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REGISTERED NUMBER: 11952409 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

VIS GROUP LIMITED

VIS GROUP LIMITED (REGISTERED NUMBER: 11952409)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 MARCH 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Cash Flow Statement 17

Notes to the Consolidated Cash Flow Statement 18

Notes to the Consolidated Financial Statements 20


VIS GROUP LIMITED

COMPANY INFORMATION
for the Year Ended 31 MARCH 2023







DIRECTORS: S Hill
Mrs B Hill





REGISTERED OFFICE: 61 Queen Square
Bristol
BS1 4JZ





REGISTERED NUMBER: 11952409 (England and Wales)





AUDITORS: Burnside
Chartered Accountants
and Statutory Auditor
61 Queen Square
Bristol
BS1 4JZ

VIS GROUP LIMITED (REGISTERED NUMBER: 11952409)

GROUP STRATEGIC REPORT
for the Year Ended 31 MARCH 2023

The directors present their strategic report of the company and the group for the year ended 31 March 2023.

REVIEW OF BUSINESS
The Directors are very pleased to be able to report another very successful year of trading.

Despite difficult trading conditions the group has seen an increase in growth in this financial year, with turnover increasing by 132% to £52.6M from £22.6M the previous year.

Profit before taxation for the year was £3.78M and the net assets of the group have increased to £3.86M.

Maintenance & Contracting Services Ltd (MCS) has again continued to benefit from consistent repeat work from some of the UK's biggest main contractors.

The strategy initiated in our previous financial year has allowed us to further strengthen our existing client relations and continue the substantial increase in turnover also seen in 2020/21.

As MCS have demonstrated in previous years of accounting, it is a key objective for us to have a period of substantial growth followed by a year of stabilisation, which we have achieved with growth in 2022/23 after
last year's results.

Next year's strategy is to focus on strengthening the relationships in our small client base and to build on the mean order value of our contracts. At the time of publication of these financial statements, actual secured revenue work for 2023/24 is in excess of £55M.

Our consistent increase in turnover over recent years, and further projected significant increases in turnover for the next five years, is in line with the company's ambition of sustainable long-term growth.

MCS Integrated Solutions Limited, focusing on small works and Facilities Management opportunities, has remained stable. From October 2022, MCS Integrated Solutions has been under new leadership, and key objectives for growth have been set. The forward order book for MCS Integrated Solutions is also looking strong with further FM contracts and tier 2 reactive works orders having been secured.

On 28 October 2022, the group acquired the entire issued share capital of Safety Test UK Ltd, a company specialising in electrical inspection and testing, to enhance the group's service offering.


VIS GROUP LIMITED (REGISTERED NUMBER: 11952409)

GROUP STRATEGIC REPORT
for the Year Ended 31 MARCH 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The commercial activities of Maintenance & Contracting Services Ltd and MCS Integrated Solutions Limited are subject to risks which are constantly monitored and evaluated by the directors. Key areas of risk include the financial stability of clients and suppliers together with the economic activity of the industry sector, risks exacerbated in the period by the impact of the COVID-19 pandemic.

There is no currency risk exposure as the group does not trade overseas.

Liquidity risk is managed by forecasting future cash flow requirements of the business and by monitoring and maintaining sufficient bank balances to meet these. To mitigate risks posed by the economic outlook the directors continue to carefully manage cash and costs.

The group manages its credit risk exposure by trading only with credit worthy clients, ensuring up to date credit ratings are monitored for key client accounts.

The group also monitors the concentration of its trading activities by customer to help mitigate over-reliance upon key customers.

KEY PERFORMANCE INDICATORS
The board's preferred measure of underlying performance is earnings before interest, taxation,
depreciation and amortisation ("EBITDA"). 2023 EBITDA was £3,936,468 (2022 - £1,631,159).

The reconciliation of group EBITDA to the financial statements is:


2023 2022
£'000 £'000
Operating profit 3,810 1,558

Add back:

Depreciation (Note 4) 98 62
Amortisation (Note 4) 28 28
(Profit) on disposal of fixed assets (Note 4) - (17 )

EBITDA 3,936 1,631


VIS GROUP LIMITED (REGISTERED NUMBER: 11952409)

GROUP STRATEGIC REPORT
for the Year Ended 31 MARCH 2023

GOING CONCERN
No material uncertainties that cast significant doubt about the ability of the group and the company to continue as a going concern have been identified by the directors.

