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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: Mrs S A Travis
Mr P D Travis
Mrs G Travis





SECRETARY: Mrs G Travis





REGISTERED OFFICE: Carr Brook Works
Elnor Lane
Whaley Bridge
High Peak
SK23 7JN





REGISTERED NUMBER: 01439569 (England and Wales)





AUDITORS: Allens Accountants Limited
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:





Mr P D Travis - Director


25 July 2024

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.

Mrs S A Travis
Mr P D Travis
Mrs G Travis

Other changes in directors holding office are as follows:

Mr D Travis ceased to be a director after 30 November 2023 but prior to the date of this report.

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:





Mr P D Travis - Director


25 July 2024

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.




Mr Dean McMullan (Senior Statutory Auditor)
for and on behalf of Allens Accountants Limited
Registered Auditors and
Chartered Accountants
123 Wellington Road South
Stockport
Cheshire
SK1 3TH

25 July 2024

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 4,053,081 4,491,918
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 2,880,290 2,794,113
Investments 13 13,137,934 12,056,258
Investment property 14 - -
16,018,224 14,850,371

CURRENT ASSETS
Stocks 15 1,896,569 2,170,241
Debtors 16 3,388,726 4,590,439
Cash at bank and in hand 5,367,374 3,313,440
10,652,669 10,074,120
CREDITORS
Amounts falling due within one year 17 5,562,597 6,590,251
NET CURRENT ASSETS 5,090,072 3,483,869
TOTAL ASSETS LESS CURRENT
LIABILITIES

21,108,296

18,334,240

PROVISIONS FOR LIABILITIES 19 347,688 217,596
NET ASSETS 20,760,608 18,116,644

CAPITAL AND RESERVES
Called up share capital 20 50,200 50,200
Share premium 21 11,400 11,400
Retained earnings 21 20,699,008 18,055,044
SHAREHOLDERS' FUNDS 20,760,608 18,116,644

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 25 July 2024 and were signed on its behalf by:





Mr P D Travis - Director


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 50,200 15,517,115 11,400 15,578,715

Changes in equity
Dividends - (344,000 ) - (344,000 )
Total comprehensive income - 2,881,929 - 2,881,929
Balance at 30 November 2022 50,200 18,055,044 11,400 18,116,644

Changes in equity
Dividends - (474,000 ) - (474,000 )
Total comprehensive income - 3,117,964 - 3,117,964
Balance at 30 November 2023 50,200 20,699,008 11,400 20,760,608

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost and Land is not depreciated
Improvements to property - 15% on reducing balance
Plant & machinery - 15% on reducing balance, 10% on cost to estimated residual value and 10% on reducing balance
Fixtures & fittings - 25% on cost, 15% on reducing balance and 10% on reducing balance
Motor vehicles - 25% on reducing balance and 25% on cost
Computer equipment - 25% on cost and 15% on reducing balance

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
157 150

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 902,774 1,894,269 3,979,967
Additions - - 257,331
Disposals - - (10,139 )
At 30 November 2023 902,774 1,894,269 4,227,159
DEPRECIATION
At 1 December 2022 - 1,237,177 3,067,765
Charge for year - 76,794 139,283
Eliminated on disposal - - (7,706 )
At 30 November 2023 - 1,313,971 3,199,342
NET BOOK VALUE
At 30 November 2023 902,774 580,298 1,027,817
At 30 November 2022 902,774 657,092 912,202

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 564,650 236,059 7,577,719
Additions 84,448 58,890 400,669
Disposals - (50,457 ) (60,596 )
At 30 November 2023 649,098 244,492 7,917,792
DEPRECIATION
At 1 December 2022 355,642 123,022 4,783,606
Charge for year 37,700 39,839 293,616
Eliminated on disposal - (32,014 ) (39,720 )
At 30 November 2023 393,342 130,847 5,037,502
NET BOOK VALUE
At 30 November 2023 255,756 113,645 2,880,290
At 30 November 2022 209,008 113,037 2,794,113

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertaking
£   
COST
At 1 December 2022 12,056,258
Additions 1,081,676
At 30 November 2023 13,137,934
NET BOOK VALUE
At 30 November 2023 13,137,934
At 30 November 2022 12,056,258

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

B P C Building Products Ltd
Registered office: England & Wales
Nature of business: Manufacture of building products
%
Class of shares: holding
Ordinary 95.00
30/11/23 30/11/22
£    £   
Aggregate capital and reserves 4,024,569 3,806,867
Profit for the year 783,703 953,489

G.A. Fixings Ltd
Registered office: England & Wales
Nature of business: Design and sale of building products
%
Class of shares: holding
Ordinary 100.00
30/11/23 30/11/22
£    £   
Aggregate capital and reserves 3,563,956 2,735,621
Profit for the year 828,335 959,588

Locusrite Holdings Ltd
Registered office: England & Wales
Nature of business: Holding company
%
Class of shares: holding
Ordinary 93.00
30/11/23 30/11/22
£    £   
Aggregate capital and reserves 1,269,386 1,752,106
Profit for the year 117,280 496,946

Locusrite Ltd (Indirect)
Registered office: England & Wales
Nature of business: Manufacture of expanded metal
%
Class of shares: holding
Ordinary 93.00
30/11/23 30/11/22
£    £   
Aggregate capital and reserves 2,264,651 1,380,581
Profit for the year 884,070 513,029


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 2,006,216 567,621 989,356
Finished goods 2,746,905 2,895,028 1,328,948 1,180,885
3,917,392 4,901,244 1,896,569 2,170,241

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 3,302,134 4,413,275
Other debtors 1,257 115,724 - 110,468
Prepayments and accrued income 164,272 158,130 86,592 66,696
6,660,457 7,928,097 3,388,726 4,590,439

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 2,770,842 4,168,225
Amounts owed to group undertakings - - 1,000,000 -
Corporation tax 693,669 516,132 367,947 324,774
Social security and other taxes 161,328 134,450 76,496 60,380
VAT 791,904 786,435 395,065 384,955
Other creditors 8,957 938,670 7,111 936,277
Directors' loan accounts 408,370 260,870 408,370 260,870
Accruals and deferred income 1,366,114 1,262,915 536,766 454,770
8,817,119 11,223,723 5,562,597 6,590,251

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 217,596
Charge to Income Statement during year 130,092
Balance at 30 November 2023 347,688

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30/11/23 30/11/22
value: £    £   
50,000 Ordinary 'A' £1 50,000 50,000
200 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.