Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falsetruetruetrue2023-01-01falseNo description of principal activity9040false 06319930 2023-01-01 2023-12-31 06319930 2022-01-01 2022-12-31 06319930 2023-12-31 06319930 2022-12-31 06319930 2022-01-01 06319930 1 2023-01-01 2023-12-31 06319930 1 2022-01-01 2022-12-31 06319930 1 2023-01-01 2023-12-31 06319930 e:Director1 2023-01-01 2023-12-31 06319930 e:Director3 2023-01-01 2023-12-31 06319930 e:RegisteredOffice 2023-01-01 2023-12-31 06319930 d:OfficeEquipment 2023-01-01 2023-12-31 06319930 d:OfficeEquipment 2023-12-31 06319930 d:OfficeEquipment 2022-12-31 06319930 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06319930 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 06319930 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 06319930 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 06319930 d:Goodwill 2023-01-01 2023-12-31 06319930 d:Goodwill 2023-12-31 06319930 d:Goodwill 2022-12-31 06319930 d:ComputerSoftware 2023-12-31 06319930 d:ComputerSoftware 2022-12-31 06319930 d:CurrentFinancialInstruments 2023-12-31 06319930 d:CurrentFinancialInstruments 2022-12-31 06319930 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 06319930 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 06319930 d:ReportableOperatingSegment1 2023-01-01 2023-12-31 06319930 d:ReportableOperatingSegment1 2022-01-01 2022-12-31 06319930 f:UnitedKingdom 2023-01-01 2023-12-31 06319930 f:UnitedKingdom 2022-01-01 2022-12-31 06319930 d:UKTax 2023-01-01 2023-12-31 06319930 d:UKTax 2022-01-01 2022-12-31 06319930 d:ShareCapital 2023-12-31 06319930 d:ShareCapital 2022-12-31 06319930 d:SharePremium 2023-01-01 2023-12-31 06319930 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 06319930 d:RetainedEarningsAccumulatedLosses 2023-12-31 06319930 d:RetainedEarningsAccumulatedLosses 2022-12-31 06319930 e:OrdinaryShareClass1 2023-01-01 2023-12-31 06319930 e:OrdinaryShareClass1 2023-12-31 06319930 e:OrdinaryShareClass1 2022-12-31 06319930 e:FRS102 2023-01-01 2023-12-31 06319930 e:Audited 2023-01-01 2023-12-31 06319930 e:FullAccounts 2023-01-01 2023-12-31 06319930 e:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06319930 d:WithinOneYear 2023-12-31 06319930 d:WithinOneYear 2022-12-31 06319930 d:BetweenOneFiveYears 2023-12-31 06319930 d:BetweenOneFiveYears 2022-12-31 06319930 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 06319930 d:Goodwill d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 06319930 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 06319930 2 2023-01-01 2023-12-31 06319930 d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 06319930 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 06319930 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 06319930 d:Goodwill d:OwnedIntangibleAssets 2023-01-01 2023-12-31 06319930 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-01-01 2023-12-31 06319930 d:ComputerSoftware d:OwnedIntangibleAssets 2023-01-01 2023-12-31 06319930 g:PoundSterling 2023-01-01 2023-12-31 06319930 f:Spain 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 06319930










VASS IT SERVICES LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023



 
VASS IT SERVICES LIMITED
 

COMPANY INFORMATION


Directors
J Latasa 
L Goodenough 




Registered number
06319930



Registered office
5 Merchant Square

London

W2 1AY




Independent auditor
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

Reading Bridge House

George Street

Reading

Berkshire

RG1 8LS





 
VASS IT SERVICES LIMITED
 

CONTENTS



Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 9
Statement of comprehensive income
10
Balance sheet
11
Notes to the financial statements
12 - 23


 
VASS IT SERVICES LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
Vass IT Services Limited is carrying on  its business activities,  the volume  and characteristics  of  which  can be seen from the various components of the profit and loss account included in the annual accounts.
The principal activity of the Company is the support of basic information technology services.
Operating loss was £2,572,000 (£1,030,408 profit in 2022) and loss before tax was a loss of £2,570,415 (£1,030,408 profit in 2022). These results are a consequence of the acquisition of the Pskinetic Production Unit, whereby we have taken on all of Pskinetic's staff and customer contracts, and we expect the return on this investment to be reflected in future years.
In 2023, the company's trading volume increased by £3,965,420, 28.42% compared to the previous year.
All these figures show a year of growth for the company in revenue, although the results of the integration and restructuring process of Pskinetic are expected to be seen in subsequent years.
The economic outlook for the year 2024 is reasonably positive.
Since the end of the financial year, there have been no significant events that have changed the trajectory of Vass IT Services Limited.

