Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-12-312023-01-01falsefalsefalse 02878118 2023-01-01 2023-12-31 02878118 2022-01-01 2022-12-31 02878118 2023-12-31 02878118 2022-12-31 02878118 2022-01-01 02878118 c:Director1 2023-01-01 2023-12-31 02878118 c:Director2 2023-01-01 2023-12-31 02878118 c:RegisteredOffice 2023-01-01 2023-12-31 02878118 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 02878118 d:PlantMachinery 2023-01-01 2023-12-31 02878118 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 02878118 d:Goodwill 2023-01-01 2023-12-31 02878118 d:CurrentFinancialInstruments 2023-12-31 02878118 d:CurrentFinancialInstruments 2022-12-31 02878118 d:Non-currentFinancialInstruments 2023-12-31 02878118 d:Non-currentFinancialInstruments 2022-12-31 02878118 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02878118 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02878118 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 02878118 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 02878118 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 02878118 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 02878118 d:ShareCapital 2023-12-31 02878118 d:ShareCapital 2022-12-31 02878118 d:ShareCapital 2022-01-01 02878118 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02878118 d:RetainedEarningsAccumulatedLosses 2023-12-31 02878118 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 02878118 d:RetainedEarningsAccumulatedLosses 2022-12-31 02878118 d:RetainedEarningsAccumulatedLosses 2022-01-01 02878118 c:OrdinaryShareClass1 2023-01-01 2023-12-31 02878118 c:OrdinaryShareClass1 2023-12-31 02878118 c:OrdinaryShareClass1 2022-12-31 02878118 c:FRS102 2023-01-01 2023-12-31 02878118 c:Audited 2023-01-01 2023-12-31 02878118 c:FullAccounts 2023-01-01 2023-12-31 02878118 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02878118 d:Subsidiary1 2023-01-01 2023-12-31 02878118 d:Subsidiary1 1 2023-01-01 2023-12-31 02878118 d:Subsidiary2 2023-01-01 2023-12-31 02878118 d:Subsidiary2 1 2023-01-01 2023-12-31 02878118 d:Subsidiary3 2023-01-01 2023-12-31 02878118 d:Subsidiary3 1 2023-01-01 2023-12-31 02878118 d:Subsidiary4 2023-01-01 2023-12-31 02878118 d:Subsidiary4 1 2023-01-01 2023-12-31 02878118 d:Subsidiary5 2023-01-01 2023-12-31 02878118 d:Subsidiary5 1 2023-01-01 2023-12-31 02878118 d:Subsidiary6 2023-01-01 2023-12-31 02878118 d:Subsidiary6 1 2023-01-01 2023-12-31 02878118 d:Subsidiary7 2023-01-01 2023-12-31 02878118 d:Subsidiary7 1 2023-01-01 2023-12-31 02878118 d:Subsidiary8 2023-01-01 2023-12-31 02878118 d:Subsidiary8 1 2023-01-01 2023-12-31 02878118 d:Subsidiary9 2023-01-01 2023-12-31 02878118 d:Subsidiary9 1 2023-01-01 2023-12-31 02878118 d:Subsidiary10 2023-01-01 2023-12-31 02878118 d:Subsidiary10 1 2023-01-01 2023-12-31 02878118 d:Subsidiary11 2023-01-01 2023-12-31 02878118 d:Subsidiary11 1 2023-01-01 2023-12-31 02878118 c:Consolidated 2023-12-31 02878118 c:ConsolidatedGroupCompanyAccounts 2023-01-01 2023-12-31 02878118 2 2023-01-01 2023-12-31 02878118 6 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02878118









VICTORIA HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
VICTORIA HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
T N Sjöberg 
M B Knutsson 




Registered number
02878118



Registered office
Festival Trade Park
Unit 6

Crown Road

Stoke on Trent

Staffordshire

ST1 5NJ




Independent auditors
Ecovis Wingrave Yeats LLP
Chartered Accountants & Statutory Auditor

3rd Floor, Waverley House

7-12 Noel Street

London

W1F 8GQ





 
VICTORIA HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 3
Directors' report
 
4 - 6
Independent auditors' report
 
7 - 10
Consolidated statement of comprehensive income
 
11
Consolidated balance sheet
 
12
Company balance sheet
 
13
Consolidated statement of changes in equity
 
14
Company statement of changes in equity
 
15
Consolidated statement of cash flows
 
16 - 17
Consolidated analysis of net debt
 
18
Notes to the financial statements
 
19 - 45


 
VICTORIA HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Business review
 
The Covid-19 pandemic continued to impact the Group and its end markets during the financial year. North America markets were fully open and showed solid growth in the year. The Company maintained tight control over its operating overheads and headcount through the financial year and avoided any one-off restructuring costs (2022 - £Nil).
The Group made a loss before tax for the year of £286,399 (
2022 - £121,151). The loss before tax includes the amortisation of intangible assets of £2,607,141 in 2023 (2022 - £2,708,311).
On 31 December 2020, the United Kingdom left the European Union (EU). The Company was well prepared in its assessment and preparation for the impact of leaving the EU. As a result, the overall impact to the Company during the financial year has been low. The Company continues to monitor the impact of the trading arrangements with the EU, as they evolve, to ensure that there is minimal impact for its customers and within the supply chain.

