Vanquish Hardware Protection Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 12682003

Vanquish Hardware Protection Limited

Filleted Unaudited Financial Statements

31 December 2024

Vanquish Hardware Protection Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	5	556,277	383,560

Current assets

Stocks		225,536	194,615
Debtors	6	280,781	271,582
Cash at bank and in hand		46,962	35,901
		---------	---------
		553,279	502,098

Creditors: amounts falling due within one year	7	766,270	521,891
		---------	---------
Net current liabilities		212,991	19,793
		---------	---------
Total assets less current liabilities		343,286	363,767

Creditors: amounts falling due after more than one year	8	259,556	211,519

Provisions	( 1,474)	( 6,510)
	---------	---------
Net assets	85,204	158,758
	---------	---------

Capital and reserves

Called up share capital	9	100	100
Profit and loss account		85,104	158,658
		--------	---------
Shareholders funds		85,204	158,758
		--------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the 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 financial statements for the year in question in accordance with section 476 ;

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

Vanquish Hardware Protection Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 30 September 2025 , and are signed on behalf of the board by:

K H Sutcliffe

Director

Company registration number: 12682003

Vanquish Hardware Protection Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Parkers Ci, Downton, Salisbury, England, SP5 3FL, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a small entity as defined in FRS102 and section 382 of the Companies Act 2006 and has taken advantage of the disclosure exemptions available under paragraph 1A.7 of FRS102.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	10% reducing balance
Fixtures and fittings	-	20% reducing balance
Motor vehicles	-	25% straight line
Equipment	-	20% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

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 entity after deducting all of its financial liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 24 (2023: 18 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2024	493,861	15,656	14,507	17,917	541,941
Additions	206,569	3,975	16,500	2,334	229,378
Disposals	–	–	( 14,507)	–	( 14,507)
	---------	--------	--------	--------	---------
At 31 December 2024	700,430	19,631	16,500	20,251	756,812
	---------	--------	--------	--------	---------
Depreciation
At 1 January 2024	131,741	6,879	14,507	5,254	158,381
Charge for the year	47,676	2,364	4,125	2,496	56,661
Disposals	–	–	( 14,507)	–	( 14,507)
	---------	--------	--------	--------	---------
At 31 December 2024	179,417	9,243	4,125	7,750	200,535
	---------	--------	--------	--------	---------
Carrying amount
At 31 December 2024	521,013	10,388	12,375	12,501	556,277
	---------	--------	--------	--------	---------
At 31 December 2023	362,120	8,777	–	12,663	383,560
	---------	--------	--------	--------	---------

6. Debtors

	2024	2023
	£	£
Trade debtors	241,464	225,442
Prepayments and accrued income	39,317	46,140
	---------	---------
	280,781	271,582
	---------	---------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	152,133	110,439
Trade creditors	150,827	135,252
Accruals and deferred income	41,061	14,656
Social security and other taxes	65,176	35,013
Obligations under finance leases and hire purchase contracts	46,276	52,094
Director loan accounts	295,269	172,279
Other creditors	15,528	2,158
	---------	---------
	766,270	521,891
	---------	---------

Creditors include £152,133 (2023: £110,439) of bank loans and overdrafts that are secured by debenture over the company's assets and the personal guarantee of Mr K H Sutcliffe and hire purchase liabilities of £46,276 (2023: £52,094) which are secured over the specific asset they relate to.

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

	2024	2023
	£	£
Bank loans and overdrafts	184,232	210,069
Obligations under finance leases and hire purchase contracts	75,324	1,450
	---------	---------
	259,556	211,519
	---------	---------

Creditors include £184,232 (2023: £210,069) of bank loans and overdrafts that are secured by debenture over the company's assets and the personal guarantee of Mr K H Sutcliffe and hire purchase liabilities of £75,324 (2023: £1,450) which are secured over the specific asset they relate to.

9. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
A Ordinary shares of £ 1 each	40	40	40	40
B Ordinary shares of £ 1 each	25	25	25	25
C Ordinary shares of £ 1 each	35	35	35	35
	----	----	----	----
	100	100	100	100
	----	----	----	----

All shares rank pari pasu with full voting rights and full entitlement to profit and capital distributions.

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	79,500	79,500
Later than 1 year and not later than 5 years	318,000	318,000
Later than 5 years	96,125	175,625
	---------	---------
	493,625	573,125
	---------	---------

11. Directors' advances, credits and guarantees

At the year end the directors and their families were owed £295,269 (2023: £172,279) by the company, these loans were unsecured and interest free.

12. Related party transactions

During the year the company made sales of £15,909 (2023: £nil) to Spiller Door Controls Ltd, a company which Mr K H Sutcliffe is a director of. At the year end £965 was due from Spiller Door Controls Ltd.

13. Controlling party

The company was under the control of Mr K H Sutcliffe throughout the current and previous year. Mr K H Sutcliffe is the managing director and principal shareholder of the company.