Company registration number 01360588 (England and Wales)
VANCEBUILD LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
VANCEBUILD LIMITED
COMPANY INFORMATION
Directors
Mr J D Briston
Mr S M Briston
Mr G D Briston
Mr G Briston
Mr M J Briston
Mr R Briston
Secretary
Mr J D Briston
Company number
01360588
Registered office
Walstan House
Barnard Road
Bowthorpe Employment Area
Norwich
Norfolk
United Kingdom
NR5 9JB
Auditor
Azets Audit Services
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
United Kingdom
PE2 6FZ
VANCEBUILD LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 27
VANCEBUILD LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Introduction

Vancebuild Ltd is a manufacturer of packaging machinery and inspection equipment that is sold under the brand names of Redpack and Redcheck. The company sells products into a number of industries including fresh produce, personal hygiene, snack foods, meat and bakery.

Review of the business

Vancebuild Ltd continued to invest heavily into new product offerings, particularly increasing the outreach of our inspection equipment so that we have a full product offering. This has been reflected in the decrease in turnover and profitability as the focus has been extensively on improving the company's portfolio of products.

The directors have prepared forecasts for the next 12 months taking into consideration the expected trading performances, profitability, and trends within the market. Based on these, they believe that we are well placed to and see growth both in the domestic and particularly in the export markets.

Principal risks and uncertainties

It is the aim of the directors to minimise the exposure to risk in all areas of the business, but as is comm on with most businesses in our industry we are subject to various risks. The directors consider the most impor tant of these risks to be credit, liquidity, cash-flow and exchange rate risks. The directors have considered the ot her key risks and for the year ended 31 December 202 4 have not found any other specific risks worthy of consideration.

Credit risk

The Group's credit risk is primarily attributable to its trade debtors. The amounts presented in the State ment of financial position are net of provisions for doubtful debts. The Group manages its concentration of cre dit risk with exposure spread over a number of customers and manages its overall exposure by taking stage pa yments from its customers.

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and developments, the Group relies upon retained reserves and bond lines secured against the value of the property for such uses as Advanced Payment Guarantees.

Cashflow risks

In order to maintain a healthy cash flow, the Group monitors and controls its maximum exposure to debt ors its maximum stock levels.

Foreign exchange risk

The Group operates across the World and sells in GBP, EUR, USD, PLN and AUD. By far the most si gnificant of these exposures is to EUR. The company mitigates this risk through two different methods. Mos t sales involving EUR go through its subsidiary Redpack Europe GmbH in Germany which ensures that expenditu re and income can be significantly matched. In other contracts involving the various aforementioned currenci es risks are minimised by the use of forward contracts covering the length of the contract / build of the machine.

Key performance indicators

The Company monitors its performance using a number of key measures, which include:

- Turnover

- Gross profit margin

- Cash reserves

These key performance indicators are shown within the financial statements and commentary included in the business review above.

VANCEBUILD LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

On behalf of the board

Mr R Briston
Director
10 November 2025
VANCEBUILD LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of manufacturing and selling of packaging.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £450,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr J D Briston
Mr S M Briston
Mr G D Briston
Mr G Briston
Mr M J Briston
Mr R Briston
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr R Briston
Director
10 November 2025
VANCEBUILD LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- 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 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.

VANCEBUILD LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF VANCEBUILD LIMITED
- 5 -
Opinion

We have audited the financial statements of Vancebuild Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 December 2024 and of its profit 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual 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. 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 our audit:

- the information given in the strategic report and the directors' r eport 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.

VANCEBUILD LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VANCEBUILD LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, 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 either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

VANCEBUILD LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VANCEBUILD LIMITED
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our 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.

Mr Mark Jackson FCA DChA
Senior Statutory Auditor
For and on behalf of Azets Audit Services
10 November 2025
Chartered Accountants
Statutory Auditor
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
United Kingdom
PE2 6FZ
VANCEBUILD LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
10,474,840
13,304,185
Cost of sales
(7,514,993)
(8,678,407)
Gross profit
2,959,847
4,625,778
Administrative expenses
(2,784,595)
(3,000,130)
Other operating income
4,020
12,800
Operating profit
4
179,272
1,638,448
Interest receivable and similar income
7
38,954
45,695
Interest payable and similar expenses
8
(28,416)
(26,489)
Amounts written off investments
9
476,853
-
Profit before taxation
666,663
1,657,654
Tax on profit
10
(721)
(359,759)
Profit for the financial year
665,942
1,297,895

The profit and loss account has been prepared on the basis that all operations are continuing operations.