Principal risks and uncertainties
 
The Group is exposed to a variety of risks. These could range from the wider effects of the general economy and external competition to those more specific to the Group, such as its own financial strength, size and exposure to foreign exchange risk as a result of borrowing in foreign currencies. The Board regularly review these risks and their potential impact on the Group.
The Board monitors the Group's performance through the use of regular financial information and management reports. The Board focuses on the Group's levels of profitability, liquidity and the management of foreign exchange risk, together with Balance Sheet strength.
Competitive risks
While there is no clear competitor for the range of products that the Group offers to its clients, as a result of more consolidation in the industry, this may result in a more a formidable competitor. While extensive corporate and product regulatory requirements in some markets can result in products taking a reasonable time period to market, this is also seen as a effective barrier to entry for new companies entering the market. 
Liquidity risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The Group aims to mitigate liquidity risk by managing cash generation of its operations. The Group also manages liquidity risk via overdraft, revolving credit facilities and both longer term and shorter term debt from related parties. 
Currency risk
Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. 

Page 1

 
VICTORIA HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial key performance indicators
 
Turnover has increased 14.9% to £39,354,175 (2022 - £34,241,958). The increase in turnover was largely down to the improvement in the markets in sale of goods, as the prior year was impacted in part by markets not being fully open due to Covid-19. Sale of goods improved by 17.2% over 2023, with Service and Rental income showing a 7.4% increase.
Distribution costs have increased by 14.7% to £4,304,220 (
2022 - £3,754,104), with administration expenses also increasing by 11.2% to £12,215,659 (2022 - £10,982,590). Both increases are driven by the increase in turnover in the year, as well as the impact of inflation within the regions that we operate. The average headcount has increased by 4.4% to 383 (2022 - 367).

Going concern
 
The directors are comfortable that the Group has the resources to continue for a period of greater than twelve months while growing and continuing to invest in product development. The continued investment in the York product development facility remains at similar levels to previous years and the pipeline of new products and projects remain encouraging.

Section 172 statement

In this section 172 statement, pursuant to Section 172(1) (a) to (f) of the Companies Act 2006, and which forms a part of the Strategic Report, the Directors of Victoria Holdings Limited report on the decisions taken, in good  faith, to promote the success of the Group (for the benefit of its members as a whole) whilst at the same time taking into account the long term impacts of those decisions and their impact on the myriad stakeholders of the Group.

Long-term Consequences

The Directors continue to make decisions that benefit the long-term sustainability and growth of the Group. This includes strategic investments in our core business and exploring new market opportunities.

Stakeholder Interests

We have engaged with our key stakeholders including employees, customers, suppliers, and local communities. Their feedback has been invaluable in shaping our business strategy and operations.

Impact on Community and Environment

The Group is committed to minimizing its environmental impact and making a positive contribution to the community. We have implemented various initiatives to reduce our carbon footprint and support local community projects.

Fairness and Reputation

We strive to uphold the highest standards of conduct to maintain our reputation. We have robust policies in place to ensure compliance with legal requirements and ethical standards. We are committed to acting fairly between members of the company. We have ensured equitable treatment of all our shareholders.

Employee Interests

Our employees are our most valuable asset. We have invested in their development and welfare, and we maintain an open dialogue with them through regular communication and feedback channels. We continue to invest in training, education and development of our people throughout the organisation.

Page 2

 
VICTORIA HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Equal opportunities, diversity & inclusion

The Group gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the Group policy wherever applicable to provide training, career development and promotion wherever applicable.

Anti-corruption and fraud

The Group has policies in place to set and maintain high standards of conduct, including a code of conduct, anti corruption, anti-money laundering and to promote health and safety. We use this as part of our reasonable steps for prevention and detection of fraud as referenced in the Directors’ report.
The directors confirm that they have complied with the duty to act in accordance with Section 172 to the best of their knowledge and belief.

Greenhouse gas emissions, energy consumption and energy efficiency action
 
During the year, the Group used 478,881 kWh (2022 – 488,239 kWh) of gas and 487,270 kWh (2022 – 435,241 kWh) of electricity at their premises in the UK. The Group does not use metrics to monitor the energy usage and no specific energy saving measures were taken during the year, but the directors are assessing the impact of employees working from home and whether this may reduce the long-term energy usage of the Group. Although the Group does not use metrics, an intensity ratio could be calculated based on tonnes of CO2e per total £m sales revenue.


This report was approved by the board on 28 March 2024 and signed on its behalf.



................................................
T N Sjöberg
Director

Page 3

 
VICTORIA HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company is that of an investment holding company. 
The principal activities of the Group are that of manufacturing and marketing of casino and leisure equipment, the sale and rental of casino related equipment and the provision of servicing facilities.

Results and dividends

The profit for the year, after taxation, amounted to £1,446,776 (2022 - £82,031).

No dividend is recommended for the current year (2022 - £Nil).

Directors

The directors who served during the year were:

T N Sjöberg 
M B Knutsson 

Charitable contributions

During the year the Group made charitable donations of £38,066 (2022 - £6,075). Of this amount, £6,550 (2022 - £5,925) was donated to the CHIPS Charity.

Page 4

 
VICTORIA HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Future developments

The directors believe that the Company remains in a strong position to capitalise from future opportunities at a global level. The Company is launching new products and these products have been submitted for approval in a number of regulated markets globally. The products are expected to have a positive impact on the future performance of the Company.

Financial instruments

The Group’s principal financial instruments comprise bank balances, loans from connected companies, trade debtors and trade creditors. The main purposes of these instruments is to raise funds for and to finance the Group’s operations.

Research and development activities

The Group continues to invest in research and development of existing and new products. 

