REGISTERED NUMBER: 09431685 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
VIA.TRADE LTD |
REGISTERED NUMBER: 09431685 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
VIA.TRADE LTD |
VIA.TRADE LTD (REGISTERED NUMBER: 09431685) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 8 |
Consolidated Other Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 17 |
VIA.TRADE LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Windsor House |
40/41 Great Castle Street |
London |
W1W 8LU |
VIA.TRADE LTD (REGISTERED NUMBER: 09431685) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their strategic report of the company and the group for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
The group's principal activities are the supply of machines, engines, drilling equipment & parts and finance solutions to the construction, mining, infrastructure and renewables industries mainly in Africa, Latin America and Central Asia. |
At country level, we support our customers by working with experienced and knowledgeable local businesses combining an understanding of local markets with our knowledge of industrial equipment, supply chain, logistics, finance and technology to offer a uniquely competitive solution to our customers. Our business is underpinned by a desire to increase trade between countries becoming a trusted partner with our suppliers and end customers to deliver improved business performance throughout the supply chain particularly at a local. |
Key performance indicators |
In line with our operating objectives the group is focused on increasing shareholder value by growing revenue, |
improving EBITDA and developing market leading technology that delivers accurate data to end users. The group uses Sales, Gross Profit, Net Profit, Free Cash Flow and FX KPIs to manage its business performance. Where relevant, KPIs are used as the primary measures of whether the group is achieving its objectives, however the scale and variety of operations means that many other detailed performance measures are used in addition. |
Sustainability |
Sustainability is an integral part of our business and underpins our strategy and operations. There is a very high level of awareness of the importance of sustainability practices for the future of the group and of our customers amongst our employees. We encourage business travel only when strictly necessary to meet with customers and we have a hybrid working model for our employees. We have made some progress in documenting and measuring sustainability policies and the company is firmly committed to the spirit of sustainability in its operations. Significantly we have developed a program to work with customers to resell redundant and excess machines and machine parts, resell second hand parts and to refurbish equipment prolonging its useful life. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The Directors have considered and reviewed the principal business risks relating to the group. These risks are |
outlined below: |
Foreign exchange risks |
The group's trading activities are substantially carried out in US Dollars and Euros. The group has a risk from |
movements in exchange rates as the financial statements are stated in GB Pounds. In order to mitigate the risk of foreign currency exposure on significant transactions the group uses forward currency contracts where appropriate. |
Credit risks |
The group's main financial assets are cash at bank, trade and other debtors. The group has mitigated credit risk by |
operating bank accounts with different financial institutions, and by carrying out customer credit checks and setting |
customer credit limits. |
Market risks |
The markets in which the group operate are competitive and there is a risk of the group losing sales and key |
customers. The group competes with a large number of equipment suppliers both in the United Kingdom, and |
internationally. The group mitigates this risk by providing a high level of customer service and offering innovative |
customer financing solutions. In addition some of the countries where the group operates have varying levels of |
political and economic uncertainty. The group mitigates these risks by doing business in multiple countries and |
geographies, working closely with its local partners, customers and financial partners to deliver local cost effective |
business solutions. |
VIA.TRADE LTD (REGISTERED NUMBER: 09431685) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Operating risks |
The group principally supplies plant, machinery and spare parts and is dependent on continued demand for, and supply of, products. The group is seeking mitigate this risk by developing innovative financial solutions for customers that enables the customer to order at scale and it is continually working with other suppliers to expand its supplier base. In addition the group is investing in the development of a technology platform that will enable customers to get product pricing, availability, logistics and delivery information with limited manual intervention. |
Key person risk |
The group has a high dependency on a number of its key executives and is working to reduce this dependency with a number of new hires as the business grows. |
