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COMPANY REGISTRATION NUMBER: 02582013
VISUAL RESPONSE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 April 2024
VISUAL RESPONSE LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2024
Contents
Pages
Officers and professional advisers
1
Strategic report
2
Director's report
3 to 4
Independent auditor's report to the members
5 to 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 to 19
VISUAL RESPONSE LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
Director
Mr M Waters
Company secretary
Mrs L A Waters
Registered office
Numeric House
98 Station Road
Sidcup
Kent
United Kingdom
DA15 7BY
Auditor
Opass Billings Wilson & Honey LLP
Chartered Certified Accountants & Statutory Auditor
Numeric House
98 Station Road
Sidcup
Kent
DA15 7BY
Bankers
Barclays Bank plc
1 Churchill Place
Leicestershire
England
LE87 2BB
Solicitors
Judge & Priestley LLP
100 Station Road
Sidcup
Kent
DA15 7DT
VISUAL RESPONSE LIMITED
STRATEGIC REPORT
YEAR ENDED 30 APRIL 2024
Strategic Management The principle objective of the company is to maintain its position in the sector, to protect its current client base and to seek growth opportunities that fit with its operating model. To achieve this objective the company's strategy is to invest in specialised personnel, sales marketing and technology. The company's personnel have a wealth of experience in exhibitions/audio visual/filming & editing in the event industry.
Business Environment The sector the company operates in is Congress, Events and Exhibitions mainly for the pharmaceutical industry. The board are pleased that, despite global challenges and economic pressures, the company has contuned to trade satisfactorily and has shown a strong performance..
Key Performance Indicators 1. Gross Profit Percentage The Gross Profit Percentage achieved in 2024 was 28.3% and in 2023 it was 27.8%. This result is in-line with board expectations. In order to maintain a healthy gross profit margin, the company undertakes a detailed reconciliation of each project to ensure all costs are charges to the client with full transparency and that the gross profit margins are met. 2. Operating Profit Percentage The Operating Profit Percentage achieved in 2024 was 10.6% and in 2023 was 12.5%. This result is in-line with board expectations.
This report was approved by the board of directors on 19 December 2024 and signed on behalf of the board by:
Mr M M Waters Director
VISUAL RESPONSE LIMITED
DIRECTOR'S REPORT
YEAR ENDED 30 APRIL 2024
The director presents his report and the financial statements of the company for the year ended 30 April 2024 .
Director
The director who served the company during the year was as follows:
Mr M Waters
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Future developments
Due to the effects of Coronavirus the company adapted their business model to provide conferences virtually, the board have now made a strategic decision that all services are going to be provided digitally for the foreseeable future.
Director's responsibilities statement
The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments 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 director is 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. He is 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 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 company's auditor is aware of that information.
This report was approved by the board of directors on 19 December 2024 and signed on behalf of the board by:
Mr M M Waters Director
VISUAL RESPONSE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VISUAL RESPONSE LIMITED
YEAR ENDED 30 APRIL 2024
Opinion
We have audited the financial statements of Visual Response Limited (the 'company') for the year ended 30 April 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, 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 financial statements: - give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its 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 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 director's 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 director 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 financial statements and our auditor’s report thereon. The director is responsible for the other information. 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 there is a material misstatement in the 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 director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the director's 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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, 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 director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of the director
As explained more fully in the director's responsibilities statement, the director is 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 director determines is 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's 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 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 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: We identify and assess the key risk areas of material misstatement and then design and perform audit procedures in relation to those risks. Materiality has been calculated based on the turnover and has been assessed at a level of £150,000. The considered key risk areas and appropriate audit approach was as follows:. - Accuracy and recoverability of debtors - Reviewed after date transactions as well as sales invoices around the year end to ensure all invoices were recorded in the correct period and have been recovered post year end. - Completeness and accuracy of creditors - Reviewed after date transactions as well as purchase invoices around the year end to ensure all invoices were recorded in the correct period and have been paid post year end. - Recognition of income - Completed walkthrough tests from the earliest point through to the nominal ledger, ensuring the invoices are raised on a timely manner and are accurately recorded. - Completeness of expenditure - Completed walk through tests from minimal ledger through to supporting documentation, ensuring the costs recorded in the financial statements are accurate and free from material misstatement. - Risk of management overrride - Reviewed accounts data for any large and unusual items and completed detailed reviewed of journals posted during the year. We performed analytical procedures to identify any unusual or unexpected ratios or variances that may indicate risks of material misstatement due to fraud. We reviewed the financial statement disclosures and assessed compliance with relevant laws and regulations; - Companies Act 2006, - Health and Safety at Work Act 1974. Irregularities which result from fraud are inherently more difficult to detect than irregularities which result from error, however, there have never been any instances of fraud encountered with the company and there are controls in place through the segregation of duties and regular reviews of management accounts which reduce the risk of fraud through management override. All audit team members were made aware of the relevant laws & regulations applicable to the company together with potential fraud risks and remained alert to any indications of fraud non- compliance with the laws & regulations throughout the audit. 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 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 internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's 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 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 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 company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 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.
