REGISTERED NUMBER: 01439569 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
VISTA ENGINEERING LTD |
REGISTERED NUMBER: 01439569 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
VISTA ENGINEERING LTD |
VISTA ENGINEERING LTD (REGISTERED NUMBER: 01439569) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 | to | 3 |
Report of the Directors | 4 | to | 5 |
Report of the Independent Auditors | 6 | to | 9 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 18 | to | 32 |
VISTA ENGINEERING LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Registered Auditors and |
Chartered Accountants |
123 Wellington Road South |
Stockport |
Cheshire |
SK1 3TH |
VISTA ENGINEERING LTD (REGISTERED NUMBER: 01439569) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
The directors present their strategic report of the Company and the Group for the year ended 30 November 2023. |
In January 2024, David Travis, Vista's founder, and joint main shareholder very sadly passed away. His legacy, in the business he created, has grown to become the UK's largest independent manufacturer of builders' metalwork. |
In 2024 Vista celebrates 50 years of supplying the building trade. |
Although David retired many years ago, the second generation (Phil Travis) and most recently the third generation (Will Travis) have continued the family connection, growing, and developing from the foundations created by David in 1974. Today the Vista Group, which operates from five manufacturing sites and a dedicated Distribution Centre in Scotland, has a turnover of £40.6m (2022 £36.6m) and pre-tax profits of £5.8m (2022 £5.5m). |
REVIEW OF BUSINESS |
The Vista Group is the UK's leading independent manufacturer of builders' & plasterers' metalwork, and construction fixings. Operating from five manufacturing sites and a dedicated Distribution Centre in Scotland, the Group provides proven products, reliable service, and competitive pricing, built on a history of innovation and high-performance products delivering engineered strength. |
All companies in the Vista Group operate with a decentralised structure, with local directors having full decision-making responsibility, ensuring a fully customer-focused approach to market demands and opportunities. |
The Group's financial performance, shows Group turnover increased to £40.6m (2022 - £36.6m). Profit before tax increased to £5.8m (2022 - £5.5m). |
The Group continues its capital expenditure programme, investing a total of £1.3m during the year, delivering increased operational capacity and efficiency. |
The Balance Sheet remains strong with net assets totalling £22.8m (2022 - £20.4m). The year-end cash balances were £10.8m (2022 - £8.0m). |
KEY PERFORMANCE INDICATORS |
The directors measure the development, performance and the group and company's position by reference to the following factors: |
2023 | 2022 |
(a) | Turnover | £40.6m | £36.6m |
(b) | Gross Profit Margin | 45.4% | 41.6% |
(c) | Net Assets | £22.80m | £20.44m |
(d) | Debtor Days | 49 days | 63 days |
(e) | Stock Turnover | 5.6 times | 6.6 times |
The Group also use non-financial performance indicators. |
FINANCIAL RISK MANAGEMENT |
The Group's operations expose it to a variety of financial risks that include price risk and liquidity risk. These risks are managed by the Group's focus on its cash reserves and cash flow forecasts. The directors have concluded that the credit risk is low. |
PRICE RISK |
The Group is exposed to changes in the market prices of its raw material prices, which is mitigated by sourcing goods from a list of approved suppliers with whom the Group has built up and maintained a strong working relationship. |
LIQUIDITY RISK |
The Group has sufficient cash reserves to maintain the required liquidity and capital expenditure to ensure that the business is not only a going concern but is able to realise its full potential. |
VISTA ENGINEERING LTD (REGISTERED NUMBER: 01439569) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
SECTION 172(1) STATEMENT |
The directors continue to have regard to the interests of the Group's wider stakeholders, in accordance with s172 of the Companies Act. The directors consider the following to be key stakeholders to the Group; |
CUSTOMERS |
Ensuring ready availability of proven products, customer service excellence and competitive pricing is critical to our success. We aim to build strong and lasting partnership relationships with customers by listening to, then meeting their needs. A close customer engagement helps create repeat business. |
