REGISTERED NUMBER: 06910207 (England and Wales)

VEPA UK Ltd

Financial Statements

For The Year Ended 31st December 2025

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

7

DIRECTORS:

R Olver

A R Morris

SECRETARY:

A R Morris

REGISTERED OFFICE:

Unit A

Halesfield 14

Telford

Shropshire

TF7 4QR

REGISTERED NUMBER:

06910207 (England and Wales)

AUDITORS:

Cheney & Co

Statutory Auditor

310 Wellingborough Road

Northampton

NN1 4EP

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

224,210

248,910

224,210

248,910

CURRENT ASSETS

Stocks

467,460

408,554

Debtors

7

685,750

598,404

Cash at bank

250,545

120,916

1,403,755

1,127,874

CREDITORS

Amounts falling due within one year

8

1,435,885

1,158,523

NET CURRENT LIABILITIES

(32,130

)

(30,649

)

TOTAL ASSETS LESS CURRENT LIABILITIES

192,080

218,261

CREDITORS

Amounts falling due after more than one year

9

69,373

97,682

NET ASSETS

122,707

120,579

CAPITAL AND RESERVES

Called up share capital

13

100

100

Retained earnings

122,607

120,479

SHAREHOLDERS' FUNDS

122,707

120,579

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 28th May 2026 and were signed on its behalf by:

A R Morris - Director

1.	STATUTORY INFORMATION

VEPA UK Ltd 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 (£).

The principal activity of the company in the year under review was that of design and manufacture of office seating and furniture.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 etc

-

30% on cost, 20% on cost and 10%/15% on cost

Stocks

Stock of raw materials, consumables and goods for resale are valued at acquisition price or lower net realizable value,taking into account obsolescence.The stocks of work in progress, semi-finished products and finished products are valued at the direct cost price (material,wage and machine costs),taking into account obsolescence.

Financial instruments

The company has entered into an arrangement to factor certain of its trade debtors.The risks and rewards of ownership remain with the Company and therefore amounts advanced are treated as a loan from the factor and classified as other creditors, amounts falling due within one year.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred except that expenditure incurred on development projects which are capitalised as intangible fixed assets to the extent that such expenditure is expected to generate future economic benefits.

Capitalised development expenditure is measured at cost less accumulated amortisation and impairment losses, if any. Costs will be written off once the product has come to market over a period of three years.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

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.

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

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2024 - 27 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st January 2025

and 31st December 2025

12,500

AMORTISATION

At 1st January 2025

and 31st December 2025

12,500

NET BOOK VALUE

At 31st December 2025

-

At 31st December 2024

-

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st January 2025

753,501

Additions

97,985

Disposals

(103,225

)

At 31st December 2025

748,261

DEPRECIATION

At 1st January 2025

504,591

Charge for year

99,733

Eliminated on disposal

(80,273

)

At 31st December 2025

524,051

NET BOOK VALUE

At 31st December 2025

224,210

At 31st December 2024

248,910

The net book value of tangible fixed assets includes £ 141,993 (2024 - £ 113,565 ) in respect of assets held under hire purchase contracts.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

324,166

264,052

Amounts owed by group undertakings

171,499

118,973

Other debtors

190,085

215,379

685,750

598,404

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

4,416

10,397

Hire purchase contracts (see note 10)

32,610

18,835

Trade creditors

265,905

506,271

Amounts owed to group undertakings

1,010,547

567,613

Taxation and social security

45,286

31,382

Other creditors

77,121

24,025

1,435,885

1,158,523

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

-

4,414

Hire purchase contracts (see note 10)

45,478

45,478

Amounts owed to group undertakings

23,895

47,790

69,373

97,682

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2025

2024

£

£

Net obligations repayable:

Within one year

32,610

18,835

Between one and five years

45,478

45,478

78,088

64,313

Non-cancellable

operating leases

2025

2024

£

£

Within one year

201,842

184,337

Between one and five years

295,842

278,979

497,684

463,316

11.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Hire purchase contracts

78,088

64,313

Factored debts

-

233,877

78,088

298,190

12.	DEFERRED TAX

£

Balance at 1st January 2025

(125,000

)

Balance at 31st December 2025

(125,000

)

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

50

Ordinary A

£1

50

50

50

Ordinary B

£1

50

50

100

100

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

The Report of the Auditors was unqualified.

Paul Sparks FCA FCCA (Senior Statutory Auditor)

for and on behalf of Cheney & Co

15.	CONTINGENT LIABILITIES

There were no contingent liabilities as at 31st December 2025 or as at 31st December 2024..

16.	CAPITAL COMMITMENTS

There were no capital commitments as at 31st December 2025 or as at 31st December 2024.

17.	RELATED PARTY DISCLOSURES

The company is a wholly-owned subsidiary of VEPA Holding UK Limited. The ultimate parent undertaking is Vepa Beheer Group B.V. Consolidated financial statements are available from the Netherlands. The company has taken advantage of the exemption under FRS 102 Section 33 and has not disclosed transactions with wholly-owned group undertakings.

18.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

19.	ULTIMATE CONTROLLING PARTY

Vepa UK Limited`s immediate parent company is Vepa UK Holdings Limited , a company registered in England and Wales..

The ultimate holding company is Vepa Beheer Group B.V. a company registered in the Netherlands.