Philip Benson Woodman FCCA
(Senior Statutory Auditor)
For and on behalf of
Opass Billings Wilson & Honey LLP
Chartered Certified Accountants & Statutory Auditor
Numeric House
98 Station Road
Sidcup
Kent
DA15 7BY
19 December 2024
VISUAL RESPONSE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 30 APRIL 2024
2024
2023
(restated)
Note
£
£
Turnover
4
15,174,323
12,527,890
Cost of sales
10,882,745
9,043,426
-------------
-------------
Gross profit
4,291,578
3,484,464
Administrative expenses
2,752,374
1,979,190
Other operating income
5
67,226
63,762
------------
------------
Operating profit
6
1,606,430
1,569,036
Gain/(loss) on financial assets at fair value through profit or loss
221,834
( 353,662)
Interest receivable
9
127,822
13,677
Interest payable
10
2,992
------------
------------
Profit before taxation
1,953,094
1,229,051
Taxation on ordinary activities
11
429,015
302,725
------------
------------
Profit for the financial year and total comprehensive income
1,524,079
926,326
------------
------------
All the activities of the company are from continuing operations.
VISUAL RESPONSE LIMITED
STATEMENT OF FINANCIAL POSITION
30 April 2024
2024
2023
(restated)
Note
£
£
£
Fixed assets
Tangible assets
13
29,932
28,159
Current assets
Debtors
14
4,071,376
3,579,277
Trade investments
15
2,012,492
Cash at bank and in hand
5,736,642
3,628,002
------------
------------
9,808,018
9,219,771
Creditors: amounts falling due within one year
17
8,139,819
6,772,793
------------
------------
Net current assets
1,668,199
2,446,978
------------
------------
Total assets less current liabilities
1,698,131
2,475,137
Provisions
Taxation including deferred tax
18
7,168
6,656
------------
------------
Net assets
1,690,963
2,468,481
------------
------------
Capital and reserves
Called up share capital
22
1,000
1,000
Profit and loss account
23
1,689,963
2,467,481
------------
------------
Shareholders funds
1,690,963
2,468,481
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 19 December 2024 , and are signed on behalf of the board by:
M M Waters
Director
Company registration number: 02582013
VISUAL RESPONSE LIMITED
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 30 APRIL 2024
Called up share capital
Profit and loss account
Total
Note
£
£
£
At 1 May 2022
1,000
1,541,155
1,542,155
Profit for the year
926,326
926,326
-------
------------
------------
Total comprehensive income for the year
926,326
926,326
At 30 April 2023 (as previously reported)
1,000
2,328,204
2,329,204
Prior period adjustments
21
139,277
139,277
-------
------------
------------
At 30 April 2023 (restated)
1,000
2,467,481
2,468,481
-------
------------
------------
Profit for the year
1,524,079
1,524,079
-------
------------
------------
Total comprehensive income for the year
1,524,079
1,524,079
Dividends paid and payable
12
( 2,301,597)
( 2,301,597)
----
------------
------------
Total investments by and distributions to owners
( 2,301,597)
( 2,301,597)
-------
------------
------------
At 30 April 2024
1,000
1,689,963
1,690,963
-------
------------
------------
VISUAL RESPONSE LIMITED
STATEMENT OF CASH FLOWS
YEAR ENDED 30 APRIL 2024
2024
2023
(restated)
Note
£
£
Cash flows from operating activities
Profit for the financial year
1,524,079
926,326
Adjustments for:
Depreciation of tangible assets
25,746
8,476
(Gain)/loss on financial assets at fair value through profit or loss
(221,834)
353,662
Interest receivable
( 127,822)
( 13,677)
Interest payable
2,992
Taxation on ordinary activities
429,015
302,725
Accrued expenses
445,435
229,145
Changes in:
Trade and other debtors
( 492,099)
( 653,118)
Trade and other creditors
429,791
499,175
------------
------------
Cash generated from operations
2,015,303
1,652,714
Interest paid
( 2,992)
Interest received
127,777
13,548
Dividends received
( 67,226)
( 63,762)
Tax paid
( 261,703)
( 140,000)
------------
------------
Net cash from operating activities
1,811,159
1,462,500
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 27,519)
( 36,251)
Purchases of other investments
