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2023-12-29
COMPANY REGISTRATION NUMBER: 10503447
VCC TRADING GROUP LIMITED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 December 2023
VCC TRADING GROUP LIMITED
CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED 29 DECEMBER 2023
CONTENTS
PAGES
Officers and professional advisers
1
Strategic report
2 to 3
Directors' report
4 to 5
Independent auditor's report to the members
6 to 9
Consolidated statement of income and retained earnings
10
Company statement of income and retained earnings
11
Consolidated statement of financial position
12
Company statement of financial position
13
Consolidated statement of cash flows
14
Notes to the consolidated financial statements
15 to 23
VCC TRADING GROUP LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
THE BOARD OF DIRECTORS
A Charman
H Hoogcarspel
G Te Lentelo
REGISTERED OFFICE
14 Overland Park Unit 14
Overland Park
Gelderd Road
Leeds
LS27 7JP
AUDITOR
Wine & Co
Chartered accountants & statutory auditor
20-22 Bridge End
Leeds
LS1 4DJ
VCC TRADING GROUP LIMITED
STRATEGIC REPORT
YEAR ENDED 29 DECEMBER 2023
PRINCIPAL OBJECTIVES AND REVIEW OF THE BUSINESS
The Directors present the Company's Strategic Report for the period ending 29 December 2023.
PRINCIPAL ACTIVITIES
Vintage Trading Solutions Limited, trading under the brand name of Vintage Cash Cow, specializes in the trading and resale of vintage, antique, and pre-owned items. The company's primary activity involves providing a convenient, reliable, and efficient platform for customers to sell their vintage items, including collectibles, antiques, jewellery, and other valuable goods. By leveraging its expertise in the valuation and resale of these items, Vintage Cash Cow ensures that customers receive competitive offers while the company maximizes its inventory for profitable resale.
BUSINESS REVIEW
During the year ending December 2023, Vintage Trading Solutions Limited continued to expand its market presence and enhance its operational efficiency. The company's performance was marked by a steady increase in both customer acquisitions and overall sales volume. Key milestones achieved include: - Growth in Customer Base: The company experienced a significant growth in its customer base, driven by targeted marketing campaigns, strategic partnerships, and enhanced customer service initiatives. - Expansion of Product Categories: Vintage Cash Cow broadened its inventory by expanding into new product categories, including high-value collectibles and rare antiques, which contributed to increased revenue streams. - Operational Improvements: The company implemented several operational enhancements, including the adoption of advanced valuation tools, streamlined logistics, and improved inventory management systems. These changes have resulted in faster processing times, reduced costs, and higher customer satisfaction. - Sustainability Initiatives: In line with the growing emphasis on sustainability, the company has also undertaken initiatives to promote the recycling and repurposing of vintage goods, thereby reducing waste and promoting environmental responsibility.
FUTURE OUTLOOK
Looking ahead, Vintage Trading Solutions Limited aims to further consolidate its market position and explore new avenues for growth. The company plans to: - Digital Transformation: Invest in digital tools and technologies to improve the customer experience, enhance valuation accuracy, and optimize the sales process. - Geographic Expansion: Explore opportunities to expand its operations into new geographic markets, leveraging its brand strength and expertise to capture new customer segments. - Sustainability and ESG: Continue to prioritize sustainability by expanding its range of eco-friendly practices, including the promotion of circular economy principles within the vintage trading industry. - Partnerships and Collaborations: Forge new partnerships with industry leaders, auction houses, and online marketplaces to broaden its reach and increase the liquidity of its inventory.
PRINCIPAL RISKS AND UNCERTAINTIES
The company operates in a competitive market that is influenced by changing consumer preferences, economic conditions, and technological advancements. Key risks include: - Market Competition: The company faces competition from both traditional and online marketplaces, which could impact market share and profitability. - Economic Downturn: Economic challenges, such as inflation or recession, could reduce consumer spending on non-essential items, impacting sales. - Regulatory Changes: Changes in regulations, particularly around e-commerce and sustainability, could require the company to adapt its business practices, potentially incurring additional costs. To mitigate these risks, the company continuously monitors market trends, invests in innovation, and maintains a flexible business model that can adapt to changing conditions.
