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REGISTERED NUMBER: 01531084 (England and Wales)















Report of the Directors and

Unaudited Consolidated Financial Statements for the Year Ended 31 December 2023

for

VMI.TV Limited

VMI.TV Limited (Registered number: 01531084)






Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Report of the Directors 2

Consolidated Income Statement 3

Consolidated Balance Sheet 4

Company Balance Sheet 6

Notes to the Consolidated Financial Statements 8


VMI.TV Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: B Bassett
K Oaten
I P Jackson
C F Chong
S C Neate





REGISTERED OFFICE: Unit 7
Victoria Industrial Estate
Victoria Road
Acton
London
W3 6UU





REGISTERED NUMBER: 01531084 (England and Wales)





ACCOUNTANTS: OPPENHEIMS Chartered Accountants
Statutory Auditors
Springfield
Cox Green Lane
Maidenhead
Berkshire
SL6 3EY

VMI.TV Limited (Registered number: 01531084)

Report of the Directors
for the Year Ended 31 December 2023

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

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

B Bassett
K Oaten
I P Jackson
C F Chong
S C Neate

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

ON BEHALF OF THE BOARD:





B Bassett - Director


15 March 2024

VMI.TV Limited (Registered number: 01531084)

Consolidated Income Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 3,279,192 4,040,361

Cost of sales 1,086,994 1,216,185
GROSS PROFIT 2,192,198 2,824,176

Administrative expenses 1,683,851 2,232,281
OPERATING PROFIT 4 508,347 591,895

Interest receivable and similar income 831 156
509,178 592,051

Interest payable and similar expenses 273,195 193,847
PROFIT BEFORE TAXATION 235,983 398,204

Tax on profit - -
PROFIT FOR THE FINANCIAL YEAR 235,983 398,204

Profit attributable to:
Owners of the parent 235,983 398,204

VMI.TV Limited (Registered number: 01531084)

Consolidated Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 5,456,114 5,626,435
Investments 7 - -
5,456,114 5,626,435

CURRENT ASSETS
Debtors 8 243,585 546,707
Prepayments and accrued income 61,291 133,420
Cash at bank 492,475 442,152
797,351 1,122,279
CREDITORS
Amounts falling due within one year 9 1,706,809 2,131,264
NET CURRENT LIABILITIES (909,458 ) (1,008,985 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,546,656

4,617,450

CREDITORS
Amounts falling due after more than one
year

10

1,960,205

2,266,982
NET ASSETS 2,586,451 2,350,468

CAPITAL AND RESERVES
Called up share capital 932 932
Share premium 128,368 128,368
Other reserves 32,277 32,277
Retained earnings 2,424,874 2,188,891
SHAREHOLDERS' FUNDS 2,586,451 2,350,468

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

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

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

VMI.TV Limited (Registered number: 01531084)

Consolidated Balance Sheet - continued
31 December 2023


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

The financial statements were approved by the Board of Directors and authorised for issue on 15 March 2024 and were signed on its behalf by:




B Bassett - Director



K Oaten - Director


VMI.TV Limited (Registered number: 01531084)

Company Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 4,669,524 4,741,301
Investments 7 60,000 60,000
4,729,524 4,801,301

CURRENT ASSETS
Debtors 8 539,697 898,892
Prepayments and accrued income 61,291 133,420
Cash at bank 291,085 172,480
892,073 1,204,792
CREDITORS
Amounts falling due within one year 9 1,632,965 2,035,967
NET CURRENT LIABILITIES (740,892 ) (831,175 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,988,632

3,970,126

CREDITORS
Amounts falling due after more than one
year

10

1,960,205

2,266,982
NET ASSETS 2,028,427 1,703,144

CAPITAL AND RESERVES
Called up share capital 932 932
Share premium 128,368 128,368
Retained earnings 1,899,127 1,573,844
SHAREHOLDERS' FUNDS 2,028,427 1,703,144

Company's profit for the financial year 325,283 281,030

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

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

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

VMI.TV Limited (Registered number: 01531084)

Company Balance Sheet - continued
31 December 2023


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

The financial statements were approved by the Board of Directors and authorised for issue on 15 March 2024 and were signed on its behalf by:




B Bassett - Director



K Oaten - Director


VMI.TV Limited (Registered number: 01531084)

Notes to the Consolidated Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

VMI.TV Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - at varying rates on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets held under leasing agreements are capitalised and depreciated in accordance with the standard rate as set out elsewhere in these notes.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2022 - 33 ) .

The average number of employees by undertakings that were proportionately consolidated during the year was 6 (2022 - 6 ) .

VMI.TV Limited (Registered number: 01531084)

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

4. OPERATING PROFIT

The operating profit is stated after charging:

31.12.23 31.12.22
£    £   
Depreciation - owned assets 781,553 1,112,854

5. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


6. TANGIBLE FIXED ASSETS

Group
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 295,085 11,260,084 11,555,169
Additions 36,800 866,229 903,029
Disposals - (1,102,444 ) (1,102,444 )
At 31 December 2023 331,885 11,023,869 11,355,754
DEPRECIATION
At 1 January 2023 243,973 5,684,761 5,928,734
Charge for year 33,188 748,365 781,553
Eliminated on disposal - (810,647 ) (810,647 )
At 31 December 2023 277,161 5,622,479 5,899,640
NET BOOK VALUE
At 31 December 2023 54,724 5,401,390 5,456,114
At 31 December 2022 51,112 5,575,323 5,626,435

VMI.TV Limited (Registered number: 01531084)

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

6. TANGIBLE FIXED ASSETS - continued

Company
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 295,085 9,704,013 9,999,098
Additions 36,800 857,641 894,441
Disposals - (1,072,310 ) (1,072,310 )
At 31 December 2023 331,885 9,489,344 9,821,229
DEPRECIATION
At 1 January 2023 243,973 5,013,824 5,257,797
Charge for year 33,188 641,536 674,724
Eliminated on disposal - (780,816 ) (780,816 )
At 31 December 2023 277,161 4,874,544 5,151,705
NET BOOK VALUE
At 31 December 2023 54,724 4,614,800 4,669,524
At 31 December 2022 51,112 4,690,189 4,741,301

Included in fixed assets are plant and equipment subject to Hire Purchase and Finance Lease agreements.

7. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 60,000
NET BOOK VALUE
At 31 December 2023 60,000
At 31 December 2022 60,000

VMI.TV Limited (Registered number: 01531084)

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

7. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

VMI.TV Bristol Limited
Registered office: Unit 7, Victoria Industrial Estate, Victoria Road, Acton, London W3 6UU
Nature of business: Hire of equipment
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 618,024 707,324
(Loss)/profit for the year (89,300 ) 117,174


8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Trade debtors 239,569 538,720 178,742 418,023
Amounts owed by group undertakings - - 356,939 474,203
Other debtors 4,016 7,987 4,016 6,666
243,585 546,707 539,697 898,892

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Bank loans and overdrafts 386,076 287,159 386,076 287,159
Hire purchase contracts and finance leases 1,068,490 1,422,964 1,068,490 1,422,964
Trade creditors 64,696 164,252 60,910 164,252
Taxation and social security 157,193 240,995 88,437 148,888
Other creditors 30,354 15,894 29,052 12,704
1,706,809 2,131,264 1,632,965 2,035,967

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Bank loans 366,798 699,266 366,798 699,266
Hire purchase contracts and finance leases 1,593,407 1,567,716 1,593,407 1,567,716
1,960,205 2,266,982 1,960,205 2,266,982