDIT RISK
The company is exposed to credit risk on its sales. The company has implemented a series of internal controls to minimise this risk by ensuring that sales are made to customers with an appropriate credit history, and by monitoring of adherence to credit terms
LIQUIDITY RISK
Liquidity i maintained at prudent level to ensure sufficient funds are available for ongoing operations, future developments and a buffer to cover contingencies. The company maintains sufficient cash and group funding opportunities to meet its funding requirements and monitors cashflow as part of its day to day controls and is also advised by group treasury department.
Kathryn Garrison
Director
28 July 2025
Vaclensa Limited
Directors' report
For the year ended 31 December 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company continued to be that of the sale, rental and maintenance of commercial cleaning equipment.
Results and dividends
No ordinary dividends were paid. 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:
Kevin O'Riordan
(Appointed 22 January 2024)
Peter Tye
Kathryn Garrison
(Appointed 22 January 2024)
Kristin Stokes
(Resigned 22 January 2024)
Thomas Stueve
(Resigned 22 January 2024)
Future developments
It is the directors' intention that, on 01 January 2025, the trade and assets of Vaclensa Limited are to be hived up to its immediate parent, Tennant UK Cleaning Solutions Limited. As such, these financial statements are prepared on a basis other than going concern. See Note 2
Auditor
The auditor, DJH Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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.
Vaclensa Limited
Directors' report (continued)
For the year ended 31 December 2024
- 4 -
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.
On behalf of the board
Kathryn Garrison
Director
28 July 2025
Vaclensa Limited
Independent auditor's report
To the members of Vaclensa Limited
- 5 -
Opinion
We have audited the financial statements of Vaclensa Limited (the 'company') for the year ended 31 December 2024 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 a basis other than going concern in the preparation of the financial statements is appropriate.
We draw attention to the disclosure in Note 1.2 of the financial statements, which explains that the trade and assets of the company has been hived up into the immediate parent company Tennant UK Cleaning Solutions Limited after the reporting date. The directors therefore do not consider it to be appropriate to adopt the going concern basis of accounting in the in preparing the financial statements. Our opinion is not modified in respect of this mater.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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.
Vaclensa Limited
Independent auditor's report (continued)
To the members of Vaclensa Limited
- 6 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
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.
Vaclensa Limited
Independent auditor's report (continued)
To the members of Vaclensa Limited
- 7 -
As part of our planning process:
We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud.
We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, Health & Safety at Work 1974, Employment Act 2002 and National Minimum Wage 1998.
We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
Identifying and testing journal entries, in particular those that were significant and unusual.
Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates.
Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
Testing key revenue lines, in particular cut-off, for evidence of management bias.
Documenting and verifying all significant related party balances and transactions.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.
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.
This report is made solely to the company's members, as a body, 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 members those matters we are required to state to them 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 members as a body, for our audit work, for this report, or for the opinions we have formed.
Vaclensa Limited
Independent auditor's report (continued)
To the members of Vaclensa Limited
- 8 -
Richard Askey
Senior Statutory Auditor
For and on behalf of DJH Audit Limited
12 August 2025
Accountants
Statutory Auditor
The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN
Vaclensa Limited
Income statement
For the year ended 31 December 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
7,907,322
8,610,025
Cost of sales
(3,628,050)
(3,293,358)
Gross profit
4,279,272
5,316,667
Administrative expenses
(4,067,407)
(5,028,311)
Operating profit
4
211,865
288,356
Interest payable and similar expenses
7
2,687
(3,096)
Profit before taxation
214,552
285,260
Tax on profit
8
(50,268)
(70,925)
Profit for the financial year
164,284
214,335
The income statement has been prepared on the basis that all operations are continuing operations.
