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REGISTERED NUMBER: 03054629 (England and Wales)









REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

VISUAL ACTION HOLDINGS

VISUAL ACTION HOLDINGS (REGISTERED NUMBER: 03054629)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022










Page

Company Information 1

Report of the Directors 2 to 3

Report of the Independent Auditors 4 to 7

Statement of Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11 to 16


VISUAL ACTION HOLDINGS

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022







DIRECTORS: Mr N O Rudge
Mr B E Erwin
Mr D W J McEwan



REGISTERED OFFICE: Union Business Park
Florence Way
Uxbridge
Middlesex
UB8 2LS



REGISTERED NUMBER: 03054629 (England and Wales)



AUDITORS: Seymour Taylor Limited, Statutory Auditor
57 London Road
High Wycombe
Buckinghamshire
HP11 1BS



SOLICITORS: Berwin Leighton Paisner
Adelaide House
London Bridge
London
EC4R 9HA

VISUAL ACTION HOLDINGS (REGISTERED NUMBER: 03054629)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2022


The directors of Visual Action Holdings (the company) present their report and financial statements for the year ended 31 December 2022.

RESULTS AND DIVIDENDS

The company's net profit for the year after taxation amounted to £Nil (2021 - £2,373,698).

DIVIDENDS

Dividends will be distributed for the year ended 31 December 2022 of £Nil (2021 - £39,048,958).

Emissions and energy consumption
Disclosure in respect of greenhouse gas emissions, energy consumption and energy efficiency has not been included within this report as the company does not exceed the thresholds to disclose.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report.

Mr N O Rudge
Mr B E Erwin

Other changes in directors holding office are as follows:

Mr D W J McEwan was appointed as a director after 31 December 2022 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 (effective September 2015) 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

VISUAL ACTION HOLDINGS (REGISTERED NUMBER: 03054629)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2022


AUDITORS
The auditors, Seymour Taylor Limited will be re-appointed in accordance with section 487(2) of the Companies Act 2006.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr D W J McEwan - Director


29 September 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
VISUAL ACTION HOLDINGS


Opinion
We have audited the financial statements of Visual Action Holdings (the 'company') for the year ended 31 December 2022 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2022;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
VISUAL ACTION HOLDINGS


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
VISUAL ACTION HOLDINGS


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
- the nature of the industry and sector, control environment and business performance;
- results of our enquiries of management about their own identification and assessment of the risks of irregularities;
- any matters we identified having made enquiries of management about their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team and involving relevant internal specialists, including tax regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty.

Audit response to risks identified
As a result of performing the above, our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists and significant component audit teams, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
VISUAL ACTION HOLDINGS

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Elizabeth Horton FCCA ACA (Senior Statutory Auditor)
for and on behalf of Seymour Taylor Limited, Statutory Auditor
57 London Road
High Wycombe
Buckinghamshire
HP11 1BS

29 September 2023

VISUAL ACTION HOLDINGS (REGISTERED NUMBER: 03054629)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
Notes £'000 £'000

TURNOVER - -
OPERATING PROFIT - -

Income from shares in group
undertakings

-

2,374
PROFIT BEFORE TAXATION - 2,374

Tax on profit 5 - -
PROFIT FOR THE FINANCIAL YEAR - 2,374

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

-

2,374

VISUAL ACTION HOLDINGS (REGISTERED NUMBER: 03054629)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2022

2022 2021
Notes £'000 £'000
CURRENT ASSETS
Debtors 8 458 458

CREDITORS
Amounts falling due within one year 9 456 456
NET CURRENT ASSETS 2 2
TOTAL ASSETS LESS CURRENT
LIABILITIES

2

2

CAPITAL AND RESERVES
Called up share capital 10 1 1
Retained earnings 11 1 1
SHAREHOLDERS' FUNDS 2 2

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2023 and were signed on its behalf by:





Mr D W J McEwan - Director


VISUAL ACTION HOLDINGS (REGISTERED NUMBER: 03054629)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£'000 £'000 £'000 £'000 £'000

Balance at 1 January 2021 10,020 (2,641 ) 24,444 4,855 36,678

Changes in equity
Profit for the year - 2,374 - - 2,374
Total comprehensive income - 2,374 - - 2,374
Dividends - (39,049 ) - - (39,049 )
Reduction in share capital (10,019 ) - 10,019 - -
Reduction in share premium - 39,317 (34,463 ) (4,855 ) (1 )
Balance at 31 December 2021 1 1 - - 2

Changes in equity
Profit for the year - - - - -
Balance at 31 December 2022 1 1 - - 2

VISUAL ACTION HOLDINGS (REGISTERED NUMBER: 03054629)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022


1. STATUTORY INFORMATION

Visual Action Holdings is a private company incorporated in England. The registered office and principal place of business is Union Business Park, Florence Way, Uxbridge, Middlesex, UB8 2LS. The registered number is 03054629.

The principal activity of the company during the year was that of a holding company.

The financial statements are presented in the currency of the primary economic environment in which the entity operates (its functional currency), as such, the results and statement of financial position are presented in Sterling (£   ). Monetary amounts in these financial statements are rounded to the nearest thousand unless otherwise stated.

