REGISTERED NUMBER: 06971747 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
for |
Vacuum (Holdings) Limited |
REGISTERED NUMBER: 06971747 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
for |
Vacuum (Holdings) Limited |
Vacuum (Holdings) Limited (Registered number: 06971747) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Profit and Loss Account | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Financial Statements | 14 |
Vacuum (Holdings) Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants |
The Mills |
Canal Street |
Derby |
DE1 2RJ |
Vacuum (Holdings) Limited (Registered number: 06971747) |
Group Strategic Report |
for the Year Ended 31 March 2024 |
The directors present their strategic report of the company and the group for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
The group comprises the holding company Vacuum (Holdings) Limited with East Midlands Central Station Limited as the trading subsidiary. |
The principal activity of the group in the year under review was that of alarm monitoring services. |
The directors consider the trading figures of the subsidiary to be satisfactory in these difficult trading times, with an increase in sales 6.1% (2023: 9.0%). EMCS gross profit margin has increased to 33.2% (2023: 34.6%). The deferred income creditor will remain at similar levels as long as the business of EMCS continues as such. The directors consider this will continue for the foreseeable future. |
The current risks and uncertainties remain market share and maintaining margins to cover overheads. |
The profitability and infrastructure of the business are continually monitored by the directors in light of changes within the highly competitive industry and changes are applied where deemed appropriate. |
There have been no significant events since the year end. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Current risks and uncertainties remain the same for the subsidiary, in terms of retaining market share and improving margins to cover overheads. The directors will continue to monitor the profitability and infrastructure of the business streams within the group and apply changes where deemed appropriate. |
ORGANISATION |
The directors continue to monitor the groups organisation and profitability within a highly competitive industry. Changes are implemented where deemed appropriate in order to minimise the effects of the risks and uncertainties the group faces in maintaining margins. |
KEY PERFORMANCE INDICATORS |
Performance is measured by gross profit margins, debtor days and bank balance. Performance is also measured through the review of the monthly management accounts. |
ON BEHALF OF THE BOARD: |
Vacuum (Holdings) Limited (Registered number: 06971747) |
Report of the Directors |
for the Year Ended 31 March 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of alarm monitoring services. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT |
The group's financial assets and liabilities consist of trade debtors, trade creditors and cash balances. |
The directors manage the group's exposure to financial risk by researching the credit worthiness of customers and by seeking advice from the group's external financial advisers. |
The group does not trade in foreign currencies. |
The group does not trade speculatively in derivatives or similar instruments. |
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. |
Vacuum (Holdings) Limited (Registered number: 06971747) |
Report of the Directors |
for the Year Ended 31 March 2024 |
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. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Vacuum (Holdings) Limited |
Opinion |
We have audited the financial statements of Vacuum (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Profit and Loss Account, 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 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 March 2024 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 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 |
Vacuum (Holdings) Limited |
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 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 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. |
Based on our understanding of the group and industry in which it operates, we identified that the principal risk of non-compliance with laws and regulations related to the security industry and we considered the extent to which no-compliance might have a material effect on the financial statement. We also considered the extent to laws and regulations that have a direct impact on the preparation of the financial statement such as the Companies Act 2006. Audit procedures performed by the engagement team include: |
- | Enquiry of management around actual and potential litigation and claims; |
- | Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; |
- | Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. |
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 involved 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. |
Report of the Independent Auditors to the Members of |
Vacuum (Holdings) Limited |
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 |
Statutory Auditors |
Chartered Accountants |
The Mills |
Canal Street |
Derby |
DE1 2RJ |
Vacuum (Holdings) Limited (Registered number: 06971747) |
Consolidated |
Profit and Loss Account |
for the Year Ended 31 March 2024 |
2024 | 2023 |
as | restated |
