REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2023 |
for |
VeSpace International Ltd |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share premium |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS |
VeSpace International Ltd (Registered number: 09512479) |
Statement of Financial Position - continued |
31 March 2023 |
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 |
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 |
4. | TANGIBLE FIXED ASSETS |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
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: |
Registered office: 10 Lancaster Place, South Marston, Swindon, SN3 4UQ |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
6. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Deferred tax asset | - | 68,906 |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
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 |
2023 | 2022 |
£ | £ |
Amounts owed to group undertakings | 690,000 | 300,000 |
Other Creditors | 225,000 |
690,000 | 525,000 |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
10. | PROVISIONS FOR LIABILITIES |
2023 |
£ |
Deferred tax | 9,174 |
Deferred |
tax |
£ |
Balance at 1 April 2022 | ( |
) |
Trading losses utilised | 75,488 |
Accelerated capital allowances | 2,592 |
Balance at 31 March 2023 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary A | £1 | 66,746 | 66,746 |
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. |
for and on behalf of |
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. |