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COMPANY REGISTRATION NUMBER: 6465802
V R HOLDINGS LIMITED AND SUBSIDIARIES
FINANCIAL STATEMENTS
30 April 2024
V R HOLDINGS LIMITED AND SUBSIDIARIES
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 9
Consolidated income statement
10
Consolidated statement of financial position
11
Company statement of financial position
12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Consolidated statement of cash flows
15
Notes to the financial statements
16 to 28
V R HOLDINGS LIMITED AND SUBSIDIARIES
OFFICERS AND PROFESSIONAL ADVISERS
Director
Mr M 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
27 Soho Square
London
W1D 3QR
Solicitors
Judge & Priestley LLP
100 Station Road
Sidcup
Kent
DA15 7DT
V R HOLDINGS LIMITED AND SUBSIDIARIES
STRATEGIC REPORT
YEAR ENDED 30 APRIL 2024
V R Holdings Limited is a holding company and is the parent company of Visual Response Limited, Conference Resource Limited and Praxis (London) Limited. The overall performance of the company and return on the investment is based on the performance of the subsidiaries.
Strategic Management The objective of the group 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 group's strategy is to invest in specialised personnel and sales marketing, The group's personnel have a wealth of experience in Exhibitions/Logistics/Audio Visual/filming & editing in the event industry,
Business Environment The sector the group operates in is Congress, Events and Exhibitions mainly for the pharmaceutical industry, The group had been impacted during the Covid 19 Pandemic due to the restrictions on Travel, the group companies were able to provide on-line services to continue operating. As there are no travel restrictions around the World, the company are able to operate how they previously did before the pandemic by providing face to face events but also has the facilities in place to live stream the events for anyone who are unable to physically attend.
Key Performance Indicators 1. Gross Profit Percentage The Gross Profit Percentage achieved by the group in 2024 was 30.8% and in 2023 it was 30.9%. 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 charged to the client with full transparency and that the gross profit margins are met. 2. Operating Profit Percentage The Operating Profit Percentage achieved by the group in 2024 was 13.0% and in 2023 was 15.00%. This result is in-line with board expectation and the increase in administrative expenses is due to increased wages, motor and travel costs.
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
V R HOLDINGS LIMITED AND SUBSIDIARIES
DIRECTOR'S REPORT
YEAR ENDED 30 APRIL 2024
The director presents his report and the financial statements of the group for the year ended 30 April 2024 .
Director
The director who served the company during the year was as follows:
Mr M M Waters
Dividends
Particulars of recommended dividends are detailed in note 13 to the financial statements.
Future developments
V R Holdings Limited wishes to continue to support its subsidiaries to maintain growth and client base.
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 group and the company and the profit or loss of the group 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 group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
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
V R HOLDINGS LIMITED AND SUBSIDIARIES
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF V R HOLDINGS LIMITED AND SUBSIDIARIES
YEAR ENDED 30 APRIL 2024
Opinion
We have audited the financial statements of V R Holdings Limited and Subsidiaries (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the consolidated income statement, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 30 April 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; - 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 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 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 group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the 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 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 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 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 director either intends to liquidate the group or the parent 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 £146,000. The considered key risk areas and appropriate audit approaches were as follows: - Accuracy and valuation of investment properties - Reviewed carrying values of property for reasonableness in relation to market values of similar properties in local area. - Valuation of listed investments - Agreed carrying values of listed investments to supporting evidence ensuring the listed investments are accurately valued. - 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. - Going concern - Reviewed after date accounting records of company and it's subsidiaries, including bank statements and management accounts ensuring the company is a going concern. - 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 group's 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 group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
P B Woodman FCCA ACA CTA
(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
V R HOLDINGS LIMITED AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT
YEAR ENDED 30 APRIL 2024
2024
2023
(restated)
Note
£
£
Turnover
4
16,383,200
14,111,993
Cost of sales
11,339,181
9,744,648
-------------
-------------
Gross profit
5,044,019
4,367,345
Administrative expenses
3,061,449
2,388,583
Other operating income
5
144,358
140,066
------------
------------
Operating profit
6
2,126,928
2,118,828
Gain/(loss) on financial assets at fair value through profit or loss
531,664
( 756,702)
Other interest receivable and similar income
10
141,964
20,655
Interest payable and similar expenses
11
6,120
1,800
------------
------------
Profit before taxation
2,794,436
1,380,981
Tax on profit
12
547,897
439,085
------------
------------
Profit for the financial year
2,246,539
941,896
------------
------------
All the activities of the group are from continuing operations.
The group has no other recognised items of income and expenses other than the results for the year as set out above.