Competition |
The group operates in a very competitive market place with competitors dropping margins to secure market share. The group mitigates this risk by working closely with its local partners to ensure that it is competitive, offering outstanding customer service and developing technology that better serves customer reporting requirements. In addition the development of financial solutions that enables customers to better meet their commercial needs is a competitive differentiator. Management interact regularly with customer and use information gleaned from these meetings to improve its services to customers. |
Economy |
The general economic conditions and other similar factors including access to credit, unemployment rates, consumer confidence, and other macroeconomic factors impact on the business. A challenging economic and financial situation and uncertainty regarding potential economic recovery could undermine customer demand. A loss of customers or a decline in sales could have an adverse effect on the group's financial position, results of operations and cash flow and may ultimately affect its ability to meet its growth targets. |
Capital risk |
In order to maintain liquidity to ensure that sufficient funds are available for ongoing business operations and future developments the group uses a mixture of long term and short term debt finance. |
ON BEHALF OF THE BOARD: |
VIA.TRADE LTD (REGISTERED NUMBER: 09431685) |
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. |
DIVIDENDS |
No dividends will be distributed 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. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Jamieson Stone LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
VIA.TRADE LTD |
Opinion |
We have audited the financial statements of Via.Trade Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 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 qualified 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 UK, including the FRC's Ethical Standard, and 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 and 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our 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. |
In connection with our audit of the financial statements, 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 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. |
Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
VIA.TRADE LTD |
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 Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept 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 Statement of Directors' Responsibilities set out on page four, 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 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. |
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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. |
- | we gained an understanding of the legal and regulatory framework applicable to the group and the industry in which it operates and considered the risk of acts by the group being contrary to applicable laws and regulations, including fraud. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and tax legislation. |
- | we assessed the susceptibility of the group's financial statements to material misstatement, including how fraud might occur, by understanding where there was a susceptibility of fraud. |
- | we obtained an understanding of the procedures and controls that the group has established to address risks identified, or that otherwise prevent, deter and detect fraud. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. |
- | based on the understanding obtained we designed audit procedures to identify non-compliance with the laws and regulations, as noted above. This included enquiries of management, and reviewing relevant correspondence with regulators and authorities. |
- | we tested manual journal entries, including those to revenue, focusing on journal entries containing characteristics of audit interest. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
VIA.TRADE LTD |
Auditors' responsibilities for the audit of the financial statements (continued) |
- | we tested and challenged the key estimates and judgements made by management in preparing the financial statements for indications of bias or management override when presenting the results and financial position of the company. |
- | we also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. |
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 Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Windsor House |
40/41 Great Castle Street |
London |
W1W 8LU |
VIA.TRADE LTD (REGISTERED NUMBER: 09431685) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 22,028,935 | 34,082,828 |
Cost of sales | (19,919,828 | ) | (32,218,220 | ) |
GROSS PROFIT | 2,109,107 | 1,864,608 |
Administrative expenses | (2,045,554 | ) | (1,401,942 | ) |
OPERATING PROFIT | 4 | 63,553 | 462,666 |
Interest receivable and similar income | 47,820 | 107,452 |
111,373 | 570,118 |
Interest payable and similar expenses | 5 | (80,283 | ) | (53,385 | ) |