VANCEBUILD LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
£
£
Profit for the year
665,942
1,297,895
Other comprehensive income
-
-
Total comprehensive income for the year
665,942
1,297,895
VANCEBUILD LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
61,973
4,680
Tangible assets
13
654,321
587,565
Investments
14
626,383
149,530
1,342,677
741,775
Current assets
Stocks
16
2,167,625
2,504,900
Debtors
17
2,277,301
3,162,651
Cash at bank and in hand
1,207,199
1,180,049
5,652,125
6,847,600
Creditors: amounts falling due within one year
18
(1,632,806)
(2,625,738)
Net current assets
4,019,319
4,221,862
Total assets less current liabilities
5,361,996
4,963,637
Creditors: amounts falling due after more than one year
19
(299,924)
(113,663)
Provisions for liabilities
Deferred tax liability
21
81,751
85,595
(81,751)
(85,595)
Net assets
4,980,321
4,764,379
Capital and reserves
Called up share capital
23
160
160
Profit and loss reserves
4,980,161
4,764,219
Total equity
4,980,321
4,764,379
The financial statements were approved by the board of directors and authorised for issue on 10 November 2025 and are signed on its behalf by:
Mr R Briston
Director
Company Registration No. 01360588
VANCEBUILD LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
160
3,866,324
3,866,484
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
1,297,895
1,297,895
Dividends
11
-
(400,000)
(400,000)
Balance at 31 December 2023
160
4,764,219
4,764,379
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
665,942
665,942
Dividends
11
-
(450,000)
(450,000)
Balance at 31 December 2024
160
4,980,161
4,980,321
VANCEBUILD LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
886,884
891,105
Interest paid
(28,416)
(26,489)
Income taxes paid
(359,759)
(40,985)
Net cash inflow from operating activities
498,709
823,631
Investing activities
Purchase of intangible assets
(60,835)
-
0
Purchase of tangible fixed assets
(233,563)
(123,576)
Proceeds from disposal of tangible fixed assets
14,500
30,500
Interest received
38,954
45,695
Net cash used in investing activities
(240,944)
(47,381)
Financing activities
Repayment of bank loans
-
0
(257,607)
Payment of finance leases obligations
219,385
(96,896)
Dividends paid
(450,000)
(400,000)
Net cash used in financing activities
(230,615)
(754,503)
Net increase in cash and cash equivalents
27,150
21,747
Cash and cash equivalents at beginning of year
1,180,049
1,158,302
Cash and cash equivalents at end of year
1,207,199
1,180,049
VANCEBUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Accounting policies
Company information

Vancebuild Limited is a private company limited by shares incorporated in England and Wales. The registered office is Walstan House, Barnard Road, Bowthorpe Employment Area, Norwich, Norfolk, United Kingdom, NR5 9JB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

VANCEBUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
5% straight line
Patents & licences
10% straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10% straight line
Fixtures and fittings
10 - 25% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

VANCEBUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

VANCEBUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

VANCEBUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs 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 employee’s services are received.

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

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

VANCEBUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.16
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
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 periods.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
7,096,916
9,754,102
Rest of world
3,377,924
3,550,083
10,474,840
13,304,185
VANCEBUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 19 -
2024
2023
£
£
Other revenue
Interest income
38,954
45,695
Grants received
-
9,500
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(20,079)
35,227
Government grants
-
(9,500)
Fees payable to the company's auditor for the audit of the company's financial statements
17,500
8,250
Depreciation of owned tangible fixed assets
153,103
153,045
Profit on disposal of tangible fixed assets
(796)
(16,682)
Amortisation of intangible assets
3,542
650
Operating lease charges
339,285
320,975
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Sales
5
10
Production
65
60
Administration
18
16
Total
88
86

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,720,864
3,727,553
Social security costs
411,538
403,417
Pension costs
131,645
185,821
4,264,047
4,316,791
VANCEBUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
235,525
72,774
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
54,068
81,572
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
38,954
45,695
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
38,954
45,695
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
190
14,189
Other interest on financial liabilities
2
384
192
14,573
Other finance costs:
Interest on finance leases and hire purchase contracts
28,224
11,916
28,416
26,489
9
Amounts written off investments
2024
2023
£
£
Other gains and losses
476,853
-
VANCEBUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
4,565
359,759
Deferred tax
Origination and reversal of timing differences
(3,844)
-
0
Total tax charge
721
359,759