V R HOLDINGS LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 April 2024
2024
2023
(restated)
Note
£
£
Fixed assets
Tangible assets
15
3,844,831
3,872,086
Current assets
Stocks
17
14,844
15,780
Debtors
18
4,283,339
4,113,422
Investments
19
5,004,829
4,328,725
Cash at bank and in hand
5,825,061
3,758,828
-------------
-------------
15,128,073
12,216,755
Creditors: amounts falling due within one year
21
7,322,542
6,430,630
-------------
-------------
Net current assets
7,805,531
5,786,125
-------------
------------
Total assets less current liabilities
11,650,362
9,658,211
Provisions
Taxation including deferred tax
22
173,706
178,094
-------------
------------
Net assets
11,476,656
9,480,117
-------------
------------
Capital and reserves
Called up share capital
26
500
500
Share premium account
27
1,374,500
1,374,500
Profit and loss account
27
10,101,656
8,105,117
-------------
------------
Shareholders funds
11,476,656
9,480,117
-------------
------------
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:
Mr M M Waters
Director
Company registration number: 6465802
V R HOLDINGS LIMITED AND SUBSIDIARIES
COMPANY STATEMENT OF FINANCIAL POSITION
30 April 2024
2024
2023
(restated)
Note
£
£
Fixed assets
Tangible assets
15
3,774,905
3,784,333
Investments
16
2,003,799
2,621,509
------------
------------
5,778,704
6,405,842
Current assets
Debtors
18
1,180,291
1,044,408
Investments
19
5,004,829
2,316,233
Cash at bank and in hand
20,109
81,406
------------
------------
6,205,229
3,442,047
Creditors: amounts falling due within one year
21
350,738
211,233
------------
------------
Net current assets
5,854,491
3,230,814
-------------
------------
Total assets less current liabilities
11,633,195
9,636,656
Provisions
Taxation including deferred tax
22
156,539
156,539
-------------
------------
Net assets
11,476,656
9,480,117
-------------
------------
Capital and reserves
Called up share capital
26
500
500
Share premium account
27
1,374,500
1,374,500
Profit and loss account
27
10,101,656
8,105,117
-------------
------------
Shareholders funds
11,476,656
9,480,117
-------------
------------
The profit for the financial year of the parent company was £ 2,385,816 (2023: £ 943,681 ).
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:
Mr M M Waters
Director
Company registration number: 6465802
V R HOLDINGS LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 30 APRIL 2024
Called up share capital
Share premium account
Profit and loss account
Total
Note
£
£
£
£
At 1 May 2022
500
1,374,500
7,338,221
8,713,221
Profit for the year
941,896
941,896
----
------------
------------
------------
Total comprehensive income for the year
941,896
941,896
Dividends paid and payable
13
( 175,000)
( 175,000)
----
------------
------------
------------
Total investments by and distributions to owners
( 175,000)
( 175,000)
At 30 April 2023 (as previously reported)
500
1,374,500
7,965,840
9,340,840
Prior period adjustments
25
139,277
139,277
----
------------
------------
------------
At 30 April 2023 (restated)
500
1,374,500
8,105,117
9,480,117
----
------------
------------
------------
Profit for the year
2,246,539
2,246,539
----
------------
------------
------------
Total comprehensive income for the year
2,246,539
2,246,539
Dividends paid and payable
13
( 250,000)
( 250,000)
----
----
---------
---------
Total investments by and distributions to owners
( 250,000)
( 250,000)
----
------------
-------------
-------------
At 30 April 2024
500
1,374,500
10,101,656
11,476,656
----
------------
-------------
-------------
V R HOLDINGS LIMITED AND SUBSIDIARIES
COMPANY STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 30 APRIL 2024
Called up share capital
Share premium account
Profit and loss account
Total
£
£
£
£
At 1 May 2022
500
1,374,500
7,336,436
8,711,436
Profit for the year
943,681
943,681
----
------------
------------
------------
Total comprehensive income for the year
943,681
943,681
Dividends paid and payable
13
( 175,000)
( 175,000)
----
------------
------------
------------
Total investments by and distributions to owners
( 175,000)
( 175,000)
At 30 April 2023
500
1,374,500
7,965,840
9,340,840
Profit for the year
2,385,816
2,385,816
----
------------
------------
------------
Total comprehensive income for the year
2,385,816
2,385,816
Dividends paid and payable
13
( 250,000)
( 250,000)
----
----
---------
---------
Total investments by and distributions to owners
( 250,000)
( 250,000)
----
------------
-------------
-------------
At 30 April 2024
500
1,374,500
10,101,656
11,476,656
----
------------
-------------
-------------
V R HOLDINGS LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
YEAR ENDED 30 APRIL 2024
2024
2023
(restated)
Note
£
£
Cash flows from operating activities
Profit for the financial year
2,246,539
941,896
Adjustments for:
Depreciation of tangible assets
54,774
40,803
Amortisation of intangible assets
1,785
Fair value adjustment of investment property
( 130,000)
(Gain)/loss on financial assets at fair value through profit or loss
(531,664)
756,702
Income from other fixed asset investments
(77,132)
Other interest receivable and similar income
( 141,964)
( 20,655)
Interest payable and similar expenses
6,120
1,800
Gains on disposal of tangible assets
( 1,799)