EMPLOYEES |
Our employee engagement takes multiple forms with the most significant being the visibility and involvement of shareholders, enabling employees' direct access to the owners and decision makers. We aim to treat everyone fairly and consistently, creating a workplace and business environment that is committed, nurturing and loyal. |
SUPPLIERS |
Our business-critical operations are delivered and managed with the support of our suppliers. We engage regularly with our suppliers to create a collaborative and trusting environment which allows us to deliver solutions to our customers. |
SHAREHOLDERS |
As a family-owned business, shareholders are involved daily, with formal meetings held as required. For some subsidiary companies, shareholders include minority interests held by key local operational directors. |
LOCAL COMMUNITIES |
Community engagement is achieved through supporting local charities and community projects. |
ENVIRONMENT |
The Group has various schemes and policies aimed at reducing our impact on the environment, including installation of solar panels, use of electric vehicles and using sustainable building materials wherever possible. |
ON BEHALF OF THE BOARD: |
VISTA ENGINEERING LTD (REGISTERED NUMBER: 01439569) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
The directors present their report with the financial statements of the Company and the Group for the year ended 30 November 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the Group in the year under review was that of manufacturing of building fixings. |
DIVIDENDS |
Dividends of £474,000 (2022: £344,000) were voted during the year. |
FUTURE DEVELOPMENTS |
The Group's primary objective is to increase long term value to its shareholders, achieved through a continued focus on product, service and price. Independently minded and family-owned, the Group is ideally positioned to be agile in response to new opportunities in the construction sector. |
The Group continues to invest in its brands, as well as making strategic investments to drive improvement in service, product, and quality. |
POST BALANCE SHEET EVENTS |
There are no post balance sheet events to report. |
QUALIFYING THIRD PARTY INDEMNITY PROVISIONS |
All directors benefited from a qualifying indemnity insurance policy in place during the financial year. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
CHARITABLE DONATIONS |
During the year the group paid charitable donations totalling £8,950 (2022: £4,669). |
MODERN SLAVERY STATEMENT |
We are committed to ensuring that there is no modern slavery or human trafficking in our supply chain or in any part of our business. Our Anti-Slavery Policy reflects our commitment to acting ethically and with integrity in all our business relationships and to implementing and enforcing effective systems and controls to ensure slavery and human trafficking is not taking place anywhere in our supply chains. |
DISABILITY POLICY |
We are committed to ensuring that people with disabilities are treated fairly, supported, and encouraged to apply for employment and to progress and receive training once employed. |
STREAMLINED ENERGY AND CARBON REPORTING |
The Vista Group companies were early adopters of energy efficiency improvements to its estate of freehold property, with installation of solar panels, upgrade to LED lighting, and building from sustainable materials. Across all sites energy efficient investments include smart heating controls, VSD technology, and specifying electric or hybrid vehicles. |
The Group monitors its energy usage through KPI reporting with targets of year-on-year reduction in consumption. |
The Directors considered the intensity metrics within the business and concluded that Internal Area (SQM) is the most appropriate metric to report. This is comprised of all emissions associated with the current operating activities of the Group, divided by Internal area. |
VISTA ENGINEERING LTD (REGISTERED NUMBER: 01439569) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
The current intensity ratio for the operating period was 22.5 (2022: 25.2). |
2023 | 2022 |
Emissions from combustion of fuel (Tco2e) | 70.0 | 88.4 |
Emissions from purchased electricity (Tco2e) | 167.1 | 134.0 |
Total emissions (Tco2e) | 237.1 | 222.4 |