Business review
 
Results

For the next financial year there are better earnings expectations, based on the increase in turnover of the portfolio purchased from Pskinetic, the improvement of the commercial margin, and the reduction of overheads.
 
Financial situation

The financial situation is very positive, due to the positive  historical results and efficient management of the company's resources, as well as the financial support of the Group's parent company.
 

Page 1

 
VASS IT SERVICES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties

Operational risks

The Company does not face significant and/or foreseeable risks or uncertainties, other than pressure from competitors in the markets in which it operates.
 
Financial risks

Risk management is controlled by the Company's Finance Department. This department identifies, assesses and hedges financial risks.
 
Market risk

 
Interest rate risk

Market risk arises from the potential loss caused by changes in the fair value or future cash flows of a financial iinstrument due to changes in market prices.
Given the financial instruments in which the company operates, the Sole Director considers that the market risk is low.
 
Exchange rate risk

The foreign exchange risk is very limited as the Company has virtually no foreign currency transactions and there is no specific hedging at local level.
 
Price risk of financial instruments

Given the financial instruments in which the company operates, the directors consider the market risk to be low.
 
Commodity price risk

The company does not deal in raw materials.
 
Credit risk

The Company maintains its cash and cash equivalents with financial institutions with high credit ratings.
 
Liquidity risk

Liquidity risk arises from the possibility that the company may not have sufficient liquid funds,  or access to them, at the appropriate cost, to meet its payment obligations at all times.
The Company has no liquidity risk and maintains sufficient cash to meet its commitments.


Page 2

 
VASS IT SERVICES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Environmental impact
 
The company's activities do not have a direct and significant impact on the environment and it complies with applicable regulations.

Other relevant information
Stock market information

The company is not listed on the stock exchange.
 
Dividend policy

The company has not distributed dividends. 
 
Information on Payment deferrals

During 2023, there have been no deviations in the deferral of payments to suppliers in accordance with current legislation, as shown in the accompanying notes to the consolidated financial statements. The average payment period in financial year 2022 was 30 days.

Acquisition and disposal of own shares

There are no treasury stock transactions.
 
Information on the foreseeable development of the institution

For the coming years, the objective is to maintain the  Company's growth  by continuing  with its contracts  with new customers and increasing the efficiency  of the company's internal  processes.  It is also expected to follow in the footsteps of the growth of the VASS group by taking on synergies from the VASS400 strategic plan.
 
R&D&I activities

The Company is not currently engaged in any R&D projects.
 
Significant events for the Company occurring after the end of the financial year

There have been no significant events for the Company since the end of the financial year.



This report was approved by the board and signed on its behalf.



L Goodenough
Director
Date: 14 March 2024

Page 3

 
VASS IT SERVICES LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors

The directors who served during the year were:

J Latasa 
L Goodenough 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £1,906,645 (2022 - profit £834,416).


Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 4

 
VASS IT SERVICES LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Auditor

The auditor, James Cowper Kreston Auditwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





L Goodenough
Director
Date: 14 March 2024

Page 5

 
VASS IT SERVICES LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE DIRECTORS OF VASS IT SERVICES LIMITED
 

Opinion


We have audited the financial statements of Vass IT Services Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 31 December 2023 and of its loss 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 6

 
VASS IT SERVICES LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE DIRECTORS OF VASS IT SERVICES LIMITED (CONTINUED)


Opinion 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 Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 Directors' responsibilities statement set out on page 4, 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 is 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
VASS IT SERVICES LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE DIRECTORS OF VASS IT SERVICES LIMITED (CONTINUED)


Auditor's 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 an Auditor's report 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.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. 
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:

Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of management and those charged with governance to identify any material instances of non compliance with laws an regulations;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance
with applicable laws and regulations; 
Performing audit work to address the risk of irregularities due to management override of controls, including
testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of
significant transactions outside the normal course of business and reviewing accounting estimates for
evidence of bias. 



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 Auditor's report.


Use of our report
 

This report is made solely to the Company's directors, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's directors those matters we are required to state to them in an Auditor's report 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 directors, as a body, for our audit work, for this report, or for the opinions we have formed.


