REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30th June 2024 |
for |
Vigilant Protect UK Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30th June 2024 |
for |
Vigilant Protect UK Limited |
Vigilant Protect UK Limited (Registered number: SC212151) |
Contents of the Financial Statements |
for the Year Ended 30th June 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 | to | 5 |
Income Statement | 6 |
Other Comprehensive Income | 7 |
Balance Sheet | 8 |
Statement of Changes in Equity | 9 |
Cash Flow Statement | 10 |
Notes to the Cash Flow Statement | 11 |
Notes to the Financial Statements | 12 | to | 18 |
Vigilant Protect UK Limited |
Company Information |
for the Year Ended 30th June 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
Dumfries Enterprise Park |
Heathhall |
Dumfries |
DUMFRIESSHIRE |
DG1 3SJ |
BANKERS: |
91 High Street |
Dumfries |
Dumfries & Galloway |
DG1 2BN |
Vigilant Protect UK Limited (Registered number: SC212151) |
Strategic Report |
for the Year Ended 30th June 2024 |
The directors present their strategic report for the year ended 30th June 2024. |
The company provide manned guarding and reception services for property assets and individuals and continues to employ almost 1,000 security personnel throughout the UK. Fundamental to the company's success is the military ethos that pervades all aspects of the way the company is run, and all contact with customers. Alongside this approach is a focus on innovation. A key area of innovation has been the creation of PROception, a front of house concept, making the modern reception part of a building's security strategy, It is a natural combination with the company's manned guarding services for buildings where there is a reception, and our clients are recognising the significant benefits of combining the two services to the significant enhancement of a building's security. |
The experience and expertise contained across our employee base is significant and in the current economic environment it is crucial that we remain an employer of choice with competitive pay levels together with providing a positive and engaging work environment. To deliver a premium security service is only possible by having a high quality of personnel to do so. |
REVIEW OF BUSINESS |
The key financial and other performance indicators during the year were as follows: |
2024 | 2023 | Change |
£'000000 | £'000000 | % |
Turnover | 36,968 | 34,795 | +6% |
Gross Profit | 4,874 | 4,575 | +7% |
Profit before tax | 313 | 279 | +12% |
Current assets as % of current liabilities | 133% | 125% | +7% |
Average number of employees | 991 | 968 | +2% |
The increase in all figures reflects the increase in demand for our security solutions. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to competition from both national security providers and employee retention. |
Competitive risk |
The company has contracts which are subject to periodic competitive tender. Renewal of these contracts is uncertain and is based on financial and other performance criteria. To minimise competitive risk the company continues to invest in its commercial department which is tasked with managing the process of re-tendering of existing and of new opportunities. The continued growth in sales bears witness to our growth strategy and of this investment. |
Financial instrument risk |
The company continues to trade from internally generated working capital and has access to an external borrowing facility which is secured on its debtor book. |
ON BEHALF OF THE BOARD: |
Vigilant Protect UK Limited (Registered number: SC212151) |
Report of the Directors |
for the Year Ended 30th June 2024 |
The directors present their report with the financial statements of the company for the year ended 30th June 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 30th June 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st July 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Farries, Kirk & McVean, 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 |
Vigilant Protect UK Limited |
Opinion |
We have audited the financial statements of Vigilant Protect UK Limited (the 'company') for the year ended 30th June 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30th June 2024 and of its 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 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 company 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 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 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 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 Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the 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. |
Report of the Independent Auditors to the Members of |
Vigilant Protect UK Limited |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 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 have assessed the susceptibility of the company's financial statements to material misstatement as being low risk. The directors are very involved in the day to day management of the business and have a focus on controls to address potential fraud and error. |