Notes | £ | £ |
TURNOVER | 15,751,394 | 14,847,605 |
Cost of sales | 10,517,300 | 9,714,602 |
GROSS PROFIT | 5,234,094 | 5,133,003 |
Administrative expenses | 5,002,761 | 4,425,497 |
OPERATING PROFIT | 4 | 231,333 | 707,506 |
Interest receivable and similar income | 6,158 | 1,063 |
PROFIT BEFORE TAXATION | 237,491 | 708,569 |
Tax on profit | 5 | 33,364 | 158,409 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
204,127 |
550,160 |
Prior year adjustment | 8 | (169,081 | ) |
TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
35,046 |
Profit attributable to: |
Owners of the parent | 204,127 | 550,160 |
Total comprehensive income attributable to: |
Owners of the parent | 35,046 | 550,160 |
Vacuum (Holdings) Limited (Registered number: 06971747) |
Consolidated Balance Sheet |
31 March 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 | 1,219,235 | 1,043,439 |
Investments | 10 | - | - |
1,219,235 | 1,043,439 |
CURRENT ASSETS |
Stocks | 11 | 250 | 25 |
Debtors: amounts falling due within one year |
12 |
4,604,584 |
4,206,907 |
Cash at bank and in hand | 2,061,002 | 2,731,792 |
6,665,836 | 6,938,724 |
CREDITORS |
Amounts falling due within one year | 13 | 5,564,934 | 5,823,947 |
NET CURRENT ASSETS | 1,100,902 | 1,114,777 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
2,320,137 |
2,158,216 |
PROVISIONS FOR LIABILITIES | 15 | 29,831 | 72,037 |
NET ASSETS | 2,290,306 | 2,086,179 |
CAPITAL AND RESERVES |
Called up share capital | 16 | 6,051 | 6,051 |
Retained earnings | 17 | 2,284,255 | 2,080,128 |
SHAREHOLDERS' FUNDS | 2,290,306 | 2,086,179 |
The financial statements were approved by the Board of Directors and authorised for issue on 17 October 2024 and were signed on its behalf by: |
A Barge - Director |
Vacuum (Holdings) Limited (Registered number: 06971747) |
Company Balance Sheet |
31 March 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Debtors: amounts falling due within one year |
12 |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT LIABILITIES |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 16 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | - | 442,183 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Vacuum (Holdings) Limited (Registered number: 06971747) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 March 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2022 | 6,051 | 1,972,151 | 1,978,202 |
Changes in equity |
Dividends | - | (442,183 | ) | (442,183 | ) |
Total comprehensive income | - | 719,241 | 719,241 |
Balance at 31 March 2023 | 6,051 | 2,249,209 | 2,255,260 |
Prior year adjustment | - | (169,081 | ) | (169,081 | ) |
As restated | 6,051 | 2,080,128 | 2,086,179 |
Changes in equity |
Total comprehensive income | - | 204,127 | 204,127 |
Balance at 31 March 2024 | 6,051 | 2,284,255 | 2,290,306 |
Vacuum (Holdings) Limited (Registered number: 06971747) |
Company Statement of Changes in Equity |
for the Year Ended 31 March 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Balance at 31 March 2024 |
Vacuum (Holdings) Limited (Registered number: 06971747) |
Consolidated Cash Flow Statement |
for the Year Ended 31 March 2024 |
2024 | 2023 |
as | restated |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 20 | (267,520 | ) | 1,138,735 |
Tax paid | 146,319 | (167,508 | ) |
Net cash from operating activities | (121,201 | ) | 971,227 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (1,048,928 | ) | (714,089 | ) |
Sale of tangible fixed assets | 508,500 | 219,900 |
Interest received | 6,158 | 1,063 |
Net cash from investing activities | (534,270 | ) | (493,126 | ) |
Cash flows from financing activities |
Amount introduced by directors | 252,249 | 441,315 |
Amount withdrawn by directors | (267,568 | ) | (11,789 | ) |
Equity dividends paid | - | (442,183 | ) |
Net cash from financing activities | (15,319 | ) | (12,657 | ) |
(Decrease)/increase in cash and cash equivalents | (670,790 | ) | 465,444 |
Cash and cash equivalents at beginning of year |
21 |
2,731,792 |
2,266,348 |
Cash and cash equivalents at end of year |
21 |
2,061,002 |
2,731,792 |
Vacuum (Holdings) Limited (Registered number: 06971747) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Vacuum (Holdings) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated accounts incorporate the accounts of Vacuum (Holdings) Limited and its subsidiary undertaking. The acquisition method of accounting has been adopted. |
In the company's financial statements, investments in subsidiary undertakings are stated at cost less amounts written off. |
Turnover |
Turnover represents net monitoring fees, excluding value added tax. These are credited to the profit and loss account on a straight line basis over the term of the contract. |
Any connection fees recovered are credited to the profit and loss account on inception of the contract. |
Tangible fixed assets |
Tangible fixed assets 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. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: |
Improvements to leasehold property | - 10% on cost |
Process equipment | - 33% reducing balance |
Motor vehicles | - 25% on cost |
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 within 'administrative expenses' in the profit and loss account. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations. The contributions are recognised as an expense when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the group in independently administered funds. |
