VACUUM_AND_ATMOSPHERE_SER - Accounts


Company Registration No. 03978696 (England and Wales)
VACUUM AND ATMOSPHERE SERVICES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
PAGES FOR FILING WITH REGISTRAR
VACUUM AND ATMOSPHERE SERVICES LTD
COMPANY INFORMATION
Directors
Mr P S Buttery
Mr N J Houghton
Mr M M Long
Mr I A Scott
Secretary
Mr M M Long
Company number
03978696
Registered office
Unit 30
Park Rose Industrial Estate
Middlemore Road
Smethwick
Birmingham
B66 2DZ
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
National Westminster Bank Plc
3 Church Street
Oldbury
Warley
West Midlands
B69 3ND
VACUUM AND ATMOSPHERE SERVICES LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 11
VACUUM AND ATMOSPHERE SERVICES LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF VACUUM AND ATMOSPHERE SERVICES LTD FOR THE YEAR ENDED 30 APRIL 2019
- 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 Vacuum and Atmosphere Services Ltd for the year ended 30 April 2019 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 Vacuum and Atmosphere Services Ltd, 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 Vacuum and Atmosphere Services Ltd and state those matters that we have agreed to state to the Board of Directors of Vacuum and Atmosphere Services Ltd, 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 Vacuum and Atmosphere Services Ltd and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Vacuum and Atmosphere Services Ltd 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 Vacuum and Atmosphere Services Ltd. You consider that Vacuum and Atmosphere Services Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Vacuum and Atmosphere Services Ltd. 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
19 November 2019
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
VACUUM AND ATMOSPHERE SERVICES LTD
BALANCE SHEET
AS AT 30 APRIL 2019
30 April 2019
- 2 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
4
16,800
22,400
Tangible assets
5
263,700
221,172
Investments
6
1,274
1,124
281,774
244,696
Current assets
Stocks
454,395
412,765
Debtors
7
1,200,799
1,014,128
Cash at bank and in hand
110,977
71,429
1,766,171
1,498,322
Creditors: amounts falling due within one year
8
(657,337)
(730,140)
Net current assets
1,108,834
768,182
Total assets less current liabilities
1,390,608
1,012,878
Creditors: amounts falling due after more than one year
9
(18,100)
-
Provisions for liabilities
11
(42,125)
(37,911)
Net assets
1,330,383
974,967
Capital and reserves
Called up share capital
12
300
300
Capital redemption reserve
166
166
Profit and loss reserves
1,329,917
974,501
Total equity
1,330,383
974,967
VACUUM AND ATMOSPHERE SERVICES LTD
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2019
30 April 2019
- 3 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The members have not required the company to obtain an audit of its financial statements for the year 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 by the board of directors and authorised for issue on 19 November 2019 and are signed on its behalf by:
Mr M M Long
Director
Company Registration No. 03978696
VACUUM AND ATMOSPHERE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
- 4 -
1
Accounting policies
Company information

Vacuum and Atmosphere Services Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 30, Park Rose Industrial Estate, Middlemore Road, Smethwick, Birmingham, B66 2DZ.

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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 7 years.

1.4
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:

Improvements to property
5% on cost
Plant and machinery
15% on reducing balance
Office equipment
15% on reducing balance
Computer equipment
25% on cost
Motor vehicles
25% on reducing balance
VACUUM AND ATMOSPHERE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
1
Accounting policies
(Continued)
- 5 -
1.5
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.

1.6
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.

1.7
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.

1.8
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

VACUUM AND ATMOSPHERE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
1
Accounting policies
(Continued)
- 6 -
1.9
Retirement benefits

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

1.10
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 the profit and loss account 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 asset are consumed.

1.11
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.

1.12

Invoice discounting

The company has entered into a invoice discounting arrangement for certain trade debtors. Amounts due from the customers are shown in full in trade debtors. Amounts due to the finance company are shown in creditors due within twelve months under the other creditors heading and amounts due from the finance company are shown in debtors due within twelve months under the other debtors heading.

2
Exceptional costs/(income)
2019
2018
£
£
Irrecoverable loan
-
3,948

During the prior year, a loan made to European Furnace Group Limited was written off as irrecoverable.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 36 (2018 - 31).

VACUUM AND ATMOSPHERE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
- 7 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2018 and 30 April 2019
112,000
Amortisation and impairment
At 1 May 2018
89,600
Amortisation charged for the year
5,600
At 30 April 2019
95,200
Carrying amount
At 30 April 2019
16,800
At 30 April 2018
22,400
VACUUM AND ATMOSPHERE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
- 8 -
5
Tangible fixed assets
Improvements to property
Plant and machinery
Office equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2018
43,406
178,998
48,800
55,907
37,419
364,530
Additions
23,604
16,440
17,486
4,838
32,750
95,118
At 30 April 2019
67,010
195,438
66,286
60,745
70,169
459,648
Depreciation and impairment
At 1 May 2018
19,126
37,864
30,266
41,118
14,984
143,358
Depreciation charged in the year
3,353
23,641
5,416
6,382
13,798
52,590
At 30 April 2019
22,479
61,505
35,682
47,500
28,782
195,948
Carrying amount
At 30 April 2019
44,531
133,933
30,604
13,245
41,387
263,700
At 30 April 2018
24,280
141,134
18,534
14,789
22,435
221,172
VACUUM AND ATMOSPHERE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
5
Tangible fixed assets
(Continued)
- 9 -

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

2019
2018
£
£
Motor vehicles
24,562
-
6
Fixed asset investments
2019
2018
£
£
Investments
1,274
1,124
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 May 2018
1,124
Additions
150
At 30 April 2019
1,274
Carrying amount
At 30 April 2019
1,274
At 30 April 2018
1,124
7
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
898,362
894,429
Corporation tax recoverable
27,966
-
Other debtors
274,471
119,699
1,200,799
1,014,128

Included within other debtors are amounts due from the factoring company, RBS Invoice Finance Limited.

