for the financial year ended |
Vision Modular Systems UK Limited |
DIRECTORS AND OTHER INFORMATION |
Directors | |
Company Registration Number | |
United Kingdom | |
Business Address | Vantage Point |
Woburn Road Industrial Estate | |
Wolesley Road | |
MK42 7EF | |
Independent Auditors | |
Chartered Accountants | |
Level 1 | |
Devonshire House | |
One Mayfair Place | |
London | |
W1J 8AJ | |
Solicitors | |
201 Bishopsgate | |
London | |
EC2M 3AF |
Vision Modular Systems UK Limited |
STRATEGIC REPORT |
for the financial year ended 30 November 2023 |
The directors present their strategic report on the company for the financial year ended 30 November 2023. |
Review of the Company's Business |
Turnover of the company for the financial year was £86m (FY22: £88.2m) and profit before tax of £6.65m (FY22: £6.93m). At the year end, the company's net assets were £42.23m (FY22: £36.57m). The company continues to manage cost increases caused by inflation in materials and subcontractors through a careful and sensitive approach to our pricing and cost management together with the maintenance of strong relationships with our clients and suppliers. The company finances its operations primarily from retained earnings and working capital. The directors have considered the companys financial requirements based on the existing project commitments and the future pipeline and have deemed that the company is adequately capitalised to deliver on its strategic objectives over the coming 12 months. The single biggest factor in our continuing success is our ability to embrace the revolution taking place in offsite construction and the development of volumetric technology. Having previously delivered the world's tallest modular building, the company continues to see success and recognition both in the UK and abroad. During the year, Greenford Quay, a development comprising modern living with contemporary design was shortlisted for the 2023 Building Awards, Offsite Project of the Year while the volumetric development at College Road Croydon featured in Dezeen top 10 architectural projects of 2023. This recognition for Visions work follows on from 2022 where Vision was awarded five Awards of Excellence from the Council on Tall Buildings and Urban Habitat (CTBUH) in Chicago and an overall category win for Structural Engineering. Volumetric construction ensures a faster, safer, less disruptive and more sustainable delivery of high quality homes. Cutting construction times by up to 50%, it allows investors and funders to get an earlier return on investment. The precision undertaken in Visions factory reduces the number of defects and improves the overall quality of delivering these buildings. Our manufacturing discipline significantly reduces waste, improves levels of recycling and offers safer working conditions for staff. This construction methodology is less disruptive for local communities as it minimises construction logistics and has been proven to reduce carbon-related emissions, with a number of delivered buildings already reaching RIBA and LETI 2030 embodied carbon targets. |
Principal Risks and Uncertainties |
The directors are aware of the inherent risks within the construction industry. The company monitors and manages these risks through internal controls and maintaining awareness of the markets within which it operates. Economic Risk Significant political events and changing economic landscape in the UK and overseas can impact the company's business through, for example, supply chain disruption, labour costs and supply as well as the introduction of policies that may directly impact the company's business model. These risks are considered when setting the company's business strategy and operating model as well as working closely with our key suppliers to mitigate and supply chain risks. Government regulation and planning process Changes in the regulatory environment may affect the conditions and time taken by our clients to obtain planning approval and awarding of contracts. Consultation with government agencies and our involvement with leading industry groups and stakeholders help to monitor, understand, and plan for proposed changes. Health and safety The directors consider this to be an area of critical importance with the Company promoting a positive safety culture, ensuring the wellbeing of all parties involved with our work. Health and safety or environmental breaches can impact employees, sub-contractors and site visitors, and undermine the creation of a great place to work. Dedicated health and safety teams are in place and procedures, training and reporting are all regularly reviewed to ensure that the Company maintains excellent safety standards. Safety is inherent to the volumetric methodology as up to 80% of a building is manufactured in a factory-controlled environment, removing high risk activities to the safety of a factory floor. |
Financial Key Performance Indicators |
Each individual project has budgetary and financial reporting procedures, supported by appropriate key performance indicators to manage credit, liquidity and other financial risk. Key performance indicators used by management include turnover and profitability per sqm and per project. The business continually assess each project performance against budget and carefully appraise new contracts it tenders for. |
Section 172 Statement |
