Registrar
Registration number:
for the Year Ended
Volspec Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Volspec Limited
Company Information
Directors |
A W Notley R G Brammer A G Read |
Registered office |
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Bankers |
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Accountants |
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Volspec Limited
(Registration number: 01137688)
Balance Sheet as at 30 April 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
116 |
112 |
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Share premium reserve |
96,300 |
70,352 |
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Revaluation reserve |
11,937 |
11,937 |
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Profit and loss account |
1,036,535 |
1,024,383 |
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Shareholders' funds |
1,144,888 |
1,106,784 |
For the financial year ending 30 April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Director
Volspec Limited
Notes to the Financial Statements for the Year Ended 30 April 2021
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office and principal place of business is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
These financial statements are presented in Sterling (£), which is the company's functional currency.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the retailing and servicing of marine and other engines. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.
Tax
Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Short leasehold |
Over the term of the lease |
Plant and machinery |
25% reducing balance basis |
Motor vehicles |
25% reducing balance basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Volspec Limited
Notes to the Financial Statements for the Year Ended 30 April 2021
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Volspec Limited
Notes to the Financial Statements for the Year Ended 30 April 2021
Tangible assets |
Land and buildings |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 May 2020 |
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Additions |
- |
- |
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Disposals |
- |
- |
( |
( |
At 30 April 2021 |
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Depreciation |
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At 1 May 2020 |
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Charge for the year |
- |
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Eliminated on disposal |
- |
- |
( |
( |
At 30 April 2021 |
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Carrying amount |
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At 30 April 2021 |
- |
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At 30 April 2020 |
- |
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Stocks |
2021 |
2020 |
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Stocks |
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Debtors |
Note |
2021 |
2020 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Prepayments and accrued income |
45,367 |
37,565 |
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Total current trade and other debtors |
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Volspec Limited
Notes to the Financial Statements for the Year Ended 30 April 2021
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Loans and borrowing |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
- |
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Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
- |
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Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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|
100 |
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100 |
Loans and borrowings |
2021 |
2020 |
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Non-current loans and borrowings |
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Hire purchase contracts |
- |
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2021 |
2020 |
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Current loans and borrowings |
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Hire purchase contracts |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Volspec Limited
Notes to the Financial Statements for the Year Ended 30 April 2021
Related party transactions |
Summary of transactions with parent
Loans to related parties
2021 |
Parent |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
At end of period |
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2020 |
Parent |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
At end of period |
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