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Registered number: 05888058









VERTEX SOLUTIONS INTERNATIONAL LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
VERTEX SOLUTIONS INTERNATIONAL LIMITED
REGISTERED NUMBER: 05888058

BALANCE SHEET
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Investments
 5 
10,876
100

Current assets
  

Debtors: amounts falling due within one year
 6 
4,451,054
6,036,799

Cash at bank and in hand
 7 
81,613
37,138

  
4,532,667
6,073,937

Creditors: amounts falling due within one year
 8 
(2,034,645)
(3,536,763)

Total assets less current liabilities
  
 
 
2,508,898
 
 
2,537,274

Creditors: amounts falling due after more than one year
 9 
(76,364)
(120,000)

  

Net assets
  
2,432,534
2,417,274


Capital and reserves
  

Called up share capital 
  
7,800
7,800

Profit and loss account
  
2,424,734
2,409,474

  
2,432,534
2,417,274


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 income and retained earnings 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: 


................................................
M Beard
Director

Date: 26 September 2024

The notes on pages 2 to 10 form part of these financial statements.

Page 1

 
VERTEX SOLUTIONS INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Vertex Solutions International Limited is a company limited by shares incorporated in England and Wales.
The address of the registered office is First Floor, Radius House, 51 Clarendon Road, Watford, WD17 1HP.
The company's principle activity is recruitment.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
The financial statements are presented in sterling which is the functional currency of the Company and 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the year end the company have reserves of £2,424,734 and during the year made a profit of £15,260. Following a review and appropriate planning with budgets and forecasts, the Directors have concluded that they they will return to a profitable position in future years. The Company should also be able to operate within its current cash resources and available factoring financing and therefore believe it is appropriate to prepare these financial statements on a going concern basis.

Page 2

 
VERTEX SOLUTIONS INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

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

Rendering of services

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

Page 3

 
VERTEX SOLUTIONS INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss 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 profit or loss using the effective interest method.

 
2.7

Finance costs

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

 
2.8

Borrowing costs

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

 
2.9

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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.11

Tangible fixed assets

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

Page 4

 
VERTEX SOLUTIONS INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
straight line
Office equipment
-
25%
straight line
Computer equipment
-
33%
straight line

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

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

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

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.

 
2.14

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.

 
2.15

Creditors

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

 
2.16

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022 - 8).

Page 5

 
VERTEX SOLUTIONS INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
59,143
87,179
9,900
156,222


Disposals
(59,143)
(87,179)
-
(146,322)



At 31 December 2023

-
-
9,900
9,900



Depreciation


At 1 January 2023
59,143
87,179
9,900
156,222


Disposals
(59,143)
(87,179)
-
(146,322)



At 31 December 2023

-
-
9,900
9,900



Net book value



At 31 December 2023
-
-
-
-



At 31 December 2022
-
-
-
-


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
100


Additions
10,776



At 31 December 2023
10,876




Page 6

 
VERTEX SOLUTIONS INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

As restated
2023
2022
£
£


Factored debts
2,563,874
3,462,052

Amounts owed by group undertakings
9,211
-

Other debtors
493,945
1,168,111

Prepayments and accrued income
1,190,634
1,350,634

Tax recoverable
193,390
56,002

4,451,054
6,036,799









7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
81,613
37,138

Less: bank overdrafts
(577)
-

81,036
37,138


Page 7

 
VERTEX SOLUTIONS INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Bank overdrafts
577
-

Bank loans
43,636
43,636

Trade creditors
64,697
157,652

Amounts owed to group undertakings
92,762
-

Other taxation and social security
14,533
28,208

Proceeds of factored debts
1,025,879
2,047,147

Other creditors
4,226
308,364

Accruals and deferred income
788,335
951,756

2,034,645
3,536,763


Invoice discounting facilities are secured by way of a fixed and floating charge over the company and shareholder, owned now or in the future.


9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
76,364
120,000



10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
43,636
43,636



Amounts falling due after more than 5 years

Bank loans
76,364
120,000

120,000
163,636


The long-term loans are secured by fixed charges over the assets of the company. 

Page 8

 
VERTEX SOLUTIONS INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Prior year adjustment

Provision
During the previous years accounts a balance held in other creditors had been included in relation to the margins achieved for a particular contract. It has been identified that this provision was not a present obligation as a result of past events as at the balance sheet date for year ended 31 December 2022 therefore a prior year adjustment has been made to derecognise this balance and the impact of its movement in the accounts for periods ending 31 December 2022 and 31 December 2021.
The impact of this relating to the financial statements for the year ended 31 December 2021 is the reduction in other creditors and increase in reserves of £147,344 in the prior period.
Within the financial statements for the year ended 31 December 2022, we have an increase in administrative expenses of £248,500 and a reduction in cost of sales of £763,622 along with the removal of a creditor balance of £662,466. 
RDEC Tax 
The accounts have been restated to incorporate an adjustment concerning a research and development expenditure credit claim that was submitted after the previous year accounts were finalised and submitted. This has resulted in an increase in profits and cash of £46,691 in relation to the accounts for year ended 31 December 2021 and a total impact of £191,394, in relation to accounts for the year ended 31 december 2022, increasing reserves by commensurate amount.
 


12.


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 £9,348 (2022 - £9,152). Contributions totalling £2,184 (2022 - £1,224) were payable to the fund at the balance sheet date and are included in creditors.


13.


Related party transactions

During the year costs of £737,736 (2022 - £1,220,019) incurred in relation to purchases from subsidaries. At the year end £92,762 (2022 - Nil) was due to subsidiaries. 
During the year sales of £9,211 (2022 - £Nil) incurred in relation to sales to subsidiaries.  
At the year end £9,211 (2022 - Nil) was due from subsidiaries.
During the year costs of £1,730,427 (2022 - £1,065,265) incurred in relation to purchases from the companies under the control of directors. At the year end £21,846 (2022 - £336,050) was due to these companies. 
During the year sales of £887,889 (2022 - £205,101) incurred in relation to sales to the companies under the control of directors.  At the year end £397,111 (2022 -£307,140) was due from these companies.

Page 9

 
VERTEX SOLUTIONS INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Post balance sheet events

The shares in Vertex Solutions International Limited were acquired by Vertex Consulting Group Holdings Limited on 30 April 2024. The ultimate controlling party has not changed as part of this translation. 


15.


Controlling party

At the balance sheet date the company was under control of M A Beard, the majority shareholder. 


16.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 26 September 2024 by Samuel Hodson Bsc ACA (Senior Statutory Auditor) on behalf of Hillier Hopkins LLP.

 
Page 10