The board of directors plan for the business is designed to have a long term beneficial impact on the company and to contribute to its success in delivering good quality residential accommodation. Our employees are fundamental to the delivery of our plan. We aim to be a responsible employer in our approach to the pay and benefits our employees receive. The health, safety and well-being of our employees is one of our primary considerations in the way we do business. We act responsibly and fairly in our dealings with our suppliers and our sub-contractors and co-operate with our regulators, all of whom are integral to the successful delivery of our plan. We consider how our business impacts the community and the environment. The use of offsite construction methods significantly reduce traffic and pollution on and near construction sites. As the Board of Directors, our intention is to behave responsibly and we ensure that all employees at management level act in a responsible manner, operating within the high standards of business conduct and good governance expected for a a business such as ours. Our intention is to behave responsibly towards our shareholders and treat them fairly so they too may benefit from the successful delivery of our plan. |
Streamlined Energy and Reporting (SECR) |
Our company ethos is to drive the modernisation and decarbonisation of construction and real estate. Our footprint in 2023 covers our Scope 1 and 2 GHG emissions. This was converted into a GHG value using our energy consumption, either as a direct impact on the environment through mobile, stationary or otherwise owned source of combusting fossil fuel, as well as indirectly procured from energy providers through the UK National Grid. Our SECR disclosure is formulated using the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard; the global standard for companies and organisations to measure and manage their GHG emissions, established and maintained by the World Resource Institute and World Business Council for Sustainable Development. Energy Performance: Energy Consumption (kWh) - 2,174,025 kWh Associate Greenhouse Gas Emissions (tCO2e) - 410 tCO2e Energy Use and GHG Emissions Figures by Scope: Scope 1 (Stationary Combustion Fuels & Gas) - 192 tCO2e Scope 2 (Electricity) - 218 tCO2e Emissions intensity (per £100,000 turnover) - 0.48 tCO2e |
On behalf of the board |
___________________________ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Director | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
___________________________ |
Director |
Vision Modular Systems UK Limited |
DIRECTORS' REPORT |
for the financial year ended 30 November 2023 |
The directors present their report and the audited financial statements for the financial year ended 30 November 2023. |
Principal Activity |
Results and Dividends |
The profit for the financial year after providing for depreciation and taxation amounted to £5,658,479 (2022 - £5,850,836). |
The directors do not recommend payment of a dividend. |
Directors |
The directors who served during the financial year are as follows: |
Christopher Hayes |
Michelle Fleming |
Future Developments |
The company plans to continue its present activities and current trading levels. Employees are kept as fully informed as practicable about developments within the business. |
Events After the End of the Reporting Period |
There have been no significant events affecting the company since the financial year-end. |
Political Contributions |
Employee Engagement |
Employees are kept as fully informed as practicable about developments within the business. It is the policy of the company to offer opportunities to all employees having regard to their aptitudes and abilities in relation to jobs available. |
Statement of Directors' Responsibilities |
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) including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
|
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Each persons who are directors at the date of approval of this report confirms that: In so far as the directors are aware: ■there is no relevant audit information (information needed by the company's auditor in connection with preparing the auditor's report) of which the company's auditor is unaware, and ■the directors have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. |
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Auditors |
The auditors, Crowley Young, (Chartered Accountants) have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006. |
On behalf of the board |
___________________________ |
Director |
___________________________ |
Director |
INDEPENDENT AUDITOR'S REPORT |
to the Shareholders of Vision Modular Systems UK Limited |
Report on the audit of the financial statements |
Opinion |
In our opinion the financial statements: ■give a true and fair view of the state of the company's affairs as at 30 November 2023 and of its profit for the financial 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. |
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Basis for 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 company's ability to continue as a going concern for a period of at least twelve months from the date 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 |
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinion 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
■ | the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Matters on which we are required to report by exception |
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; or | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
■ | the 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 for the financial statements |
In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or has no realistic alternative but to do so. |
Auditor's 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 an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our procedures included: enquiry of management and those charged with Governance around actual and potential litigation and claims; enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations; reviewing minutes of meetings of those charged with governance; reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness. |