KEY FINANCIAL PERFORMANCE INDICATORS
The key financial performance indicators are considered to be those that communicate the financial performance of the company as a whole. These are turnover and gross margin. Turnover was £28,293,496 (2022: £15,004,919). Gross profit was 53.12% (2022: 53.76%). Gross profit margin is calculated as gross profit divided by turnover. The balance sheet shows that the group had net assets of £142,110 at the year end (2022: net liability of £49,300).
CONCLUSION
The Directors are confident that Vintage Trading Solutions Limited is well-positioned to navigate the challenges ahead and capitalize on new opportunities. The company's commitment to operational excellence, customer satisfaction, and sustainable practices will continue to drive its success in the coming years
This report was approved by the board of directors on 26 September 2024 and signed on behalf of the board by:
A Charman
Director
Registered office:
14 Overland Park Unit 14
Overland Park
Gelderd Road
Leeds
LS27 7JP
VCC TRADING GROUP LIMITED
DIRECTORS' REPORT
YEAR ENDED 29 DECEMBER 2023
The directors present their report and the Consolidated financial statements of the group for the year ended 29 December 2023 .
DIRECTORS
The directors who served the company during the year were as follows:
A Charman
E Veeneman
(Resigned 17 March 2023)
D Weaver
(Resigned 16 November 2023)
DIVIDENDS
The directors do not recommend the payment of a dividend.
FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise bank balances, bank loans, trade creditors, trade debtors, and loans to the company. The main purpose of these instruments is to raise funds for the company's operation and to finance the company's operations.
Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the accounting instruments concerned is shown below.
In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of bank loans at floating rates of interest.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the strategic report, directors' report and the Consolidated financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare Consolidated financial statements for each financial year. Under that law the directors have elected to prepare the Consolidated 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 Consolidated financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these Consolidated financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the Consolidated 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the Consolidated financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. AUDITOR
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 26 September 2024 and signed on behalf of the board by:
A Charman
Director
Registered office:
14 Overland Park Unit 14
Overland Park
Gelderd Road
Leeds
LS27 7JP
VCC TRADING GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VCC TRADING GROUP LIMITED
YEAR ENDED 29 DECEMBER 2023
OPINION
We have audited the Consolidated financial statements of VCC Trading Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 December 2023 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows and the related notes, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the Consolidated financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 29 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; - 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 auditor's responsibilities for the audit of the consolidated 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 Consolidated 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 Consolidated financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the Consolidated 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 Consolidated 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 other information comprises the information included in the annual report, other than the Consolidated financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the Consolidated 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 Consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Consolidated 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 there is a material misstatement in the Consolidated financial statements or a material misstatement of the other information. 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 strategic report and the directors' report for the financial year for which the Consolidated financial statements are prepared is consistent with the Consolidated financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
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 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 Consolidated 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, the directors are responsible for the preparation of the Consolidated 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 Consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the Consolidated 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.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the Consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Consolidated 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: Irregularities that result from fraud are inherently more difficult to detect than irregularities that result from error. We consider that our audit procedures are designed and carried out to give a reasonable expectation that material misstatements resulting from fraud would be discovered. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the Consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the Consolidated financial statements, including the disclosures, and whether the Consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated Consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. USE OF OUR REPORT
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Jeffrey Wine
(Senior Statutory Auditor)
For and on behalf of
Wine & Co
Chartered accountants & statutory auditor
20-22 Bridge End
Leeds
LS1 4DJ
26 September 2024
VCC TRADING GROUP LIMITED
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
YEAR ENDED 29 DECEMBER 2023
Period from
Year to
1 Jan 22 to
29 Dec 23
29 Dec 22
Note
£
£
TURNOVER
4
28,293,496
15,004,919
Cost of sales
( 13,263,064)
( 6,938,166)
-------------
-------------
GROSS PROFIT
15,030,432
8,066,753
Distribution costs
( 8,625,228)
( 4,421,952)
Administrative expenses
( 6,054,619)
( 3,978,010)
Other operating income
5
6,699
-------------
------------
OPERATING PROFIT/(LOSS)
6
357,284
( 333,209)
Interest payable and similar expenses
10
( 166,670)
( 78,847)
-------------
------------
PROFIT/(LOSS) BEFORE TAXATION
190,614
( 412,056)
Tax on profit/(loss)
11
796
29,973
---------
---------
PROFIT/(LOSS) FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME
191,410
( 382,083)
---------
---------
RETAINED LOSSES AT THE START OF THE YEAR
( 2,619,693)
( 2,237,610)
------------
------------
RETAINED LOSSES AT THE END OF THE YEAR
( 2,428,283)
( 2,619,693)
------------
------------
All the activities of the group are from continuing operations.