- the nature of the company's activities are not significantly regulated. We have discussed applicable laws and regulations with the directors. This has enabled us to gain an understanding of those laws and regulations that are applicable to the company and the procedures they operate to ensure compliance. |
- we have discussed the legal and regulatory framework the company operates under with the directors. This has enabled us to gain an understanding of those applicable to the company and the procedures they operate to ensure compliance. |
- we have obtained an understanding of the company's policies and procedures on fraud risk through two way communication with the management and have no knowledge of any actual, suspected or alleged fraud. |
- the Senior Statutory Auditor is satisfied that the engagement audit staff were competent to and capable of recognising non-compliance with laws and regulation. No details of any non-compliance were communicated to us and no such potential instances were noted during the audit process. |
We have reached these conclusions following enquiries made of those charged with governance and senior staff and following audit testing procedures and review of financial statements. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation |
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 |
Chartered Accountants |
Statutory Auditors |
Dumfries Enterprise Park |
Heathhall |
Dumfries |
DUMFRIESSHIRE |
DG1 3SJ |
Vigilant Protect UK Limited (Registered number: SC212151) |
Income Statement |
for the Year Ended 30th June 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
320,107 | 265,563 |
Other operating income |
OPERATING PROFIT | 5 |
Interest payable and similar expenses | 6 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
Vigilant Protect UK Limited (Registered number: SC212151) |
Other Comprehensive Income |
for the Year Ended 30th June 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Vigilant Protect UK Limited (Registered number: SC212151) |
Balance Sheet |
30th June 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Vigilant Protect UK Limited (Registered number: SC212151) |
Statement of Changes in Equity |
for the Year Ended 30th June 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st July 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30th June 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 30th June 2024 |
Vigilant Protect UK Limited (Registered number: SC212151) |
Cash Flow Statement |
for the Year Ended 30th June 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of fixed asset investments | - | (1 | ) |
Sale of tangible fixed assets |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Intercompany loan movement | (538,107 | ) | (1,782,539 | ) |
Capital repayments in year | ( |
) |
Amount withdrawn by directors | (13,275 | ) | - |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year | 2 | 1,628,012 |
Cash and cash equivalents at end of year | 2 | 256,792 |
Vigilant Protect UK Limited (Registered number: SC212151) |
Notes to the Cash Flow Statement |
for the Year Ended 30th June 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Other provisions | (7,172 | ) | 35,000 |
Finance costs | 14,519 | 4,000 |
413,160 | 392,427 |
Decrease/(increase) in trade and other debtors | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
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 30th June 2024 |
30.6.24 | 1.7.23 |
£ | £ |
Cash and cash equivalents | 1,214,459 | 256,792 |
Bank overdrafts | ( |
) |
1,169,991 | 256,792 |
Year ended 30th June 2023 |
30.6.23 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 256,792 | 1,628,012 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.7.23 | Cash flow | At 30.6.24 |
£ | £ | £ |
Net cash |
Cash at bank | 256,792 | 957,667 | 1,214,459 |
Bank overdrafts | - | (44,468 | ) | (44,468 | ) |
256,792 | 1,169,991 |
Total | 256,792 | 913,199 | 1,169,991 |
Vigilant Protect UK Limited (Registered number: SC212151) |
Notes to the Financial Statements |
for the Year Ended 30th June 2024 |
1. | STATUTORY INFORMATION |
Vigilant Protect UK Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxation. Turnover represents revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. |
Tangible fixed assets |
Long leasehold | - |
Plant and machinery | - |
Motor vehicles | - |
Amounts written off each asset over the estimated useful life represent cost less residual value. |
The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Invoice financing |
The company use Invoice Financing through Lloyds Group to accelerate the receipt of funds due from debtors. No rights are transferred to the finance provider, all benefits and risks remain with the company and all finance is potentially repayable therefore linked presentation is not appropriate. Accordingly debtors are disclosed in full within the balance sheet and the associated finance is included within creditors due within one year. |
Vigilant Protect UK Limited (Registered number: SC212151) |
Notes to the Financial Statements - continued |
for the Year Ended 30th June 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Cash and cash equivalents |
Cash and cash equivalents comprise cash on hand and call deposits, and other short term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. |
Trade debtors |
Trade debtors are amounts due from customers for the sale of services performed in the ordinary course of business. |