Engagement with employees

Our employees continue to be essential to our future success and we continue to invest in training, education and development of our people throughout the organisation. 

Disabled employees

The Group gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the Group policy wherever applicable to provide training, career development and promotion wherever applicable.

Matters covered in the Group Strategic Report

The Business Review is covered in the Strategic Report.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 5

 
VICTORIA HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Auditors

The auditorsEcovis Wingrave Yeats LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 28 March 2024 and signed on its behalf.
 



................................................
T N Sjöberg
Director

Page 6

 
VICTORIA HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VICTORIA HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Victoria Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standardand we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 7

 
VICTORIA HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VICTORIA HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 Group 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 Group 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
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 8

 
VICTORIA HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VICTORIA HOLDINGS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 Group 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:
We considered our general commercial and sector experience and held a discussion with the Directors and other management personnel to identify laws and regulations that could reasonably be expected to have a material effect on the financial statements. 
We determined that the laws and regulations which are directly relevant to the financial statements are those that relate to the reporting framework Financial Reporting Standard 102 and the relevant tax compliance regulations in the jurisdictions in which the Company and Group operates.  We evaluated the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
In addition, there are other significant laws and regulations which may have an effect on the determination of the amounts and disclosures in the financial statements being those laws and regulations relating to gambling authorities in the markets in which the Company and Group operates, environmental, occupational health and safety, employment law, data protection regulation, fraud, bribery and corruption. For these laws and regulations, the consequences of non compliance could have a material effect on amounts or disclosures in the financial statements, for instance through withdrawal of trading licences or regulatory approval of products, fines or litigation being imposed. As required by the auditing standards, auditing procedures in respect of non compliance with these identified laws and regulations are limited to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. Potential non compliance with gambling authority regulations was identified as a key audit risk given its significance to our audit.
We assessed the susceptibility of the Company and Group's financial statements to material misstatement, including how fraud might occur, by meeting with a number of individuals, including with individuals outside of the finance function, and conducted interviews to understand where they considered there was susceptibility to fraud. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to areas of estimate and judgement in the financial statements specifically the assessment of stock provisioning and assessment of impairment of intangible assets
Based on this understanding we designed our audit procedures to identify non compliance with such  laws and regulations and fraud risks identified in the paragraphs above. In addition to the audit  procedures, we remained alert to any indications of non compliance throughout the audit. The specific audit procedures performed included:
°Review of Board minutes;
°Review of correspondence with regulatory bodies;
°Review of large and unusual bank transactions;
°Challenging assumptions and judgements made by management in its significant accounting estimates, in particular in relation to the stock provisioning and assessment of impairment of intangible assets;
°Walkthrough tests on the key accounting systems and identification and testing of the key controls;
°Enquiries of staff as to examples of management override of controls;
Page 9

 
VICTORIA HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VICTORIA HOLDINGS LIMITED (CONTINUED)


°Conversations with management and key staff responsible for compliance and review of legal fees incurred by the Company and Group.
°Identification of related parties including close family members and analytics on the Company and
°Group's data to ensure that all related party transactions have been identified and are bona fide;
°Identifying and testing journal entries.

There are inherent limitations of an audit. There is a higher risk that irregularities, including fraud, will not be detected during the audit as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. The primary responsibility for the prevention and detection of non compliance with all laws and regulations and fraud lies with both those charged with governance of the entity and management.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


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 2006Our 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 Auditors' 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.





Stuart Hinds (Senior statutory auditor)
  
for and on behalf of
Ecovis Wingrave Yeats LLP
 
Chartered Accountants & Statutory Auditor
  
3rd Floor, Waverley House
7-12 Noel Street
London
W1F 8GQ

28 March 2024
Page 10

 
VICTORIA HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
39,354,175
34,241,958

Cost of sales
  
(21,814,961)
(19,886,511)

Gross profit
  
17,539,214
14,355,447

Distribution costs
  
(4,304,220)
(3,754,104)

Administrative expenses
  
(12,215,659)
(10,982,590)

Foreign exchange difference
  
(501,947)
589,340

Other operating income
 6 
192,175
317,258

Operating profit
 7 
709,563
525,351

Interest receivable and similar income
 11 
28,695
37,298

Interest payable and expenses
 12 
(1,024,657)
(683,800)

Loss before taxation
  
(286,399)
(121,151)

Tax on loss
 13 
1,733,175
203,182

Profit for the financial year
  
1,446,776
82,031

  

Translation differences on foreign currency net investment
  
(154,362)
48,809

Other comprehensive income for the year
  
(154,362)
48,809

  

Total comprehensive income for the year
  
1,292,414
130,840

The notes on pages 19 to 45 form part of these financial statements.

Page 11

 
VICTORIA HOLDINGS LIMITED
REGISTERED NUMBER: 02878118

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible fixed assets
 14 
9,059,820
10,067,116

Tangible fixed assets
 15 
4,887,579
5,570,079

  
13,947,399
15,637,195

Current assets
  

Stocks
 17 
7,315,042
7,155,771

Debtors: amounts falling due after more than one year
 18 
434,898
399,631

Debtors: amounts falling due within one year
 18 
11,504,957
10,075,553

Cash at bank and in hand
 19 
1,587,148
1,309,858

  
20,842,045
18,940,813

Creditors: amounts falling due within one year
 20 
(19,524,611)
(19,274,721)

Net current assets/(liabilities)
  
 
 
1,317,434
 
 
(333,908)

Total assets less current liabilities
  
15,264,833
15,303,287

Creditors: amounts falling due after more than one year
 21 
(9,551,160)
(10,882,028)

Net assets
  
5,713,673
4,421,259


Capital and reserves
  

Called up share capital 
 24 
510,000
510,000

Other reserves
  
10,070
10,070

Profit and loss account
  
5,193,603
3,901,189

  
5,713,673
4,421,259


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 March 2024.