ON BEHALF OF THE BOARD:





S Hill - Director


7 November 2023

VIS GROUP LIMITED (REGISTERED NUMBER: 11952409)

REPORT OF THE DIRECTORS
for the Year Ended 31 MARCH 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2023.

PRINCIPAL ACTIVITIES
The principal activities of the group in the year under review were those of providing high quality mechanical and electrical contracting services.

DIVIDENDS
Dividends paid in the year are disclosed in the notes to the financial statements. No final dividend is recommended by the directors.

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

S Hill
Mrs B Hill

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, 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). 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 the group and of the profit or loss of the group 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;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

VIS GROUP LIMITED (REGISTERED NUMBER: 11952409)

REPORT OF THE DIRECTORS
for the Year Ended 31 MARCH 2023


AUDITORS
The auditors, Burnside, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S Hill - Director


7 November 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
VIS GROUP LIMITED

Opinion
We have audited the financial statements of VIS Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement, Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 March 2023 and of the group's profit for the year then ended;
-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 group 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 group's and the parent 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
VIS GROUP LIMITED


Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
VIS GROUP LIMITED


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:

An understanding of the legal and regulatory framework applicable to the entity was obtained from management and those charged with governance of the entity and its subsidiaries, and the audit engagement team was confirmed to have the appropriate competence and capabilities to identify non-compliance with such a framework.

No significant instances of fraud, non-compliance with laws and regulations or other irregularities were communicated to the engagement team by management or those charged with governance, and no particular audit areas or legislation were identified that gave rise to any significant risks of material misstatement in respect of such irregularities.

Due to the size and nature of the entity, its susceptibility to material misstatement resulting from fraud, non-compliance with laws and regulations, or other irregularities is considered to be low, and the audit approach was appropriately planned so as to address this risk.

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.




Steven Coombe FCA (Senior Statutory Auditor)
for and on behalf of Burnside
Chartered Accountants
and Statutory Auditor
61 Queen Square
Bristol
BS1 4JZ

7 November 2023

VIS GROUP LIMITED (REGISTERED NUMBER: 11952409)

CONSOLIDATED INCOME STATEMENT
for the Year Ended 31 MARCH 2023

2023 2022
Notes £    £   

TURNOVER 52,653,583 22,645,296

Cost of sales 41,827,381 17,016,334
GROSS PROFIT 10,826,202 5,628,962

Administrative expenses 7,016,256 4,070,755
OPERATING PROFIT 4 3,809,946 1,558,207

Interest receivable and similar income 16,885 253
3,826,831 1,558,460

Interest payable and similar expenses 5 46,577 18,768
PROFIT BEFORE TAXATION 3,780,254 1,539,692

Tax on profit 6 630,203 246,242
PROFIT FOR THE FINANCIAL YEAR 3,150,051 1,293,450
Profit attributable to:
Owners of the parent 2,312,512 776,805
Non-controlling interests 837,539 516,645
3,150,051 1,293,450

VIS GROUP LIMITED (REGISTERED NUMBER: 11952409)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
for the Year Ended 31 MARCH 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 3,150,051 1,293,450


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

3,150,051

1,293,450

Total comprehensive income attributable to:
Owners of the parent 2,312,512 776,805
Non-controlling interests 837,539 516,645
3,150,051 1,293,450

VIS GROUP LIMITED (REGISTERED NUMBER: 11952409)

CONSOLIDATED BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 834,967 503,092
Tangible assets 10 881,534 941,217
Investments 11
Interest in associate 1 1
1,716,502 1,444,310

CURRENT ASSETS
Stocks 12 28,566 34,567
Debtors 13 9,253,104 8,668,234
Cash at bank and in hand 2,256,658 1,000,343
11,538,328 9,703,144
CREDITORS
Amounts falling due within one year 14 8,380,832 7,290,425
NET CURRENT ASSETS 3,157,496 2,412,719
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,873,998

3,857,029

CREDITORS
Amounts falling due after more than one
year

15

(1,001,047

)

(1,297,067

)

PROVISIONS FOR LIABILITIES 19 (12,059 ) (19,125 )
NET ASSETS 3,860,892 2,540,837

VIS GROUP LIMITED (REGISTERED NUMBER: 11952409)

CONSOLIDATED BALANCE SHEET - continued
31 MARCH 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 20 70 70
Share premium 21 1,310,176 1,310,176
Retained earnings 21 1,892,194 848,218
SHAREHOLDERS' FUNDS 3,202,440 2,158,464