Intensity ratio (Tco2e / SQM of internal areas) | 22.5 | 25.2 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | 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 and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the Group's auditors are aware of that information. |
AUDITORS |
The auditors, Allens Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
VISTA ENGINEERING LTD |
Opinion |
We have audited the financial statements of Vista Engineering Ltd (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 30 November 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the Group's and of the Parent Company affairs as at 30 November 2023 and of the Group's profit 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
Opinions 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
VISTA ENGINEERING LTD |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 Statement of Directors' Responsibilities set out on page five, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
VISTA ENGINEERING LTD |
Auditors' 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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Extent to which the audit was considered capable of detecting irregularities, including fraud |
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
Identifying and assessing potential risks related to irregularities |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
- | the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, key drivers for the directors' remuneration, bonus levels and performance targets; |
- | results of our enquiries of management and the board of directors about their own identification and assessment of the risks of irregularities; |
- | any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to: |
- | identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; |
- | detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- | the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
- | the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. |
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. |
Audit response to risks identified |
Our procedure to respond to risks identified included the following: |
- | reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
- | enquiring of management and the board of directors concerning actual and potential litigation and claims; |
- | performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- | in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
VISTA ENGINEERING LTD |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
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 Report of the Auditors. |
Use of our report |
This report is made solely to the Company's members, 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 members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Registered Auditors and |
Chartered Accountants |
123 Wellington Road South |
Stockport |
Cheshire |
SK1 3TH |
VISTA ENGINEERING LTD (REGISTERED NUMBER: 01439569) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
30/11/23 | 30/11/22 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 40,564,441 | 36,595,445 |
Cost of sales | 22,146,232 | 21,373,615 |
GROSS PROFIT | 18,418,209 | 15,221,830 |
Distribution costs | 1,843,211 | 1,235,619 |
Administrative expenses | 10,940,479 | 8,630,288 |
12,783,690 | 9,865,907 |
5,634,519 | 5,355,923 |
Other operating income | 153,228 | 181,240 |
OPERATING PROFIT | 5 | 5,787,747 | 5,537,163 |
Interest receivable and similar income | 6 | 79,825 | 13,997 |
5,867,572 | 5,551,160 |
Gain/loss on revaluation of investment property |
(24,360 |
) |
- |
5,843,212 | 5,551,160 |
Interest payable and similar expenses | 7 | 3,463 | 6,462 |
PROFIT BEFORE TAXATION | 5,839,749 | 5,544,698 |
Tax on profit | 8 | 1,786,668 | 1,052,780 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 3,800,329 | 4,287,205 |
Non-controlling interests | 252,752 | 204,713 |
4,053,081 | 4,491,918 |
VISTA ENGINEERING LTD (REGISTERED NUMBER: 01439569) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
30/11/23 | 30/11/22 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 4,053,081 | 4,491,918 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
4,053,081 |
4,491,918 |
Total comprehensive income attributable to: |
Owners of the parent | 3,800,329 | 4,287,205 |
Non-controlling interests | 252,752 | 204,713 |
4,053,081 | 4,491,918 |
VISTA ENGINEERING LTD (REGISTERED NUMBER: 01439569) |
CONSOLIDATED BALANCE SHEET |
30 NOVEMBER 2023 |