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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
__________________________________ |
for and on behalf of |
Level 1 |
Devonshire House |
One Mayfair Place |
London |
W1J 8AJ |
Vision Modular Systems UK Limited |
APPENDIX TO THE INDEPENDENT AUDITOR'S REPORT |
Further information regarding the scope of our responsibilities as auditor |
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: |
■ | Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
■ | Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
■ | Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
■ | Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the company to cease to continue as a going concern. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
■ | Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. |
Vision Modular Systems UK Limited |
INCOME STATEMENT |
for the financial year ended 30 November 2023 |
2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes | £ | £ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Turnover | 5 | |||
Cost of sales | ( |
( |
||
───────── | ───────── | |||
Gross profit | ||||
Distribution costs | ( |
( |
||
Administrative expenses | ( |
( |
||
Other operating income | ||||
───────── | ───────── | |||
Operating profit | 6 | |||
Investment income | 7 | - | 254,521 | |
Interest payable and similar expenses | 8 | ( |
( |
|
───────── | ───────── | |||
Profit before taxation | ||||
Tax on profit | 10 | ( |
( |
|
───────── | ───────── | |||
Profit for the financial year | 20 | |||
───────── | ───────── | |||
Total comprehensive income | 5,658,479 | 5,850,836 | ||
═════════ | ═════════ |
Vision Modular Systems UK Limited |
Company Registration Number: |
STATEMENT OF FINANCIAL POSITION |
as at |
2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes | £ | £ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Current Assets |
Property, plant and equipment | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current Assets |
Stocks | 13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debtors | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Creditors: amounts falling due within one year | 16 | (14,695,453) | (22,113,384) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Current Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets less Current Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provisions for liabilities | 18 | ( |
( |
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───────── | ───────── | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
═════════ | ═════════ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital and Reserves |
Called up share capital | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retained earnings | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity attributable to owners of the company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
═════════ | ═════════ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Approved by the Board and authorised for issue on |
________________________________ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Director | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
________________________________ |
Director |
Vision Modular Systems UK Limited |
STATEMENT OF CHANGES IN EQUITY |
as at 30 November 2023 |
Called up | Retained | Total | |
share | earnings | ||
capital | |||
£ | £ | £ | |
At 1 December 2021 | 100 | 44,416,969 | 44,417,069 |
───────── | ───────── | ───────── | |
Profit for the financial year | - | 5,850,836 | 5,850,836 |
───────── | ───────── | ───────── | |
Payment of dividends | - | (13,696,936) | (13,696,936) |
───────── | ───────── | ───────── | |
At 30 November 2022 | 100 | 36,570,969 | |
───────── | ───────── | ───────── | |
Profit for the financial year | - | 5,658,479 | |
───────── | ───────── | ───────── | |
At 30 November 2023 | 100 | 42,229,448 | |
═════════ | ═════════ | ═════════ |
Vision Modular Systems UK Limited |
STATEMENT OF CASH FLOWS |
for the financial year ended 30 November 2023 |
2023 | 2022 | ||
Notes | £ | £ | |
Cash flows from operating activities |
Profit for the financial year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments for: |
Investment income | - | (254,521) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest payable and similar expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax on profit on ordinary activities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation | 615,220 | 591,334 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7,471,901 | 7,600,148 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Movements in working capital: |
Movement in provisions | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Movement in stocks | ( |
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Movement in debtors | ( |
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Movement in creditors | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash generated from/(used in) operations | 9,191,144 | (11,285,627) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest paid | ( |
( |
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Tax paid | ( |
( |
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───────── | ───────── | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash generated from/(used in) operating activities | ( |
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───────── | ───────── | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from investing activities |
Interest received | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments to acquire property, plant and equipment | ( |
( |
