Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-28The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.292022-03-01falseNo description of principal activity32falsetrue SC160720 2022-03-01 2023-02-28 SC160720 2021-03-01 2022-02-28 SC160720 2023-02-28 SC160720 2022-02-28 SC160720 c:Director1 2022-03-01 2023-02-28 SC160720 c:Director2 2022-03-01 2023-02-28 SC160720 c:Director3 2022-03-01 2023-02-28 SC160720 c:RegisteredOffice 2022-03-01 2023-02-28 SC160720 d:Buildings 2022-03-01 2023-02-28 SC160720 d:Buildings 2023-02-28 SC160720 d:Buildings 2022-02-28 SC160720 d:Buildings d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 SC160720 d:PlantMachinery 2022-03-01 2023-02-28 SC160720 d:PlantMachinery 2023-02-28 SC160720 d:PlantMachinery 2022-02-28 SC160720 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 SC160720 d:MotorVehicles 2022-03-01 2023-02-28 SC160720 d:MotorVehicles 2023-02-28 SC160720 d:MotorVehicles 2022-02-28 SC160720 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 SC160720 d:ComputerEquipment 2022-03-01 2023-02-28 SC160720 d:ComputerEquipment 2023-02-28 SC160720 d:ComputerEquipment 2022-02-28 SC160720 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 SC160720 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 SC160720 d:Goodwill 2023-02-28 SC160720 d:Goodwill 2022-02-28 SC160720 d:CurrentFinancialInstruments 2023-02-28 SC160720 d:CurrentFinancialInstruments 2022-02-28 SC160720 d:Non-currentFinancialInstruments 2023-02-28 SC160720 d:Non-currentFinancialInstruments 2022-02-28 SC160720 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 SC160720 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 SC160720 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 SC160720 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 SC160720 d:ShareCapital 2023-02-28 SC160720 d:ShareCapital 2022-02-28 SC160720 d:CapitalRedemptionReserve 2023-02-28 SC160720 d:CapitalRedemptionReserve 2022-02-28 SC160720 d:RetainedEarningsAccumulatedLosses 2023-02-28 SC160720 d:RetainedEarningsAccumulatedLosses 2022-02-28 SC160720 c:OrdinaryShareClass1 2022-03-01 2023-02-28 SC160720 c:OrdinaryShareClass1 2023-02-28 SC160720 c:OrdinaryShareClass2 2022-03-01 2023-02-28 SC160720 c:OrdinaryShareClass2 2023-02-28 SC160720 c:FRS102 2022-03-01 2023-02-28 SC160720 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 SC160720 c:FullAccounts 2022-03-01 2023-02-28 SC160720 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 SC160720 d:WithinOneYear 2023-02-28 SC160720 d:WithinOneYear 2022-02-28 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC160720










VERTEX R.A.S. LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

 
VERTEX R.A.S. LTD
 

COMPANY INFORMATION


Directors
A Dalglish 
J Forbes 
A Hosie 




Registered number
SC160720



Registered office
Sir William Smith Road
Kirkton Industrial Estate

Arbroath

DD11 3RD




Accountants
EQ Accountants LLP
Chartered Accountants

14 City Quay

Dundee

DD1 3JA





 
VERTEX R.A.S. LTD
REGISTERED NUMBER: SC160720

STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023

2023
2022
£
£

Fixed assets
  

Tangible assets
  
398,160
424,352

  
398,160
424,352

Current assets
  

Stocks
  
304,385
347,317

Debtors: amounts falling due within one year
 6 
3,945,403
2,975,319

Cash at bank and in hand
  
38,757
1,297

  
4,288,545
3,323,933

Creditors: amounts falling due within one year
 7 
(3,445,191)
(2,567,527)

Net current assets
  
 
 
843,354
 
 
756,406

Total assets less current liabilities
  
1,241,514
1,180,758

Creditors: amounts falling due after more than one year
 8 
(204,039)
(321,394)

Provisions for liabilities
  

Deferred Tax
  
(12,630)
(17,805)

  
 
 
(12,630)
 
 
(17,805)

Net assets
  
1,024,845
841,559


Capital and reserves
  

Called up share capital 
 9 
90
90

Capital redemption reserve
  
15
15

Profit and loss account
  
1,024,740
841,454

  
1,024,845
841,559


Page 1

 
VERTEX R.A.S. LTD
REGISTERED NUMBER: SC160720

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 28 FEBRUARY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 November 2023.




