Company registration number 06736289 (England and Wales)
VEXTRIX MANAGEMENT LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
VEXTRIX MANAGEMENT LIMITED
CONTENTS
Page
Directors' report
1 - 4
Balance sheet
5 - 6
Notes to the financial statements
7 - 11
VEXTRIX MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Principal activities

During the year the company has continued to provide Multi-Disciplinary Construction Consultancy Services covering Project Management/Lead Consultant, Cost Consultancy/Quantity Surveying, CDM Principal Designer, H&S and Compliance Advisory Services and Multi-Disciplinary Design Services whilst and created a digital leadership team to support efficiency in delivery of internal as well as client projects.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr P J Marsden
Mr J Williamson
Mr A Singleton
VEXTRIX MANAGEMENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

Business Performance

2023 proved to be another year of significant growth for the business. After setting out our objectives for the next 3 years on our ambitious growth journey we were satisfied with the results and the of everybody across the business.

As in previous years we experienced growth in all business service lines in line with our expectations. Year on year results show revenue growth within the business of 30% increasing gross profit margin by 10%.

In the final quarter of 2023 we were able to invoice an amount of £248k on a large rail accessibility project in line with our contract payment schedule. £160k of this revenue was front loaded within our contract and is excluded from our turnover, being deferred to 2024, as this is the amount which relates to services to be completed in first quarter 2024.

The growth in our headcount stabalised through the year, with employee levels at 40 for the year end of 2022 they rose to 56 in 2023 with some rationalisation and reorganistaion taking place to align the business to where we need to be in 2024. A big success of the year has been the re-establishment of our London office base which is flourishing under its new management and the key appointments we have made, and will continue to make, to support the growth of this office.

We have continued delivery and growth in our key markets of UK Transport, Rail and Infrastructure and invested further in achieving our growth within the Real Estate and Investment and Residential sectors. There are more exciting opportunities to come in 2024 and 2025 where we will be continuing to support clients, project work and secure frameworks serving the UK transport and infrastructure, energy creation and distribution, life sciences and seeking to continue developing or offering for the real estate, commercial and residential markets

Each year we stress how important it is for us to recognise that we couldn’t achieve any of the things we do without our people and we therefore place great emphasis on our Staff Health, Wellbeing and our Inclusivity and Diversity. We have continued to support this continued staff engagement with staff through regular staff surveys, support groups and allies. The much loved staff celebratory birthday lunches allowing wider face to face introductions between our people across the business, have continued as have our wellbeing 1-to-1’s with all team members. Our regular performance plans and updates and remained in place and will be subject to further improvement and development in 2024 to ensure this is meeting the needs of the a more diverse group of people we are proud to have working for us.

In recognition of our strong business culture we were successful in being recognised in the Sunday Times Best Business awards in the early part of 2024, something which we will look to build on as we continue our growth journey.

Our commitment to our Net Positive initiative in 2023 saw the business to once again partner with a local charity, The Hive, and we have continued to support local schools offering careers advice, mentoring, placements and visits to construction sites.

We continue to focus our Net Positive Initiatives on the UN Sustainable Development Goals and have started to implement process within the business to allow our support of these goals to be considered in every aspect of work, which will be achieved through consideration of the goals at project briefing stage, remain reported on as part of our internal project reporting and considered in management and board meetings, the outputs of which are provided below for 2023.

VEXTRIX MANAGEMENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
VEXTRIX MANAGEMENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

Business Outlook

The business anticipates another year of growth in 2024 however owing to the change of the spending Control Period in the UK Rail Industry we believe our growth will be below levels experienced over the last five years providing us with the opportunity to stabilise the business and prepare to take the opportunities we feel the new spending control period will bring.

In addition to our forecast of healthy future development within the UK Rail and Infrastructure sectors we are anticipating further opportunities being available in EV, Residential and Commercial Sectors which we our marketing and business development activities over the years should enable us to benefit from.

As we stabilise in 2024 we will be exploring options to expand our service offerings to clients and continuing or work on enhancing our digital and data systems internally and service offering externally.

The Senior Leadership Team and Board are confident we can achieve our business goals as set out in our ten year plan and remain committed to the business strategy and initiatives being implemented to achieve this.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr P J Marsden
Director
23 August 2024
VEXTRIX MANAGEMENT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 5 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
489,990
175,733
Investments
4
25,125
-
0
515,115
175,733
Current assets
Stocks
98,896
122,617
Debtors
5
1,527,145
1,042,637
Cash at bank and in hand
192,010
420,085
1,818,051
1,585,339
Creditors: amounts falling due within one year
6
(1,197,399)
(862,836)
Net current assets
620,652
722,503
Total assets less current liabilities
1,135,767
898,236
Creditors: amounts falling due after more than one year
7
(70,833)
(129,306)
Provisions for liabilities
(33,061)
(31,110)
Net assets
1,031,873
737,820
Capital and reserves
Called up share capital
1,037
1,037
Share premium account
4,973
4,973
Capital redemption reserve
53
53
Profit and loss reserves
1,025,810
731,757
Total equity
1,031,873
737,820

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

VEXTRIX MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 6 -
The financial statements were approved by the board of directors and authorised for issue on 23 August 2024 and are signed on its behalf by:
Mr P J Marsden
Director
Company Registration No. 06736289
VEXTRIX MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
1
Accounting policies
Company information