................................................
T N Sjöberg
Director

The notes on pages 19 to 45 form part of these financial statements.

Page 12

 
VICTORIA HOLDINGS LIMITED
REGISTERED NUMBER: 02878118

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Fixed asset investments
 16 
4,000,371
4,000,371

  
4,000,371
4,000,371

Current assets
  

Debtors: amounts falling due after more than one year
 18 
5,938,570
6,301,679

Debtors: amounts falling due within one year
 18 
1,200
3,600

  
5,939,770
6,305,279

Creditors: amounts falling due within one year
 20 
(3,056,333)
(2,479,646)

Net current assets
  
 
 
2,883,437
 
 
3,825,633

Total assets less current liabilities
  
6,883,808
7,826,004

  

Creditors: amounts falling due after more than one year
 21 
(4,713,276)
(5,465,284)

Net assets
  
2,170,532
2,360,720


Capital and reserves
  

Called up share capital 
 24 
510,000
510,000

Profit and loss account
  
1,660,532
1,850,720

  
2,170,532
2,360,720


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 March 2024.




................................................
T N Sjöberg
Director

The notes on pages 19 to 45 form part of these financial statements.

Page 13

 
VICTORIA HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
510,000
10,070
3,770,349
4,290,419


Comprehensive loss for the year

Profit for the year
-
-
82,031
82,031

Translation differences on foreign currency net investments
-
-
48,809
48,809
Total comprehensive loss for the year
-
-
130,840
130,840



At 1 January 2023
510,000
10,070
3,901,189
4,421,259


Comprehensive income for the year

Profit for the year
-
-
1,446,776
1,446,776

Translation differences on foreign currency net investments
-
-
(154,362)
(154,362)
Total comprehensive income for the year
-
-
1,292,414
1,292,414


At 31 December 2023
510,000
10,070
5,193,603
5,713,673


The notes on pages 19 to 45 form part of these financial statements.

Page 14

 
VICTORIA HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
510,000
1,849,903
2,359,903


Comprehensive income for the year

Profit for the year
-
817
817



At 1 January 2023
510,000
1,850,720
2,360,720


Comprehensive income for the year

Loss for the year
-
(190,188)
(190,188)


At 31 December 2023
510,000
1,660,532
2,170,532


The notes on pages 19 to 45 form part of these financial statements.

Page 15

 
VICTORIA HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Loss for the financial year
1,446,776
82,031

Adjustments for:

Amortisation of intangible assets
2,607,141
2,708,311

Depreciation of tangible assets
875,267
1,096,576

Loss on disposal of tangible assets
(98,809)
(79,615)

Interest paid
1,024,657
683,800

Interest received
(28,695)
(37,298)

Taxation charge
(1,733,175)
(203,182)

(Increase)/decrease in stocks
(159,271)
142,505

(Increase) in debtors
(22,054)
(1,957,602)

Increase in creditors
1,311,114
562,850

Net fair value losses/(gains) recognised in P&L
751,755
(795,502)

Corporation tax received
379,891
384,185

Net cash generated from operating activities

6,354,597
2,587,059


Cash flows from investing activities

Purchase of intangible fixed assets
(1,885,685)
(2,978,663)

Purchase of tangible fixed assets
(928,530)
(956,315)

Sale of tangible fixed assets
214,296
359,620

Interest received
28,695
37,298

Net cash from investing activities

(2,571,224)
(3,538,060)

Cash flows from financing activities

New secured loans
-
1,571,987

Repayment of loans
(2,648,180)
(924,354)

Repayment of finance leases
142,125
(34,601)

New loans from group companies
130,293
555,357

Interest paid
(1,024,657)
(683,800)

Net cash used in financing activities
(3,400,419)
484,589

Net increase/(decrease) in cash and cash equivalents
382,954
(466,412)

Cash and cash equivalents at beginning of year
(27,877)
438,535

Cash and cash equivalents at the end of year
355,077
(27,877)

Page 16

 
VICTORIA HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£



Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,587,148
1,309,858

Bank overdrafts
(1,232,071)
(1,337,735)

355,077
(27,877)


The notes on pages 19 to 45 form part of these financial statements.

Page 17

 
VICTORIA HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

1,309,858

277,290

1,587,148

Bank overdrafts

(1,337,735)

105,664

(1,232,071)

Debt due after 1 year

(8,081,269)

1,512,142

(6,569,127)

Debt due within 1 year

(8,353,680)

1,007,254

(7,346,426)

Finance leases

(3,339,438)

(142,125)

(3,481,563)


(19,802,264)
2,760,225
(17,042,039)

The notes on pages 19 to 45 form part of these financial statements.

Page 18

 
VICTORIA HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Victoria Holdings Limited is a private company, limited by shares, domiciled in England and Wales, registration number 02878118. The registered office is Festival Trade Park, Unit 6, Crown Road, Stoke on Trent, Staffordshire, ST1 5NJ. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Business Review on page 1 of the financial statements. 
The Group meets its day to day working capital requirements through loan and overdraft facilities. 
The Directors have received confirmation from the ultimate parent company, Belgravia Invest AB that
they will continue to support the Group for a period of at least 12 months from the approval of the
financial statements.
As a result, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements. 