VACUUM AND ATMOSPHERE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
- 10 -
8
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
64,774
176,165
Trade creditors
337,295
352,988
Amounts owed to group undertakings
2,447
2,447
Corporation tax
150,722
59,997
Other taxation and social security
37,925
24,837
Other creditors
64,174
113,706
657,337
730,140
9
Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
18,100
-
10
Secured debts
The following secured debts are included within creditors:
2019
2018
£
£
Hire purchase contracts
24,888
-
Bank overdrafts
64,774
176,165
89,662
176,165
Hire purchase contracts are secured against the assets to which they relate.
All monies due or to become due from the company to the factoring company, RBS Invoice Finance Limited, are secured with an all assets debenture by way of a fixed and floating charge over all assets of the company.
11
Provisions for liabilities
2019
2018
£
£
Deferred tax liabilities
42,125
37,911
VACUUM AND ATMOSPHERE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
- 11 -
12
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
150Ordinary A of £1 each
150
150
143Ordinary B of £1 each
143
143
4Ordinary C of £1 each
4
4
2Ordinary D of £1 each
2
2
1Ordinary E of £1 each
1
1
300
300
13
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

14
Ultimate controlling party

There is no ultimate controlling party.

2019-04-302018-05-01false19 November 2019CCH SoftwareCCH Accounts Production 2019.301No description of principal activityMr J D SheahanMr P S ButteryMr N J HoughtonMr I A ScottMr I A ScottMr M M Long039786962018-05-012019-04-3003978696bus:Director22018-05-012019-04-3003978696bus:Director32018-05-012019-04-3003978696bus:CompanySecretaryDirector12018-05-012019-04-3003978696bus:Director42018-05-012019-04-3003978696bus:Director12018-05-012019-04-3003978696bus:Director52018-05-012019-04-3003978696bus:CompanySecretary12018-05-012019-04-3003978696bus:RegisteredOffice2018-05-012019-04-3003978696bus:Agent12018-05-012019-04-30039786962019-04-3003978696core:Goodwill2019-04-3003978696core:Goodwill2018-04-30039786962017-05-012018-04-30039786962018-04-3003978696core:LeaseholdImprovements2019-04-3003978696core:PlantMachinery2019-04-3003978696core:FurnitureFittings2019-04-3003978696core:ComputerEquipment2019-04-3003978696core:MotorVehicles2019-04-3003978696core:LeaseholdImprovements2018-04-3003978696core:PlantMachinery2018-04-3003978696core:FurnitureFittings2018-04-3003978696core:ComputerEquipment2018-04-3003978696core:MotorVehicles2018-04-3003978696core:CurrentFinancialInstrumentscore:WithinOneYear2019-04-3003978696core:CurrentFinancialInstrumentscore:WithinOneYear2018-04-3003978696core:CurrentFinancialInstruments2019-04-3003978696core:CurrentFinancialInstruments2018-04-3003978696core:Non-currentFinancialInstruments2019-04-3003978696core:ShareCapital2019-04-3003978696core:ShareCapital2018-04-3003978696core:CapitalRedemptionReserve2019-04-3003978696core:CapitalRedemptionReserve2018-04-3003978696core:RetainedEarningsAccumulatedLosses2019-04-3003978696core:RetainedEarningsAccumulatedLosses2018-04-3003978696core:ShareCapitalOrdinaryShares2019-04-3003978696core:ShareCapitalOrdinaryShares2018-04-3003978696core:Goodwill2018-05-012019-04-3003978696core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2018-05-012019-04-3003978696core:PlantMachinery2018-05-012019-04-3003978696core:FurnitureFittings2018-05-012019-04-3003978696core:ComputerEquipment2018-05-012019-04-3003978696core:MotorVehicles2018-05-012019-04-3003978696core:Goodwill2018-04-3003978696core:LeaseholdImprovements2018-04-3003978696core:PlantMachinery2018-04-3003978696core:FurnitureFittings2018-04-3003978696core:ComputerEquipment2018-04-3003978696core:MotorVehicles2018-04-30039786962018-04-3003978696core:LeaseholdImprovements2018-05-012019-04-3003978696bus:OrdinaryShareClass12018-05-012019-04-3003978696bus:OrdinaryShareClass22018-05-012019-04-3003978696bus:OrdinaryShareClass32018-05-012019-04-3003978696bus:OrdinaryShareClass42018-05-012019-04-3003978696bus:OrdinaryShareClass52018-05-012019-04-3003978696bus:OrdinaryShareClass12019-04-3003978696bus:OrdinaryShareClass22019-04-3003978696bus:OrdinaryShareClass32019-04-3003978696bus:OrdinaryShareClass42019-04-3003978696bus:OrdinaryShareClass52019-04-3003978696bus:PrivateLimitedCompanyLtd2018-05-012019-04-3003978696bus:SmallCompaniesRegimeForAccounts2018-05-012019-04-3003978696bus:FRS1022018-05-012019-04-3003978696bus:AuditExemptWithAccountantsReport2018-05-012019-04-3003978696bus:FullAccounts2018-05-012019-04-30xbrli:purexbrli:sharesiso4217:GBP