NON-CONTROLLING INTERESTS 658,452 382,373
TOTAL EQUITY 3,860,892 2,540,837


The financial statements were approved by the Board of Directors and authorised for issue on 7 November 2023 and were signed on its behalf by:





S Hill - Director


VIS GROUP LIMITED (REGISTERED NUMBER: 11952409)

COMPANY BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 2,261,276 2,261,276
2,261,276 2,261,276

CURRENT ASSETS
Debtors 13 120,500 110,000
Cash at bank 3,407 515
123,907 110,515
CREDITORS
Amounts falling due within one year 14 29,493 26,608
NET CURRENT ASSETS 94,414 83,907
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,355,690

2,345,183

CAPITAL AND RESERVES
Called up share capital 20 70 70
Share premium 21 1,310,176 1,310,176
Retained earnings 21 1,045,444 1,034,937
SHAREHOLDERS' FUNDS 2,355,690 2,345,183

Company's profit for the financial year 1,279,043 1,124,026

The financial statements were approved by the Board of Directors and authorised for issue on 7 November 2023 and were signed on its behalf by:





S Hill - Director


VIS GROUP LIMITED (REGISTERED NUMBER: 11952409)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 MARCH 2023

Called up
share Retained Share
capital earnings premium
£    £    £   

Balance at 1 April 2021 70 835,403 1,310,176

Changes in equity
Dividends - (763,990 ) -
Total comprehensive income - 776,805 -
Balance at 31 March 2022 70 848,218 1,310,176

Changes in equity
Dividends - (1,268,536 ) -
Total comprehensive income - 2,312,512 -
70 1,892,194 1,310,176
Non-controlling interest arising
on business combination

-

-

-
Balance at 31 March 2023 70 1,892,194 1,310,176
Non-controlling Total
Total interests equity
£    £    £   

Balance at 1 April 2021 2,145,649 392,766 2,538,415

Changes in equity
Dividends (763,990 ) (527,038 ) (1,291,028 )
Total comprehensive income 776,805 516,645 1,293,450
Balance at 31 March 2022 2,158,464 382,373 2,540,837

Changes in equity
Dividends (1,268,536 ) (576,640 ) (1,845,176 )
Total comprehensive income 2,312,512 837,539 3,150,051
3,202,440 643,272 3,845,712
Non-controlling interest arising
on business combination

-

15,180

15,180
Balance at 31 March 2023 3,202,440 658,452 3,860,892

VIS GROUP LIMITED (REGISTERED NUMBER: 11952409)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 MARCH 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   

Balance at 1 April 2021 70 674,901 1,310,176 1,985,147

Changes in equity
Dividends - (763,990 ) - (763,990 )
Total comprehensive income - 1,124,026 - 1,124,026
Balance at 31 March 2022 70 1,034,937 1,310,176 2,345,183

Changes in equity
Dividends - (1,268,536 ) - (1,268,536 )
Total comprehensive income - 1,279,043 - 1,279,043
Balance at 31 March 2023 70 1,045,444 1,310,176 2,355,690

VIS GROUP LIMITED (REGISTERED NUMBER: 11952409)

CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 31 MARCH 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,058,836 (351,991 )
Interest paid (42,493 ) (17,067 )
Interest element of hire purchase
payments paid

(4,084

)

(1,701

)
Tax paid (231,655 ) (127,571 )
Net cash from operating activities 3,780,604 (498,330 )

Cash flows from investing activities
Purchase of tangible fixed assets (19,015 ) (812,236 )
Purchase of fixed asset investments - (1 )
Sale of tangible fixed assets - 19,224
Acquisition of subsidiary (374,438 ) -
Interest received 16,885 253
Net cash from investing activities (376,568 ) (792,760 )

Cash flows from financing activities
Loan repayments in year (266,980 ) (586,096 )
HP capital repayments in year (33,493 ) (13,956 )
Amount withdrawn by directors (2,072 ) -
Equity dividends paid (1,268,536 ) (763,990 )
Dividends paid to minority interests (576,640 ) (527,038 )
Net cash from financing activities (2,147,721 ) (1,891,080 )

Increase/(decrease) in cash and cash equivalents 1,256,315 (3,182,170 )
Cash and cash equivalents at
beginning of year

