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Registration number: 08120131

VS Group Holdings Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

VS Group Holdings Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

VS Group Holdings Ltd

Company Information

Director

Mr Kevin Penman

Registered office

3 Hardman Square
Spinningfields
Manchester
Greater Manchester
M3 3EB

Accountants

Harrison Hinchliffe & Co
90-92 High Street West
Glossop
Derbyshire
SK13 8BB

 

VS Group Holdings Ltd

(Registration number: 08120131)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1,074,054

-

Tangible assets

5

11,945

15,927

Other financial assets

6

205,946

-

 

1,291,945

15,927

Current assets

 

Stocks

7

227,155

-

Debtors

8

96,301

140,137

Cash at bank and in hand

 

90,450

616,954

 

413,906

757,091

Creditors: Amounts falling due within one year

9

43,705

(290,547)

Net current assets

 

457,611

466,544

Total assets less current liabilities

 

1,749,556

482,471

Creditors: Amounts falling due after more than one year

9

(477,985)

(286,072)

Net assets

 

1,271,571

196,399

Capital and reserves

 

Called up share capital

10

101

101

Revaluation reserve

1,074,054

-

Retained earnings

197,416

196,298

Shareholders' funds

 

1,271,571

196,399

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

VS Group Holdings Ltd

(Registration number: 08120131)
Balance Sheet as at 30 June 2023

Approved and authorised by the director on 29 September 2023
 

.........................................
Mr Kevin Penman
Director

 

VS Group Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in Other.

The address of its registered office is:
3 Hardman Square
Spinningfields
Manchester
Greater Manchester
M3 3EB
England

The principal place of business is:
3 Hardman Square
Spinningfields
Manchester
Greater Manchester
M3 3EB
England

These financial statements were authorised for issue by the director on 29 September 2023.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

 

VS Group Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

Tangible assets

Tangible assets are stated in the balance sheet 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 of assets, other than land and properties under construction over their estimated useful lives, as follows:

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

 

VS Group Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

VS Group Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2022 - 9).

 

VS Group Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

Additions acquired separately

1,074,054

1,074,054

At 30 June 2023

1,074,054

1,074,054

Amortisation

Carrying amount

At 30 June 2023

1,074,054

1,074,054

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

22,231

21,500

43,731

At 30 June 2023

22,231

21,500

43,731

Depreciation

At 1 July 2022

15,776

12,028

27,804

Charge for the year

1,614

2,368

3,982

At 30 June 2023

17,390

14,396

31,786

Carrying amount

At 30 June 2023

4,841

7,104

11,945

At 30 June 2022

6,455

9,472

15,927

 

VS Group Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

Additions

205,946

205,946

At 30 June 2023

205,946

205,946

Impairment

Carrying amount

At 30 June 2023

205,946

205,946

7

Stocks

2023
£

2022
£

Work in progress

227,155

-

8

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

96,301

167,338

Amounts owed by related parties

-

2,799

Prepayments

 

-

(30,000)

   

96,301

140,137

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

12

(255,197)

106,589

Trade creditors

 

55,382

19,057

Taxation and social security

 

156,110

164,901

 

(43,705)

290,547

 

VS Group Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

12

477,985

286,072

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Class A of £1 each

100

100

100

100

Ordinary Class B of £1 each

1

1

1

1

 

101

101

101

101

11

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

1,074,054

1,074,054

12

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

477,985

286,072

2023
£

2022
£

Current loans and borrowings

Bank borrowings

134,385

104,676

Other borrowings

(389,582)

1,913

(255,197)

106,589