30/11/23 | 30/11/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 | 4,408,134 | 5,075,465 |
Tangible assets | 12 | 6,706,607 | 6,163,651 |
Investments | 13 | - | - |
Investment property | 14 | 231,788 | 256,148 |
11,346,529 | 11,495,264 |
CURRENT ASSETS |
Stocks | 15 | 3,917,392 | 4,901,244 |
Debtors | 16 | 6,660,457 | 7,928,097 |
Cash at bank and in hand | 10,767,083 | 8,034,075 |
21,344,932 | 20,863,416 |
CREDITORS |
Amounts falling due within one year | 17 | 8,817,119 | 11,223,723 |
NET CURRENT ASSETS | 12,527,813 | 9,639,693 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
23,874,342 |
21,134,957 |
PROVISIONS FOR LIABILITIES | 19 | 1,088,295 | 691,254 |
NET ASSETS | 22,786,047 | 20,443,703 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 50,200 | 50,200 |
Share premium | 21 | 11,400 | 11,400 |
Fair value reserve | 21 | 2,882 | 23,271 |
Retained earnings | 21 | 22,299,404 | 19,404,555 |
SHAREHOLDERS' FUNDS | 22,363,886 | 19,489,426 |
NON-CONTROLLING INTERESTS | 22 | 422,161 | 954,277 |
TOTAL EQUITY | 22,786,047 | 20,443,703 |
The financial statements were approved by the Board of Directors and authorised for issue on 25 July 2024 and were signed on its behalf by: |
Mr P D Travis - Director |
VISTA ENGINEERING LTD (REGISTERED NUMBER: 01439569) |
COMPANY BALANCE SHEET |
30 NOVEMBER 2023 |
30/11/23 | 30/11/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
Investment property | 14 |
CURRENT ASSETS |
Stocks | 15 |
Debtors | 16 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 17 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 19 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Share premium | 21 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 3,117,964 | 2,881,929 |
The financial statements were approved by the Board of Directors and authorised for issue on |
VISTA ENGINEERING LTD (REGISTERED NUMBER: 01439569) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 December 2021 | 50,200 | 15,461,350 | 11,400 |
Changes in equity |
Dividends | - | (344,000 | ) | - |
Total comprehensive income | - | 4,287,205 | - |
50,200 | 19,404,555 | 11,400 |
Non-controlling interest arising on business combination |
- |
- |
- |
Balance at 30 November 2022 | 50,200 | 19,404,555 | 11,400 |
Changes in equity |
Dividends | - | (474,000 | ) | - |
Total comprehensive income | - | 3,820,718 | - |
Piecemeal acquisition of |
subsidiary | - | (451,869 | ) | - |
Balance at 30 November 2023 | 50,200 | 22,299,404 | 11,400 |
Fair |
value | Non-controlling | Total |
reserve | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 December 2021 | 23,271 | 15,546,221 | 598,047 | 16,144,268 |
Changes in equity |
Dividends | - | (344,000 | ) | (27,371 | ) | (371,371 | ) |
Total comprehensive income | - | 4,287,205 | 204,713 | 4,491,918 |
23,271 | 19,489,426 | 775,389 | 20,264,815 |
Non-controlling interest arising on business combination |
- |
- |
178,888 |
178,888 |
Balance at 30 November 2022 | 23,271 | 19,489,426 | 954,277 | 20,443,703 |
Changes in equity |
Dividends | - | (474,000 | ) | (155,060 | ) | (629,060 | ) |
Total comprehensive income | (20,389 | ) | 3,800,329 | 252,752 | 4,053,081 |
Piecemeal acquisition of |
subsidiary | - | (451,869 | ) | (629,808 | ) | (1,081,677 | ) |
Balance at 30 November 2023 | 2,882 | 22,363,886 | 422,161 | 22,786,047 |
VISTA ENGINEERING LTD (REGISTERED NUMBER: 01439569) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 December 2021 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 November 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 November 2023 |
VISTA ENGINEERING LTD (REGISTERED NUMBER: 01439569) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
30/11/23 | 30/11/22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 6,810,136 | 6,997,976 |
Interest paid | (2,295 | ) | (2,250 | ) |
Interest element of hire purchase payments paid |
(1,168 |
) |
- |
Finance costs paid | - | (4,212 | ) |
Tax paid | (1,212,091 | ) | (586,171 | ) |
Net cash from operating activities | 5,594,582 | 6,405,343 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (1,296,599 | ) | (1,282,384 | ) |
Sale of tangible fixed assets | 74,528 | 95,132 |
Purchase of subsidiaries | - | (4,442,777 | ) |
Piecemeal acquisition of subsidiary | (1,081,677 | ) | - |
Interest received | 79,825 | 13,997 |
Net cash from investing activities | (2,223,923 | ) | (5,616,032 | ) |
Cash flows from financing activities |
Capital repayments in year | (8,592 | ) | (28,621 | ) |
