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Registration number: 04197065

Vital Access Management Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Vital Access Management Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Vital Access Management Limited

(Registration number: 04197065)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

289,185

300,921

Current assets

 

Debtors

6

32,845

36,410

Cash at bank and in hand

 

7,033

22,156

 

39,878

58,566

Creditors: Amounts falling due within one year

7

(124,619)

(120,474)

Net current liabilities

 

(84,741)

(61,908)

Total assets less current liabilities

 

204,444

239,013

Creditors: Amounts falling due after more than one year

7

(130,588)

(145,946)

Provisions for liabilities

(7,632)

(10,511)

Net assets

 

66,224

82,556

Capital and reserves

 

Called up share capital

2

2

Retained earnings

66,222

82,554

Shareholders' funds

 

66,224

82,556

 

Vital Access Management Limited

(Registration number: 04197065)
Balance Sheet as at 30 April 2024

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 January 2025 and signed on its behalf by:
 

.........................................
J Cooper
Company secretary and director

 

Vital Access Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 4 Five Eastfields Avenue
Riverside Quarter
Wandsworth
London
SW18 1FQ
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of rope access property maintenance. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Vital Access Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Asset class

Depreciation method and rate

Plant and Machinery

25% reducing balance basis

Office Equipment

25% straight line basis

Motor Vehicles

25% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Vital Access Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

38,632

38,632

At 30 April 2024

38,632

38,632

Amortisation

At 1 May 2023

38,632

38,632

At 30 April 2024

38,632

38,632

Carrying amount

At 30 April 2024

-

-

 

Vital Access Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

255,234

5,522

3,007

7,124

73,792

344,679

Additions

-

-

-

739

-

739

At 30 April 2024

255,234

5,522

3,007

7,863

73,792

345,418

Depreciation

At 1 May 2023

-

1,624

2,478

4,449

35,207

43,758

Charge for the year

-

1,381

132

1,315

9,647

12,475

At 30 April 2024

-

3,005

2,610

5,764

44,854

56,233

Carrying amount

At 30 April 2024

255,234

2,517

397

2,099

28,938

289,185

At 30 April 2023

255,234

3,898

529

2,675

38,585

300,921

Included within the net book value of land and buildings above is £255,234 (2023 - £255,234) in respect of long leasehold land and buildings.
 

 

Vital Access Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

32,595

30,926

Other debtors

250

5,484

 

32,845

36,410

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

28,781

16,924

Trade creditors

 

1,415

17,331

Taxation and social security

 

67,344

58,428

Other creditors

 

27,079

27,791

 

124,619

120,474

The mortgage in loan and and borrowings is secured on the leasehold property held within the accounts.

 

Vital Access Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

130,588

145,946

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

11,531

-

Other borrowings

17,250

16,924

28,781

16,924

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

11,017

21,343

Other borrowings

119,571

124,603

130,588

145,946

Bank borrowings

Lloyds Bank bounceback loan is denominated in pounds with a nominal interest rate of 2.5%, and the final instalment is due on 30 June 2026. The carrying amount at year end is £21,667 (2023 - £31,667).

The bounceback loan is a government backed lending scheme.

 

Vital Access Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Related party transactions

Summary of transactions with parent

Lydden Management Limited (parent company) had a loan account with the company during the year.
 

Loans from related parties

2024

Parent
£

Total
£

At start of period

20,614

20,614

At end of period

20,614

20,614

2023

Parent
£

Total
£

At start of period

20,614

20,614

At end of period

20,614

20,614

10

Parent and ultimate parent undertaking

The company's immediate parent is Lydden Management Limited, incorporated in England and Wales.