(70,400)
(569,357)
Dividends received
67,226
63,762
Interest received
45
129
Other investment dealing account movement
(532)
------------
------------
Net cash used in investing activities
( 31,180)
( 541,717)
------------
------------
Cash flows from financing activities
Proceeds from loans from group undertakings
325,000
440,000
------------
------------
Net cash from financing activities
325,000
440,000
------------
------------
Net increase in cash and cash equivalents
2,104,979
1,360,783
Cash and cash equivalents at beginning of year
3,631,663
2,270,880
------------
------------
Cash and cash equivalents at end of year
16
5,736,642
3,631,663
------------
------------
VISUAL RESPONSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Numeric House, 98 Station Road, Sidcup, Kent, DA15 7BY, United Kingdom.
2. Statement of compliance
These 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 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Debtors
Debtors are initially recorded at fair value and are assessed for impairment at each year end date. If any impairments exist the debtors are remeasured to the present value of the expected future cash inflows.
Creditors
Creditors are initially recorded at fair value and are then remeasured to the present value of the expected future cash outflows.
Judgements and key sources of estimation uncertainty
There are no significant estimates or assumptions made that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
Foreign currencies
Transactions in currencies other than the functional currency of the company are recognised at the spot rate at the date of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences are recognised in the income statement in the period in which they arise.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in the income statement.
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:
Production Equipment
-
50% straight line
Motor Vehicles
-
25% straight line
Office Equipment
-
50 % straight line
The residual value of the land and buildings is considered to be in excess of the cost and as such no depreciation has been charged on these.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in the income statement in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
(restated)
£
£
Advanced computer graphics and conference communication
15,174,323
12,527,890
-------------
-------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
(restated)
£
£
Dividends on quoted securities
67,226
63,762
--------
--------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
(restated)
£
£
Depreciation of tangible assets
25,746
8,476
Foreign exchange differences
( 17,104)
( 24,712)
--------
--------
Operating profit or loss is the profit or loss from business operations before deduction of interest and taxes.
7. Auditor's remuneration
2024
2023
(restated)
£
£
Fees payable for the audit of the financial statements
12,500
8,000
--------
-------
8. Particulars of employees
The average number of persons employed by the company during the year, including the director, amounted to:
2024
2023
No.
No.
Production staff
7
4
Administrative staff
12
6
Logistics staff
4
2
----
----
23
12
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
(restated)
£
£
Wages and salaries
1,184,038
860,907
Social security costs
140,057
100,359
Other pension costs
127,987
65,262
------------
------------
1,452,082
1,026,528
------------
------------
9. Interest receivable
2024
2023
(restated)
£
£
Interest on cash and cash equivalents
127,822
13,677
---------
--------
10. Interest payable
2024
2023
(restated)
£
£
Other interest payable and similar charges
2,992
-------
----
11. Taxation on ordinary activities
Major components of tax expense
2024
2023
(restated)
£
£
Current tax:
UK current tax expense
428,503
295,786
Deferred tax:
Origination and reversal of timing differences
512
6,939
---------
---------
Taxation on ordinary activities
429,015
302,725
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 19 %).