Equity dividends paid | (473,999 | ) | (344,000 | ) |
Dividends paid to NCI's | (155,060 | ) | (27,371 | ) |
Net cash from financing activities | (637,651 | ) | (399,992 | ) |
Increase in cash and cash equivalents | 2,733,008 | 389,319 |
Cash and cash equivalents at beginning of year |
2 |
8,034,075 |
7,644,756 |
Cash and cash equivalents at end of year | 2 | 10,767,083 | 8,034,075 |
VISTA ENGINEERING LTD (REGISTERED NUMBER: 01439569) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30/11/23 | 30/11/22 |
£ | £ |
Profit before taxation | 5,839,749 | 5,544,698 |
Depreciation charges | 1,358,061 | 939,845 |
(Profit)/loss on disposal of fixed assets | (11,615 | ) | 2,551 |
Loss on revaluation of fixed assets | 24,360 | - |
Finance costs | 3,463 | 6,462 |
Finance income | (79,825 | ) | (13,997 | ) |
7,134,193 | 6,479,559 |
Decrease/(increase) in stocks | 983,852 | (317,553 | ) |
Decrease/(increase) in trade and other debtors | 1,267,640 | (1,029,998 | ) |
(Decrease)/increase in trade and other creditors | (2,575,549 | ) | 1,865,968 |
Cash generated from operations | 6,810,136 | 6,997,976 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 November 2023 |
30/11/23 | 1/12/22 |
£ | £ |
Cash and cash equivalents | 10,767,083 | 8,034,075 |
Year ended 30 November 2022 |
30/11/22 | 1/12/21 |
£ | £ |
Cash and cash equivalents | 8,034,075 | 7,644,756 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/12/22 | Cash flow | At 30/11/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 8,034,075 | 2,733,008 | 10,767,083 |
8,034,075 | 2,733,008 | 10,767,083 |
Debt |
Finance leases | (8,592 | ) | 8,592 | - |
(8,592 | ) | 8,592 | - |
Total | 8,025,483 | 2,741,600 | 10,767,083 |
VISTA ENGINEERING LTD (REGISTERED NUMBER: 01439569) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
1. | STATUTORY INFORMATION |
Vista Engineering Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in the Group's functional currency, pound sterling (£). |
The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgement in applying the Group's accounting policies. |
Going concern |
After reviewing the Group's financial position, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future being a period of not less than 12 months from the date of approval of these financial statements. The Group therefore continues to adopt the going concern basis in preparing the financial statements. |
Basis of consolidation |
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
The consolidated financial statements incorporate the results of the business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Income Statement from the date on which control is obtained. They are deconsolidated from the date control ceases. |
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with those used by other members of the Group. |
Significant judgements and estimates |
In the application of the Group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision effects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
The directors do not consider there to be any significant judgements and estimates that require disclosure. |
VISTA ENGINEERING LTD (REGISTERED NUMBER: 01439569) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of goods), the amount of revenue can be measured reliably, it is probable the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of businesses between 2018 and 2022, are being amortised evenly over an estimated useful life of 10 years. |
Tangible fixed assets |
Freehold property | - |
Improvements to property | - |
Plant & machinery | - |
Fixtures & fittings | - |
Motor vehicles | - |
Computer equipment | - |
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. |
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. |
Land is not depreciated. Depreciation on other assets is charged so as to allocate the costs of assets less their residual value over their estimated useful lives. |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of 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 Consolidated Income Statement. |
Investment property |
Investment property is included at fair value. Gains and losses are recognised in the consolidated income statement. Deferred taxation is provided on gains at the rate expected to apply when the property is sold. |
VISTA ENGINEERING LTD (REGISTERED NUMBER: 01439569) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. |
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential. |
