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Registered number: 00538655
THE VAPORMATIC COMPANY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
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THE VAPORMATIC COMPANY LIMITED
COMPANY INFORMATION
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Z A Ashby (resigned 6 March 2025)
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J G Hynes (appointed 1 March 2025)
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Stephens Scown Secretarial Limited
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Chartered Accountants & Statutory Auditor
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THE VAPORMATIC COMPANY LIMITED
CONTENTS
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Independent Auditors' Report
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Statement of Comprehensive Income
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Statement of Changes in Equity
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Notes to the Financial Statements
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THE VAPORMATIC COMPANY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
From 28 August 2017 the Company acts as a holding company to its subsidiary undertakings. In previous periods the principal activity of the company is the marketing and distribution of tractor parts, hydraulic components and systems, power take-off operated equipment and a wide range of accessories for the agricultural and related industries.
The Statement of Comprehensive Income on page 9 shows the company’s performance during the year, with the net result being a loss after tax of £10,361m (2023: profit of £0.063m).
The directors consider these measures to be the key performance indicators of the business.
During 2025, the parent company, John Deere, has decided to cease operations with a view to liquidate the company by 31 December 2025. Vapormatic Company Limited operations will cease by 31 December 2025.
During 2025, the parent company, John Deere, has decided to cease operations with a view to liquidate the company by 31 December 2025. In light of this the directors do not consider the going concern basis to be appropriate and these financial statements have therefore been prepared on a basis other than going concern.
Principal risks and uncertainties
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The company operates as a holding company for the Vapormatic group of companies. All of its material transactions are intergroup with parent and subsidiary undertakings.
The parent company, John Deere, made the decision to cease operations in 2025 with a view to liquidate the company by 31 December 2025.
This report was approved by the board and signed on its behalf.
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THE VAPORMATIC COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
The directors present their report and the financial statements for the year ended 31 October 2024.
Directors' responsibilities statement
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The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements 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; and
∙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 to 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.
The loss for the year, after taxation, amounted to £10,361k (2023 - profit £63k).
The directors do not recommend the payment of a dividend (2023: £Nil).
The company’s policy is to comply with the terms of payment agreed with a supplier. Where terms are not negotiated, the company endeavours to adhere with the supplier’s standard terms.
Matters disclosed in the Strategic Report
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As permitted by Paragraph 1A of Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, certain matters which are required to be disclosed in the Directors’ Report have been omitted as they are included within the Strategic Report. These matters relate to financial instrument risk and future prospects.
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THE VAPORMATIC COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
The directors who served during the year and to the date of signing were:
Z A Ashby (resigned 6 March 2025)
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Disclosure of information to auditors
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
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As disclosed in accounting policies note 2.3, the parent company, John Deere, made the decision to cease operations in 2025 with a view to liquidate the company by 31 December 2025.
The auditors, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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THE VAPORMATIC COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE VAPORMATIC COMPANY LIMITED
Opinion
We have audited the financial statements of The Vapormatic Company Limited (the ‘Company’) for the year ended 31 October 2024 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 October 2024 and of its loss 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.
Basis for opinion
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.
Emphasis of matter - financial statements prepared on a basis other than going concern
We draw attention to Note 2.3 to the financial statements which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 2.3. Our opinion is not modified in respect of this matter.
Other information
The other information comprises the information included in the Strategic Report and Directors' Report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the Strategic Report and Directors' 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.
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THE VAPORMATIC COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE VAPORMATIC COMPANY LIMITED
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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the 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 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 set out on page 3, 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 intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
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THE VAPORMATIC COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE VAPORMATIC COMPANY LIMITED
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laundering regulation.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
∙Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
∙Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006.
In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
∙Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
∙Gaining an understanding of the internal controls established to mitigate risks related to fraud;
∙Discussing amongst the engagement team the risks of fraud; and
∙Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
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THE VAPORMATIC COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE VAPORMATIC COMPANY LIMITED
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of the audit 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.
Jonathan Marchant (Senior statutory auditor)
for and on behalf of
Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
8th Floor
Cheese Lane
Bristol
BS2 0JJ
31 October 2025
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THE VAPORMATIC COMPANY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
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Exceptional administrative expenses
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Interest receivable and similar income
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(Loss)/profit for the financial year
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There was no other comprehensive income for 2024 (2023: £Nil).
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The notes on pages 11 to 19 form part of these financial statements.
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THE VAPORMATIC COMPANY LIMITED
REGISTERED NUMBER: 00538655
BALANCE SHEET
AS AT 31 OCTOBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 19 form part of these financial statements.
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THE VAPORMATIC COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
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Comprehensive income for the year
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Total comprehensive income for the year
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 11 to 19 form part of these financial statements.
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THE VAPORMATIC COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
A group restructure on 28 August 2017 resulted in the Company transferring its trading assets at cost to a newly incorporated entity, Vapormatic U.K. Limited. From this date the Company is principally a holding company.
The Vapormatic Company Limited is a private company limited by shares, incorporated in England and Wales. The Registered Office is Kestrel Way, Sowton Industrial Estate, Exeter, EX2 7LA, which is also the principal place of business of the company.
The presentational currency of the financial statements is sterling which is the functional currrency of the company and the financial statements are rounded to the nearest £1,000. The financial information of the current period relates to the year ended 31 October 2024 and the comparative information relates to the year ended 31 October 2023.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; and
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Deere & Co as at 31 October 2024 and these financial statements may be obtained from Deere & Co, One John Deere Place, Moline, Illinois 612565, USA.