  
2.3

Basis of consolidation

The consolidated financial statements present the results of the Group and its own subsidiaries ("the Group") as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 19

 
VICTORIA HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Revenue in respect to the sale of casino equipment is recognised and accounted for at the point of sale. 
Rental and service revenue is recognised initially as deferred income and released over the life of the rental contract in line with the terms of the contract.

Revenue in respect to bespoke contracts is recognised on a straight line basis over the deemed contract period. If the contract is loss making then the full loss will be recognised immediately.

Page 20

 
VICTORIA HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Intangible fixed assets and amortisation

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Other intangible fixed assets
Capitalised development costs are being amortised over a period of five years based on the period over which the development costs are expected to generate revenue.
Patents and licenses are amortised over a period of five years.
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and
the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the
date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life of 10 years.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 21

 
VICTORIA HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
5 years
Plant and machinery
-
4 years
Other fixed assets
-
over 3 to 5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Investments

Investments held as fixed assets are shown at cost less provision for impairment.

  
2.8

Leasing and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and Loss Account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.9

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.10

Operating leases: the Group as lessor

Rental income from operating leases is credited to the Statement of Comprehensive Income on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

Page 22

 
VICTORIA HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Stocks and work in progress

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.15

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Profit and Loss Account.
The results and financial position of all group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

Assets and liabilities for each balance sheet presented are translated at the closing rate of the Balance Sheet;
Income and expenses for each Profit and Loss Account are translated at average exchange rates for the year; and
All resulting exchange differences are recognised in the Statement of Comprehensive income.

Page 23

 
VICTORIA HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.17

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Consolidated statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date. 

Page 24

 
VICTORIA HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.18

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.19

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

  
2.20

Finance leases: the Group as lessor

Where assets leased to a third party give rights approximating to ownership (finance lease), the lessor recognises as a receivable an amount equal to the net investment in the lease i.e. the minimum lease payments receivable under the lease discounted at the interest rate implicit in the lease. This receivable is reduced as the lessee make capital payments over the term of the lease. 
A finance lease gives rise to two types of income: profit or loss equivalent to the profit or loss resulting from the outright sale of the asset being leased, at a normal selling price, reflecting any applicable discounts, and finance income over the lease term. 

 
2.21

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.22

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 25

 
VICTORIA HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.23

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 26

 
VICTORIA HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors have had to make the following judgements:
Capitalisation of intangible fixed assets
The recognition of costs as an intangible fixed asset involves the use of judgement with respect to whether the costs meet the required criteria to allow capitalisation. This involves assessing whether projects are technically feasible and viable. It also requires an assessment to be made as to the recoverability of the net book value of the asset at the balance sheet date.
Depreciation and amortisation
Fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Impairment of tangible and intangible fixed assets
Determine whether there are indicators of impairment of the Group's tangible and intangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. 
Stock provision
It is necessary to consider the recoverability of the cost of inventory and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of stock, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials. 
Leases
Determine whether leases entered into by the Group either as a lessor or lessee are operating leases or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. 
Impairment of investments
The Company holds an investment of £4,000,371 in its subsidiaries. The directors do not consider this investment to be impaired, despite some of the subsidiaries currently being loss making. The directors  believe that the subsidiaries will generate profits in the future. 
Deferred tax
Management is required to assess whether it is appropriate to recognise a deferred tax asset relating to taxable losses available to the Group. The recognition of deferred tax assets are based on whether it is more likely than not that sufficient and suitable taxable profits will be available in the future against which the reversal of losses and other deductions can be utilised.
To determine the future taxable profits, reference is made to the latest available forecasts. Therefore, this involves judgement regarding the future financial performance of the Group to justify where a deferred tax asset has been recognised.
Tax credits
The Group receives annual tax credits in relation to their R&D expenditure. Management use judgement to determine what the qualifying spend on research and development has been during the year. 

Page 27

 
VICTORIA HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sales of product
30,828,320
26,304,189

Services income
3,092,778
3,415,990

Rental income
5,433,077
4,521,779

39,354,175
34,241,958


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
6,687,625
5,165,468

Rest of the world
32,666,550
29,076,490

39,354,175
34,241,958



5.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The loss after tax of the parent Company for the year was £190,188 (2022 - profit £817).


6.


Other operating income

2023
2022
£
£

Sundry income
192,175
317,258


Page 28

 
VICTORIA HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
875,267
1,096,577

Amortisation - internal development
1,639,286
1,700,764

Amortisation - patents and license costs
264,910
301,966

Amortisation - goodwill
702,945
705,581

Other operating lease rentals
628,893
604,750

Defined contribution pension cost
451,577
424,231


8.


Auditors' remuneration

2023
2022
£
£

Fees payable to the Group's auditors and their associates in respect of the

Group's annual financial statements
15,300
14,600

Fees payable to the Group's auditor and its associates in respect of:

Auditing of the accounts of associates of the Group
72,400
68,750

Taxation compliance services
12,700
12,150

All other services

1,275
1,200

86,375
82,100

Page 29

 
VICTORIA HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Employees

Staff costs, including directors' remuneration, were as follows:

2023
2022
£
£
Wages and salaries

13,427,706

11,840,259
 
Social security costs

858,725

785,654
 
Cost of defined contribution scheme

451,577

424,231
 
14,738,008

13,050,144
 

The average monthly number of employees during the year was as follows:

2023
2022
No.
No.
Cost of sales

286

270
 
Distribution

33

43
 
Administration

64

54
 
383

367
 

Page 30

 
VICTORIA HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Directors and key management personnel remuneration

2023
2022
£
£
Directors' emoluments

237,385

235,346
 
Company contributions to defined contribution pension schemes

7,516

7,299
 
244,901

242,645
 

During the year retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension schemes
The highest paid director received remuneration of £237,385 (
2022 - £235,346).
The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £7,516 (
2022 - £7,299).
The total accrued pension provision of the highest paid director at 31 December 2023 amounted to £NIL (
2022 - £NIL).