Vacuum (Holdings) Limited (Registered number: 06971747) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax arises from timing differences between taxable total profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. |
A deferred tax asset is recognised only when it is more likely than not that there will be suitable taxable profits from which the future reversal of underlying timing differences and losses can be deducted. |
Provision is made at current rates for taxation deferred in respect of all material timing differences. |
Leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account as incurred on a straight line basis over the period of the lease. |
Fixed asset investments |
Fixed asset investments are stated at the lower of cost or net realisable value as it comprises its investment in subsidiary undertakings. |
Judgements in applying accounting policies and key source of estimation |
In the application of the group's accounting policies the directors are required to make judgement estimates and assumptions about the carrying amounts of the group's assets and liabilities. These are based on historical experience and other factors that are considered relevant and are reviewed on a regular basis and recognised in the period in which the estimate is revised. Actual results may differ from these estimates. |
The following are the critical judgements and where relevant the key sources of estimation uncertainty: |
Tangible fixed assets are depreciated over their useful economic lives taking in to account their residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken in to account. Residual values consider such things as future market conditions, the remaining life of the asset and projected disposal values. |
Deferred income is assessed based on the time period of the particular invoice, and is included within accruals and deferred income. |
The recoverability of debtors is assessed on the likelihood and circumstances of the particular cost. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
as | restated |
£ | £ |
Wages and salaries | 5,765,137 | 5,217,424 |
Social security costs | 601,282 | 556,060 |
Other pension costs | 170,464 | 157,587 |
6,536,883 | 5,931,071 |
Vacuum (Holdings) Limited (Registered number: 06971747) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2024 | 2023 |
as | restated |
Management and administration | 31 | 30 |
Operational | 112 | 100 |
2024 | 2023 |
as | restated |
£ | £ |
Directors' remuneration | 1,388,806 | 1,506,099 |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
as | restated |
£ | £ |
Emoluments etc | 1,388,816 | 1,506,099 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
as | restated |
£ | £ |
Depreciation - owned assets | 325,811 | 205,789 |
Loss/(profit) on disposal of fixed assets | 38,822 | (15,253 | ) |
Auditors' remuneration | 8,400 | 8,400 |
Auditors' remuneration for non audit work | 10,498 | 8,913 |
Operating lease payments | 131,750 | 129,000 |
Vacuum (Holdings) Limited (Registered number: 06971747) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
as | restated |
£ | £ |
Current tax: |
UK corporation tax | 113,000 | 87,000 |
Adjustments re prior year | (37,430 | ) | (492 | ) |
Total current tax | 75,570 | 86,508 |
Deferred tax | (42,206 | ) | 71,901 |
Tax on profit | 33,364 | 158,409 |
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 |
as | restated |
£ | £ |
Profit before tax | 237,491 | 708,569 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
59,373 |
134,628 |
Effects of: |
Expenses not deductible for tax purposes | 11,421 | 24,273 |
Adjustments to tax charge in respect of previous periods | (37,430 | ) | (492 | ) |
Total tax charge | 33,364 | 158,409 |
6. | INDIVIDUAL PROFIT AND LOSS ACCOUNT |
As permitted by Section 408 of the Companies Act 2006, the Profit and Loss Account of the parent company is not presented as part of these financial statements. |
7. | DIVIDENDS |
2024 | 2023 |
as | restated |
£ | £ |
Interim | - | 442,183 |
Vacuum (Holdings) Limited (Registered number: 06971747) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
8. | PRIOR YEAR ADJUSTMENT |
In the subsidiary, a prior year error has been identified in relation to prepayments, in particular regarding connection charges. Connection charges are an expense to the group but are also recharged to customers and recognised in turnover. For the 2023 financial year, the method for calculating deferred income was adjusted and connection charges were no longer deferred. However, a prepayment was still incorrectly recognised for the expense. |
The prepayment has been adjusted retrospectively and comparative information has been restated accordingly. The effect of the change in 2023 is to decrease reported profits by £168,456, to decrease prepayments by £208,456 and to decrease the corporation tax provision by £40,000 |
A further prior year error has been identified in the subsidiary in relation to the tax treatment of a fixed asset disposal. A balancing charge should have been included on the tax computation but was not. |
This has also been adjusted retrospectively and comparative information restated accordingly. The effect of this change in 2023 is to decrease reported profits by £625, to increase the corporation tax provision by £16,000 and to decrease the deferred tax provision by £15,375. |
9. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
to |
leasehold | Process | Motor |