VCC TRADING GROUP LIMITED
COMPANY STATEMENT OF INCOME AND RETAINED EARNINGS
YEAR ENDED 29 DECEMBER 2023
Period from
Year to
1 Jan 22 to
29 Dec 23
29 Dec 22
Note
£
£
Profit/(loss) for the financial year and total comprehensive income
161,780
5,527
RETAINED LOSSES AT THE START OF THE YEAR
( 164,246)
( 169,773)
---------
---------
RETAINED LOSSES AT THE END OF THE YEAR
( 2,466)
( 164,246)
---------
---------
VCC TRADING GROUP LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
29 December 2023
2023
2022
Note
£
£
FIXED ASSETS
Intangible assets
12
1,404,664
1,127,513
Tangible assets
13
1,760,055
385,352
------------
------------
3,164,719
1,512,865
CURRENT ASSETS
Stocks
15
525,624
640,911
Debtors
16
1,058,356
445,990
Cash at bank and in hand
1,018,670
1,064,793
------------
------------
2,602,650
2,151,694
CREDITORS: amounts falling due within one year
18
( 4,799,150)
( 3,295,109)
------------
------------
NET CURRENT LIABILITIES
( 2,196,500)
( 1,143,415)
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
968,219
369,450
CREDITORS: amounts falling due after more than one year
19
( 826,109)
( 418,750)
---------
---------
NET ASSETS/(LIABILITIES)
142,110
( 49,300)
---------
---------
CAPITAL AND RESERVES
Called up share capital
21
93
93
Share premium account
22
2,570,300
2,570,300
Profit and loss account
22
( 2,428,283)
( 2,619,693)
------------
------------
SHAREHOLDERS FUNDS/(DEFICIT)
142,110
( 49,300)
------------
------------
These Consolidated financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These Consolidated financial statements were approved by the board of directors and authorised for issue on 26 September 2024 , and are signed on behalf of the board by:
A Charman
Director
Company registration number: 10503447
VCC TRADING GROUP LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
29 December 2023
2023
2022
Note
£
£
FIXED ASSETS
Investments
14
2,717,944
100
CURRENT ASSETS
Debtors
16
3,053,105
3,954,742
Cash at bank and in hand
30
30
------------
------------
3,053,135
3,954,772
CREDITORS: amounts falling due within one year
18
( 3,203,152)
( 1,548,725)
------------
------------
NET CURRENT (LIABILITIES)/ASSETS
( 150,017)
2,406,047
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
2,567,927
2,406,147
------------
------------
NET ASSETS
2,567,927
2,406,147
------------
------------
CAPITAL AND RESERVES
Called up share capital
21
93
93
Share premium account
22
2,570,300
2,570,300
Profit and loss account
22
( 2,466)
( 164,246)
------------
------------
SHAREHOLDERS FUNDS
2,567,927
2,406,147
------------
------------
The profit for the financial year of the parent company was £ 161,780 (2022: £ 5,527 ).
These Consolidated financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These Consolidated financial statements were approved by the board of directors and authorised for issue on 26 September 2024 , and are signed on behalf of the board by:
A Charman
Director
Company registration number: 10503447
VCC TRADING GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
YEAR ENDED 29 DECEMBER 2023
2023
2022
Note
£
£
CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(loss) for the financial year
191,410
( 382,083)
Adjustments for:
Depreciation of tangible assets
327,201
155,342
Amortisation of intangible assets
313,931
181,974
Interest payable and similar expenses
166,670
78,847
Loss on disposal of tangible assets
17,378
Tax on profit
( 796)
( 29,973)
Accrued expenses
396,284
20,976
Other operating cash flow adjustment
(1)
Changes in:
Stocks
115,287
( 482,803)
Trade and other debtors
( 612,366)
30,161
Trade and other creditors
749,585
2,248,739
------------
------------
Cash generated from operations
1,664,584
1,821,179
Interest paid
( 166,670)
( 78,847)
Tax received
796
29,873
------------
------------
Net cash from operating activities
1,498,710
1,772,205
------------
------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of tangible assets
( 1,719,282)
( 253,703)
Purchase of intangible assets
( 591,082)
( 899,045)
------------
------------
Net cash used in investing activities
( 2,310,364)
( 1,152,748)
------------
------------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings
774,548
207,997
------------
------------
Net cash from financing activities
774,548
207,997
------------
------------
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS
( 37,106)
827,454
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
1,040,907
213,453
------------
------------
CASH AND CASH EQUIVALENTS AT END OF YEAR
17
1,003,801
1,040,907
------------
------------
VCC TRADING GROUP LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED 29 DECEMBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 14 Overland Park Unit 14, Overland Park, Gelderd Road, Leeds, LS27 7JP.
