Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-31Tangible 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. 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. 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 the Statement of Comprehensive Income.The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-01-01falsetruetrue NI021908 2023-01-01 2023-12-31 NI021908 2022-01-01 2022-12-31 NI021908 2023-12-31 NI021908 2022-12-31 NI021908 2022-01-01 NI021908 c:RestatedAmount 2022-12-31 NI021908 c:RestatedAmount 2022-01-01 NI021908 d:Director1 2023-01-01 2023-12-31 NI021908 c:Buildings 2023-01-01 2023-12-31 NI021908 c:Buildings 2023-12-31 NI021908 c:Buildings 2022-12-31 NI021908 c:Buildings c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI021908 c:MotorVehicles 2023-01-01 2023-12-31 NI021908 c:MotorVehicles 2023-12-31 NI021908 c:MotorVehicles 2022-12-31 NI021908 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI021908 c:ComputerEquipment 2023-01-01 2023-12-31 NI021908 c:ComputerEquipment 2023-12-31 NI021908 c:ComputerEquipment 2022-12-31 NI021908 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI021908 c:CurrentFinancialInstruments 2023-12-31 NI021908 c:CurrentFinancialInstruments 2022-12-31 NI021908 c:Non-currentFinancialInstruments 2023-12-31 NI021908 c:Non-currentFinancialInstruments 2022-12-31 NI021908 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 NI021908 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 NI021908 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 NI021908 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 NI021908 c:ShareCapital 2023-12-31 NI021908 c:ShareCapital 2022-12-31 NI021908 c:ShareCapital 2022-01-01 NI021908 c:RevaluationReserve 2023-01-01 2023-12-31 NI021908 c:RevaluationReserve 2023-12-31 NI021908 c:RevaluationReserve 2022-01-01 2022-12-31 NI021908 c:RevaluationReserve 2022-12-31 NI021908 c:RevaluationReserve c:RestatedAmount 2022-12-31 NI021908 c:RevaluationReserve 2022-01-01 NI021908 c:RevaluationReserve c:RestatedAmount 2022-01-01 NI021908 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 NI021908 c:RetainedEarningsAccumulatedLosses 2023-12-31 NI021908 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 NI021908 c:RetainedEarningsAccumulatedLosses 2022-12-31 NI021908 c:RetainedEarningsAccumulatedLosses c:RestatedAmount 2022-12-31 NI021908 c:RetainedEarningsAccumulatedLosses 2022-01-01 NI021908 c:RetainedEarningsAccumulatedLosses c:RestatedAmount 2022-01-01 NI021908 c:AcceleratedTaxDepreciationDeferredTax 2023-12-31 NI021908 c:AcceleratedTaxDepreciationDeferredTax 2022-12-31 NI021908 c:OtherDeferredTax 2023-12-31 NI021908 c:OtherDeferredTax 2022-12-31 NI021908 d:OrdinaryShareClass1 2023-01-01 2023-12-31 NI021908 d:OrdinaryShareClass1 2022-01-01 2022-12-31 NI021908 d:OrdinaryShareClass1 2023-12-31 NI021908 d:OrdinaryShareClass1 2022-12-31 NI021908 d:FRS102 2023-01-01 2023-12-31 NI021908 d:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 NI021908 d:FullAccounts 2023-01-01 2023-12-31 NI021908 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI021908 c:WithinOneYear 2023-12-31 NI021908 c:WithinOneYear 2022-12-31 NI021908 c:BetweenOneFiveYears 2023-12-31 NI021908 c:BetweenOneFiveYears 2022-12-31 NI021908 c:MoreThanFiveYears 2023-12-31 NI021908 c:MoreThanFiveYears 2022-12-31 NI021908 c:HirePurchaseContracts c:WithinOneYear 2023-12-31 NI021908 c:HirePurchaseContracts c:WithinOneYear 2022-12-31 NI021908 c:HirePurchaseContracts c:BetweenOneFiveYears 2023-12-31 NI021908 c:HirePurchaseContracts c:BetweenOneFiveYears 2022-12-31 NI021908 2 2023-01-01 2023-12-31 NI021908 6 2023-01-01 2023-12-31 NI021908 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2023-12-31 NI021908 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2022-12-31 NI021908 c:RevaluationReserve c:PriorPeriodErrorIncreaseDecrease 2023-01-01 2023-12-31 NI021908 c:RevaluationReserve c:PriorPeriodErrorIncreaseDecrease 2022-01-01 2022-12-31 NI021908 c:RetainedEarningsAccumulatedLosses c:PriorPeriodErrorIncreaseDecrease 2023-01-01 2023-12-31 NI021908 c:RetainedEarningsAccumulatedLosses c:PriorPeriodErrorIncreaseDecrease 2022-01-01 2022-12-31 NI021908 c:PriorPeriodErrorIncreaseDecrease 2023-01-01 2023-12-31 NI021908 c:PriorPeriodErrorIncreaseDecrease 2022-01-01 2022-12-31 iso4217:GBP xbrli:shares xbrli:pure



