Key management includes the directors. The compensation paid or payable to key management for employee services is shown below:

2023
2022
£
£
Salaries and other short term benefits

460,489

397,271
 
Post employment benefits

7,516

30,104
 
468,005

427,375
 


11.


Interest receivable

2023
2022
£
£


Other interest receivable
28,695
37,298


12.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
514,843
456,204

Other loans
509,814
227,596

1,024,657
683,800

Page 31

 
VICTORIA HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
(300,680)
(558,242)


(300,680)
(558,242)

Foreign tax


Foreign tax on income for the year
-
222,471

Foreign tax in respect of prior periods
34,073
(55,624)

Total current tax
(266,607)
(391,395)

Deferred tax


Origination and reversal of timing differences
(1,466,568)
188,213

Total deferred tax
(1,466,568)
188,213


Taxation on loss on ordinary activities
(1,733,175)
(203,182)
Page 32

 
VICTORIA HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
13.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(286,399)
(121,151)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
(67,361)
(23,019)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
7,782
30,249

Capital allowances for year in excess of depreciation
-
7,783

Fixed asset differences
11,787
-

Non-taxable income
(238)
-

Adjustments to tax charge in respect of prior periods
45,537
34,787

Adjustments for differences between UK and foreign tax rates
-
(34,897)

Allowance for bad debts
(7,158)
-

Tax loss (utilised) not recognised
(80,225)
-

Fair value adjustment
(2,261)
-

Capital gains
(4,557)
-

Research and development enhancement
(450,000)
(333,284)

Other differences leading to a decrease/increase in the tax charge
(261,895)
(73,863)

Surrender of tax losses for R&D tax credit refund
-
589,655

Deferred tax adjustments
(924,586)
(400,593)

Total tax charge for the year
(1,733,175)
(203,182)

At 31 December 2023 the Group had unrelieved losses of £15,425,095 (2022 - £15,522,685) which are available for relief against future trading profits. In the opinion of the directors the future generation of sufficient surpluses to utilise these losses in the immediate future is uncertain, and therefore deferred tax assets have either been reversed or not recognised at the year end.


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 33

 
VICTORIA HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Intangible assets

Group and Company





Patents
Internal development
Licenses
Goodwill
Total

£
£
£
£
£



Cost


At 1 January 2023
2,027,077
18,604,759
470,730
7,401,565
28,504,131


Additions
153,457
1,732,228
-
-
1,885,685


Foreign exchange movement
-
(8,874)
(23,666)
(372,113)
(404,653)



At 31 December 2023

2,180,534
20,328,113
447,064
7,029,452
29,985,163



Amortisation


At 1 January 2023
1,525,322
14,659,767
392,798
1,859,128
18,437,015


Charge for the year on owned assets
230,434
1,639,286
34,476
702,945
2,607,141


Foreign exchange movement
-
(5,598)
(19,748)
(93,467)
(118,813)



At 31 December 2023

1,755,756
16,293,455
407,526
2,468,606
20,925,343



Net book value



At 31 December 2023
424,778
4,034,658
39,538
4,560,846
9,059,820



At 31 December 2022
501,755
3,944,992
77,932
5,542,437
10,067,116

Page 34

 
VICTORIA HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
           14.Intangible assets (continued)

The aggregate amount of research and development expenditure recognised as an expense in the Statement of Comprehensive Income was £914,706 (2022 - £895,739). Amortisation charged in the year is recognised in the Statement of Comprehensive Income within administrative expenses. 

Included in Intangible Fixed Assets is the Gaming Floor Live Platform which has a net book value as at 31 December 2023 of £875,979 (2022 - £1,294,976) and Electronic Products which has a net book value as at 31 December 2023 of £1,145,015 (2022 - £932,574).

On the 4 February 2020, TCS John Huxley America Inc acquired Mobiliaro De Azar, S.A. DE C.V. pursuant to an Asset and Share Purchase Agreement. The agreement called for the seller to receive cash of £4,817,260 ($6,300,000) in exchange for certain assets and for shares in the newly formed company. In addition to the cash payment, the Agreement required Mobiliaro De Azar, S.A. DE C.V. to enter into a capital lease obligation under which it was obligated to pay £38,232 ($50,000) per month for ten years. The total consideration transferred, being the cash payments and the present value of the capital lease obligation, totaled £8,924,780 ($11,671,799).

On the 1 April 2022, TCS John Huxley America Inc acquired Midwest Game Supply Inc pursuant to a Stock Purchase Agreement. The agreement called for the seller to receive cash of £1,654,260 ($2,000,000) in exchange for 100% of the outstanding stock.