PROFIT BEFORE TAXATION | 31,090 | 516,733 |
Tax on profit | 6 | (8,117 | ) | (104,102 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 22,973 | 412,631 |
VIA.TRADE LTD (REGISTERED NUMBER: 09431685) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 22,973 | 412,631 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
22,973 |
412,631 |
Total comprehensive income attributable to: |
Owners of the parent | 22,973 | 412,631 |
VIA.TRADE LTD (REGISTERED NUMBER: 09431685) |
CONSOLIDATED BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 8 | 79,775 | - |
Tangible assets | 9 | 7,743 | 21,774 |
Investments | 10 | - | - |
87,518 | 21,774 |
CURRENT ASSETS |
Stocks | 11 | 378,265 | 581,328 |
Debtors | 12 | 24,184,813 | 9,013,659 |
Cash at bank and in hand | 4,060,238 | 5,219,389 |
28,623,316 | 14,814,376 |
CREDITORS |
Amounts falling due within one year | 13 | (27,276,573 | ) | (13,199,287 | ) |
NET CURRENT ASSETS | 1,346,743 | 1,615,089 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
1,434,261 |
1,636,863 |
CREDITORS |
Amounts falling due after more than one year |
14 |
(537,660 |
) |
(776,493 |
) |
PROVISIONS FOR LIABILITIES | 16 | (15,656 | ) | (2,398 | ) |
NET ASSETS | 880,945 | 857,972 |
CAPITAL AND RESERVES |
Called up share capital | 17 | 519,833 | 519,833 |
Capital redemption reserve | 18 | 250 | 250 |
Retained earnings | 18 | 360,862 | 337,889 |
SHAREHOLDERS' FUNDS | 880,945 | 857,972 |
The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by: |
G S De Mowbray - Director |
VIA.TRADE LTD (REGISTERED NUMBER: 09431685) |
COMPANY BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Debtors | 12 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 13 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | - | 954,213 |
The financial statements were approved by the Board of Directors and authorised for issue on |
VIA.TRADE LTD (REGISTERED NUMBER: 09431685) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 | 500 | (74,742 | ) | 250 | (73,992 | ) |
Changes in equity |
Issue of share capital | 519,333 | - | - | 519,333 |
Total comprehensive income | - | 412,631 | - | 412,631 |
Balance at 31 December 2022 | 519,833 | 337,889 | 250 | 857,972 |
Changes in equity |
Total comprehensive income | - | 22,973 | - | 22,973 |
Balance at 31 December 2023 | 519,833 | 360,862 | 250 | 880,945 |
VIA.TRADE LTD (REGISTERED NUMBER: 09431685) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 | ( |
) | ( |
) |
Changes in equity |
Issue of share capital | - | - |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Balance at 31 December 2023 |
VIA.TRADE LTD (REGISTERED NUMBER: 09431685) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (635,566 | ) | 2,765,639 |
Interest paid | (80,283 | ) | (53,385 | ) |
Tax paid | (126,996 | ) | (44,023 | ) |
Net cash from operating activities | (842,845 | ) | 2,668,231 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (75,906 | ) | - |
Purchase of tangible fixed assets | (3,843 | ) | (7,556 | ) |
Sale of tangible fixed assets | 2,759 | - |
Interest received | 47,820 | 107,452 |
Net cash from investing activities | (29,170 | ) | 99,896 |
Cash flows from financing activities |
Loan repayments in year | (237,649 | ) | (751,844 | ) |
Amount withdrawn by directors | - | 3,000 |
Share issue | - | 519,333 |
Net cash from financing activities | (237,649 | ) | (229,511 | ) |
(Decrease)/increase in cash and cash equivalents | (1,109,664 | ) | 2,538,616 |
Cash and cash equivalents at beginning of year |
2 |
5,169,902 |
2,631,286 |
Cash and cash equivalents at end of year | 2 | 4,060,238 | 5,169,902 |
VIA.TRADE LTD (REGISTERED NUMBER: 09431685) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 31,090 | 516,733 |
Depreciation charges | 12,563 | 99,238 |
Profit on disposal of fixed assets | (1,466 | ) | - |
Finance costs | 80,283 | 53,385 |
Finance income | (47,820 | ) | (107,452 | ) |
74,650 | 561,904 |
Decrease/(increase) in stocks | 203,063 | (334,603 | ) |
Increase in trade and other debtors | (15,165,850 | ) | (6,052,561 | ) |
Increase in trade and other creditors | 14,252,571 | 8,590,899 |
Cash generated from operations | (635,566 | ) | 2,765,639 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 4,060,238 | 5,219,389 |
Bank overdrafts | - | (49,487 | ) |
4,060,238 | 5,169,902 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 5,219,389 | 2,707,127 |
Bank overdrafts | (49,487 | ) | (75,841 | ) |
5,169,902 | 2,631,286 |
VIA.TRADE LTD (REGISTERED NUMBER: 09431685) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 5,219,389 | (1,159,151 | ) | 4,060,238 |
Bank overdrafts | (49,487 | ) | 49,487 | - |
5,169,902 | (1,109,664 | ) | 4,060,238 |
Debt |
Debts falling due within 1 year | (234,977 | ) | (1,184 | ) | (236,161 | ) |
Debts falling due after 1 year | (776,493 | ) | 238,833 | (537,660 | ) |
(1,011,470 | ) | 237,649 | (773,821 | ) |
Total | 4,158,432 | (872,015 | ) | 3,286,417 |
VIA.TRADE LTD (REGISTERED NUMBER: 09431685) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Via.Trade Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is the total amount receivable by the company excluding value added tax, in the ordinary course of its business for goods supplied and services provided. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Office equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