VME Retail Systems Limited

Registered number: NI021908
Filleted Financial Statements
For the year ended 31 December 2023

 
VME RETAIL SYSTEMS LIMITED
REGISTERED NUMBER: NI021908

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
471,993
387,524

Investments
 5 
4,000
4,000

  
475,993
391,524

Current assets
  

Debtors: amounts falling due within one year
 6 
637,270
925,646

Cash and cash equivalents
 7 
1,006,181
567,238

  
1,643,451
1,492,884

Creditors: amounts falling due within one year
 8 
(1,188,764)
(1,066,426)

Net current assets
  
 
 
454,687
 
 
426,458

Total assets less current liabilities
  
930,680
817,982

Creditors: amounts falling due after more than one year

 9 

(69,564)
(11,277)

Provisions for liabilities
  

Deferred tax
 11 
(39,209)
(16,716)

  
 
 
(39,209)
 
 
(16,716)

Net assets
  
821,907
789,989


Capital and reserves
  

Called up share capital 
 12 
20,000
20,000

Revaluation reserve
 13 
156,973
160,833

Profit and loss account
 13 
644,934
609,156

  
821,907
789,989


Page 1

 
VME RETAIL SYSTEMS LIMITED
REGISTERED NUMBER: NI021908
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the Board and were signed on its behalf by: 





Mr Richard Coyle
Director

Date: 11 September 2024

The notes on pages 4 to 14 form part of these financial statements.

Page 2

 
VME RETAIL SYSTEMS LIMITED
 

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


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022 (as previously stated)
20,000
244,166
1,007,683
1,271,849

Prior year adjustment (note 14)
-
(79,473)
79,473
-


At 1 January 2022 (as restated)
20,000
164,693
1,087,156
1,271,849


Comprehensive income for the year

Profit for the year
-
-
1,119,940
1,119,940

Surplus on revaluation of other fixed assets
-
(3,860)
3,860
-

Dividends: Equity capital
-
-
(1,601,800)
(1,601,800)



At 1 January 2023 (as previously stated)
20,000
162,396
607,593
789,989

Prior year adjustment (note 14)
-
(1,563)
1,563
-


At 1 January 2023 (as restated)
20,000
160,833
609,156
789,989


Comprehensive income for the year

Profit for the year
-
-
1,433,730
1,433,730

Surplus on revaluation of other fixed assets
-
(3,860)
3,860
-

Dividends: Equity capital
-
-
(1,401,812)
(1,401,812)


At 31 December 2023
20,000
156,973
644,934
821,907


The notes on pages 4 to 14 form part of these financial statements.

Page 3

 
VME RETAIL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

VME Retail Systems Limited (the "Company") is a private company limited by shares and is incorporated, registered and domiciled in Northern Ireland, within the United Kingdom. The address of its registered office is 11 Carnbeg Avenue, Antrim, Northern Ireland, BT41 4RA. The Company's registered number is NI021908.
The Company's principal activities during the financial year was the design, marketing and installation of specialised computer systems.
These financial statements have been presented in Pounds Sterling as this is the currency of the primary economic environment in which the Company operates. Monetary amounts in these finaniclal statements are rounded to the nearest £.

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 Section 1A of 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 management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company is deemed to be a going concern and therefore the accounts have been prepared on the going concern basis. The Director and parent company will pay liabilities as they fall due and fulfil negative reserves through the continued support of cash injections. On the basis of the above, the shareholders consider the Company to be a going concern for the foreseeable future.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 4

 
VME RETAIL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Turnover represents the invoiced value of goods supplied during the year excluding value added tax and is net of sales returns, trade discounts and rebates. Maintenance sales are recognised on an accruals basis. Installation sales are recognised upon installation of the product, which is when title to the product is transferred to the customer.

 
2.5

Operating leases: the Company 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.

 
2.6

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to the Statement of Comprehensive Income 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.

 
2.8

Pensions

Defined contribution pension plan 
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income 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.

Page 5

 
VME RETAIL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

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.

Freehold property is held at market value less accumulated depreciation.

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:

Freehold property
-
2%
straight line on revalued amount
Motor vehicles
-
25%
reducing balance
Computer equipment
-
25%
straight line/reducing balance

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 the Statement of Comprehensive Income.

 
2.11

Valuation of investments

Fixed asset investments are stated at their purchase cost less any provision for impairment. Investment income is included in the Statement of Comprehensive Income on an accruals basis.