2

1,000,343

4,182,513

Cash and cash equivalents at end of
year

2

2,256,658

1,000,343

VIS GROUP LIMITED (REGISTERED NUMBER: 11952409)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 31 MARCH 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 3,780,254 1,539,692
Depreciation charges 126,522 90,182
Profit on disposal of fixed assets - (17,230 )
Finance costs 46,577 18,768
Finance income (16,885 ) (253 )
3,936,468 1,631,159
Decrease in stocks 8,001 17,750
Increase in trade and other debtors (550,258 ) (4,070,040 )
Increase in trade and other creditors 664,625 2,069,140
Cash generated from operations 4,058,836 (351,991 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 2,256,658 1,000,343
Year ended 31 March 2022
31.3.22 1.4.21
£    £   
Cash and cash equivalents 1,000,343 4,182,513


VIS GROUP LIMITED (REGISTERED NUMBER: 11952409)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 31 MARCH 2023

3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.4.22 Cash flow At 31.3.23
£    £    £   
Net cash
Cash at bank and in hand 1,000,343 1,256,315 2,256,658
1,000,343 1,256,315 2,256,658
Debt
Finance leases (86,525 ) 33,493 (53,032 )
Debts falling due within 1 year (269,869 ) 4,453 (265,416 )
Debts falling due after 1 year (1,244,035 ) 262,527 (981,508 )
(1,600,429 ) 300,473 (1,299,956 )
Total (600,086 ) 1,556,788 956,702

4. ACQUISITION OF BUSINESS

On 28 October 2022, the group acquired the entire issued share capital of Safety Test UK Ltd, a company registered in England and Wales. The net assets acquired and the consideration were as follows:

£
Fixed assets 19,873
Intangible fixed assets 1
Stocks 2,000
Debtors 46,177
Creditors (38,258 )
Less minority interest share (15,180 )
14,613
Consideration, net cash 374,438
Goodwill recognised 359,825

Consideration was £398,862 in cash, less £14,424 cash acquired in the company. Goodwill will be amortised over its estimated useful life of 20 years. Since the acquisition date, the group has recognised £140,382 revenue and £10,016 profit after tax in respect of Safety Test UK Ltd in these consolidated financial statements.

VIS GROUP LIMITED (REGISTERED NUMBER: 11952409)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 MARCH 2023

1. STATUTORY INFORMATION

VIS Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The consolidated financial statements include the results of VIS Group Limited and all of its subsidiary undertakings made up to the same accounting date. All intra-group balances, transactions, income and expenses are eliminated in full on consolidation. The results of subsidiary undertakings acquired or disposed of during the period are included or excluded from the income statement from the effective date of acquisition or disposal.

Related party exemption
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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates
In the application of the group'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 to be 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both the current and future periods.

VIS GROUP LIMITED (REGISTERED NUMBER: 11952409)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover represents the value of sales of goods and services rendered during the year, excluding value added tax and trade discounts. Turnover in respect of contracts ongoing at the year end is measured in accordance with valuations of work completed as certified by customers.

In respect of long term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 5% on cost
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance and 25% on cost
Office equipment - 25% on reducing balance

Goodwill
Goodwill, being the amount paid in connection with the acquisition of businesses in 2019 and 2022, is being amortised evenly over its estimated useful life of twenty years.

Investments in associates
Investments in associate undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


VIS GROUP LIMITED (REGISTERED NUMBER: 11952409)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other short term employee benefits
The group makes contributions to personal pension schemes of certain employees. Contributions payable to the schemes are charged to the profit and loss account in the period to which they relate.

Other short term employee benefits including holiday pay and annual bonuses are also accrued as services are rendered.

VIS GROUP LIMITED (REGISTERED NUMBER: 11952409)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and liabilities are recognised in the balance sheet when the group becomes party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and are measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the group may not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank.

Financial liabilities and equity instruments issued by the group are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities. Equity instruments issued by the group are recorded at the proceeds received, net of any direct issue costs.

Interest bearing bank loans which meet the criteria of basic financial instruments are initially recorded at the present value of cash payable to the bank, usually being equivalent to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method.