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the Consolidated Income Statement. Reversals of impairment losses are also recognised in the Consolidated Income Statement. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. |
Hire purchase and finance leasing commitments |
Hire purchase an finance lease payments represent rentals payable by the Group or Company for certain items of plant and machinery. Hire purchase and finance leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The hire purchase and finance leases are secured on the related assets acquired under the lease. |
Pension costs and other post-retirement benefits |
The Group operates a defined contribution pension scheme for all qualifying employees. Contributions payable to the Group's pension scheme are charged to the Consolidated Income Statement in the period to which they relate. The assets are held separately from those of the Group in an independently administered fund. |
VISTA ENGINEERING LTD (REGISTERED NUMBER: 01439569) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Cash at bank 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. |
In the Consolidated Cash Flow Statement, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the group's cash management. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
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. |
Finance costs |
Finance costs are charged to the Consolidated Income Statement 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. |
Operating leases |
Rentals paid under operating leases are charged to the Consolidated Income Statement on a straight line basis over the lease term. Lease incentives are recognised on a straight line basis over the term of the lease. |
Dividends |
Equity dividends are recognised when they become legally payable. |
Provision for liabilities |
Provisions are made where an event has taken place that gives the Group 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 the Consolidated Income Statement in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
VISTA ENGINEERING LTD (REGISTERED NUMBER: 01439569) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, together with loans to and from related parties. |
Debt instruments (other than those wholly repayable or receivable in one year), including loans and other accounts receivable and payable, are initially measured at present value of future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable in one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Income Statement. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the group would receive for the asset if it were to be sold at the balance sheet date. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the Group. |
An analysis of turnover by class of business is given below: |
30/11/23 | 30/11/22 |
£ | £ |
Sales of goods | 40,564,441 | 36,595,445 |
40,564,441 | 36,595,445 |
An analysis of turnover by geographical market is given below: |
30/11/23 | 30/11/22 |
£ | £ |
United Kingdom | 38,525,432 | 35,700,391 |
Europe | 1,998,948 | 895,054 |
Rest of World | 40,061 | - |
40,564,441 | 36,595,445 |
VISTA ENGINEERING LTD (REGISTERED NUMBER: 01439569) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
4. | EMPLOYEES AND DIRECTORS |
30/11/23 | 30/11/22 |
£ | £ |
Wages and salaries | 5,879,306 | 5,600,144 |
Social security costs | 614,565 | 569,134 |
Other pension costs | 187,179 | 129,741 |
6,681,050 | 6,299,019 |
The average number of employees during the year was as follows: |
30/11/23 | 30/11/22 |
Directors | 4 | 4 |
Sales and administration | 28 | 27 |
Production and warehouse | 125 | 119 |
30/11/23 | 30/11/22 |
£ | £ |
Directors' remuneration | 17,400 | 117,400 |
Directors' pension contributions to money purchase schemes | 24,000 | 24,000 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30/11/23 | 30/11/22 |
£ | £ |
Hire of plant and machinery | 1,105 | 1,046 |
Other operating leases | 104,984 | 65,955 |
Depreciation - owned assets | 690,732 | 543,799 |
(Profit)/loss on disposal of fixed assets | (11,615 | ) | 2,551 |
Goodwill amortisation | 667,331 | 396,099 |
Audit services | 37,000 | 36,000 |
Accountancy services | 8,500 | 8,000 |
Tax services | 4,500 | 4,000 |
Foreign exchange differences | (15,766 | ) | 27,727 |
6. | INTEREST RECEIVABLE AND SIMILAR INCOME |
30/11/23 | 30/11/22 |
£ | £ |
Deposit account interest | 78,945 | 13,997 |