property | equipment | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 | 169,751 | 741,271 | 772,898 | 1,683,920 |
Additions | 4,800 | 39,262 | 1,004,866 | 1,048,928 |
Disposals | - | (332,946 | ) | (708,792 | ) | (1,041,738 | ) |
At 31 March 2024 | 174,551 | 447,587 | 1,068,972 | 1,691,110 |
DEPRECIATION |
At 1 April 2023 | 33,255 | 508,696 | 98,530 | 640,481 |
Charge for year | 17,055 | 80,869 | 227,887 | 325,811 |
Eliminated on disposal | - | (330,709 | ) | (163,708 | ) | (494,417 | ) |
At 31 March 2024 | 50,310 | 258,856 | 162,709 | 471,875 |
NET BOOK VALUE |
At 31 March 2024 | 124,241 | 188,731 | 906,263 | 1,219,235 |
At 31 March 2023 | 136,496 | 232,575 | 674,368 | 1,043,439 |
Vacuum (Holdings) Limited (Registered number: 06971747) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
10. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Investment in Subsidiary Undertakings |
At the balance sheet date, the company had the following wholly owned subsidiary:- |
Class of share | Nature of business |
East Midlands Central Station Ltd |
Ordinary |
Alarm monitoring services |
The registered office of the undertaking is that of the parent. |
11. | STOCKS |
Group |
2024 | 2023 |
as | restated |
£ | £ |
Components | 250 | 25 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated |
as restated |
£ | £ | £ | £ |
Trade debtors | 4,087,973 | 3,557,037 |
Amounts owed by group undertakings | - | - |
Amounts owed by related parties | 203,788 | 203,788 | - | - |
Directors' loan accounts | 26,744 | 11,425 | - | - |
Tax | - | 219,889 |
Prepayments | 286,079 | 214,768 |
4,604,584 | 4,206,907 |
Vacuum (Holdings) Limited (Registered number: 06971747) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated |
as restated |
£ | £ | £ | £ |
Trade creditors | 927,954 | 1,042,846 |
Tax | 89,000 | 87,000 |
Social security and other taxes | 654,526 | 678,531 |
Directors' loan accounts | - | - | 364 | 364 |
Accruals and deferred income | 3,893,454 | 4,015,570 |
5,564,934 | 5,823,947 |
14. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Within one year | 132,000 | 132,000 | - | - |
Between one and five years | 463,833 | 484,000 | - | - |
In more than five years | 38,877 | 110,000 | - | - |
634,710 | 726,000 | - | - |
15. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
as | restated |
£ | £ |
Deferred tax |
Accelerated capital allowances | 29,831 | 72,037 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2023 | 72,037 |
Utilised during year | (42,206 | ) |
Balance at 31 March 2024 | 29,831 |
Vacuum (Holdings) Limited (Registered number: 06971747) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | as restated |
£ | £ |
Ordinary | £1 | 6,051 | 6,051 |
17. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 April 2023 | 2,249,209 |
Prior year adjustment | (169,081 | ) |
2,080,128 |
Profit for the year | 204,127 |
At 31 March 2024 | 2,284,255 |
Company |
Retained |
earnings |
£ |
Profit for the year |
At 31 March 2024 |
Vacuum (Holdings) Limited (Registered number: 06971747) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
18. | RELATED PARTY DISCLOSURES |
A director of the group is a trustee and beneficiary of a pension fund. During the year, the group paid £131,750 (2023: £129,000) to the pension fund in respect of rent of its premises. |
The group trades with another group controlled by two of the directors. |
Goods and services were provided during the year ended 31 March 2024 as follows: |
Management charge |
Purchases |
Debtors |
Creditors |
£ | £ | £ | £ |
- | 60,205 | - | 4,470 |
The following amounts relate to the year ended 31 March 2023: |
Management charge |
Purchases |
Debtors |
Creditors |
£ | £ | £ | £ |
- | 41,236 | - | 3,836 |
Included in debtors are amounts outstanding of £203,788 (2023: £203,788) owed by the group in which two of the directors have control. The balances are interest free and repayable on demand. |
The directors maintain loan accounts with the group. At the balance sheet date, the amounts owing to and from the directors are shown in the creditors and debtors notes respectively. Interest was charged of £1,047 (2023: £162) during the year. The balances are repayable on demand. |
19. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Mr A Barge. |
20. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
as | restated |
£ | £ |
Profit before taxation | 237,491 | 708,569 |
Depreciation charges | 325,811 | 205,789 |
Loss/(profit) on disposal of fixed assets | 38,821 | (15,253 | ) |
Finance income | (6,158 | ) | (1,063 | ) |
595,965 | 898,042 |
(Increase)/decrease in stocks | (225 | ) | 350 |
Increase in trade and other debtors | (602,247 | ) | (35,381 | ) |
(Decrease)/increase in trade and other creditors | (261,013 | ) | 275,724 |
Cash generated from operations | (267,520 | ) | 1,138,735 |
Vacuum (Holdings) Limited (Registered number: 06971747) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
21. | 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 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 2,061,002 | 2,731,792 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
as restated |
£ | £ |
Cash and cash equivalents | 2,731,792 | 2,266,348 |
22. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,731,792 | (670,790 | ) | 2,061,002 |
2,731,792 | (670,790 | ) | 2,061,002 |
Total | 2,731,792 | (670,790 | ) | 2,061,002 |
23. | EMPLOYEE BENEFITS |
Included in the notes to the financial statements are payments to the defined contribution pension scheme. |