Going concern
The directors have considered the company's and group's ability to continue as a going concern for at least 12 months from the date of signing the financial statements and have concluded that they consider the company and group a going concern.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,935,649 2,164,532
Social security costs 483,433 250,146
Other pension costs 66,551 38,739
4,485,633 2,453,417

The average number of employees during the year was as follows:
2023 2022

Directors 2 2
Management 6 6
Operational 55 32
63 40

VIS GROUP LIMITED (REGISTERED NUMBER: 11952409)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2023

3. EMPLOYEES AND DIRECTORS - continued

2023 2022
£    £   
Directors' remuneration 24,301 24,195

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes - 2

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 160,580 228,439
Other operating leases 4,718 22,063
Depreciation - owned assets 55,911 42,390
Depreciation - assets on hire purchase contracts 42,660 19,842
Profit on disposal of fixed assets - (17,230 )
Goodwill amortisation 27,951 27,950
Auditors' remuneration 19,900 15,000

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 42,493 17,067
Hire purchase interest 4,084 1,701
46,577 18,768

VIS GROUP LIMITED (REGISTERED NUMBER: 11952409)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2023

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 637,269 231,631

Deferred tax (7,066 ) 14,611
Tax on profit 630,203 246,242

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 3,780,254 1,539,692
Profit multiplied by the standard rate of corporation tax in the UK of
19 % (2022 - 19 %)

718,248

292,541

Effects of:
Expenses not deductible for tax purposes 91,580 72,871
Capital allowances in excess of depreciation - (1,184 )
Depreciation in excess of capital allowances 3,521 -
R&D enhanced claim (194,400 ) (128,576 )
Tax losses carried not recognised 5,144 10,590
Taxes not previously recognised 3,940 -
Deferred tax provided at a higher rate 2,170 -
Total tax charge 630,203 246,242

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


VIS GROUP LIMITED (REGISTERED NUMBER: 11952409)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2023

8. DIVIDENDS
2023 2022
£    £   
A Ordinary shares of £1 each
Interim 634,268 381,995
B Ordinary shares of £1 each
Interim 634,268 381,995
1,268,536 763,990

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 April 2022 558,992
Additions 359,825
Acquired with subsidiary 1
At 31 March 2023 918,818
AMORTISATION
At 1 April 2022 55,900
Amortisation for year 27,951
At 31 March 2023 83,851
NET BOOK VALUE
At 31 March 2023 834,967
At 31 March 2022 503,092

VIS GROUP LIMITED (REGISTERED NUMBER: 11952409)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2023

10. TANGIBLE FIXED ASSETS

Group
Freehold Plant and Motor Office
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 665,475 55,298 250,971 38,662 1,010,406
Additions - 19,015 - - 19,015
Acquired with subsidiary - - 819 19,054 19,873
At 31 March 2023 665,475 74,313 251,790 57,716 1,049,294
DEPRECIATION
At 1 April 2022 20,273 4,840 30,384 13,692 69,189
Charge for year 20,273 14,203 56,410 7,685 98,571
At 31 March 2023 40,546 19,043 86,794 21,377 167,760
NET BOOK VALUE
At 31 March 2023 624,929 55,270 164,996 36,339 881,534
At 31 March 2022 645,202 50,458 220,587 24,970 941,217

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2022
and 31 March 2023 190,481
DEPRECIATION
At 1 April 2022 19,842
Charge for year 42,660
At 31 March 2023 62,502
NET BOOK VALUE
At 31 March 2023 127,979
At 31 March 2022 170,639

VIS GROUP LIMITED (REGISTERED NUMBER: 11952409)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2023

11. FIXED ASSET INVESTMENTS

Group
Interest
in
associate
£   
COST
At 1 April 2022
and 31 March 2023 1
NET BOOK VALUE
At 31 March 2023 1
At 31 March 2022 1
Company
Shares in Interest
group in
undertakings associate Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 2,261,275 1 2,261,276
NET BOOK VALUE
At 31 March 2023 2,261,275 1 2,261,276
At 31 March 2022 2,261,275 1 2,261,276

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

VIS Building Services Limited
Registered office: 61 Queen Square, Bristol. BS1 4JZ
Nature of business: Parent undertaking
%
Class of shares: holding
All classes in issue 100.00
2023 2022
£    £   
Aggregate capital and reserves 100 100
Profit for the year - 783,221

VIS GROUP LIMITED (REGISTERED NUMBER: 11952409)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2023

11. FIXED ASSET INVESTMENTS - continued

Ludan Hills Holdings Limited
Registered office: 61 Queen Square, Bristol. BS1 4JZ
Nature of business: Retail sale of leisure goods
%
Class of shares: holding
Ordinary A 100.00
2023 2022
£    £   
Aggregate capital and reserves (102,103 ) (75,028 )
Loss for the year (27,075 ) (55,739 )