Tax on profit
547,897
439,085
Accrued expenses
384,911
326,859
Changes in:
Stocks
936
( 2,674)
Trade and other debtors
( 169,951)
( 835,820)
Trade and other creditors
250,505
663,103
------------
------------
Cash generated from operations
2,570,971
2,181,085
Interest paid
( 6,120)
( 1,800)
Interest received
141,882
20,655
Dividends received
( 67,226)
Tax paid
( 317,010)
( 155,313)
------------
------------
Net cash from operating activities
2,322,497
2,044,627
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 27,519)
( 112,204)
Proceeds from sale of tangible assets
1,799
Purchases of other investments
(151,369)
(1,020,455)
Dividends received
144,358
Interest received
82
Other investing cash flow adjustment
(532)
------------
------------
Net cash used in investing activities
( 34,980)
( 1,130,860)
------------
------------
Cash flows from financing activities
Proceeds from borrowings
21,255
65,623
Dividends paid
( 250,000)
( 175,000)
------------
------------
Net cash used in financing activities
( 228,745)
( 109,377)
------------
------------
Net increase in cash and cash equivalents
2,058,772
804,390
Cash and cash equivalents at beginning of year
3,767,084
2,962,694
------------
------------
Cash and cash equivalents at end of year
20
5,825,856
3,767,084
------------
------------
V R HOLDINGS LIMITED AND SUBSIDIARIES
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 reporting 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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of V R Holdings Limited and subsidiaries. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of V R Holdings Limited and Subsidiaries and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
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 services transaction at the end of the reporting period. Management services provided to subsidiaries are provided continuously on an annual contract basis, revenue from the rendering of management services is recognised on a straight-line basis over the specified contract period. 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 provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation 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 revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Land and buildings
-
2% straight line
Production equipment
-
50% / 33% Straight line
Fixtures & fittings
-
50% straight line
Motor vehicles
-
25% / 20% Straight line
Structures and buildings
-
10 % straight line
The residual value of the freehold property is considered to be equal to cost, therefore no depreciation has been charged during the year on the freehold property.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangements, 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 profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
(restated)
£
£
Rendering of services
16,341,325
14,088,643
Rental income
41,875
23,350
-------------
-------------
16,383,200
14,111,993
-------------
-------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
(restated)
£
£
Dividends on quoted securities
144,358
140,066
---------
---------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
(restated)
£
£
Amortisation of intangible assets
1,785
Depreciation of tangible assets
54,774
40,803
Gains on disposal of tangible assets
( 1,799)
Fair value adjustments to investment property
( 130,000)
Foreign exchange differences
( 17,104)
( 24,712)
--------
---------
7. Auditor's remuneration
2024
2023
(restated)
£
£
Fees payable for the audit of the financial statements
8,500
5,500
-------
-------
Fees payable to the company's auditor and its associates for other services:
Audit of the financial statements of associates
15,000
15,000
--------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the director, amounted to:
2024
2023
No.
No.
Production staff
7
4
Administrative staff
19
13
Management staff
1
2
Number of logistics staff
4
2
----
----
31
21
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
(restated)
£
£
Wages and salaries
1,604,076
1,261,366
Social security costs
187,356
148,731
Other pension costs
105,201
129,981
------------
------------
1,896,633
1,540,078
------------
------------
9. Director's remuneration
The director's aggregate remuneration in respect of qualifying services was:
2024
2023
(restated)
£
£
Remuneration
138,000
109,208
Company contributions to defined contribution pension plans
22,000
---------
---------
160,000
109,208
---------
---------
10. Other interest receivable and similar income
2024
2023
(restated)
£
£
Interest on loans and receivables
7,301
6,978
Interest on cash and cash equivalents
134,663
13,677
---------
--------
141,964
20,655
---------
--------
11. Interest payable and similar expenses
2024
2023
(restated)
£
£
Other interest payable and similar charges
6,120
1,800
-------
-------
12. Tax on profit
Major components of tax expense
2024
2023
(restated)
£
£
Current tax:
UK current tax expense
552,251
352,061
Adjustments in respect of prior periods
( 15)
---------
---------
Total current tax
552,251
352,046
---------
---------
Deferred tax:
Origination and reversal of timing differences
( 4,354)
87,039
---------
---------
Tax on profit
547,897
439,085
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 19.48 %).