Page 8

 
VASS IT SERVICES LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE DIRECTORS OF VASS IT SERVICES LIMITED (CONTINUED)


Alexander Peal BSc(Hons) FCA DChA (Senior Statutory Auditor)
  
for and on behalf of
James Cowper Kreston Audit
 
Chartered Accountants and Statutory Auditor
  
Reading Bridge House
George Street
Reading
Berkshire
RG1 8LS

15 March 2024
Page 9

 
VASS IT SERVICES LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
 £
£

  

Turnover
  
17,971,547
13,950,996

Cost of sales
  
(18,559,743)
(11,714,837)

Gross (loss)/profit
  
(588,196)
2,236,159

Administrative expenses
  
(1,826,304)
(1,205,751)

Operating (loss)/profit
  
(2,414,500)
1,030,408

Interest receivable and similar income
 6 
1,585
-

(Loss)/profit before tax
  
(2,412,915)
1,030,408

Tax on (loss)/profit
 7 
506,270
(195,992)

(Loss)/profit for the financial year
  
(1,906,645)
834,416

There was no other comprehensive income for 2023 (2022: £NIL).

The notes on pages 12 to 23 form part of these financial statements.

Page 10

 
VASS IT SERVICES LIMITED
REGISTERED NUMBER: 06319930

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 8 
1,326,415
14,790

Tangible assets
 9 
3,635
9,774

  
1,330,050
24,564

Current assets
  

Debtors
 10 
7,352,442
5,183,803

Cash at bank and in hand
 11 
2,014,414
3,377,152

  
9,366,856
8,560,955

Creditors: amounts falling due within one year
 12 
(9,037,717)
(5,017,503)

Net current assets
  
 
 
329,139
 
 
3,543,452

Total assets less current liabilities
  
1,659,189
3,568,016

Provisions for liabilities
  

Deferred tax
 13 
-
(679)

  
 
 
-
 
 
(679)

Net assets
  
1,659,189
3,567,337


Capital and reserves
  

Called up share capital 
 14 
1,000
1,000

Profit and loss account
 15 
1,658,189
3,566,337

  
1,659,189
3,567,337


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


L Goodenough
Director
Date: 14 March 2024

The notes on pages 12 to 23 form part of these financial statements.

Page 11

 
VASS IT SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

VASS IT Services Limited is a company limited, by shares and incorporated in England and Wales (Registered number: 06319930). The registered office is 5 Merchant Square, London, W2 1AY.
The principal activity of the company in the year under review was that of IT services.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of VASS Consultoria de Sistemas S.L as at 31 December 2023 and these financial statements may be obtained from 5 Merchant Square, London, England, W2 1AY.

 
2.3

Foreign currency translation

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.

Page 12

 
VASS IT SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Rendering of services

Revenue 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 revenue 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.

 
2.5

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

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.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 13

 
VASS IT SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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 balance sheet 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 balance sheet 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 balance sheet date.

 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other 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.

 Amortisation is provided on the following bases:

Development expenditure
-
20%
Straight Line
Goodwill
-
10%
Straight Line
Computer Software
-
20%
Straight Line

 
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.

Page 14

 
VASS IT SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

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:

Office equipment
-
33%
Straight line

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

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.

 
2.12

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.

 
2.13

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.

Page 15

 
VASS IT SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Turnover
17,971,547
13,950,996

17,971,547
13,950,996


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
17,971,547
13,950,996

17,971,547
13,950,996



4.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2023
2022
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
13,000
10,120


5.


Employees

2023
2022
£
£

Wages and salaries
6,361,221
2,885,099

Social security costs
684,517
330,796

7,045,738
3,215,895


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Average Number of Employees
90
40

Page 16

 
VASS IT SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Interest receivable

2023
2022
£
£


Other interest receivable
1,585
-

1,585
-


7.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
(184,196)
200,632

Adjustments in respect of previous periods
19,882
-


(164,314)
200,632


Total current tax
(164,314)
200,632

Deferred tax


Losses and other deductions
(341,956)
(4,640)

Total deferred tax
(341,956)
(4,640)


Tax on (loss)/profit
(506,270)
195,992
Page 17

 
VASS IT SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
7.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
2,413,917
1,030,408


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
(567,767)
195,778

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
1,327

Adjustments to tax charge in respect of previous periods
(164,314)
-

Losses carried back
246,047
-

Remeasurement of deferred tax for changes in tax rates
-
(1,113)

Other differences leading to an increase (decrease) in the tax charge
(20,236)
-

Total tax charge for the year
(506,270)
195,992


Factors that may affect future tax charges

The company has carried back losses against the prior year profit. At year end the company has £1,218,365 of losses to offset against future tax profits.

