Company No: 04371678 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	5,487		2,851
Tangible assets	4	236,141		290,914
Investments	5	669,162		584,038
		910,790		877,803
Current assets
Stocks		85,522		87,580
Debtors	6	1,949,783		1,436,400
Cash at bank and in hand		210,345		303,099
		2,245,650		1,827,079
Creditors: amounts falling due within one year	7	( 887,590)		( 892,152)
Net current assets		1,358,060		934,927
Total assets less current liabilities		2,268,850		1,812,730
Creditors: amounts falling due after more than one year	8	( 53,120)		( 97,057)
Provision for liabilities		( 56,725)		( 72,729)
Net assets		2,159,005		1,642,944
Capital and reserves
Called-up share capital	9	850		850
Capital redemption reserve		150		150
Profit and loss account		2,158,005		1,641,944
Total shareholders' funds		2,159,005		1,642,944

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Vulcanising South West Limited (registered number: 04371678) were approved and authorised for issue by the Board of Directors on 24 November 2025. They were signed on its behalf by:

Mrs K Stephens Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Vulcanising South West Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Long Acre, Saltash Parkway Industrial Estate, Saltash, PL12 6LZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

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

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Website costs	5 years straight line
Other intangible assets	5 years straight line

Other intangible assets

Other intangible assets comprise vehicle registrations and are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line and reducing balance basis over its expected useful life, as follows:

Plant and machinery	15 % reducing balance
Vehicles	25 % reducing balance
Fixtures and fittings	15 % reducing balance
Office equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

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

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	25		24

3. Intangible assets

	Website costs		Other intangible assets		Total
	£		£		£
Cost
At 01 April 2024	10,883		3,246		14,129
Additions	0		3,290		3,290
At 31 March 2025	10,883		6,536		17,419
Accumulated amortisation
At 01 April 2024	10,883		395		11,278
Charge for the financial year	0		654		654
At 31 March 2025	10,883		1,049		11,932
Net book value
At 31 March 2025	0		5,487		5,487
At 31 March 2024	0		2,851		2,851

4. Tangible assets

	Plant and machinery		Vehicles		Fixtures and fittings		Office equipment		Total
	£		£		£		£		£
Cost
At 01 April 2024	355,491		305,593		127,863		76,006		864,953
Additions	8,126		0		2,680		146		10,952
Disposals	0		( 36,778)		0		0		( 36,778)
At 31 March 2025	363,617		268,815		130,543		76,152		839,127
Accumulated depreciation
At 01 April 2024	234,693		179,464		85,971		73,911		574,039
Charge for the financial year	19,343		29,295		6,691		1,437		56,766
Disposals	0		( 27,819)		0		0		( 27,819)
At 31 March 2025	254,036		180,940		92,662		75,348		602,986
Net book value
At 31 March 2025	109,581		87,875		37,881		804		236,141
At 31 March 2024	120,798		126,129		41,892		2,095		290,914

5. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 April 2024	584,038		584,038
Additions	85,124		85,124
At 31 March 2025	669,162		669,162
Carrying value at 31 March 2025	669,162		669,162
Carrying value at 31 March 2024	584,038		584,038

The company is in partnership with Mr G Page and Mrs K Stephens. The carrying value of the investment is stated at the company's share of the capital assets of the partnership as at 31 March 2025 plus its share if profits to 31 March 2025 less any amounts withdrawn.

6. Debtors

	2025		2024
	£		£
Trade debtors	771,970		748,528
Amounts owed by directors	1,025,108		539,187
Prepayments	4,020		0
Other debtors	148,685		148,685
	1,949,783		1,436,400

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	10,372		85,397
Trade creditors	468,196		447,346
Taxation and social security	315,497		254,093
Obligations under finance leases and hire purchase contracts (secured)	34,624		45,239
Other creditors	58,901		60,077
	887,590		892,152

The Hire purchases are secured against the assets in which they relate too.

8. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans	1,864		12,331
Obligations under finance leases and hire purchase contracts	51,256		84,726
	53,120		97,057

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
850 Ordinary shares of £ 1.00 each	850		850

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2025		2024
	£		£
within one year	52,500		71,250
between one and five years	0		52,500
	52,500		123,750

11. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
Loan to director	0		0
Opening balance	279,231		222,293
Advances to directors	236,717		253,191
Repayments by directors	0		(196,253)
Closing balance	515,948		279,231
	0		0
Loan to director	0		0
Opening balance	259,956		224,912
Advances to directors	249,204		238,827
Repayments by directors	0		(203,783)
Closing balance	509,160		259,956

The above balances were due to the company by the directors and the year end and are repayable on demand. Interest totalling £16,780 has been charged by the company at the actual official rate set out by HMRC.