Page 35

 
VICTORIA HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Tangible fixed assets

Group and Company






Long-term leasehold property
Plant and machinery
Rental assets
Total

£
£
£
£



Cost or valuation


At 1 January 2023
5,708,871
5,378,971
5,546,866
16,634,708


Additions
15,689
135,424
777,417
928,530


Disposals
-
(69,388)
(1,612,303)
(1,681,691)


Exchange adjustments
(143,608)
(583,513)
(83,411)
(810,532)



At 31 December 2023

5,580,952
4,861,494
4,628,569
15,071,015



Depreciation


At 1 January 2023
1,835,849
4,412,772
4,816,008
11,064,629


Charge for the year on owned assets
297,210
235,001
343,055
875,266


Disposals
-
(52,515)
(1,513,689)
(1,566,204)


Exchange adjustments
(48,857)
(111,448)
(29,950)
(190,255)



At 31 December 2023

2,084,202
4,483,810
3,615,424
10,183,436



Net book value



At 31 December 2023
3,496,750
377,684
1,013,145
4,887,579



At 31 December 2022
3,873,022
966,199
730,858
5,570,079

Page 36

 
VICTORIA HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
4,000,371



At 31 December 2023
4,000,371





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

TCS John Huxley Europe Limited
Ordinary
100%
TCS John Huxley Limited
Ordinary
100%
TCS John Huxley Africa (Pty) Ltd
Ordinary
100%
TCS John Huxley America, Inc.*
Ordinary
100%
TCS John Huxley Asia Limited **
Ordinary
100%
TCS John Huxley Australia Pty Limited *
Ordinary
100%
TCS John Huxley Singapore Pte. Ltd.*
Ordinary
100%
TCS John Huxley Spain S.A.*
Ordinary
100%
Ukugembula Invest (Pty) Ltd
Ordinary
100%
Mobiliaro De Azar, S.A. DE C.V.***
Ordinary
100%
Midwest Game Supply Inc.*
Ordinary
100%

Page 37

 
VICTORIA HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Subsidiary undertakings (continued)

*   Indirectly owned 100%.
**  Indirectly owned 99.9% and directly owned 0.1%
*** Indirectly owned 99.99% and directly owned 0.01%
The principal activity of these subsidiaries are that of manufacturing and marketing of casino and leisure equipment, the sale and rental of casino related equipment and the provision of servicing facilities.
TCS John Huxley Europe Limited and TCS John Huxley Limited have a registered office; Festival Trade Park Unit 6, Crown Road, Stoke On Trent, Staffordshire, United Kingdom, ST1 5NJ.
TCS John Huxley Africa (Pty) Ltd has a registered office; 918 Morkels Close, Halfway House, Midrand, 1685
TCS John Huxley America, Inc. has a registered office; 6171 McLeod Dr, Las Vegas, Nevada 89120, USA.
TCS John Huxley Asia Limited has a registered office; Alameda Dr. Carlos d'Assumpção, Nos. 181 - 187, Jardim Brilhantismo Commercial Centre, 19th Floor Unit H, I, Macau, China.
TCS John Huxley Australia Pty Limited has a registered office; 91/44 Woodbine Street, North Balgowlah, NSW 2093, Australia.
TCS John Huxley Singapore Pte. Ltd. has a registered office; 138 Cecil Street, #14-01B Cecil Court, Singapore 069538.
TCS John Huxley Spain S.A. has a registered office; Calle San Antonio 47, 29600 Marbella, Málaga, España.
Ukugembula Invest (Pty) Ltd has a registered office; 4 Eagle Owl Forum, Glen Eagles Office Park, 41 Koorsboom Avenue, Glen Marais, 1619.
Mobiliaro De Azar, S.A. DE C.V.; Lotes 15 y 16 de la Manzana II def Parque Industrial San Luis Rio Colorado, Sonora, Mexico.
During the prior year, TCS America Inc acquired 100% of subsidiary Midwest Game Supply Inc, a company incorporated in United Stated which is engaged in providing casino gaming products. 


17.


Stocks

Group
Group
2023
2022
£
£

Raw materials and consumables
2,827,119
2,546,617

Work in progress (goods to be sold)
129,901
157,271

Finished goods and goods for resale
4,358,022
4,451,883

7,315,042
7,155,771


Stock recognised in cost of sales during the year as an expense was £13,072,769 (2022 - £11,265,377)

Page 38

 
VICTORIA HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due after more than one year

Trade debtors
15,450
110,291
-
-

Amounts owed by group undertakings
-
-
5,938,570
6,301,679

Other debtors
419,448
289,340
-
-

434,898
399,631
5,938,570
6,301,679


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due within one year

Trade debtors
7,991,088
7,853,287
-
-

Amounts due from connected companies (see 
note 29)
-
1,509
-
-

Other debtors
136,103
292,803
-
-

Prepayments and accrued income
1,365,329
1,337,763
1,200
3,600

Net investments in finance leases
79,406
101,285
-
-

R&D tax credit receivable
450,072
472,515
-
-

Deferred taxation
1,482,959
16,391
-
-

11,504,957
10,075,553
1,200
3,600



18.


Debtors (continued)

Net investment in finance leases comprises:
Group
2023
Group
2022
£
£
Due within one year
Total amount receivable

72,292

109,820
 
Less: interest allocated to future periods

(3,355)

(13,260)
 

68,937

96,560
 

Page 39

 
VICTORIA HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Group
2023
Group
2022
£
£
Due two to five years
Total amount receivable

-

75,781
 
Less: interest allocated to future periods

-

(3,361)
 
-

72,420
 


19.