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───────── | ───────── | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash (used in)/generated from investment activities | ( |
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───────── | ───────── | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities |
Repayment of short term loan | (5,000,000) | - | |
Movement in funding to connected parties | |||
Movement in funding from connected parties | ( |
||
Dividends paid | - | ( |
|
───────── | ───────── | ||
Net cash (used in)/generated from financing activities | ( |
||
───────── | ───────── | ||
Net increase in cash and cash equivalents | |||
Cash and cash equivalents at beginning of financial year | |||
───────── | ───────── | ||
Cash and cash equivalents at end of financial year | 15 | ||
═════════ | ═════════ |
Vision Modular Systems UK Limited |
NOTES TO THE FINANCIAL STATEMENTS |
for the financial year ended 30 November 2023 |
1. | General Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vision Modular Systems UK Limited is a company limited by shares incorporated and registered in the United Kingdom. The registered number of the company is 07429907. The registered office of the company is , United Kingdom. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company. |
2. | Summary of Significant Accounting Policies | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of compliance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of preparation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Turnover | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue recognition and long term contracts | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Where it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately. Where the outcome of a construction contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recovered. Where third party certificates are not available, the "percentage of completion method" is used to determine the appropriate amounts to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered. |
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Property, plant and equipment and depreciation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land and buildings freehold | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short leasehold property | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plant and machinery | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixtures, fittings and equipment | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Motor vehicles | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leasing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stocks | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and other debtors | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowing costs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provisions | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and other creditors | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxation and deferred taxation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date. |
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Foreign currencies | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Research and development | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Research expenditure is written off to the Income Statement in the financial year in which it is incurred. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ordinary share capital | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The ordinary share capital of the company is presented as equity. |
3. | Significant accounting judgements and key sources of estimation uncertainty | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting for long term manufacturing and construction contracts Long term contracts are assessed on a contract by contract basis and are reflected in the profit and loss account by recording turnover and related costs as contract activity progresses. Where the outcome of each long term contract can be assessed with reasonable certainty before its conclusion, the attributable profit is recognised in the profit and loss account as the difference between reported turnover and related costs for the contract. Where losses are foreseen, a provision for the loss is made immediately in the profit and loss account. Revenue recognition Assumptions are made which complement third party certifications to assess whether module manufacturing and erection on site is physically complete and hence the company's revenue recognition policy has been satisfied. |
4. | Going concern | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The directors are required to consider whether the company can continue in operational existence for the foreseeable future and have carried out a rigorous assessment of forecasts and cash flows and the inherent uncertainty in these forecasts caused by higher-than-expected inflation wordwide, triggering tighter financial conditions and further negative spillovers from the war in Ukraine. The forecasts have been stress tested by considering potential downturns in performance which represent severe but plausible scenarios in these uncertain times and to establish the impact of a substantial increase in build costs. Under all scenarios, the company has significant headroom in terms of its liquidity. The company's cash resources have remained healthy since the year end and based on current forecasted activity will continue to remain so. Therefore, the directors consider it appropriate for the financial statements to be prepared on a going concern basis. |
5. | Turnover | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The whole of the company's turnover is attributable to its market in the United Kingdom and is derived from the principal activity of modular manufacturing and construction. |