 
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.

 
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.

Page 6

 
VME RETAIL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.16

Financial instruments

The Company 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.

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 Statement of Comprehensive Income.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 7

 
VME RETAIL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

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


        2023
        2022
            No.
            No.







Selling and distribution
3
4



Administrative
33
33

36
37


4.


Tangible fixed assets





Freehold property
Motor vehicles
Computer equipment
Total

£
£
£
£



Cost


At 1 January 2023
350,000
167,611
15,334
532,945


Additions
-
118,709
37,223
155,932


Disposals
-
(95,600)
(3,135)
(98,735)



At 31 December 2023

350,000
190,720
49,422
590,142



Depreciation


At 1 January 2023
46,683
90,982
7,756
145,421


Charge for the year
7,000
25,899
6,802
39,701


Disposals
-
(64,091)
(2,882)
(66,973)



At 31 December 2023

53,683
52,790
11,676
118,149



Net book value



At 31 December 2023
296,317
137,930
37,746
471,993



At 31 December 2022
303,317
76,629
7,578
387,524

Page 8

 
VME RETAIL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           4.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
137,930
38,818

Cost or valuation at 31 December 2023 is as follows:

Freehold property
£


At cost
157,000
At valuation:

27 August 2014 at open market value
193,000



350,000

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£



Cost
157,000
157,000

Net book value
157,000
157,000

Page 9

 
VME RETAIL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Fixed asset investments





Unlisted investments

£



Cost


At 1 January 2023
4,000



At 31 December 2023
4,000






Net book value



At 31 December 2023
4,000



At 31 December 2022
4,000


6.


Debtors

2023
2022
£
£


Trade debtors
570,281
744,765

Other debtors
11,952
12,052

Prepayments and accrued income
55,037
168,829

637,270
925,646



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,006,181
567,238


Page 10

 
VME RETAIL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
171,549
270,818

Corporation tax
277,106
82,434

Other taxation and social security
251,761
236,508

Hire purchase agreements (note 10)
15,898
13,533

Other creditors
22,244
9,582

Accruals and deferred income
450,206
453,551

1,188,764
1,066,426



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finances leases and hire purchase contracts (note 10)
69,564
11,277



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
15,898
13,533

Between 1-5 years
69,564
11,277

85,462
24,810

Amounts due to hire purchase creditors are secured on the assets to which they relate.

Page 11

 
VME RETAIL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Deferred taxation




2023
2022


£

£






At beginning of year
(16,716)
(22,710)


Credited to the Statement of Comprehensive Income
(22,493)
5,994



At end of year
(39,209)
(16,716)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(39,844)
(16,716)

Short term timing differences
635
-

(39,209)
(16,716)


12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



80,000 (2022 - 80,000) Ordinary shares shares of £0.25 each
20,000
20,000



13.


Reserves

Revaluation reserve

The revaluation reserve represents cumulative fair value gains or losses in freehold property. 

Profit and loss account

This reserve includes all current and prior periods retained profits and losses. 

Page 12

 
VME RETAIL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Prior year adjustment

Prior year adjustments have been posted to correct the carrying value of the property revaluation reserve. The only impact on the financial statements is transfers within the Statement of Changes in Equity.
£79,473 was transferred from the revaluation reserve to the profit and loss account in 2021 to correct the non-distributable revaluation gains value in the balance sheet as at 31 December 2021. 
A further £1,563 was posted in 2022 to recognise in the profit and loss accout the element of freehold property depreciation charge for the year that relates to the revaluation.


15.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £40,819 (2022 - £39,157). Contributions totalling £4,924 (2022 - £Nil) were payable to the fund at the reporting date and are included in other creditors.


16.


Commitments under operating leases

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

2023
2022
£
£

Land and buildings


Not later than 1 year
56,176
54,540

Between 1-5 years
189,125
235,020

Later than 5 years
-
10,281

245,301
299,841


17.


Related party transactions

The Company has availed of the exemption under FRS 102 section 33, paragraph 33.1A in relation to the disclosure of transactions with group companies as all of the voting rights are controlled within the group.

Page 13

 
VME RETAIL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Ultimate parent undertaking and controlling party

The immediate parent undertaking is VME Coop Limited whose registered address is Crook of Devon House, Main Street, Crook of Devon, Perth and Kinross, KY13 0UQ.
The ultimate parent undertaking is VME Trustees Limited whose registered address is Crook of Devon House, Main Street, Crook of Devon, Perth and Kinross, KY13 0UQ. 
VME Trustees Limited have taken advantage of exemptions available to small groups not to prepare consolidated financial statements.
In the opinion of the Directors, there is no ultimate controlling party. 

 
Page 14