Cash and cash equivalents

Group
Group
2023
2022
£
£

Bank and cash balances
1,587,148
1,309,858



20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
1,232,071
1,337,735
-
-

Trade creditors
5,616,115
5,411,809
-
-

Amounts owed to group undertakings
-
-
1,927,364
1,224,335

Taxation and social security
462,794
320,196
-
-

Amounts owed to connected companies (see note 29)
6,027,346
5,843,750
560,000
560,000

Loans from directors (see note 28)
344,691
150,000
-
-

Corporation tax
137,420
46,577
-
-

Other creditors
1,412,188
559,149
-
-

Accruals and deferred income
2,795,707
2,687,246
221
1,407

Bank loans
974,389
2,359,930
568,748
693,904

Obligations under finance lease and hire purchase contracts
521,890
558,329
-
-

19,524,611
19,274,721
3,056,333
2,479,646


The bank overdrafts are secured by way of a fixed and floating charge over all of the assets of Victoria Holdings Limited, TCS John Huxley Europe Limited and TCS John Huxley Limited.

Loans from directors of £420,000 are unsecured, accrue interest at SONIA +1.5% and are partly due within one year with the remainder due after one.

Page 40

 
VICTORIA HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Loans from directors (see note 28)
75,309
395,000
-
-

Amounts owed to connected companies (see note 29)
4,713,276
4,962,779
4,713,276
4,962,779

Accruals and deferred income
22,360
19,650
-
-

Bank loans
1,780,542
2,723,490
-
502,505

Net obligations under finance leases and hire purchase contracts
2,959,673
2,781,109
-
-

9,551,160
10,882,028
4,713,276
5,465,284




Page 41

 
VICTORIA HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Amounts falling due within one year

Bank loans
974,389
2,359,930
568,748
693,904


974,389
2,359,930
568,748
693,904

Amounts falling due 1-2 years

Bank loans
1,780,542
2,723,490
-
502,505


1,780,542
2,723,490
-
502,505

2,754,931
5,083,420
568,748
1,196,409


Page 42

 
VICTORIA HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
22.Loans (continued)

The Company holds a long term bank loan, which accrues interest at SONIA plus 4% and is repayable in installments over a period of 60 months. £80,000 (2022 - £160,000) is due within one year and £Nil (2022 - £80,000) is due in more than one year. 

The Company holds a long term bank loan, which accrues interest at 4.25% plus the Bank's Base Rate. Interest and repayments commence 12 months following the drawdown, with repayments then being made over a period of 36 months. £458,480 is due within one year and £Nil is due in more than one year.
A group company holds a long term bank loan, which accrues interest at SONIA plus 2.75% and is repayable in installments over a period of 60 months. £146,668 (
2022 - £146,668) is due within one year and £1,393,326 (2022 - £1,539,964) is due in more than one year.

A group company holds a long term bank loan, which accrues interest at 2.5% per annum and is repayable in installments over a period of 60 months. £123,312 is due within one year and £73,368 is due in more than one year.
A group company holds a long term bank loan, which accrues interest at 4.5% per annum and is repayable in installments over a period of 60 months. £32,333 is due within one year and £63,183 is due in more than one year.
A group company holds a long term bank loan, which accrues interest at 4.75% per annum and is repayable in installments over a period of 60 months. £17,317 is due within one year and £52,079 is due in more than one year.
A group company holds a long term bank loan, which accrues interest at 7.75% per annum and is repayable in installments over a period of 60 months. £44,339 is due within one year and £150,725 is due in more than one year.
A group company holds a long term bank loan, which accrues interest at prime interest rate and is repayable in installments over a period of 60 months. £41,673 is due within one year and £47,861 is due in more than one year.
During the prior year a group company obtained an invoicing financing facility, which accrues interest at the Wall Street Journal Prime Rate plus 6.5%. The balance of £772,099 
(2022 - £1,246,060) was outstanding at year end

Page 43

 
VICTORIA HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
16,391
204,604


Charged to profit or loss
1,466,568
(188,213)



At end of year
1,482,959
16,391

Group
Group
2023
2022
£
£

Accelerated capital allowances
(11,146)
(9,785)

Tax losses carried forward
1,494,105
26,176

1,482,959
16,391


24.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



510,000 (2022 - 510,000) Ordinary shares of £1.00 each
510,000
510,000



25.


Contingent liabilities

The bank overdrafts are secured by way of a fixed and floating charge over all of the assets of Victoria Holdings Limited, TCS John Huxley Europe Limited and TCS John Huxley Limited.


26.


Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £451,577 (2022 - £424,231). Contributions totalling £Nil (2022 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.

Page 44

 
VICTORIA HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

27.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
472,944
470,690

Later than 1 year and not later than 5 years
977,071
1,088,748

Later than 5 years
-
203,250

1,450,015
1,762,688

28.


Transactions with directors

The amounts owed to directors at the year end were £420,000 (2022 - £545,000) with accrued interest of £214,777 (2022 - £153,153). These balances are included within notes 20 and 21. 


29.


Related party transactions

At the Balance Sheet date, the total amount owing to a related party due to common control of the directors was £10,053,504 (2022 - £10,108,850). Interest accrued on the total loan balance is £573,378 (2022 - £536,419). The whole amount is unsecured and repayable on demand. 
 
At the Balance Sheet date, a trading balance of £113,740  (2022 - £161,260) was owed to a related party due to common control of the directors. 


30.


Ultimate parent undertaking and controlling party

The ultimate parent company is Belgravia Invest AB, a Company registered in Sweden and controlled by T N Sjöberg and M B Knutsson. Belgravia Invest AB is the largest group in which the results of the Company and Group are consolidated. Its registered address is Kungsportsavenyen 33, 411 36, Göteborg, Sweden from which the consolidated results can be obtained. 

 
Page 45