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THE VAPORMATIC COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.Accounting policies (continued)
During 2025, the parent company, John Deere, has decided to cease operations with a view to liquidate the company by 31 December 2025. In light of this the directors do not consider the going concern basis to be appropriate and these financial statements have therefore been prepared on a basis other than going concern.
Transactions denominated in foreign currencies are translated into sterling at the rates ruling at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the rates ruling at that date. These translation differences are dealt with in the Statement of Comprehensive Income.
Interest is received from Group treasury deposits and is recognised on receipt.
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Income from shares in subsidiary undertakings
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Dividend income received is recognised on receipt of payment from subsidiary undertakings.
In accordance with section 401, Companies Act 2006, the company is exempt from the obligation to prepare and deliver group accounts as the company is a wholly owned subsidiary of Deere & Co, a company incorporated in the United States of America, and the results are included in the consolidated financial statements of that group. Accordingly, these financial statements present information about the company as an individual entity and not about its group.
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THE VAPORMATIC COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.Accounting policies (continued)
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
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Impairment of fixed assets and goodwill
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Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
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THE VAPORMATIC COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.Accounting policies (continued)
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period.
Investments held as fixed assets are stated at cost less provision for impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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 creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for income and expenditure during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements.
Impairment of Investments
Investments are measured at cost less impairment. At the balance sheet date the value of investments are reviewed for any impairment that is required. The value of the investment is measured by its net assets as well as its value in use to the group. None of the investments were judged to be impaired at the balance sheet date.
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THE VAPORMATIC COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
The Vapormatic Company Limited is a holding company, so there is no turnover to note.
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Information regarding directors and employees
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Emoluments were not paid to any director during the year (2023: Nil). During the year no retirement benefits were accruing to any director (2023: Nil) in respect of defined contribution schemes.
The remuneration of other directors was borne by Deere & Co for both years and is disclosed within its financial statements. It is not practicable to allocate such remuneration between services to this company and other group companies.
The company did not have any employees in the period (2023: Nil).
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Other interest receivable
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Profit on ordinary activities before taxation
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Auditor remuneration for 2023 and 2022 was paid on the company’s behalf by Vapormatic U.K. Limited.
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Current tax on profits for the year
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Taxation on profit on ordinary activities
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THE VAPORMATIC COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
8.Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is lower than (2023 - the same as) the standard rate of corporation tax in the UK of25% (2023 -22.52%). The differences are explained below:
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(Loss)/profit on ordinary activities before tax
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(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22.52%)
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Non-tax deductible amortisation of goodwill and impairment
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Total tax charge for the year
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Factors that may affect future tax charges
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There were no factors that may affect future tax charges.
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Exceptional administrative expenses
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An impairment review of investments has been performed after Jon Deere's decision to cease trading by these companies. Therefore, the investments have been impaired to reflect the recoverable value.
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THE VAPORMATIC COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
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Investments in subsidiary companies
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The company has the following trading subsidiary undertakings, which are engaged in marketing agricultural accessories. The trading subsidiaries operate in the country of incorporation.
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Servicios Administrativos Vapormatic, SA de CV (non-trading)
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Accesso V#110-A, 76150, Queretaro, Mexico
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Vapormatic Europe Limited
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Kestrel Way, Exeter, EX2 7LA, United Kingdom
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Vapormatic de Mexico SA de CV
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Accesso V#110-A, 76150, Queretaro, Mexico
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Kestrel Way, Exeter, EX2 7LA, United Kingdom
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The Vapormatic Company (Ireland) Ltd*
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168 Walkinstown Road, Dublin 12, Ireland
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*Indirect subsidiary.
All shares for direct subsidiaries are held directly by The Vapormatic Company Limited and are of ordinary class.
In accordance with section 401 Companies Act 2006 group financial statements have not been prepared. Accordingly, these financial statements present information about the company as an individual entity and not about its group.
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THE VAPORMATIC COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
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Amounts owed by group undertakings
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Allotted, called up and fully paid
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3,006,000 (2023 - 3,006,000) 'A' Ordinary shares of £1.00 each
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14,000 (2023 - 14,000) 'B' Ordinary shares of £1.00 each
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'B' ordinary shareholders are not entitled to dividends, otherwise the shares rank pari passu.
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Share premium account
The capital redemption reserve account represents the cumulative proceeds of the premium from the issuing of shares.
Revaluation reserve
The revaluation reserve account represents the cumulative gain on revaluations of fixed assets.
Profit and loss account
The profit and loss account represents cumulative gains and losses recognised in the profit and loss account, net of dividends paid.
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THE VAPORMATIC COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
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Related party transactions
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The company has taken advantage of the exemption available under FRS 102 “Related Party Disclosures” from disclosing transactions with other members of the group, as the consolidated financial statements of Deere & Co in which the company is included are available at the address below. Details of the amounts owed to and from group undertakings at the period end date are given in notes 11 and 12.
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Post balance sheet events
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As disclosed in accounting policies note 2.3, the parent company, John Deere, made the decision to cease operations in 2025 with a view to liquidate the company by 31 December 2025.
The immediate parent company is John Deere Limited, a company registered in Scotland.
The ultimate parent company and controlling party is Deere & Co, a corporation registered in the United States of America. This is the smallest and largest group into which the company’s financial statements are consolidated. Copies of these consolidated group financial statements may be obtained from the following address: Deere & Co, One John Deere Place, Moline, Illinois 61265, USA.
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