2. STATEMENT OF COMPLIANCE
These Consolidated financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The Consolidated financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The Consolidated financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The Consolidated financial statements consolidate the Consolidated financial statements of VCC Trading Group Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of goods supplied, exclusive of Value Added Tax.
Income tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation to date.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property investments
-
20% straight line
Website development
-
25% straight line
Fixtures and fittings
-
25% straight line
Motor vehicles
-
25% straight line
Equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. TURNOVER
Turnover arises from:
Period from
Year to
1 Jan 22 to
29 Dec 23
29 Dec 22
£
£
Sale of goods
28,293,496
15,004,919
-------------
-------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. OTHER OPERATING INCOME
Period from
Year to
1 Jan 22 to
29 Dec 23
29 Dec 22
£
£
Other operating income
6,699
-------
----
6. OPERATING LOSS
Operating profit or loss is stated after charging/crediting:
Period from
Year to
1 Jan 22 to
29 Dec 23
29 Dec 22
£
£
Amortisation of intangible assets
313,931
181,974
Depreciation of tangible assets
327,201
155,342
Loss on disposal of tangible assets
17,378
Impairment of trade debtors
(14,767)
29,549
Foreign exchange differences
495
( 8,688)
---------
---------
7. AUDITOR'S REMUNERATION
Period from
Year to
1 Jan 22 to
29 Dec 23
29 Dec 22
£
£
Fees payable for the audit of the consolidated financial statements
30,000
--------
----
8. STAFF COSTS
The average number of persons employed by the group during the year, including the directors, amounted to:
2023
2022
No.
No.
Production staff
147
94
Administrative staff
21
14
Management staff
9
5
----
----
177
113
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
Period from
Year to
1 Jan 22 to
29 Dec 23
29 Dec 22
£
£
Wages and salaries
6,361,566
3,486,505
Other pension costs
90,238
49,892
------------
------------
6,451,804
3,536,397
------------
------------
9. DIRECTORS' REMUNERATION
The directors' aggregate remuneration in respect of qualifying services was:
Period from
Year to
1 Jan 22 to
29 Dec 23
29 Dec 22
£
£
Remuneration
90,000
80,330
--------
--------
10. INTEREST PAYABLE AND SIMILAR EXPENSES
Period from
Year to
1 Jan 22 to
29 Dec 23
29 Dec 22
£
£
Interest on banks loans and overdrafts
3,745
1,034
Other interest payable and similar charges
162,925
77,813
---------
--------
166,670
78,847
---------
--------
11. TAX ON PROFIT
Major components of tax income
Period from
Year to
1 Jan 22 to
29 Dec 23
29 Dec 22
£
£
Current tax:
UK current tax income
( 796)
Adjustments in respect of prior periods
( 29,973)
----
--------
Total current tax
( 796)
( 29,973)
----
--------
Tax on profit
( 796)
( 29,973)
----
--------
Reconciliation of tax income
The tax assessed on the profit/(loss) on ordinary activities for the year is lower than (2022: higher than) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
Period from
Year to
1 Jan 22 to
29 Dec 23
29 Dec 22
£
£
Profit/(loss) on ordinary activities before taxation
190,614
( 412,056)
---------
---------
Profit/(loss) on ordinary activities by rate of tax
15,135
( 78,291)
Effect of expenses not deductible for tax purposes
641,132
337,316
Effect of capital allowances and depreciation
( 657,063)
( 288,998)
---------
---------
Tax on profit
( 796)
( 29,973)
---------
---------
12. INTANGIBLE ASSETS
Group
Software development
£
Cost
At 30 December 2022
1,336,089
Additions
591,082
------------
At 29 December 2023
1,927,171
------------
Amortisation
At 30 December 2022
208,576
Charge for the year
313,931
------------
At 29 December 2023
522,507
------------
Carrying amount
At 29 December 2023
1,404,664
------------
At 29 December 2022
1,127,513
------------
The company has no intangible assets.