VIA.TRADE LTD (REGISTERED NUMBER: 09431685) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 961,970 | 854,014 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Management | 1 | 1 |
Administration and Marketing | 12 | 12 |
The average number of employees by undertakings that were proportionately consolidated during the year was 13 (2022 - 13 ) . |
2023 | 2022 |
£ | £ |
Directors' remuneration | 143,062 | 200,326 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery | 95,340 | 85,052 |
Depreciation - owned assets | 4,075 | 17,390 |
Profit on disposal of fixed assets | (1,466 | ) | - |
Computer software amortisation | 5,159 | 81,848 |
Foreign exchange differences | 153,390 | (566,404 | ) |
Auditors remuneration | 11,500 | 11,500 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Loan interest | 80,283 | 53,385 |
VIA.TRADE LTD (REGISTERED NUMBER: 09431685) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | (5,141 | ) | 105,589 |
Deferred tax | 13,258 | (1,487 | ) |
Tax on profit | 8,117 | 104,102 |
7. | 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. |
8. | INTANGIBLE FIXED ASSETS |
Group |
Computer |
software |
£ |
COST |
At 1 January 2023 | 982,180 |
Additions | 75,906 |
Reclassification/transfer | 15,477 |
At 31 December 2023 | 1,073,563 |
AMORTISATION |
At 1 January 2023 | 982,180 |
Amortisation for year | 5,159 |
Reclassification/transfer | 6,449 |
At 31 December 2023 | 993,788 |
NET BOOK VALUE |
At 31 December 2023 | 79,775 |
At 31 December 2022 | - |
VIA.TRADE LTD (REGISTERED NUMBER: 09431685) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | INTANGIBLE FIXED ASSETS - continued |
Company |
Computer |
software |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
9. | TANGIBLE FIXED ASSETS |
Group |
Plant and | Office |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2023 | 11,801 | 96,021 | 107,822 |
Additions | - | 3,843 | 3,843 |
Disposals | - | (3,032 | ) | (3,032 | ) |
Reclassification/transfer | - | (15,477 | ) | (15,477 | ) |
At 31 December 2023 | 11,801 | 81,355 | 93,156 |
DEPRECIATION |
At 1 January 2023 | 11,801 | 74,247 | 86,048 |
Charge for year | - | 4,075 | 4,075 |
Eliminated on disposal | - | 1,739 | 1,739 |
Reclassification/transfer | - | (6,449 | ) | (6,449 | ) |
At 31 December 2023 | 11,801 | 73,612 | 85,413 |
NET BOOK VALUE |
At 31 December 2023 | - | 7,743 | 7,743 |
At 31 December 2022 | - | 21,774 | 21,774 |
VIA.TRADE LTD (REGISTERED NUMBER: 09431685) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
10. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: London, England |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Amsterdam, The Netherlands |
Nature of business: |
% |
Class of shares: | holding |
11. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Finished goods | 378,265 | 581,328 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 2,191,473 | 1,345,703 |
Other debtors | 39,510 | 6,601,421 |
Tax | 6,940 | 1,636 |
VAT | 56,247 | 1,188 |
Prepayments and accrued income | 21,890,643 | 1,063,711 |
24,184,813 | 9,013,659 |
VIA.TRADE LTD (REGISTERED NUMBER: 09431685) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 15) | 188,700 | 238,187 |
Other loans (see note 15) | 47,461 | 46,277 |
Trade creditors | 1,347,256 | 591,586 |
Corporation tax | 16,903 | 143,736 |
Social security and other taxes | 25,690 | 88,200 |
Other creditors | 25,010,288 | 7,207,625 |
Accruals and deferred income | 640,275 | 4,883,676 |
27,276,573 | 13,199,287 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Bank loans (see note 15) | 421,800 | 610,000 |
Other loans (see note 15) | 115,860 | 166,493 |
537,660 | 776,493 |
VIA.TRADE LTD (REGISTERED NUMBER: 09431685) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
15. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | - | 49,487 |
Bank loans | 188,700 | 188,700 |
Other loans | 47,461 | 46,277 |
236,161 | 284,464 |
Amounts falling due between one and two | years: |
Bank loans due between |
1 & 2 years | 187,800 | 188,000 |
Other loans due between 1& 2 years | 47,461 | 47,461 |
235,261 | 235,461 |
Amounts falling due between two and five | years: |
Bank loans due between |
2 & 5 years | 234,000 | 422,000 |
Other loans due between 2 & 5 years | 68,399 | 114,214 |
302,399 | 536,214 |
Amounts falling due in more than five years: |
Repayable by instalments |
Other loans due after 5 years |
by instalments | - | 4,818 |
- | 4,818 |
16. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax | 15,656 | 2,398 |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2023 | 2,398 |
Provided during year | 13,258 |
Balance at 31 December 2023 | 15,656 |
VIA.TRADE LTD (REGISTERED NUMBER: 09431685) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £0.00005 | 500 | 500 |
VN | £0.00005 | 55 | 55 |
Preference | £1.00000 | 519,278 | 519,278 |
519,833 | 519,833 |
18. | RESERVES |
Group |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2023 | 337,889 | 250 | 338,139 |
Profit for the year | 22,973 | 22,973 |
At 31 December 2023 | 360,862 | 250 | 361,112 |