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REGISTERED NUMBER: 09512479 (England and Wales)















Financial Statements for the Year Ended 31 March 2023

for

VeSpace International Ltd

VeSpace International Ltd (Registered number: 09512479)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


VeSpace International Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mrs AM Lowe
CP Lowe





SECRETARY: CP Lowe





REGISTERED OFFICE: 10 Lancaster Place
South Marston
Swindon
Wiltshire
SN3 4UQ





REGISTERED NUMBER: 09512479 (England and Wales)





AUDITORS: Morley & Co (UK) Ltd
Statutory Auditor, Chartered Certified Accountants
2 Cricklade Court
Old Town
Swindon
Wiltshire
SN1 3EY

VeSpace International Ltd (Registered number: 09512479)

Statement of Financial Position
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 69,336 57,908
Investments 5 972,543 890,543
1,041,879 948,451

CURRENT ASSETS
Debtors 6 3,877,608 2,142,098
Cash at bank and in hand 473,295 1,303,314
4,350,903 3,445,412
CREDITORS
Amounts falling due within one year 7 3,918,597 3,472,826
NET CURRENT ASSETS/(LIABILITIES) 432,306 (27,414 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,474,185

921,037

CREDITORS
Amounts falling due after more than one
year

8

(690,000

)

(525,000

)

PROVISIONS FOR LIABILITIES 10 (9,174 ) -
NET ASSETS 775,011 396,037

CAPITAL AND RESERVES
Called up share capital 11 69,866 69,866
Share premium 643,807 643,807
Retained earnings 61,338 (317,636 )
SHAREHOLDERS' FUNDS 775,011 396,037

VeSpace International Ltd (Registered number: 09512479)

Statement of Financial Position - continued
31 March 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

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





Mrs AM Lowe - Director


VeSpace International Ltd (Registered number: 09512479)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. GENERAL INFORMATION

Venues and Events International Limited is a private company, limited by shares, incorporated and domiciled in England and Wales registration number 09512479. The address of its registered office is 10 Lancaster Place, South Marston, Swindon, SN3 4UQ.

The principal activity of the Company in the year under review was the provision of commercial venue find and event management services.

The financial statements have been prepared in pounds sterling (£) and the figures have been rounded to the nearest £1.

2. ACCOUNTING POLICIES

Basis of preparing the 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

Preparation of consolidated financial statements
The financial statements contain information about VeSpace International Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Going concern
The directors are satisfied that the company has adequate financial resources and facilities, together with long-standing relationships with a number of customers and suppliers, which will enable the company to trade successfully and meet its financial obligations. After making enquiries, and based on cashflows and forecasts the directors have a reasonable expectation that the company has adequate financial resources to continue to trade profitably and successfully for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Details of the net assets of the subsidiary can be found in the disclosures at note 7. The Directors are of the view that the assets and liabilities of both the company and its subsidiary, when taken together, present the true and fair overall position with regard to overall group assets and liabilities.

Revenue
Revenue represents amounts receivable for goods and services net of VAT and trade discounts. Revenue is recognised when the event and exhibitions have taken place.

VeSpace International Ltd (Registered number: 09512479)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

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:

Motor vehicles 20%
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 the Statement of Comprehensive Income.

Investments in subsidiaries
Investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.

Taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.


VeSpace International Ltd (Registered number: 09512479)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position 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.

Foreign currencies
Functional and presentation currency
The Company's functional and presentational currency is GBP.

Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Operating leases: the company as lessee
Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

VeSpace International Ltd (Registered number: 09512479)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 47 (2022 - 34 ) .

4. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2022 33,365 144,630 177,995
Additions - 35,462 35,462
Disposals (13,645 ) - (13,645 )
At 31 March 2023 19,720 180,092 199,812
DEPRECIATION
At 1 April 2022 21,448 98,639 120,087
Charge for year 2,600 21,434 24,034
Eliminated on disposal (13,645 ) - (13,645 )
At 31 March 2023 10,403 120,073 130,476
NET BOOK VALUE
At 31 March 2023 9,317 60,019 69,336
At 31 March 2022 11,917 45,991 57,908

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2022 890,543
Additions 82,000
At 31 March 2023 972,543
NET BOOK VALUE
At 31 March 2023 972,543
At 31 March 2022 890,543

VeSpace International Ltd (Registered number: 09512479)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. FIXED ASSET INVESTMENTS - continued

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

Absolute Corporate Events Ltd
Registered office: 10 Lancaster Place, South Marston, Swindon, SN3 4UQ
Nature of business:
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 357,257 340,114
Profit for the year 38,619 63,140

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 2,407,856 949,153
Other debtors 1,270,323 863,390
Prepayments and accrued income 199,429 260,649
3,877,608 2,073,192

Amounts falling due after more than one year:
Deferred tax asset - 68,906

Aggregate amounts 3,877,608 2,142,098

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 860,032 842,728
Amounts owed to group undertakings 100,960 -
Taxation and social security 477,153 233,746
Other creditors 2,480,452 2,396,352
3,918,597 3,472,826

VeSpace International Ltd (Registered number: 09512479)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

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

20232022
£   £   
Amounts owed to group undertakings690,000300,000
Other Creditors225,000
690,000525,000

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 11,853 20,320
Between one and five years - 11,853
11,853 32,173

10. PROVISIONS FOR LIABILITIES
2023
£   
Deferred tax 9,174

Deferred
tax
£   
Balance at 1 April 2022 (68,906 )
Trading losses utilised 75,488
Accelerated capital allowances 2,592
Balance at 31 March 2023 9,174

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
66,746 Ordinary A £1 66,746 66,746
3,120 Ordinary B £1 3,120 3,120
69,866 69,866

VeSpace International Ltd (Registered number: 09512479)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul King FCCA (Senior Statutory Auditor)
for and on behalf of Morley & Co (UK) Ltd

13. PENSION COMMITMENTS

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £21,496 (2022: £12,970). Contributions totalling £6,243 (2022: £3,424) were payable to the fund at the balance sheet date and are included in creditors.

14. 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.

Transactions with directors
At the year end the amounts due from the directors were £5,000 (2022: £nil) and was included within other debtors. During the year £5,000 (2022: £nil) was advanced the loan accounts of A M Lowe & C P Lowe. During the year the company paid dividends of £75,433 (2022: £nil) to its directors.

TVI Group Limited
Parent undertaking
During the year TVI Group Limited charged management fees to the Company of £60,000 (2022: £60,000). During the year the company paid dividends of £102,347 (£2022: nil) to TVI Group Limited.

S4B (UK) Limited
Shareholder in common
During the year S4B (UK) Limited charged management and accountancy fees to the Company of £12,000 (2022: £11,000). During the year the company paid dividends of £22,220 (£2022: nil) to S4B.

Shareholder loans
At the year-end £nil (2022: £nil) was owed to the shareholders. Interest of £nil (2022: £3,885) was charged at a rate of 8% on £nil (2022: £9,000) and £nil (2022: £8,867) at a rate of 12% on £nil (2022: £100,000).

15. ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent undertaking is TVI Group Limited, a company incorporated in England and Wales, registration number 08957594.The ultimate controlling party is B M Gordon.