2024
2023
(restated)
£
£
Profit on ordinary activities before taxation
1,953,094
1,229,051
------------
------------
Profit on ordinary activities by rate of tax
488,274
239,581
Effect of expenses not deductible for tax purposes
13,007
76,060
Effect of capital allowances and depreciation
( 512)
( 7,426)
Effect of revenue exempt from tax
( 16,807)
( 12,429)
Effect of deferred taxation charge
512
6,939
Effect of fair value adjustment
( 55,459)
------------
------------
Tax on profit
429,015
302,725
------------
------------
12. Dividends
2024
2023
(restated)
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
2,301,597
------------
----
13. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 May 2023 (as restated)
241,606
22,710
205,368
469,684
Additions
2,767
24,752
27,519
---------
--------
---------
---------
At 30 April 2024
244,373
22,710
230,120
497,203
---------
--------
---------
---------
Depreciation
At 1 May 2023
224,804
22,710
194,011
441,525
Charge for the year
10,785
14,961
25,746
---------
--------
---------
---------
At 30 April 2024
235,589
22,710
208,972
467,271
---------
--------
---------
---------
Carrying amount
At 30 April 2024
8,784
21,148
29,932
---------
--------
---------
---------
At 30 April 2023
16,802
11,357
28,159
---------
--------
---------
---------
14. Debtors
2024
2023
(restated)
£
£
Trade debtors
2,068,502
2,008,406
Amounts owed by group undertakings
33,489
Prepayments and accrued income
2,000,679
1,536,397
Other debtors
2,195
985
------------
------------
4,071,376
3,579,277
------------
------------
15. Trade investments
2024
2023
(restated)
£
£
Listed investments
2,008,831
Investment dealing account
3,661
----
------------
2,012,492
----
------------
16. Cash and cash equivalents
Cash and cash equivalents comprise the following:
2024
2023
(restated)
£
£
Cash at bank and in hand
5,736,642
3,628,002
Short-term deposits
3,661
------------
------------
5,736,642
3,631,663
------------
------------
17. Creditors: amounts falling due within one year
2024
2023
(restated)
£
£
Payments received on account
4,758,831
4,240,435
Trade creditors
337,359
485,465
Amounts owed to group undertakings
1,322,884
997,884
Accruals and deferred income
1,078,582
633,147
Corporation tax
360,076
193,276
Social security and other taxes
186,448
126,947
Other creditors
95,639
95,639
------------
------------
8,139,819
6,772,793
------------
------------
18. Provisions
Deferred tax (note 19)
£
At 1 May 2023 (as restated)
6,656
Additions
512
-------
At 30 April 2024
7,168
-------
19. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
(restated)
£
£
Included in provisions (note 18)
7,168
6,656
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
(restated)
£
£
Accelerated capital allowances
7,168
6,656
-------
-------
20. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 127,987 (2023: £ 65,262 ).
21. Prior period adjustment
A prior year adjustment has been made to recognise an excess of provisioning amounting to £173,000 in the 2023 Financial Statements.
22. Called up share capital
Issued, called up and fully paid
2024
2023
(restated)
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
23. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
24. Analysis of changes in net debt
At 1 May 2023
Cash flows
At 30 Apr 2024
£
£
£
Cash at bank and in hand
3,628,002
2,108,640
5,736,642
Debt due within one year
(997,884)
(325,000)
(1,322,884)
Current asset investments
2,012,492
(2,012,492)
------------
------------
------------
4,642,610
( 228,852)
4,413,758
------------
------------
------------
25. Ultimate parent company
The company's ultimate parent undertaking is V R Holdings Limited, a company registered in England & Wales.