HMRC interest received | 880 | - |
79,825 | 13,997 |
VISTA ENGINEERING LTD (REGISTERED NUMBER: 01439569) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30/11/23 | 30/11/22 |
£ | £ |
Bank interest | 1,864 | 2,247 |
HMRC interest paid | 431 | 3 |
Hire purchase | 1,168 | 4,212 |
3,463 | 6,462 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30/11/23 | 30/11/22 |
£ | £ |
Current tax: |
UK corporation tax | 1,389,625 | 947,297 |
Deferred tax | 397,043 | 105,483 |
Tax on profit | 1,786,668 | 1,052,780 |
UK corporation tax has been charged at 25 % . |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
30/11/23 | 30/11/22 |
£ | £ |
Profit before tax | 5,839,749 | 5,544,698 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2022 - 19 %) |
1,459,937 |
1,053,493 |
Effects of: |
Expenses not deductible for tax purposes | 24,481 | 23,477 |
Research and development tax credit | - | (26,530 | ) |
Software expenditure capitalised | - | (15,034 | ) |
Amortisation and losses on assets not qualifying for tax allowances | 196,907 | 75,259 |
Super deductions | (5,531 | ) | (53,127 | ) |
Other reconciling items | - | (4,758 | ) |
Change in rate of tax | 110,874 | - |
Total tax charge | 1,786,668 | 1,052,780 |
9. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
VISTA ENGINEERING LTD (REGISTERED NUMBER: 01439569) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
10. | DIVIDENDS |
30/11/23 | 30/11/22 |
£ | £ |
Ordinary 'A' shares of £1 each |
Interim | 60,000 | 60,000 |
Ordinary 'B' shares of £1 each |
Interim | 414,000 | 284,000 |
474,000 | 344,000 |
11. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 December 2022 |
and 30 November 2023 | 6,673,310 |
AMORTISATION |
At 1 December 2022 | 1,597,845 |
Amortisation for year | 667,331 |
At 30 November 2023 | 2,265,176 |
NET BOOK VALUE |
At 30 November 2023 | 4,408,134 |
At 30 November 2022 | 5,075,465 |
12. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Freehold | to | Plant & |
property | property | machinery |
£ | £ | £ |
COST |
At 1 December 2022 | 1,685,079 | 1,894,269 | 8,870,159 |
Additions | - | - | 999,145 |
Disposals | - | - | (114,779 | ) |
At 30 November 2023 | 1,685,079 | 1,894,269 | 9,754,525 |
DEPRECIATION |
At 1 December 2022 | - | 1,237,177 | 5,665,941 |
Charge for year | - | 76,794 | 448,663 |
Eliminated on disposal | - | - | (78,513 | ) |
At 30 November 2023 | - | 1,313,971 | 6,036,091 |
NET BOOK VALUE |
At 30 November 2023 | 1,685,079 | 580,298 | 3,718,434 |
At 30 November 2022 | 1,685,079 | 657,092 | 3,204,218 |
VISTA ENGINEERING LTD (REGISTERED NUMBER: 01439569) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
12. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures | Motor | Computer |
& fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 December 2022 | 944,955 | 358,069 | 35,287 | 13,787,818 |
Additions | 200,752 | 88,471 | 8,231 | 1,296,599 |
Disposals | - | (68,352 | ) | - | (183,131 | ) |
At 30 November 2023 | 1,145,707 | 378,188 | 43,518 | 14,901,286 |
DEPRECIATION |
At 1 December 2022 | 527,218 | 183,561 | 10,270 | 7,624,167 |
Charge for year | 100,186 | 58,531 | 6,558 | 690,732 |
Eliminated on disposal | - | (41,707 | ) | - | (120,220 | ) |
At 30 November 2023 | 627,404 | 200,385 | 16,828 | 8,194,679 |
NET BOOK VALUE |
At 30 November 2023 | 518,303 | 177,803 | 26,690 | 6,706,607 |
At 30 November 2022 | 417,737 | 174,508 | 25,017 | 6,163,651 |
Company |
Improvements |
Freehold | to | Plant & |
property | property | machinery |
£ | £ | £ |
COST |
At 1 December 2022 |
Additions |
Disposals | ( |
) |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
VISTA ENGINEERING LTD (REGISTERED NUMBER: 01439569) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
12. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures | Motor |
& fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 December 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
13. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertaking |
£ |
COST |
At 1 December 2022 |
Additions |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
VISTA ENGINEERING LTD (REGISTERED NUMBER: 01439569) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
13. | FIXED ASSET INVESTMENTS - continued |
The Group or the Company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: England & Wales |
Nature of business: |
% |
Class of shares: | holding |
30/11/23 | 30/11/22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: England & Wales |
