Company Registration No. 11718022 (England and Wales)
VERTEX INDUSTRIAL PRODUCTS (UK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2020
PAGES FOR FILING WITH REGISTRAR
VERTEX INDUSTRIAL PRODUCTS (UK) LIMITED
COMPANY INFORMATION
Director
Mr D I Abbott
Company number
11718022
Registered office
Unit 45
Enterprise Trading Estate
Hurst Lane
Brierley Hill
West Midlands
DY5 1TX
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank
Ariel House
2138 Coventry Road
Sheldon
Birmingham
B26 3JW
VERTEX INDUSTRIAL PRODUCTS (UK) LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
VERTEX INDUSTRIAL PRODUCTS (UK) LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF VERTEX INDUSTRIAL PRODUCTS (UK) LIMITED FOR THE PERIOD ENDED 30 NOVEMBER 2020
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Vertex Industrial Products (UK) Limited for the period ended 30 November 2020 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Vertex Industrial Products (UK) Limited, as a body, in accordance with
our
terms
of
engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Vertex Industrial Products (UK) Limited
and state those matters that we have agreed to state to the Board of Directors of Vertex Industrial Products (UK) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Vertex Industrial Products (UK) Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Vertex Industrial Products (UK) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit of Vertex Industrial Products (UK) Limited. You consider that Vertex Industrial Products (UK) Limited is exempt from the statutory audit
requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Vertex Industrial Products (UK) Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
29 June 2021
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
VERTEX INDUSTRIAL PRODUCTS (UK) LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2020
30 November 2020
- 2 -
2020
2019
Notes
£
£
£
£
Current assets
Stocks
26,040
10,733
Debtors
3
31,671
28,364
Cash at bank and in hand
22,229
9,980
79,940
49,077
Creditors: amounts falling due within one year
4
(41,674)
(45,102)
Net current assets
38,266
3,975
Creditors: amounts falling due after more than one year
5
(12,500)
Net assets
25,766
3,975
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
25,666
3,875
Total equity
25,766
3,975
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 30 November 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 29 June 2021.
Mr D I Abbott
Director
Company Registration No. 11718022
VERTEX INDUSTRIAL PRODUCTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2020
- 3 -
1
Accounting policies
Company information
Vertex Industrial Products (UK) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 45, Enterprise Trading Estate, Hurst Lane, Brierley Hill, West Midlands, DY5 1TX.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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
.
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 the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
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 replacement cost and 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.
1.4
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.
VERTEX INDUSTRIAL PRODUCTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2020
1
Accounting policies
(Continued)
- 4 -
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.
1.5
Leases
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 asset are consumed.
1.6
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 1 (2019 - 1
).
3
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
31,671
27,796
Other debtors
568
31,671
28,364
VERTEX INDUSTRIAL PRODUCTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2020
- 5 -
4
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
29,293
39,539
Taxation and social security
6,672
1,202
Other creditors
5,709
4,361
41,674
45,102
5
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
12,500
6
Secured debts
The following secured debts are included within creditors:
2020
2019
£
£
Bank loans
12,500
-
Bank loans are secured by way of a government-backed guarantee.
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
50 Ordinary A of £1 each
50
50
50 Ordinary B of £1 each
50
50
100
100
8
Ultimate controlling party
There is no ultimate controlling party.