13. TANGIBLE ASSETS
Group
Leasehold property improvemen-ts
Website developmen-t
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 30 Dec 2022
144,851
500,572
316,193
31,200
289,848
1,282,664
Additions
1,393,817
63,614
83,085
54,697
124,069
1,719,282
Disposals
( 53,594)
( 53,594)
------------
---------
---------
--------
---------
------------
At 29 Dec 2023
1,485,074
564,186
399,278
85,897
413,917
2,948,352
------------
---------
---------
--------
---------
------------
Depreciation
At 30 Dec 2022
73,943
447,055
232,138
8,425
135,751
897,312
Charge for the year
154,140
49,971
44,797
14,434
63,859
327,201
Disposals
( 36,216)
( 36,216)
------------
---------
---------
--------
---------
------------
At 29 Dec 2023
191,867
497,026
276,935
22,859
199,610
1,188,297
------------
---------
---------
--------
---------
------------
Carrying amount
At 29 Dec 2023
1,293,207
67,160
122,343
63,038
214,307
1,760,055
------------
---------
---------
--------
---------
------------
At 29 Dec 2022
70,908
53,517
84,055
22,775
154,097
385,352
------------
---------
---------
--------
---------
------------
The company has no tangible assets.
14. INVESTMENTS
The group has no investments.
Company
Unlisted
£
Cost
At 30 December 2022
100
Additions
2,717,844
------------
At 29 December 2023
2,717,944
------------
Impairment
At 30 December 2022 and 29 December 2023
------------
Carrying amount
At 29 December 2023
2,717,944
------------
At 29 December 2022
100
------------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Vintage Trading Solutions Limited: 14 Overland Park Unit 14, Leeds, LS27 7JP
Ordinary
100
15. STOCKS
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
525,624
640,911
---------
---------
----
----
16. DEBTORS
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade debtors
173,386
318,755
Amounts owed by group undertakings
3,053,105
3,954,742
Prepayments and accrued income
723,985
95,716
Corporation tax repayable
30,469
1
Other debtors
130,516
31,518
------------
---------
------------
------------
1,058,356
445,990
3,053,105
3,954,742
------------
---------
------------
------------
17. CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise the following:
2023
2022
£
£
Cash at bank and in hand
1,018,670
1,064,793
Bank overdrafts
( 14,869)
( 23,886)
------------
------------
1,003,801
1,040,907
------------
------------
18. CREDITORS: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
14,869
33,886
Trade creditors
631,710
984,940
Accruals and deferred income
449,815
53,531
5,220
5,220
Social security and other taxes
530,941
419,113
Director loan accounts
243,573
260,134
270,000
Other creditors
2,928,242
1,543,505
2,927,932
1,543,505
------------
------------
------------
------------
4,799,150
3,295,109
3,203,152
1,548,725
------------
------------
------------
------------
19. CREDITORS: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
826,109
25,000
Other creditors
393,750
---------
---------
----
----
826,109
418,750
---------
---------
----
----
20. EMPLOYEE BENEFITS
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 90,238 (2022: £ 49,892 ).
21. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
A Ordinary shares of £ 0.001 each
76,223
76
76,223
76
B Ordinary shares of £ 0.0001 each
10,000
1
10,000
1
C Ordinary shares of £ 1 each
3
3
3
3
E Ordinary shares of £ 0.01 each
1,270
13
1,270
13
--------
----
--------
----
87,496
93
87,496
93
--------
----
--------
----
22. RESERVES
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.
23. ANALYSIS OF CHANGES IN NET DEBT
At 30 Dec 2022
Cash flows
At 29 Dec 2023
£
£
£
Cash at bank and in hand
1,064,793
(46,123)
1,018,670
Bank overdrafts
(23,886)
9,017
(14,869)
Debt due within one year
(270,134)
26,561
(243,573)
Debt due after one year
(25,000)
(801,109)
(826,109)
------------
---------
------------
745,773
( 811,654)
( 65,881)
------------
---------
------------