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
666,663
1,657,654
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
166,666
414,414
Tax effect of expenses that are not deductible in determining taxable profit
1,706
(2,116)
Tax effect of income not taxable in determining taxable profit
(119,213)
-
0
Double tax relief
16,639
-
0
Permanent capital allowances in excess of depreciation
(65,077)
2,525
Research and development tax credit
-
0
(32,435)
Tax at marginal rate
-
0
(22,629)
Taxation charge for the year
721
359,759
11
Dividends
2024
2023
£
£
Final paid
450,000
400,000
VANCEBUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
12
Intangible fixed assets
Software
Patents & licences
Total
£
£
£
Cost
At 1 January 2024
-
0
76,720
76,720
Additions - internally developed
-
0
7,500
7,500
Additions - separately acquired
53,335
-
0
53,335
At 31 December 2024
53,335
84,220
137,555
Amortisation and impairment
At 1 January 2024
-
0
72,040
72,040
Amortisation charged for the year
2,667
875
3,542
At 31 December 2024
2,667
72,915
75,582
Carrying amount
At 31 December 2024
50,668
11,305
61,973
At 31 December 2023
-
0
4,680
4,680
13
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
576,838
261,672
580,170
1,418,680
Additions
47,882
5,823
179,858
233,563
Disposals
-
0
-
0
(35,554)
(35,554)
At 31 December 2024
624,720
267,495
724,474
1,616,689
Depreciation and impairment
At 1 January 2024
351,979
205,172
273,964
831,115
Depreciation charged in the year
40,455
23,443
89,205
153,103
Eliminated in respect of disposals
-
0
-
0
(21,850)
(21,850)
At 31 December 2024
392,434
228,615
341,319
962,368
Carrying amount
At 31 December 2024
232,286
38,880
383,155
654,321
At 31 December 2023
224,859
56,500
306,206
587,565
VANCEBUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Tangible fixed assets
(Continued)
- 23 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Plant and equipment
91,765
133,564
Motor vehicles
219,376
151,431
311,141
284,995
14
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
15
626,383
149,530
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 & 31 December 2024
626,383
Impairment
At 1 January 2024
476,853
Impairment losses reversed
(476,853)
At 31 December 2024
-
Carrying amount
At 31 December 2024
626,383
At 31 December 2023
149,530
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Redpack Maschinen GmbH
Ringstr. 19, 56307 Dernbach (Neuwied), Germany
Sale of packaging machinery & equipment
Ordinary shares
100.00
VANCEBUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
16
Stocks
2024
2023
£
£
Components
888,136
1,063,822
Work in progress
1,279,489
1,441,078
2,167,625
2,504,900
17
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
849,177
1,549,808
Gross amounts owed by contract customers
1,142,313
1,367,799
Amounts owed by group undertakings
99,700
165
Other debtors
6,983
3,892
Prepayments and accrued income
179,128
240,987
2,277,301
3,162,651
18
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
20
175,193
142,069
Trade creditors
307,517
517,243
Corporation tax
4,565
359,759
Other taxation and social security
186,521
237,035
Other creditors
20,833
1,425
Accruals and deferred income
938,177
1,368,207
1,632,806
2,625,738

Finance leases are secured against the assets to which they relate.

19
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
20
299,924
113,663
VANCEBUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
20
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
175,193
142,069
In two to five years
299,924
113,663
475,117
255,732

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
81,751
85,595
2024
Movements in the year:
£
Liability at 1 January 2024
85,595
Credit to profit or loss
(3,844)
Liability at 31 December 2024
81,751

The deferred tax liability set out above relates to accelerated capital allowances and is expected to reverse.

22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
131,645
185,821

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

VANCEBUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
23
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
100
100
100
100
B Ordinary shares of £1 each
10
10
10
10
C Ordinary shares of £1 each
10
10
10
10
D Ordinary shares of £1 each
10
10
10
10
E Ordinary shares of £1 each
10
10
10
10
F Ordinary shares of £1 each
10
10
10
10
G Ordinary shares of £1 each
10
10
10
10
160
160
160
160
24
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
11,774
11,774
Between two and five years
11,695
23,501
23,469
35,275
25
Ultimate controlling party

The immediate parent company is Vancebuild Group Ltd and the ultimate controlling party is Vancebuild Global Holdings Ltd, which is ultimately controlled by the Briston family.

The financial statements present information about the Company as an individual undertaking and not about its group. The Company has not presented group financial statements as it is exempt from the requirements to do so by section 399 of the Companies Act 2006.

VANCEBUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
26
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
665,942
1,297,895
Adjustments for:
Taxation charged
721
359,759
Finance costs
28,416
26,489
Investment income
(38,954)
(45,695)
Gain on disposal of tangible fixed assets
(796)
(16,682)
Amortisation and impairment of intangible assets
3,542
650
Depreciation and impairment of tangible fixed assets
153,103
153,045
Other gains and losses
(476,853)
-
Movements in working capital:
Decrease in stocks
337,275
25,216
Decrease/(increase) in debtors
885,350
(921,264)
(Decrease)/increase in creditors
(670,862)
11,692
Cash generated from operations
886,884
891,105
27
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,180,049
27,150
1,207,199
Obligations under finance leases
(255,732)
(219,385)
(475,117)
924,317
(192,235)
732,082
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