REGISTERED NUMBER: 07837695 (England and Wales)

V & C (SW) Limited

Unaudited Financial Statements

for the Year Ended 31 January 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

V P McCormick

J L McCormick

M Russell

M S Price

REGISTERED OFFICE:

17 Saron Close

Penyrheol

Swansea

SA4 4FB

REGISTERED NUMBER:

07837695 (England and Wales)

ACCOUNTANTS:

Xeinadin South Wales & West Limited

Accountants & Business Advisors

Suite 2d,

Building 1 Eastern Business Park

St Mellons

Cardiff

CF3 5EA

FIXED ASSETS

Tangible assets

4

351,682

337,420

CURRENT ASSETS

Stocks

33,447

34,005

Debtors

5

1,885,104

2,239,010

Cash at bank and in hand

181,507

281,513

2,100,058

2,554,528

CREDITORS

Amounts falling due within one year

6

1,027,455

1,266,369

NET CURRENT ASSETS

1,072,603

1,288,159

TOTAL ASSETS LESS CURRENT LIABILITIES

1,424,285

1,625,579

CREDITORS

Amounts falling due after more than one year

7

204,761

239,882

NET ASSETS

1,219,524

1,385,697

CAPITAL AND RESERVES

Called up share capital

985

985

Share premium

34,785

34,785

Capital redemption reserve

55

55

Retained earnings

1,183,699

1,349,872

SHAREHOLDERS' FUNDS

1,219,524

1,385,697

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2025 and were signed on its behalf by:

V P McCormick - Director

1.	STATUTORY INFORMATION

V & C (SW) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is measured recognised when goods are delivered and legal title has passed. It is recognised at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances.

The company provides plastering and painting services. Turnover is recognised in the accounting period in which the services are rendered when the outcome of the contract can be estimated reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 68 (2024 - 69 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 February 2024

1,103

17,968

452,363

49,930

521,364

Additions

366

991

123,176

4,662

129,195

Disposals

-

-

(17,530

)

-

(17,530

)

At 31 January 2025

1,469

18,959

558,009

54,592

633,029

DEPRECIATION

At 1 February 2024

511

9,822

126,715

46,896

183,944

Charge for year

204

2,775

110,262

1,692

114,933

Eliminated on disposal

-

-

(17,530

)

-

(17,530

)

At 31 January 2025

715

12,597

219,447

48,588

281,347

NET BOOK VALUE

At 31 January 2025

754

6,362

338,562

6,004

351,682

At 31 January 2024

592

8,146

325,648

3,034

337,420

Included within the net book value of £351,681 (2024: £337,420) is £215,725 (2024: £207,200) relating to assets held under hire purchase agreements.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.25

31.1.24

£

£

Trade debtors

569,831

977,782

Other debtors

1,119,503

1,061,763

Directors' current accounts

142,248

140,318

VAT

34,842

40,467

Prepayments and accrued income

18,680

18,680

1,885,104

2,239,010

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.25

31.1.24

£

£

Bank loans and overdrafts

36,764

34,579

Hire purchase contracts

59,255

51,231

Trade creditors

419,494

480,985

Tax

35,967

102,211

Social security and other taxes

58,594

71,291

Other creditors

236,494

256,794

Accruals and deferred income

180,887

269,278

1,027,455

1,266,369

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.25

31.1.24

£

£

Bank loans - 2-5 years

66,782

105,731

Hire purchase contracts

137,979

134,151

204,761

239,882

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.25

31.1.24

£

£

Bank loans

103,546

140,310

Hire purchase contracts

197,234

185,382

300,780

325,692

Hire purchase contracts are secured on assets to which they relate.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2025 and 31 January 2024:

31.1.25

31.1.24

£

£

V P McCormick and J L McCormick

Balance outstanding at start of year

126,009

122,456

Amounts advanced

173,031

184,553

Amounts repaid

(192,550

)

(181,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

106,490

126,009

M Russell

Balance outstanding at start of year

14,311

4,683

Amounts advanced

50,650

39,696

Amounts repaid

(29,203

)

(30,068

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

35,758

14,311

Interest at 2.50% (2023: 2.50%) was charged by the Company on the average balances due from the Directors. These loans are repayable on demand.