Maintenance & Contracting Services Ltd
Registered office: 61 Queen Square, Bristol. BS1 4JZ
Nature of business: mechanical and electrical contracting services
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 3,157,252 1,861,462
Profit for the year 3,097,776 1,265,877

Associated company

Servii Homes Limited
Registered office: 61 Queen Square, Bristol. BS1 4JZ
Nature of business: Construction of domestic buildings
%
Class of shares: holding
C Ordinary shares 100.00
31.8.22 31.8.21
£    £   
Aggregate capital and reserves (149,114 ) (20,971 )
Loss for the year/period (128,143 ) (20,972 )

The associate had made no sales by its last year end, 31 August 2022. A loss was made up to that date, so no share of profits has been recognised in these financial statements, Profits are expected to be made in the year ended 31 August 2023 as sales have been made.


VIS GROUP LIMITED (REGISTERED NUMBER: 11952409)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2023

12. STOCKS

Group
2023 2022
£    £   
Stocks 875 875
Finished goods 27,691 33,692
28,566 34,567

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 2,581,415 2,295,100 - -
Amounts owed by group undertakings - - 120,500 110,000
Amounts recoverable on
contracts 5,991,267 5,815,797 - -
Other debtors 218,524 119,890 - -
Directors' current accounts 2,072 - - -
VAT 279,315 291,899 - -
Prepayments and accrued income 180,511 145,548 - -
9,253,104 8,668,234 120,500 110,000

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 16) 265,416 269,869 - -
Hire purchase contracts (see note 17) 33,493 33,493 - -
Payments on account 154,082 638,414 - -
Trade creditors 3,032,172 2,496,424 - -
Amounts owed to group undertakings - - 26,564 26,607
Corporation tax 653,670 231,631 - -
Social security and other taxes 213,864 122,873 - -
Other creditors 1,507,881 572,498 1 1
Directors' current accounts - - 2,928 -
Accruals and deferred income 2,520,254 2,925,223 - -
8,380,832 7,290,425 29,493 26,608

VIS GROUP LIMITED (REGISTERED NUMBER: 11952409)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2023

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2023 2022
£    £   
Bank loans (see note 16) 981,508 1,244,035
Hire purchase contracts (see note 17) 19,539 53,032
1,001,047 1,297,067

16. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 265,416 269,869
Amounts falling due between one and two years:
Bank loans - 1-2 years 266,525 270,519
Amounts falling due between two and five years:
Bank loans - 2-5 years 473,727 732,335
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 241,256 241,181

VIS GROUP LIMITED (REGISTERED NUMBER: 11952409)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2023

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 33,493 33,493
Between one and five years 19,539 53,032
53,032 86,525

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 129,402 83,870
Between one and five years 118,483 45,150
247,885 129,020

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Bank loans 1,246,924 1,513,904
Hire purchase contracts 53,032 86,525
1,299,956 1,600,429

Bank borrowings are secured by a charge over all subsidiary company property and assets in the company borrowing the money. Assets held under hire purchase contracts are detailed in the notes.

VIS GROUP LIMITED (REGISTERED NUMBER: 11952409)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2023

19. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 15,581 20,376
Other timing differences (3,522 ) (1,251 )
12,059 19,125

Group
Deferred
tax
£   
Balance at 1 April 2022 19,125
Credit to Income Statement during year (7,066 )
Balance at 31 March 2023 12,059

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
51 A Ordinary £1 53 51
19 B Ordinary £1 17 19
70 70

On 5 April 2022, 2 B Ordinary shares of £1 each were redesignated as 2 A Ordinary shares of £1 each

Each class of share ranks equally in all respects except the payment of dividends.

VIS GROUP LIMITED (REGISTERED NUMBER: 11952409)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2023

21. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1 April 2022 848,218 1,310,176 2,158,394
Profit for the year 2,312,512 - 2,312,512
Dividends (1,268,536 ) - (1,268,536 )
At 31 March 2023 1,892,194 1,310,176 3,202,370

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 April 2022 1,034,937 1,310,176 2,345,113
Profit for the year 1,279,043 - 1,279,043
Dividends (1,268,536 ) - (1,268,536 )
At 31 March 2023 1,045,444 1,310,176 2,355,620


22. RELATED PARTY DISCLOSURES

At the year end, one of the directors owed the group £2,072. This has since been fully repaid.

23. ULTIMATE CONTROLLING PARTY

The controlling party is S Hill.