Vaclensa Limited
Statement of comprehensive income
For the year ended 31 December 2024
- 10 -
2024
2023
£
£
Profit for the year
164,284
214,335
Other comprehensive income
-
-
Total comprehensive income for the year
164,284
214,335
Vaclensa Limited
Statement of financial position
As at 31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
9
1,405,384
1,148,702
Debtors
10
2,215,402
3,995,057
Cash at bank and in hand
2,304,976
691,658
5,925,762
5,835,417
Creditors: amounts falling due within one year
11
(749,416)
(804,875)
Net current assets
5,176,346
5,030,542
Provisions for liabilities
Deferred tax liability
12
7,653
26,133
(7,653)
(26,133)
Net assets
5,168,693
5,004,409
Capital and reserves
Called up share capital
15
1
74,941
Share premium account
16
643,237
Capital redemption reserve
16
7,412
Profit and loss reserves
16
5,168,692
4,278,819
Total equity
5,168,693
5,004,409
The financial statements were approved by the board of directors and authorised for issue on 28 July 2025 and are signed on its behalf by:
Kathryn Garrison
Director
Company registration number 04347764 (England and Wales)
Vaclensa Limited
Statement of changes in equity
For the year ended 31 December 2024
- 12 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2023
74,941
643,237
7,412
4,064,484
4,790,074
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
214,335
214,335
Balance at 31 December 2023
74,941
643,237
7,412
4,278,819
5,004,409
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
164,284
164,284
Share capital reduction
(74,940)
(643,237)
(7,412)
725,589
-
Balance at 31 December 2024
1
5,168,692
5,168,693
Vaclensa Limited
Notes to the financial statements
For the year ended 31 December 2024
- 13 -
1
Accounting policies
Company information
Vaclensa Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit C5, Leadbeaters Lane, Bolton, BL5 1FL.
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:
1.2
Going concern
On 01 January 2025true all trade and assets of Vaclensa Limited have been hived up to its immediate parent, Tennant UK Cleaning Solutions Limited. Accordingly, the financial statements have been prepared on a basis other than going concern.
1.3
Turnover
Turnover represents the aggregate of the fair value of sale of goods and services provided, net of value added tax, rebates and discounts, plus an appropriate proportion of maintenance contract income provided during the period. Turnover is recognised as follows:-
Turnover from the sale of goods is recognised when the company has despatched products to the customer and collectability of the related receivables is fairly stated.
Service turnover is recognised as those services are provided to customers. Contracted managed services turnover is recognised over the contract period on a straight-line basis, which represents the level of completion of an individual contract. The unrecognised contracted turnover is included as deferred income in the statement of financial position. Amounts invoiced relating to more than one period are deferred and recognised over their relevant life.
Turnover from equipment rental provided by the company is recognised over the term of the agreement on a straight line basis. The unrecognised turnover is shown separately in the statement of financial position as deferred income.
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.
Vaclensa Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 14 -
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:
Leasehold land and buildings
over the period of the lease
Plant and equipment
10-33% straight line
Fixtures and fittings
25% on reducing balance
Computers
33.3% on cost and 25% on cost
Motor vehicles
25% on reducing balance
Tooling equipment
10% on reducing balance
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.
Computer equipment which is deemed to have a useful life that is less than two years is not capitalised and is charged as a revenue expense. Renewable software licences are expensed as incurred
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on an average cost basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related turnover is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.
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.
1.6
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 current liabilities.
1.7
Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.
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 the income statement.
Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost being the transaction price less any amounts settled.
Vaclensa Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 15 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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 income statement, 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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
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.
1.11
Expenditure on research is written off in the year in which it is incurred.
1.12
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Vaclensa Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
- 16 -
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Estimating the useful economic life of an asset and the anticipated residual value in calculating an appropriate depreciation charge. Determine whether there are any indicators of impairment of the company's tangible and intangible assets including goodwill.
Making judgement based on historical experience on the level of provision required for impairment of stocks. Further information received after the balance sheet date may impact on the level of provision required.
In categorising leases as finance or operating leases, the directors make judgements as to whether significant risks and rewards of ownership have transferred to the company as lessee.
3
Turnover
The turnover and profit before taxation are attributable to the one principal activity of the company.