Vextrix Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 52 Tithebarn Street, Liverpool, Liverpool, United Kingdom, L2 2SR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
2% straight line
Fixtures and fittings
25% straight line
Office equipment
25% straight line
1.4
Work in progress

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level activity. Provision is made for any foreseeable losses when appropriate. No element of profit is included in the valuation of work in progress.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

VEXTRIX MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 8 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are recognised at transaction price.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

VEXTRIX MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 9 -
1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
56
40
3
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Office equipment
Total
£
£
£
£
Cost
At 1 January 2023
54,277
18,779
213,617
286,673
Additions
307,958
14,368
48,254
370,580
At 31 December 2023
362,235
33,147
261,871
657,253
Depreciation and impairment
At 1 January 2023
2,986
13,976
93,978
110,940
Depreciation charged in the year
1,505
3,650
51,168
56,323
At 31 December 2023
4,491
17,626
145,146
167,263
Carrying amount
At 31 December 2023
357,744
15,521
116,725
489,990
At 31 December 2022
51,291
4,803
119,639
175,733
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
25,125
-
0
VEXTRIX MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Fixed asset investments
(Continued)
- 10 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2023
-
Additions
25,125
At 31 December 2023
25,125
Carrying amount
At 31 December 2023
25,125
At 31 December 2022
-
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,063,842
894,990
Other debtors
463,303
147,647
1,527,145
1,042,637
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loan (secured)
50,000
50,000
Trade creditors
345,416
333,203
Taxation and social security
414,667
434,993
Other creditors
387,316
44,640
1,197,399
862,836

Balance of £8,473 (2022 - £21,028) disclosed within other creditors is obligations under finance leases and is secured against the assets to which they relate to.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loan (secured)
70,833
120,833
Hire purchase (secured)
-
0
8,473
70,833
129,306
VEXTRIX MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Creditors: amounts falling due after more than one year
(Continued)
- 11 -
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
312,883
94,193
9
Related party transactions

The directors of the company are also directors of Swim Commercial Properties Limited.

 

During the year the company advanced monies to Swim Commercial Management Limited. The balance outstanding at the year end is £271,204 (2022 : £84,542). This balance is disclosed within other debtors under one year, is repayable on demand and bears no interest.

 

10
Directors' transactions

J Williamson

 

Director and shareholder

 

During the year the company advanced monies to the director and the maximum balance outstanding during the year was £57,928 (2022 - £36,977). Interest was charged on this unsecured loan at 2.25% (2022: 2.00%). At the balance sheet date the amount due from J Williamson was £57,928 (2022: £6,983). The balance due to the company from the director is disclosed within other debtors under one year.

 

 

P Marsden

 

Director and shareholder

 

During the year the company advanced monies to the director and the maximum balance outstanding during the year was £51,123 (2022 - £30,286). Interest was charged on this unsecured loan at 2.25% (2022: 2.00%). At the balance sheet date the amount due from P Marsden was £51,123 (2022: £289). The balance due to the company from the director is disclosed within other debtors under one year.

 

A Singleton

 

Director and shareholder

 

During the year the company advanced monies to the director and the maximum balance outstanding during the year was £28,977 (2022 - £20,893). Interest was charged on this unsecured loan at 2.25% (2022: 2.00%). At the balance sheet date the amount due from A Singleton was £28,977 (2022: £20,893). The balance due to the company from the director is disclosed within other debtors under one year.

 

2023-12-312023-01-01false23 August 2024CCH SoftwareCCH Accounts Production 2024.100Mr P J MarsdenMr J WilliamsonMr A Singletonfalsefalse067362892023-01-012023-12-3106736289bus:Director12023-01-012023-12-3106736289bus:Director22023-01-012023-12-3106736289bus:Director32023-01-012023-12-31067362892023-12-31067362892022-12-3106736289core:LeaseholdImprovements2023-12-3106736289core:FurnitureFittings2023-12-3106736289core:ComputerEquipment2023-12-3106736289core:LeaseholdImprovements2022-12-3106736289core:FurnitureFittings2022-12-3106736289core:ComputerEquipment2022-12-3106736289core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3106736289core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3106736289core:CurrentFinancialInstruments2023-12-3106736289core:CurrentFinancialInstruments2022-12-3106736289core:Non-currentFinancialInstruments2023-12-3106736289core:Non-currentFinancialInstruments2022-12-3106736289core:ShareCapital2023-12-3106736289core:ShareCapital2022-12-3106736289core:SharePremium2023-12-3106736289core:SharePremium2022-12-3106736289core:CapitalRedemptionReserve2023-12-3106736289core:CapitalRedemptionReserve2022-12-3106736289core:RetainedEarningsAccumulatedLosses2023-12-3106736289core:RetainedEarningsAccumulatedLosses2022-12-3106736289core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2023-01-012023-12-3106736289core:FurnitureFittings2023-01-012023-12-3106736289core:ComputerEquipment2023-01-012023-12-31067362892022-01-012022-12-3106736289core:LeaseholdImprovements2022-12-3106736289core:FurnitureFittings2022-12-3106736289core:ComputerEquipment2022-12-31067362892022-12-3106736289core:LeaseholdImprovements2023-01-012023-12-3106736289core:WithinOneYear2023-12-3106736289core:WithinOneYear2022-12-3106736289bus:PrivateLimitedCompanyLtd2023-01-012023-12-3106736289bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3106736289bus:FRS1022023-01-012023-12-3106736289bus:AuditExemptWithAccountantsReport2023-01-012023-12-3106736289bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP