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Registrar

Registration number: 01137688

Volspec Limited
Unaudited Filleted Financial Statements
for the Year Ended 30 April 2025

Volspec Limited

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Financial Statements | 3 to 7

Volspec Limited

Company Information

Directors | A W Notley A G Read

Registered office | Woodrolfe Road Tollesbury Maldon Essex CM9 8SE

Bankers | Barclays Bank plc High Street Chelmsford Essex CM1 1BG

Accountants | Lambert Chapman LLP Chartered Accountants3 Warners Mill Silks Way Braintree Essex CM7 3GB

Volspec Limited

(Registration number: 01137688)
Balance Sheet as at 30 April 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 113,473 | 98,275
Current assets |  |  |
Stocks | 5 | 587,232 | 544,433
Debtors | 6 | 656,662 | 599,421
Cash at bank and in hand |  | 65,042 | 77,735
|  | 1,308,936 | 1,221,589
Creditors: Amounts falling due within one year | 7 | (517,151) | (417,175)
Net current assets |  | 791,785 | 804,414
Total assets less current liabilities |  | 905,258 | 902,689
Creditors: Amounts falling due after more than one year | 7 | (27,978) | (11,310)
Provisions for liabilities |  | (15,411) | (18,672)
Net assets |  | 861,869 | 872,707
Capital and reserves |  |  |
Called up share capital | 8 | 116 | 116
Share premium reserve |  | 96,300 | 96,300
Revaluation reserve |  | - | 11,937
Retained earnings |  | 765,453 | 764,354
Shareholders' funds |  | 861,869 | 872,707

For the financial year ended 30 April 2025 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 27 August 2025 and signed on its behalf by:

......................................... A W Notley Director | ......................................... A G Read Director |

Volspec Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

1 | General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office and principal place of business is: Woodrolfe Road, Tollesbury, Maldon, Essex, CM9 8SE.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.
These financial statements are presented in Sterling (£), which is the company's functional currency.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the retailing and servicing of marine and other engines. Turnover is shown net of 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.

Tax

Current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position 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 over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Improvements to property | 10% straight line basis

Volspec Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

Plant and machinery | 25% reducing balance basis
Motor vehicles | 25% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
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. Trade creditors 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.

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.

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.

Volspec Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

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.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2024 - 21).

4 | Tangible assets

| Improvement to property £ | Motor vehicles £ | Plant and machinery £ | Total £
Cost or valuation
At 1 May 2024 | 71,267 | 97,874 | 130,585 | 299,726
Additions | - | 23,040 | 12,381 | 35,421
At 30 April 2025 | 71,267 | 120,914 | 142,966 | 335,147
Depreciation
At 1 May 2024 | 13,031 | 83,824 | 104,596 | 201,451
Charge for the year | 6,407 | 6,873 | 6,943 | 20,223
At 30 April 2025 | 19,438 | 90,697 | 111,539 | 221,674
Carrying amount
At 30 April 2025 | 51,829 | 30,217 | 31,427 | 113,473
At 30 April 2024 | 58,236 | 14,050 | 25,989 | 98,275

5 | Stocks

| 2025 £ | 2024 £
Work in progress | 103,580 | 55,971
Stocks | 483,652 | 488,462
| 587,232 | 544,433

6 | Debtors

| Note | 2025 £ | 2024 £
Trade debtors |  | 322,893 | 337,083
Amounts owed by group undertakings and undertakings | 11 | 290,155 | 215,830
Other debtors |  | 2,301 | 9,054
Prepayments |  | 41,313 | 37,454
|  | 656,662 | 599,421

Volspec Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

7 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 9 | 7,012 | 3,774
Trade creditors |  | 335,331 | 258,182
Taxation and social security |  | 143,263 | 131,602
Other creditors |  | 3,913 | 16,523
Directors loan | 11 | 24,601 | 1,401
Accruals and deferred income |  | 3,031 | 5,693
|  | 517,151 | 417,175

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £7,012 (2024 - £3,774).

Creditors: amounts falling due after more than one year

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings | 9 | 27,978 | 11,310

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £27,978 (2024 - £11,310).

8 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary A of £1 each | 100 | 100 | 100 | 100
Ordinary B of £1 each | 16 | 16 | 16 | 16
| 116 | 116 | 116 | 116

9 | Loans and borrowings

Current loans and borrowings

| 2025 £ | 2024 £
Hire purchase contracts | 7,012 | 3,774

Volspec Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

Non-current loans and borrowings

| 2025 £ | 2024 £
Hire purchase contracts | 27,978 | 11,310

10 | Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £128,004 (2024 - £145,963). These are in respect of operating leases.

11 | Related party transactions

Transactions with directors

2025 | At 1 May 2024 £ | Advances to director £ | Repayments by director £ | At 30 April 2025 £
| (1,401) | 118,900 | (142,100) | (24,601)

2024 | At 1 May 2023 £ | Advances to director £ | Repayments by director £ | At 30 April 2024 £
| (16,355) | 145,354 | (130,400) | (1,401)

Loans to related parties

2025 | Parent £ | Total £
At start of period | 215,830 | 215,830
Advanced | 219,725 | 219,725
Repaid | (145,500) | (145,500)
Intercompany write off | 100 | 100
At end of period | 290,155 | 290,155

2024 | Parent £ | Total £
At start of period | (100) | (100)
Advanced | 215,930 | 215,930
At end of period | 215,830 | 215,830