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REGISTERED NUMBER: 04854830 (England and Wales)

















Report of the Directors and

Unaudited Financial Statements

for the Year Ended 31 October 2023

for

VSM Europe Limited

VSM Europe Limited (Registered number: 04854830)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Report of the Directors 2

Balance Sheet 3

Notes to the Financial Statements 5

Chartered Accountants' Report 8

VSM Europe Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: Mr L Vernon
Ms G A Vernon





SECRETARY: Ms G A Vernon





REGISTERED OFFICE: 2nd Floor, Grove House
774-780 Wilmslow Road
Didsbury
Manchester
Greater Manchester
M20 2DR





REGISTERED NUMBER: 04854830 (England and Wales)





ACCOUNTANTS: Sterling Partners Limited
Chartered Accountants
Chartered Tax Advisors
2nd Floor, Grove House
774-780 Wilmslow Road
Didsbury
Manchester
Greater Manchester
M20 2DR

VSM Europe Limited (Registered number: 04854830)

Report of the Directors
for the Year Ended 31 October 2023

The directors present their report with the financial statements of the company for the year ended 31 October 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of full-service marketing and communications agency within the dental industry/channel.

REVIEW OF BUSINESS
VSM Marketing (trading name of VSM Europe Limited) continues to be the UK's dental marketing and communications agency. Our unique approach of overlaying sector insights and in-depth knowledge continues to be the cornerstone of our service to ensure both exceptional and measurable campaign results.

The dental channel remains a unique opportunity to engage with over 50% of the UK adult population, and their families, who attend dental practice on a regular basis. Active recommendation given by dental professionals is often acted upon and in consumer based products is proven to be more impactful to consumers than TV advertising. This active recommendation therefore provides significant return for consumer companies in producing lifelong and loyal brand focused customers. The trading environment for consumer based companies has been difficult during this trading year with the cost of living crisis impacting on consumer spending. This in turn has impacted some customer sales and therefore reduced advertising and promotion spend available to VSM, hitting both our turnover and profit. We will continue to support our customers within this area and to protect future business growth we will proactively engage with customers outside the consumer sector.

This approach will mean our consultancy based work in which we exploit our sector insights and knowledge will continue to grow. We continue to leverage this novel approach and are still planning to exploit this opportunity to apply the same methodology cross other healthcare channels.

GDPR compliance continues to be a strength, and this is recognised across the industry. The quality and content of materials and samples received by dental professionals via our database for both dental practices as buildings, and individual dental professionals through digital platforms is both valued and recognised as positively contributing to professionalism and patient care. VSM's data continues to be unique to the marketplace due the high level of validation.

As ever, VSM remains committed to growth to benefit the general population, the dental industry and the VSM team.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report.

Mr L Vernon
Ms G A Vernon

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr L Vernon - Director


31 July 2024

VSM Europe Limited (Registered number: 04854830)

Balance Sheet
31 October 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 48,413 53,959

CURRENT ASSETS
Debtors 5 211,174 254,773
Cash at bank and in hand 138,423 197,493
349,597 452,266
CREDITORS
Amounts falling due within one year 6 (208,426 ) (264,693 )
NET CURRENT ASSETS 141,171 187,573
TOTAL ASSETS LESS CURRENT
LIABILITIES

189,584

241,532

CREDITORS
Amounts falling due after more than one year 7 (21,667 ) (31,667 )

PROVISIONS FOR LIABILITIES 8 (12,103 ) (10,252 )
NET ASSETS 155,814 199,613

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 10 155,714 199,513
SHAREHOLDERS' FUNDS 155,814 199,613

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

VSM Europe Limited (Registered number: 04854830)

Balance Sheet - continued
31 October 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:





Mr L Vernon - Director


VSM Europe Limited (Registered number: 04854830)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

VSM Europe Limited 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 Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 33% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

VSM Europe Limited (Registered number: 04854830)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 November 2022 20,321 75,767 73,466 169,554
Additions - - 2,022 2,022
At 31 October 2023 20,321 75,767 75,488 171,576
DEPRECIATION
At 1 November 2022 2,101 50,821 62,673 115,595
Charge for year 406 2,855 4,307 7,568
At 31 October 2023 2,507 53,676 66,980 123,163
NET BOOK VALUE
At 31 October 2023 17,814 22,091 8,508 48,413
At 31 October 2022 18,220 24,946 10,793 53,959

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 188,315 223,464
Other debtors 2,195 7,751
Directors' current accounts 17,191 20,530
Prepayments 3,473 3,028
211,174 254,773

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 84,049 121,769
Tax 45,810 54,563
Social security and other taxes 18,475 15,115
Pension liability 770 725
VAT 37,415 54,361
Other creditors 7,032 3,285
Accrued expenses 4,875 4,875
208,426 264,693

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 11,667 21,667
21,667 31,667

VSM Europe Limited (Registered number: 04854830)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 12,103 10,252

Deferred
tax
£   
Balance at 1 November 2022 10,252
Accelerated capital allowances 1,851
Balance at 31 October 2023 12,103

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary 1 100 100

10. RESERVES
Retained
earnings
£   

At 1 November 2022 199,513
Profit for the year 152,050
Dividends (195,849 )
At 31 October 2023 155,714

11. OTHER FINANCIAL COMMITMENTS

The company as at 31 October 2023 had financial commitments in respect of bank loans of £31,667 (2022: £41,667) and operating leases of £7,215 (2022: £10,389).

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2023 and 31 October 2022:

2023 2022
£    £   
Mr L Vernon and Ms G A Vernon
Balance outstanding at start of year 20,530 (1,170 )
Amounts advanced 66,482 22,065
Amounts repaid (69,821 ) (365 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 17,191 20,530

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party are the directors by virtue of their shareholding.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
VSM Europe Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of VSM Europe Limited for the year ended 31 October 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of VSM Europe Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of VSM Europe Limited and state those matters that we have agreed to state to the Board of Directors of VSM Europe Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than VSM Europe Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that VSM Europe Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of VSM Europe Limited. You consider that VSM Europe Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of VSM Europe Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Sterling Partners Limited
Chartered Accountants
Chartered Tax Advisors
2nd Floor, Grove House
774-780 Wilmslow Road
Didsbury
Manchester
Greater Manchester
M20 2DR


Date: .............................................