A Dalglish
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
VERTEX R.A.S. LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Vertex R.A.S Ltd is a private company, limited by shares, domiciled in Scotland with registration number SC160720. The registered office is Sir William Smith Road, Kirkton Industrial Estate, Arbroath, DD11 3RD.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
VERTEX R.A.S. LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.3

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Where the company claims for research and development tax relief, the benefit is only recognised within the financial statements once the claim has been submitted and approved by HM Revenue & Customs.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

During the year the business was in receipt of the following revenue grants in relation to the COVID-19 pandemic: 
Coronavirus Business Interuption Loan (CBILS) which is recognised when received.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
VERTEX R.A.S. LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 5

 
VERTEX R.A.S. LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
Plant & Machinery
-
20%
Motor Vehicles
-
25%
Computer Equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

Page 6

 
VERTEX R.A.S. LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 29 (2022 - 32).


4.


Intangible assets




Goodwill

£



Cost


At 1 March 2022
76,845



At 28 February 2023

76,845



Amortisation


At 1 March 2022
76,845



At 28 February 2023

76,845



Net book value



At 28 February 2023
-



At 28 February 2022
-



Page 7

 
VERTEX R.A.S. LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.


Tangible fixed assets





Freehold property
Plant & Machinery
Motor Vehicles
Computer Equipment
Total

£
£
£
£
£



Cost or valuation


At 1 March 2022
456,196
51,209
117,506
77,673
702,584


Additions
-
5,600
13,346
-
18,946



At 28 February 2023

456,196
56,809
130,852
77,673
721,530



Depreciation


At 1 March 2022
141,041
33,776
27,442
75,973
278,232


Charge for the year on owned assets
9,124
4,691
-
763
14,578


Disposals
-
-
30,560
-
30,560



At 28 February 2023

150,165
38,467
58,002
76,736
323,370



Net book value



At 28 February 2023
306,031
18,342
72,850
937
398,160



At 28 February 2022
315,155
17,433
90,064
1,700
424,352


6.


Debtors

2023
2022
£
£


Trade debtors
534,441
1,084,274

Amounts owed by joint ventures and associated undertakings
66,100
27,614

Other debtors
3,332,323
1,857,645

Prepayments and accrued income
12,539
5,786

3,945,403
2,975,319


Page 8

 
VERTEX R.A.S. LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
278,769

Bank loans
107,394
51,117

Trade creditors
1,621,668
1,439,966

Other taxation and social security
416,962
191,314

Obligations under finance lease and hire purchase contracts
25,934
27,245

Other creditors
49,848
88,885

Accruals and deferred income
1,223,385
490,231

3,445,191
2,567,527


The bank overdraft in 2022 of £278,769 and bank loan liability of £107,394 (2022 - £5,117) are secured by a first charge over the property and a bond and floating charge over the assets of the Company. A personal guarantee of £200,000 has also been provided by Mr A Dalglish, a Director of the Company. The bank loan is repayable at a rate of 3.1% plus base rate over 5 years. 
The remainder of the bank loan of £46,000 has no security as this was received as part of the Coronavirus Business Interuption Loan Scheme (CBILS) and is guaranteed by the UK Governement.
Obligations under hire purchase contracts amounted to £25,934 (2022- £27,245).


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
166,406
257,828

Net obligations under finance leases and hire purchase contracts
37,633
63,566

204,039
321,394


The bank loan in 2022 of £108,328 is secured by a first charge over the property and a bond and floating charge over the assets of the Company. A personal guarantee of £200,000 has also been provided by Mr A Dalglish, a Director of the Company. The bank loan is repayable at a rate of 3.1% plus base rate over 5 years.
The remainder of the bank loan of £103,500 has no security as this was received as part of the Coronavirus Business Interuption Loan Scheme (CBILS) and is guaranteed by the UK Governement.
Obligations under hire purchase contracts amounted to £37,633 (2022 - £63,566).


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



85 A Ordinary shares of £1 each
85
85
5 B Ordinary shares of £1 each
5
5
Page 9

 
VERTEX R.A.S. LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

9.Share capital (continued)


90

90



10.


Pension commitments

An amount totalling £5,410 (2022 - £5,038) was due by the company to the pension provider in respect of the defined contribution pension scheme. 


11.


Commitments under operating leases

At 28 February 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
-
5,572

-
5,572

Page 10