Trade debtors are recognised initially at the transaction price and represent the full value of the services charged to customers, including any amounts charged on for third parties. |
Trade Creditors |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. |
Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date they are presented as non current liabilities. |
Borrowings |
Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transactions costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing. |
Interest expense is recognised on the basis of effective interest method and is included in interest payable and similar charges. |
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. |
Share Capital |
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. |
Provisions and contingencies |
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probably that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
Vigilant Protect UK Limited (Registered number: SC212151) |
Notes to the Financial Statements - continued |
for the Year Ended 30th June 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2024 | 2023 |
Directors | 2 | 2 |
Management and administration | 52 | 51 |
Service and product provision | 937 | 916 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
HMRC interest |
Vigilant Protect UK Limited (Registered number: SC212151) |
Notes to the Financial Statements - continued |
for the Year Ended 30th June 2024 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Previous periods | 13,729 | - |
Interest | 3,393 | - |
Total current tax |
Deferred tax | ( |
) |
Tax on profit |
UK corporation tax has been charged at 25% (2023 - 20.50%). |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Adjustments to tax charge in respect of previous periods |
Group relief claimed | (45,876 | ) | - |
Deferred taxation | 12,313 | (17,017 | ) |
Interest | 3,393 | - |
Total tax charge | 74,372 | 51,137 |
8. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Interim |
Vigilant Protect UK Limited (Registered number: SC212151) |
Notes to the Financial Statements - continued |
for the Year Ended 30th June 2024 |
9. | TANGIBLE FIXED ASSETS |
Long | Plant and | Motor |
leasehold | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1st July 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30th June 2024 |
DEPRECIATION |
At 1st July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30th June 2024 |
NET BOOK VALUE |
At 30th June 2024 |
At 30th June 2023 |
10. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1st July 2023 |
and 30th June 2024 |
NET BOOK VALUE |
At 30th June 2024 |
At 30th June 2023 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: First Floor Left, 161 Brooms Road, Dumfries DG1 2SH |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' current accounts | 13,275 | - |
Tax |
Deferred tax asset |
Prepayments |
Vigilant Protect UK Limited (Registered number: SC212151) |
Notes to the Financial Statements - continued |
for the Year Ended 30th June 2024 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 13) |
Trade creditors |
Credit cards | 37,684 | 31,801 |
Corporation tax |
Social security and other taxes |
VAT | 1,313,381 | 1,188,628 |
Other creditors |
Net payroll | 1,826,986 | 1,905,181 |
Holiday pay | 598,525 | 568,860 |
Deferred income |
Accrued expenses |
13. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
14. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
15. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Other provisions | 27,828 | 35,000 |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1st July 2023 | ( |
) |
Charge to Income Statement during year |
Utilised during year | ( |
) |
Balance at 30th June 2024 | ( |
) |
The provision for deferred taxation arises entirely as a result of accelerated capital allowances. |
The company has made provision in respect of potential Tribunal settlements which relate to employment tribunals at varying stages of completion. The provisions included represent the best estimate at date of signing the accounts of the company's potential liability. |
Vigilant Protect UK Limited (Registered number: SC212151) |
Notes to the Financial Statements - continued |
for the Year Ended 30th June 2024 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 40,000 | 40,000 |
17. | RESERVES |
Retained |
earnings |
£ |
At 1st July 2023 |
Profit for the year |
At 30th June 2024 |
18. | ULTIMATE PARENT COMPANY |
M & W Security Limited is regarded by the directors as being the company's ultimate parent company. |
19. | CAPITAL COMMITMENTS |
2024 | 2023 |
£ | £ |
Contracted but not provided for in the |
financial statements |
20. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30th June 2024 and 30th June 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
21. | RELATED PARTY DISCLOSURES |
The company was a member of the Croma Group until 30th June 2023. On that date the company left the group and became related to its new parent company, M & W Security Limited. |
At 30th June 2024 the company was owed the sum of £1,328,849 (2023 - £790,743) by M & W Security Limited. |
During the comparative year, a dividend of £1m was paid to Croma Group Limited. |
During the year under review, £156,506 was paid in consultancy fees to a company in which one of the directors is also a director. |