6. | Operating profit | 2023 | 2022 |
£ | £ | ||
Operating profit is stated after charging: | |||
Depreciation of property, plant and equipment | |||
Research and development | |||
- expenditure in current financial year | |||
Loss on foreign currencies | |||
Operating lease rentals | |||
- Land and buildings | 1,297,390 | 775,155 | |
Auditor's remuneration | |||
- audit services | |||
═════════ | ═════════ |
7. | Income from investments | 2023 | 2022 |
£ | £ | ||
Interest from associate undertakings | - | 254,521 | |
═════════ | ═════════ |
8. | Interest payable and similar expenses | 2023 | 2022 |
£ | £ | ||
On amounts payable to connected parties | 34,670 | 134,426 | |
On bank loans and overdrafts | 169,984 | 195,495 | |
───────── | ───────── | ||
═════════ | ═════════ |
9. | Employees and remuneration | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of employees | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The average number of persons employed (including executive directors) during the financial year was as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number | Number | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Production and administration | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
═════════ | ═════════ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The staff costs (inclusive of directors' salaries) comprise: | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
£ | £ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wages and salaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Social security costs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension costs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
═════════ | ═════════ |
10. | Tax on profit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
£ | £ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(a) Analysis of charge in the financial year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current tax: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporation tax at 23.01% (2022 - 19.00%) (Note 10 (b)) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Origination and reversal of timing differences | 94,712 | 144,934 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total deferred tax | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
═════════ | ═════════ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax on profit (Note 10 (b)) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
═════════ | ═════════ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(b) Factors affecting tax charge for the financial year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The tax assessed for the financial year differs from the standard rate of corporation tax in the United Kingdom 23.01% (2022 - 19.00%). The differences are explained below: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
£ | £ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Profit taxable at 23.01% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
═════════ | ═════════ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Profit before tax | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
multiplied by the standard rate of corporation tax | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
in the United Kingdom at 23.01% (2022 - 19.00%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effects of: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses not deductible for tax purposes | - | 2,166 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital allowances for period in excess of depreciation | (39,683) | (45,669) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Patent Box relief | ( |
( |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total tax charge for the financial year (Note 10 (a)) | 993,548 | 1,082,578 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
═════════ | ═════════ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11. | Dividends | 2023 | 2022 |
£ | £ | ||
Dividends on equity shares: | |||
Ordinary - Final paid | - | 13,696,936 | |
═════════ | ═════════ |
12. | Property, plant and equipment | ||||||
Land and | Short | Plant and | Fixtures, | Motor | Total | ||
buildings | leasehold | machinery | fittings and | vehicles | |||
freehold | property | equipment | |||||
£ | £ | £ | £ | £ | £ | ||
Cost | |||||||
At 1 December 2022 | 1,031,761 | 179,608 | 10,022,566 | 390,022 | 101,785 | ||
Additions | - | - | 214,502 | - | 34,650 | ||
───────── | ───────── | ───────── | ───────── | ───────── | ───────── | ||
At 30 November 2023 | 1,031,761 | 179,608 | 10,237,068 | 390,022 | 136,435 | ||
───────── | ───────── | ───────── | ───────── | ───────── | ───────── | ||
Depreciation | |||||||
At 1 December 2022 | 148,300 | 90,585 | 4,903,381 | 338,397 | 74,732 | ||
Charge for the financial year | 20,635 | 3,592 | 515,709 | 49,730 | 25,554 | ||
───────── | ───────── | ───────── | ───────── | ───────── | ───────── | ||
At 30 November 2023 | 168,935 | 94,177 | 5,419,090 | 388,127 | 100,286 | ||
───────── | ───────── | ───────── | ───────── | ───────── | ───────── | ||
Net book value | |||||||
At 30 November 2023 | 862,826 | 85,431 | 4,817,978 | 1,895 | 36,149 | ||
═════════ | ═════════ | ═════════ | ═════════ | ═════════ | ═════════ | ||
At 30 November 2022 | 883,461 | 89,023 | 5,119,185 | 51,625 | 27,053 | ||
═════════ | ═════════ | ═════════ | ═════════ | ═════════ | ═════════ |
13. | Stocks | 2023 | 2022 |
£ | £ | ||
Raw materials | |||
Work in progress | |||
───────── | ───────── | ||
10,006,385 | 5,843,051 | ||
═════════ | ═════════ |
14. | Debtors | 2023 | 2022 |
£ | £ | ||
Trade debtors | |||
Amounts recoverable on long term work-in-progress | - | 3,999,152 | |
Amounts owed by connected parties (Note 24) | - | 426,384 | |
Other debtors | - | ||
