Company Registration No. 02962418 (England and Wales)
VITAMAX LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
Shenward (London) Limited
Chartered Accountants & Business Advisors
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
VITAMAX LIMITED
COMPANY INFORMATION
Directors
Mr S Shamdasani
Mrs A Shamdasani
Mr K S Shamdasani
Mr K S Shamdasani
Secretary
Mrs A Shamdasani
Company number
02962418
Registered office
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
Accountants
Shenward (London) Limited
Chartered Accountants & Business Advisors
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
VITAMAX LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
VITAMAX LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF VITAMAX LIMITED
- 1 -
The following reproduces text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited financial statements set out on pages 2 to 9 have been extracted.
"In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Vitamax Limited for the year ended 31 August 2024 set out on pages 3 to 11 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.
This report is made solely to the Board of Directors of Vitamax Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Vitamax Limited and state those matters that we have agreed to state to the Board of Directors of Vitamax Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Vitamax Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Vitamax Limited. You consider that Vitamax Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Vitamax Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Shenward (London) Limited
Chartered Accountants & Business Advisors
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
"
28 August 2025
VITAMAX LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
390,036
391,194
Investments
4
66,561
196,561
456,597
587,755
Current assets
Debtors
5
2,640,983
2,898,534
Cash at bank and in hand
689,097
464,462
3,330,080
3,362,996
Creditors: amounts falling due within one year
6
(3,070,261)
(3,159,410)
Net current assets
259,819
203,586
Total assets less current liabilities
716,416
791,341
Creditors: amounts falling due after more than one year
7
(8,388)
(18,387)
Provisions for liabilities
8
(502)
(792)
Net assets
707,526
772,162
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
11
707,426
772,062
Total equity
707,526
772,162
The directors of the company have taken advantage under section 444 of the Companies Act 2006 not to deliver the profit and loss account and the directors' report within financial statements.true
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
VITAMAX LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 28 August 2025 and are signed on its behalf by:
Mr K S Shamdasani
Director
Company Registration No. 02962418
VITAMAX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
1
Accounting policies
Company information
Vitamax Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, Kirkland House, 11-15 Peterborough Road, Harrow, Middlesex, HA1 2AX.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for export sales of HDPE and LDPE products in normal course of business is shown net of VAT. The consideration takes into account trade discounts, settlements 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.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
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:
Land and buildings Leasehold
Nil
Plant and machinery
20% per annum on a straight line basis
No depreciation is charged on the long leasehold property as the company has a policy of regular maintenance and repair such that the asset is maintained to a suitably high level that the estimated residual value of the property is considered to be not materially different from the carrying value of the asset, and therefore any depreciation charge would be immaterial. Instead, the property is subject to annual impairment review.
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.
VITAMAX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Fixed asset investments
Interests in jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
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 debtors and trade and other creditors and bank loan.
Basic financial assets
Basic financial assets, which include trade and other 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 trade and other creditors and bank loan are initially recognised at transaction price, unless the arrangement constitutes a financing transactions, where the debt instruments is measured at the present value of the future payments discounted at market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
1.7
Taxation
The taxation 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 profit and loss account 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.
VITAMAX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 6 -
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.
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 profit and loss account, 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.
1.8
Leases
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 leased assets are consumed.
1.9
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
VITAMAX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2023 and 31 August 2024
388,023
5,789
393,812
Depreciation and impairment
At 1 September 2023
2,618
2,618
Depreciation charged in the year
1,158
1,158
At 31 August 2024
3,776
3,776
Carrying amount
At 31 August 2024
388,023
2,013
390,036
At 31 August 2023
388,023
3,171
391,194
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
66,561
196,561
Movements in fixed asset investments
Investments
Other
Total
£
£
£
Cost or valuation
At 1 September 2023 & 31 August 2024
1
196,560
196,561
Impairment
At 1 September 2023
-
-
-
Impairment losses
-
130,000
130,000
At 31 August 2024
-
130,000
130,000
Carrying amount
At 31 August 2024
1
66,560
66,561
At 31 August 2023
1
196,560
196,561
VITAMAX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,008,250
2,279,084
Other debtors
632,733
619,450
2,640,983
2,898,534
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
3,012,813
3,007,306
Corporation tax
39,187
56,469
Other taxation and social security
1,319
1,727
Other creditors
6,942
83,908
3,070,261
3,159,410
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
8,388
18,387
The Bounce back loan of £18,387(2023: £28,387) is secured by the guarantee provided by the UK Government.
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
9
502
792
9
Deferred taxation
The following are the major deferred tax liabilities recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
502
792
VITAMAX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
9
Deferred taxation
(Continued)
- 9 -
2024
Movements in the year:
£
Liability at 1 September 2023
792
Credit to profit or loss
(290)
Liability at 31 August 2024
502
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
11
Reserves
The only movements in reserve for the year ended 31 August 2024 and 31 August 2023 are profit for the years and dividends paid.
12
Operating lease commitments
Lessee
The company leased premises on licence at a rental of £27,500 (2023: £27,500) per annum.
At the reporting end date the company had no outstanding commitments for future minimum lease payments under non-cancellable operating leases,
13
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
At the balance sheet date, amount due from Laxbrin Limited, a company in which Mr S Shamdasani is also a director and shareholder, was £629,282 (2023: £615,5478).
At the balance sheet date, amount due to directors are as follows:
Suresh Shamdasani £1,045 (2023: £45,483)
Krishna Shamdasani £nil (2023 £14,650)
Karan Shamdasani £nil (2023: £14,650)
14
Directors' transactions
During the year dividend of £80,000 (2023: £193,000) was paid to the directors.
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