2024
2023
(restated)
£
£
Profit on ordinary activities before taxation
2,794,436
1,380,981
------------
------------
Profit on ordinary activities by rate of tax
544,182
269,066
Adjustment to tax charge in respect of prior periods
( 15)
Effect of expenses not deductible for tax purposes
16,164
76,060
Effect of capital allowances and depreciation
6,484
( 19,659)
Effect of UK dividends and distribution income
(36,090)
(27,294)
Effect of deferred tax charge
(4,354)
87,039
Effect of fair value adjustments
21,511
53,888
------------
------------
Tax on profit
547,897
439,085
------------
------------
13. Dividends
2024
2023
(restated)
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
250,000
175,000
---------
---------
14. Intangible assets
Group
Goodwill
£
Cost
At 1 May 2023 (as restated) and 30 April 2024
1,673,434
------------
Amortisation
At 1 May 2023 and 30 April 2024
1,673,434
------------
Carrying amount
At 1 May 2023 and 30 April 2024
------------
At 30 April 2023
------------
The company has no intangible assets.
15. Tangible assets
Group
Land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Structures and buildings
Total
£
£
£
£
£
£
Cost
At 1 May 2023 (as restated)
3,816,673
504,426
246,740
40,316
21,276
4,629,431
Additions
2,767
24,752
27,519
------------
---------
---------
--------
--------
------------
At 30 Apr 2024
3,816,673
507,193
271,492
40,316
21,276
4,656,950
------------
---------
---------
--------
--------
------------
Depreciation
At 1 May 2023
40,699
445,238
234,465
24,177
12,766
757,345
Charge for the year
1,069
24,914
15,879
4,402
8,510
54,774
------------
---------
---------
--------
--------
------------
At 30 Apr 2024
41,768
470,152
250,344
28,579
21,276
812,119
------------
---------
---------
--------
--------
------------
Carrying amount
At 30 Apr 2024
3,774,905
37,041
21,148
11,737
3,844,831
------------
---------
---------
--------
--------
------------
At 30 Apr 2023
3,775,974
59,188
12,275
16,139
8,510
3,872,086
------------
---------
---------
--------
--------
------------
Company
Land and buildings
Fixtures and fittings
Structures and buildings
Total
£
£
£
£
Cost
At 1 May 2023 (as restated) and 30 April 2024
3,774,905
14,366
21,276
3,810,547
------------
--------
--------
------------
Depreciation
At 1 May 2023
13,448
12,766
26,214
Charge for the year
918
8,510
9,428
------------
--------
--------
------------
At 30 April 2024
14,366
21,276
35,642
------------
--------
--------
------------
Carrying amount
At 30 April 2024
3,774,905
3,774,905
------------
--------
--------
------------
At 30 April 2023
3,774,905
918
8,510
3,784,333
------------
--------
--------
------------
Included within the above is investment property as follows:
Group
Company
£
£
At 1 May 2023 and 30 April 2024
2,524,905
2,524,905
------------
------------
At 1 May 2023
2,524,905
2,524,905
------------
------------
The leasehold investment properties were initially recorded at cost and were revalued by the director at April 2023.