An analysis of turnover by class of business is given below:
2024
2023
£
£
Turnover analysed by class of business
Sales: Product
4,740,000
4,734,892
Sales: Rental and maintenance
3,167,322
3,875,133
7,907,322
8,610,025
All sales, in both periods, were made in the United Kingdom.
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
121,437
228,831
Loss/(profit) on disposal of tangible fixed assets
2,324
(4,404)
Profit on disposal of investment property
(4,306)
Vaclensa Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
- 17 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
17,231
17,142
6
Employees
The average monthly number of persons employed by the company during the year was:
2024
2023
Number
Number
Management and administration
-
11
Distribution, sales and production
-
12
Engineers and technicians
-
26
Total
49
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,177,143
2,642,071
Pension costs
105,448
189,623
2,282,591
2,831,694
From August 2023, all employees of Vaclensa Limited were transferred to Tennant UK Cleaning Solutions Limited, and their salary costs recharged.
7
Interest payable and similar expenses
2024
2023
£
£
Other interest
(2,687)
3,096
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
75,785
108,193
Adjustments in respect of prior periods
(4,122)
Total current tax
71,663
108,193
Vaclensa Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
8
Taxation
2024
2023
£
£
(Continued)
- 18 -
Deferred tax
Origination and reversal of timing differences
(21,395)
(37,268)
Total tax charge
50,268
70,925
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
214,552
285,260
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
53,638
71,315
Tax effect of expenses that are not deductible in determining taxable profit
752
1,271
Effect of change in corporation tax rate
(6,806)
Permanent capital allowances in excess of depreciation
(3,593)
Prior year adjustments
(4,122)
8,738
Taxation charge for the year
50,268
70,925
9
Stocks
2024
2023
£
£
Finished goods and goods for resale
1,405,384
1,148,702
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
427,515
412,792
Amounts owed by group undertakings
1,514,858
2,714,832
Other debtors
-
501
Property, plant and equipment
227,857
368,617
Prepayments and accrued income
45,172
498,315
2,215,402
3,995,057
Vaclensa Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
- 19 -
11
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Trade creditors
36,562
126,545
Amounts owed to group undertakings
133
Corporation tax
8,256
23,870
Other taxation and social security
362,806
276,615
Deferred income
13
83,238
111,032
Accruals and deferred income
258,421
266,813
749,416
804,875
12
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
7,653
26,133
2024
Movements in the year:
£
Liability at 1 January 2024
26,133
Credit to profit or loss
(18,480)
Liability at 31 December 2024
7,653
13
Deferred income
2024
2023
£
£
Other deferred income
83,238
111,032
Vaclensa Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
- 20 -
14
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
105,448
189,623
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.
At the statement of financial position date, there were no outstanding commitments (2023 - £nil)
15
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of £1 each
1
74,941
1
74,941
16
Reserves
The following describes the nature and purpose of each reserve within equity:
Reserves Description and purpose
Share Premium Consists of the non-distributable premium paid on the issue of shares
for cash.
Capital redemption reserve A statutory, non distributable reserve into which amounts were
transferred following the purchase of the company's own shares.
Retained earnings All other net gains and losses and transactions with owners not
recognised elsewhere.
17
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
456,761
478,122
Between two and five years
736,733
1,071,856
1,193,494
1,549,978
18
Events after the reporting date
On 1st January 2025, the trade and assets of Vaclensa Limited were hived up to Tennant UK Cleaning Solutions Limited.
Vaclensa Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
- 21 -
19
Ultimate controlling party
At the statement of financial position date, the immediate parent company is Tennant UK Cleaning Solutions Limited, a company incorporated in Scotland. The company's registered office address is 115 George Street, Edinburgh, Scotland, EH2 4JN.
The ultimate controlling party is Tennant Company. The consolidated financial statements of Tennant Company, which is incorporated in the United States, are available to the public and may be obtained from:-
http://investors.tennantco.com/overview/default.aspx
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