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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102') and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements
The financial statements contain information about Visual Action Holdings as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, AVSC Europe Limited, Union Business Park, Florence Way, Uxbridge, Middlesex, UB8 2LS.


VISUAL ACTION HOLDINGS (REGISTERED NUMBER: 03054629)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


2. ACCOUNTING POLICIES - continued
Taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Differences between accumulated depreciation and tax allowances for the cost of a fixed asset, if and when all conditions for retaining the tax allowances have been met, are not provided for. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax balances are not discounted.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Investments
Investments that are not publicly traded, and whose fair value cannot otherwise be measured reliably, are held as fixed assets and stated at cost less any provision for impairment in value.

The carrying values of investments are reviewed for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Provisions for liabilities
A provision is recognised when the company has a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation.

VISUAL ACTION HOLDINGS (REGISTERED NUMBER: 03054629)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has applied the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' of FRS 102 to all of its financial instruments.

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Impairment of financial assets
At each period end date, the company reviews the carrying amounts of its financial assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount is reduced to its recoverable amount, with the impairment recognised immediately in the statement of income and retained earnings.

Critical accounting estimates and judgements
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The areas for which estimation has been applied are considered to be in calculating impairments. Although these areas are subject to judgement, they are not considered to be subject to significant estimation.

3. EMPLOYEES AND DIRECTORS

The company had no employees during the year or the prior year, other than the directors. There are no payments made to key management personnel.

4. DIRECTORS' EMOLUMENTS
2022 2021
£    £   
Directors' remuneration - -

VISUAL ACTION HOLDINGS (REGISTERED NUMBER: 03054629)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


4. DIRECTORS' EMOLUMENTS - continued

The directors received no remuneration for their services in respect of the Company in the current year. The directors' remuneration is borne by other companies within the Group. The time spent on the activities of this company is negligible.

5. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 December 2022 nor for the year ended 31 December 2021.

Factors that may affect future tax charges
Deferred tax assets are recognised only to the extent that the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax assets, not recognised as they are unlikely to be realised in the foreseeable future, are as follows:

20222021
£'000£'000
Tax losses unutilised621621

The corporation tax will increase to 25% with effect from 1 April 2023 for companies with taxable profits in excess of £250,000. For companies where taxable profits are £50,000 or less, the rate of corporation tax will remain at 19%.

The relevant deferred tax balances have been measured using the rate expected to apply on the reversal of the timing difference.

There are no expiry dates in respect of the above timing differences and unused tax losses.

6. DIVIDENDS
2022 2021
£'000 £'000
Ordinary shares of £0.20 each
Interim - 39,049

VISUAL ACTION HOLDINGS (REGISTERED NUMBER: 03054629)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


7. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£'000
COST
At 1 January 2022
and 31 December 2022 5,199
PROVISIONS
At 1 January 2022
and 31 December 2022 5,199
NET BOOK VALUE
At 31 December 2022 -
At 31 December 2021 -

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Audio Visual Services Corporation Limited
Registered office: Union Business Park, Florence Way, Uxbridge, Middlesex, UB8 2LS
Nature of business: Hire of audio visual equipment
%
Class of shares: holding
Ordinary 100.00

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£'000 £'000
Amounts owed by group undertakings 458 458

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£'000 £'000
Amounts owed to group undertakings 456 456

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £'000 £'000
5,000 Ordinary £0.20 1 1

VISUAL ACTION HOLDINGS (REGISTERED NUMBER: 03054629)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


11. RESERVES

Called-up share capital - This represents the nominal value of shares that have been issued.

Retained earnings - This distributable reserve records retained earnings and accumulated losses.

Share premium - This reserve records the amount above the nominal value received for shares sold.

Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company.

During the year to 31 December 2021 there was a share reduction for Visual Action Holdings of £10,018,700, a share premium reduction of £34,462,200, and a reduction in the capital redemption reserve of £4,855,000. Immediately following these reductions a dividend of £39,048,598 was paid out to clear the intercompany loan with AVSC Europe Limited.

12. CONTINGENT LIABILITIES

The company is grouped for VAT purposes with certain other UK group undertakings. Consequently, the company is contingently liable for the VAT liabilities of those other UK group undertakings.

13. RELATED PARTY DISCLOSURES

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 PARENT UNDERTAKING AND CONTROLLING PARTY

The company's immediate parent company is AVSC Europe Limited, a company incorporated in the United Kingdom. The smallest group in whose the financial statements the company is consolidated as at 31 December 2022 is AVSC Europe Limited.

Copies of the consolidated financial statements for AVSC Europe Limited can be obtained from the registered office address:

Union Business Park
Florence Way
Uxbridge
Middlesex
UB8 2LS

The company's ultimate holding company is Encore Global LP (previously PSAV Group LP), a company incorporated in the United States of America. Encore Global LP is the largest group in which the financial statements are consolidated as at 31 December 2022.

Encore Global LP is controlled by The Blackstone Group LP, an investment company incorporated in the United States of America.