Tangible assets held at valuation
In respect of tangible assets held at valuation, aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Group and company
Land and buildings
£
At 30 April 2024
Aggregate cost
2,174,655
Aggregate depreciation
------------
Carrying value
2,174,655
------------
At 30 April 2023
Aggregate cost
2,174,655
Aggregate depreciation
------------
Carrying value
2,174,655
------------
16. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 May 2023 as restated and 30 April 2024
3,303,506
------------
Impairment
At 1 May 2023 as restated
681,997
Impairment losses
784,971
Reversal of impairment losses
( 167,261)
------------
At 30 April 2024
1,299,707
------------
Carrying amount
At 30 April 2024
2,003,799
------------
At 30 April 2023
2,621,509
------------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Visual Response Limited
Ordinary
100
Conference Resource Limited
Ordinary
100
Praxis (London) Limited
Ordinary
100
17. Stocks
Group
Company
2024
2023
2024
2023
(restated)
(restated)
£
£
£
£
Raw materials and consumables
14,844
15,780
--------
--------
----
----
18. Debtors
Group
Company
2024
2023
2024
2023
(restated)
(restated)
£
£
£
£
Trade debtors
2,172,726
2,253,510
Amounts owed by group undertakings
1,098,476
916,948
Deferred tax asset
1,186
1,220
1,186
1,220
Prepayments and accrued income
2,026,782
1,567,474
1,771
Loans receivable
78,858
126,240
78,858
126,240
Other debtors
3,787
164,978
------------
------------
------------
------------
4,283,339
4,113,422
1,180,291
1,044,408
------------
------------
------------
------------
The debtors above include the following amounts falling due after more than one year:
Group
Company
2024
2023
2024
2023
(restated)
(restated)
£
£
£
£
Loans receivable
37,128
81,684
37,128
81,684
--------
--------
--------
--------
19. Investments
Group
Company
2024
2023
2024
2023
(restated)
(restated)
£
£
£
£
Other investments
5,004,034
4,320,469
5,004,034
2,311,638
Investment dealing account
795
8,256
795
4,595
------------
------------
------------
------------
5,004,829
4,328,725
5,004,829
2,316,233
------------
------------
------------
------------
20. Cash and cash equivalents
Cash and cash equivalents comprise the following:
2024
2023
(restated)
£
£
Cash at bank and in hand
5,825,061
3,758,828
Short-term deposits
795
8,256
------------
------------
5,825,856
3,767,084
------------
------------
21. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
(restated)
(restated)
£
£
£
£
Payments received on account
4,758,831
4,322,111
Trade creditors
435,126
666,939
17,562
69,435
Accruals and deferred income
1,145,947
761,036
36,314
( 99,794)
Corporation tax
484,792
249,551
112,973
63,248
Social security and other taxes
261,360
211,992
44,251
59,961
Director loan accounts
139,638
118,383
139,638
118,383
Other creditors
96,848
100,618
------------
------------
---------
---------
7,322,542
6,430,630
350,738
211,233
------------
------------
---------
---------
22. Provisions
Group
Deferred tax (note 23)
£
At 1 May 2023 (as restated)
178,094
Additions
512
Charge against provision
( 4,900)
---------
At 30 April 2024
173,706
---------
Company
Deferred tax (note 23)
£
At 1 May 2023 (as restated)
156,539
---------
At 30 April 2024
156,539
---------
23. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
(restated)
(restated)
£
£
£
£
Included in debtors (note 18)
1,186
1,220
1,186
1,220
Included in provisions (note 22)
( 173,706)
( 178,094)
( 156,539)
( 156,539)
---------
---------
---------
---------
( 172,520)
( 176,874)
( 155,353)
( 155,319)
---------
---------
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
(restated)
(restated)
£
£
£
£
Accelerated capital allowances
17,167
21,555
Fair value adjustment of investment property
156,539
156,539
156,539
156,539
Accelerated depreciation charges
(1,186)
(1,220)
(1,186)
(1,220)
---------
---------
---------
---------
172,520
176,874
155,353
155,319
---------
---------
---------
---------
24. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 105,201 (2023: £ 129,981 ).
25. Prior period adjustments
A prior year adjustment has been made to recognise an excess of provisioning amounting to £173,000 in the 2023 Financial Statements.
26. Called up share capital
Issued, called up and fully paid
2024
2023
(restated)
No.
£
No.
£
Ordinary shares of £ 1 each
500
500
500
500
----
----
----
----
27. Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses. Included in the profit and loss account are unrealised gains of £193,711 relating to investment properties and unrealised gains of £147,350 on listed investments.
28. Analysis of changes in net debt
At 1 May 2023
Cash flows
At 30 Apr 2024
£
£
£
Cash at bank and in hand
3,758,828
2,066,233
5,825,061
Debt due within one year
(118,383)
(21,255)
(139,638)
Current asset investments
4,328,725
676,104
5,004,829
------------
------------
-------------
7,969,170
2,721,082
10,690,252
------------
------------
-------------
29. Director's advances, credits and guarantees
During the year dividends totalling £200,000 was paid to the director
30. Related party transactions
Group
The group has an outstanding loan of £78,858 due from Still Waters Health Limited. The group and the related company is related by the virtue that they both have a director in common. The loan is repayable over 5 year period with a fixed interest rate charged at 5%. The interest received on this loan during the year was £5,291 (2023: £6,978).
Company
The company has an outstanding loan of £78,858 due from Still Waters Health Limited. The companies are related by the virtue that they both have a director in common. The loan is repayable over 5 year period with a fixed interest rate charged at 5%. The interest received on this loan during the year was £5,291 (2023: £6,978).
31. Controlling party
The company's ultimate controlling party is M Waters, an individual who holds the majority shareholding in V R Holdings Limited, the parent company.