Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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VASS IT SERVICES LIMITED
COMPANY INFORMATION
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VASS IT SERVICES LIMITED
CONTENTS
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VASS IT SERVICES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
∙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.
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VASS IT SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
∙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.
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VASS IT SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The company's activities do not have a direct and significant impact on the environment and it complies with applicable regulations.
∙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.
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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.
The directors who served during the year were:
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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 2006. They 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.
The loss for the year, after taxation, amounted to £1,906,645 (2022 - profit £834,416).
There have been no significant events affecting the Company since the year end.
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VASS IT SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The auditor, James Cowper Kreston Audit, will 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.
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VASS IT SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE DIRECTORS OF VASS IT SERVICES LIMITED
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 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).
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.
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.
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 Report. 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. 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.
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VASS IT SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE DIRECTORS OF VASS IT SERVICES LIMITED (CONTINUED)
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.
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.
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VASS IT SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE DIRECTORS OF VASS IT SERVICES LIMITED (CONTINUED)
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.
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 2006. Our 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.
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VASS IT SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE DIRECTORS OF VASS IT SERVICES LIMITED (CONTINUED)
for and on behalf of
Chartered Accountants and Statutory Auditor
Reading Bridge House
George Street
Berkshire
RG1 8LS
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VASS IT SERVICES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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VASS IT SERVICES LIMITED
REGISTERED NUMBER: 06319930
BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 23 form part of these financial statements.
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VASS IT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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
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.
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.
Functional and presentation currency
Transactions and balances
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VASS IT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
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VASS IT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Goodwill
Other intangible assets
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:
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VASS IT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (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:
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.
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VASS IT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Analysis of turnover by country of destination:
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VASS IT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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VASS IT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
7.Taxation (continued)
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.
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VASS IT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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VASS IT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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VASS IT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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VASS IT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Called up share capital
Profit and loss account
adjustments.
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VASS IT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The immediate and ultimate parent company is
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