REGISTERED NUMBER: 01025224 (England and Wales)

FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2024 TO 31 MARCH 2025

FOR

VANDAPOWER LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D Aelvoet

S Uitterhaegen

Vandapower Group NV

REGISTERED OFFICE:

Unit 4 Spring Business Park

Stanbridge Road

Havant

Hampshire

PO9 2GJ

REGISTERED NUMBER:

01025224 (England and Wales)

AUDITORS:

Lewis Brownlee (Chichester) Limited

Statutory Auditors

Appledram Barns

Birdham Road

Chichester

West Sussex

PO20 7EQ

ACCOUNTANTS:

Hughes Spencer

12 Acorn Business Park

Northarbour Road

Portsmouth

Hampshire

PO6 3TH

FIXED ASSETS

Tangible assets

4

28,848

35,469

CURRENT ASSETS

Stocks

5

988,238

1,426,980

Debtors

6

1,184,574

1,223,714

Cash at bank

33,649

2,276

2,206,461

2,652,970

CREDITORS

Amounts falling due within one year

7

894,714

1,635,679

NET CURRENT ASSETS

1,311,747

1,017,291

TOTAL ASSETS LESS CURRENT LIABILITIES

1,340,595

1,052,760

CREDITORS

Amounts falling due after more than one year

8

(1,745

)

(14,783

)

PROVISIONS FOR LIABILITIES

11

(7,212

)

(6,739

)

NET ASSETS

1,331,638

1,031,238

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

1,331,636

1,031,236

1,331,638

1,031,238

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 4 November 2025 and were signed on its behalf by:

D Aelvoet - Director

S Uitterhaegen - Director

1.	STATUTORY INFORMATION

Vandapower 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.

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.

The financial statements have been prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

Extended period

The financial statements have been prepared for a 15 month period, therefore the prior period balances are not directly comparable.

Going concern

The company relies on support from the parent company. Vandapower Group NV has confirmed it intends to continue to provide financial support to enable Vandapower Limited to meet its obligations as they fall due, for at least 12 months from the date of approval of these financial statements. The directors are confident that Vandapower Group NV has sufficient resources to provide a sufficient level of support.

At the time of approving the financial statements, the directors have 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 in preparing the financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future period for.

The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.

Critical judgement and key estimations

Despite significant ageing of some items of stock held at the period end, the directors believe that no provision for slow moving or obsolete stocks are required in the financial statements.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Turnover from the sale of goods is recognised when the company has transferred the significant risks and rewards of ownership to the buyer, the amount of turnover can be measured reliably, it is probable that the company will receive the consideration due under the transaction and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life.

Plant and machinery

-

20% on cost

Fixtures and fittings

-

10% on cost

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, on an average costing basis incorporating a calculation of some absorption of transport and customs costs, after making due allowance for obsolete and slow moving items.

Financial instruments

Financial instruments are classified by the director as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments.

Taxation

Taxation for the period 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 period 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Employee benefits

The cost of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employees services are received.

Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Operating lease commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 7 (2023 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2024

and 31 March 2025

22,577

24,983

1,916

49,476

DEPRECIATION

At 1 January 2024

9,264

3,402

1,341

14,007

Charge for period

3,716

2,499

406

6,621

At 31 March 2025

12,980

5,901

1,747

20,628

NET BOOK VALUE

At 31 March 2025

9,597

19,082

169

28,848

At 31 December 2023

13,313

21,581

575

35,469

5.

STOCKS

2025

2023

£

£

Stocks

988,238

1,426,980

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2023

£

£

Trade debtors

910,729

974,331

Amounts owed by group undertakings

133,311

-

Other debtors

903

9,146

VAT

107,148

187,192

Prepayments and accrued income

32,483

53,045

1,184,574

1,223,714

Included within trade debtors is £573,749 (2023: £672,350) of amounts due from group undertakings from normal trading activities.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2023

£

£

Bank loans and overdrafts (see note 9)

10,463

10,141

Trade creditors

762,497

1,167,478

Amounts owed to group undertakings

22,874

165,827

Corporation Tax

75,136

66,420

Accrued expenses

23,744

225,813

894,714

1,635,679

Included within trade creditors is £366,778 (2023: £583,803) of amounts due to group undertakings from normal trading activities.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2023

£

£

Bank loans (see note 9)

1,745

14,783

9.

LOANS

An analysis of the maturity of loans is given below:

2025

2023

£

£

Amounts falling due within one year or on demand:

Bank loans

10,463

10,141

Amounts falling due between one and two years:

Bank loans - 1-2 years

1,745

10,397

Amounts falling due between two and five years:

Bank loans - 2-5 years

-

4,386

The bank loan was received under the Bounce Back Loan Scheme. A full guarantee has been provided by the UK Government. Interest is charged on the loan at 2.5% per annum.

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases due are £101,135 (2023: £175,235).

11.	PROVISIONS FOR LIABILITIES

2025

2023

£

£

Deferred tax

7,212

6,739

Deferred tax

£

Balance at 1 January 2024

6,739

Charge to Income Statement during period

473

Balance at 31 March 2025

7,212

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified 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 Auditors' 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. We were not appointed as auditor of the company until after the end of the prior period to 31 December 2023 and thus did not observe the counting of physical stock at the end of that year. We were also not able to demonstrate there was appropriate sufficient audit evidence for some unit price valuations and the potential provision of some slow moving categories of certain items of stock. We were unable to satisfy ourselves by alternative means concerning the stock quantities and the valuation of certain stock items held at 31 December 2023 of £1,426,980, by using other audit procedures. Consequently, we were unable to determine whether any adjustment to this amount was necessary.

Our audit opinion on the financial statements for the year ended 31 December 2023 was modified accordingly. We have obtained sufficient appropriate audit evidence regarding the above matters to conclude stock is not materially misstated as at the current period end, 31 March 2025. Our opinion on the current period’s financial statements is also modified because of the possible effect of this matter on the comparability of the current period’s figures and the corresponding figures.

Matters required to report by exception

Sam Ede BFP FCA FCCA (Senior Statutory Auditor)

for and on behalf of Lewis Brownlee (Chichester) Limited