Page 18

 
VASS IT SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Intangible assets




Development expenditure
Computer software
Goodwill
Total

£
£
£
£



Cost


At 1 January 2023
-
32,295
-
32,295


Additions
330,632
20,223
1,102,548
1,453,403



At 31 December 2023

330,632
52,518
1,102,548
1,485,698



Amortisation


At 1 January 2023
-
17,505
-
17,505


Charge for the year
49,595
9,492
82,691
141,778



At 31 December 2023

49,595
26,997
82,691
159,283



Net book value



At 31 December 2023
281,037
25,521
1,019,857
1,326,415



At 31 December 2022
-
14,790
-
14,790



Page 19

 
VASS IT SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2023
70,872



At 31 December 2023

70,872



Depreciation


At 1 January 2023
61,098


Charge for the year
6,139



At 31 December 2023

67,237



Net book value



At 31 December 2023
3,635



At 31 December 2022
9,774


10.


Debtors

As restated
2023
2022
£
£



Trade debtors
6,419,597
3,871,703

Amounts owed by group undertakings
410,145
901,106

Other debtors
158,641
296,976

Prepayments and accrued income
18,142
114,018

Deferred taxation
345,917
-

Total Debtors
7,352,442
5,183,803



11.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,014,414
3,377,152

2,014,414
3,377,152


Page 20

 
VASS IT SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
348,996
463,534

Amounts owed to group undertakings
7,106,418
3,113,860

Corporation tax
-
393,073

Other taxation and social security
1,053,178
706,761

Other creditors
33,997
7,564

Accruals and deferred income
495,128
332,711

9,037,717
5,017,503



13.


Deferred taxation




2023
2022


£

£






At beginning of year
(679)
(5,319)


Charged to profit or loss
346,596
4,640



At end of year
345,917
(679)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Losses and other deductions
345,917
(679)

345,917
(679)

Page 21

 
VASS IT SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



15.


Reserves

Called up share capital

Called up share capital represents the nominal value of the shares issued.

Profit and loss account

The profit and loss account represents cumulative profits or losses, net of dividends paid and other
adjustments.


16.


Commitments under operating leases

At 31 December 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
128,001
54,990

Later than 1 year and not later than 5 years
-
18,330

128,001
73,320

Page 22

 
VASS IT SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Related party transactions

At the year end the company owed £3,129,089 to VASS Consultoria de Sistemas S.L. its ultimate parent company (2022: £712,32).
At the year end the company owed £2,046,082 to Nateevo Digital S.L.U, a connected company (2022: £670,875).
At the year end the company was due £42,566 to OEP Spanish IT Acquico S.L.U a connected company (2022: £Nil).
At the year end the company was due £209,311 to Vass Netherlands BV a connected company (2022: £Nil).
At the year end the company owed £12,488 to VASS IT Services Ireland Limited a connected company (2022: £Nil).
At the year end the company owed £144,708 to VASS LATVIA a connected company (2022: £Nil).

At the year end the company owed £273,671 to VASS Consultoria de Sistemas Mexico S.A. de C.V. a connected company (2022: £19,633).
At the year end the company owed £131,050 to Hexagon Data S.A.P.I de C.V a connected company (2022: £Nil).
At the year end the company owed £13,050 to VASS APAC Pte. Ltd a connected company (2022: £Nil).
At the year end the company was due £30,421 to Desarrollos Informáticos Ingelygenz, S.A. a connected company (2022: £Nil).
At the year end the company owed £8,111 to Tech Training Campus 4U, S.L. a connected company (2022: £Nil).
At the year end the company owed £3,117441 to Serbatic Sistemas Technologicos S.L.U a connected company (2022: £1,363,87).
At the year end the company was due £Nil from Computer Resources International Group SA a connected company (2022: £337,633).


18.


Post balance sheet events

There were no post balance sheet events to note.


19.


Controlling party

The immediate and ultimate parent company is VASS Consultoria de Sistemas S.L. a company registered in Spain. The largest group in which the results of the Company are consolidated is that headed by VASS Consultoria de Sistemas S.L. The financial statements of VASS Consultoria de Sistemas S.L. are publicly available at 5 Merchant Square, London, England, W2 1AY.  


Page 23