Nature of business: |
% |
Class of shares: | holding |
30/11/23 | 30/11/22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: England & Wales |
Nature of business: |
% |
Class of shares: | holding |
30/11/23 | 30/11/22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: England & Wales |
Nature of business: |
% |
Class of shares: | holding |
30/11/23 | 30/11/22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
VISTA ENGINEERING LTD (REGISTERED NUMBER: 01439569) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
14. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 December 2022 | 256,148 |
Revaluations | (24,360 | ) |
At 30 November 2023 | 231,788 |
NET BOOK VALUE |
At 30 November 2023 | 231,788 |
At 30 November 2022 | 256,148 |
Fair value at 30 November 2023 is represented by: |
£ |
Valuation in 2018 | 28,202 |
Valuation in 2023 | (24,360 | ) |
Cost | 227,946 |
231,788 |
15. | STOCKS |
Group | Company |
30/11/23 | 30/11/22 | 30/11/23 | 30/11/22 |
£ | £ | £ | £ |
Raw materials and consumables | 1,170,487 | 2,006,216 |
Finished goods | 2,746,905 | 2,895,028 |
3,917,392 | 4,901,244 |
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30/11/23 | 30/11/22 | 30/11/23 | 30/11/22 |
£ | £ | £ | £ |
Trade debtors | 6,494,928 | 7,654,243 |
Other debtors | 1,257 | 115,724 |
Prepayments and accrued income | 164,272 | 158,130 |
6,660,457 | 7,928,097 |
VISTA ENGINEERING LTD (REGISTERED NUMBER: 01439569) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30/11/23 | 30/11/22 | 30/11/23 | 30/11/22 |
£ | £ | £ | £ |
Hire purchase contracts (see note 18) | - | 8,592 |
Trade creditors | 5,386,777 | 7,315,659 |
Amounts owed to group undertakings | - | - |
Corporation tax | 693,669 | 516,132 |
Social security and other taxes | 161,328 | 134,450 |
VAT | 791,904 | 786,435 | 395,065 | 384,955 |
Other creditors | 8,957 | 938,670 |
Directors' loan accounts | 408,370 | 260,870 | 408,370 | 260,870 |
Accruals and deferred income | 1,366,114 | 1,262,915 |
8,817,119 | 11,223,723 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
30/11/23 | 30/11/22 |
£ | £ |
Net obligations repayable: |
Within one year | - | 8,592 |
Group |
Non-cancellable operating | leases |
30/11/23 | 30/11/22 |
£ | £ |
Within one year | 24,832 | 20,457 |
Between one and five years | 28,611 | 16,125 |
53,443 | 36,582 |
19. | PROVISIONS FOR LIABILITIES |
Group | Company |
30/11/23 | 30/11/22 | 30/11/23 | 30/11/22 |
£ | £ | £ | £ |
Deferred tax | 1,088,295 | 691,254 | 347,688 | 217,596 |
VISTA ENGINEERING LTD (REGISTERED NUMBER: 01439569) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
19. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 December 2022 | 691,254 |
Charge to Income Statement during year | 397,041 |
Business combination |
Balance at 30 November 2023 | 1,088,295 |
Company |
Deferred |
tax |
£ |
Balance at 1 December 2022 |
Charge to Income Statement during year |
Balance at 30 November 2023 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30/11/23 | 30/11/22 |
value: | £ | £ |
Ordinary 'A' | £1 | 50,000 | 50,000 |
Ordinary 'B' | £1 | 200 | 200 |
50,200 | 50,200 |
Both the Ordinary A and Ordinary B shares give their holders the right to participate in any dividends declared on that class of share, to vote at general meetings and to participate in any distribution winding up or sale of the business. |
21. | RESERVES |
Share premium account |
Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium. |
Fair value reserve |
Includes all current revaluations of fixed assets and investment property transferred from retained earnings. |
Retained earnings |
Includes all current and prior retained profits and losses. |
VISTA ENGINEERING LTD (REGISTERED NUMBER: 01439569) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
22. | NON-CONTROLLING INTERESTS |
Group |
The movement in non-controlling interests during the period was as follows; |
£ |
At start of the year | 954,277 |
Share of total comprehensive income | 252,752 |
Dividends paid | (155,060 | ) |
Impact of acquisition and disposal of shares | (629,808 | ) |
At end of the year | 422,161 |
23. | CAPITAL COMMITMENTS |
Group |
During the period the Group did not contract to any significant capital commitments other than those already provided for in the financial statements. |
Company |
During the period the Company did not contract to any significant capital commitments other than those already provided for in the financial statements. |