Prepayments and accrued income | |||
───────── | ───────── | ||
═════════ | ═════════ |
15. | Cash and cash equivalents | 2023 | 2022 |
£ | £ | ||
Cash and bank balances | 5,931,315 | 5,385,522 | |
Cash equivalents | 932 | - | |
───────── | ───────── | ||
5,932,247 | 5,385,522 | ||
═════════ | ═════════ |
16. | Creditors | 2023 | 2022 |
Amounts falling due within one year | £ | £ | |
Bank loan | - | ||
Trade creditors | |||
Amounts owed to connected parties (Note 24) | - | ||
Taxation (Note 17) | |||
Other creditors | |||
Accruals: | |||
Pension accrual | 10,528 | 24,446 | |
Other accruals | |||
───────── | ───────── | ||
14,695,453 | 22,113,384 | ||
═════════ | ═════════ |
17. | Taxation | 2023 | 2022 |
£ | £ | ||
Creditors: | |||
VAT | 824,331 | 3,173,358 | |
Corporation tax | 757,459 | 849,995 | |
PAYE / NI | 445,063 | 503,844 | |
───────── | ───────── | ||
2,026,853 | 4,527,197 | ||
═════════ | ═════════ |
18. | Provisions for liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The amounts provided for deferred taxation (due to timing differences between capital allowances and depreciation) and relocation expenses are analysed below: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital | Relocation expenses | Total | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
allowances | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
£ | £ | £ | £ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At financial year start | 552,714 | 1,392,714 | 1,107,780 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charged to profit and loss | 94,712 | - | 94,712 | 284,934 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | ───────── | ───────── | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At financial year end | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
═════════ | ═════════ | ═════════ | ═════════ |
19. | Share capital | 2023 | 2022 | ||
£ | £ | ||||
Description | Number of shares | Value of units | |||
Allotted, called up and fully paid | |||||
£ |
100 | 100 | |||
═════════ | ═════════ |
20. | Income Statement | ||
2023 | 2022 | ||
£ | £ | ||
At 1 December 2022 | 36,570,869 | 44,416,969 | |
Profit for the financial year | 5,658,479 | 5,850,836 | |
Payment of dividends | - | (13,696,936) | |
───────── | ───────── | ||
At 30 November 2023 | 42,229,348 | 36,570,869 | |
═════════ | ═════════ |
21. | Financial commitments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total future minimum lease payments under non-cancellable operating leases are as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land and Buildings | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
£ | £ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Due: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Within one year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Between one and five years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
═════════ | ═════════ |
22. | Capital commitments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
23. | Directors' remuneration | 2023 | 2022 |
£ | £ | ||
Remuneration | |||
═════════ | ═════════ |
24. | Related party transactions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following amount is due from a connected party: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance | Balance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
£ | £ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tide Construction Limited | - | 426,384 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following amounts are due to other connected parties: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
£ | £ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Donban Contracting UK Limited | - | 1,700,091 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Valentine Real Estate Company Limited | - | 57,846 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Furadino Shipping Limited | - | 867,688 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | 2,625,625 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
═════════ | ═════════ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest of £254,521 was received on these loans in 2022. Interest of £34,669 (2022: £134,426) was paid on these loans. All of the above companies are controlled by the ultimate beneficial owners of this company. Substantially all of the turnover in 2023 and 2022 is to other entities controlled by the same beneficial owners of this company. Likewise, substantially all of the trade debtors is owed by those entities. Cost of sales includes rent of £300,000 (2022: £300,000) payable to Figsand Limited, controlled by the same beneficial owners. Administration costs include an amount of £656,518 (2022: £679,795) for management and administration costs charged by VMS Modular Ireland Limited. |
25. | Parent company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The company regards |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The parent of the largest group in which the results are consolidated is Berkeley Street Investments Limited. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Berkeley Street Investments Limited is registered in United Kingdom. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
26. | Events After the End of the Reporting Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
There have been no significant events affecting the company since the financial year-end. |
27 | Reconciliation of Net Cash Flow to Movement in Net Debt | |||
Opening | Cash | Closing | ||
balance | flows | balance | ||
£ | £ | £ | ||
Short-term borrowings | (5,000,000) | 5,000,000 | - | |
───────── | ───────── | ───────── | ||
Total liabilities from financing activities | (5,000,000) | - | ||
═════════ | ═════════ | ───────── | ||
Total net debt | - | |||
═════════ |