REGISTERED NUMBER: |
VERTICAL SYSTEMS LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
REGISTERED NUMBER: |
VERTICAL SYSTEMS LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
VERTICAL SYSTEMS LIMITED (REGISTERED NUMBER: 01741340) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
VERTICAL SYSTEMS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Chartered Accountants and |
Statutory Auditor |
21 Lodge Lane |
Grays |
Essex |
RM17 5RY |
VERTICAL SYSTEMS LIMITED (REGISTERED NUMBER: 01741340) |
STATEMENT OF FINANCIAL POSITION |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
VERTICAL SYSTEMS LIMITED (REGISTERED NUMBER: 01741340) |
STATEMENT OF FINANCIAL POSITION - continued |
30 APRIL 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
VERTICAL SYSTEMS LIMITED (REGISTERED NUMBER: 01741340) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
Vertical Systems Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated | useful lives, using the straight-line method. |
Depreciation is provided on the following basis: |
Long-term leasehold property | 2% |
Plant and machinery | 20% |
Motor vehicles | 25% |
Fixtures and fittings | 33% |
Computer equipment | 33% |
Server | 20% |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
VERTICAL SYSTEMS LIMITED (REGISTERED NUMBER: 01741340) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
VERTICAL SYSTEMS LIMITED (REGISTERED NUMBER: 01741340) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 May 2023 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
VERTICAL SYSTEMS LIMITED (REGISTERED NUMBER: 01741340) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 May 2023 |
Impairments | (42,940 | ) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
The 2024 valuation was made by the directors, on an open market value for existing use basis. |
Fair value at 30 April 2024 is represented by: |
£ |
Valuation in 2024 | (42,940 | ) |
Cost | 302,940 |
260,000 |
7. | STOCKS |
2024 | 2023 |
£ | £ |
Finished goods |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
VERTICAL SYSTEMS LIMITED (REGISTERED NUMBER: 01741340) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
The company bankers have a fixed and floating charge over the assets of the company. |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
VERTICAL SYSTEMS LIMITED (REGISTERED NUMBER: 01741340) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
13. | RELATED PARTY DISCLOSURES |
As the Company is a wholly owned subsidiary of Notsallow 134 Limited the Company has taken advantage of the exemption in FRS102 disclosure 33.1A and has therefore not disclosed transactions or balances with other wholly-owned subsidiaries which form part of the group headed by Vertical Group Limited. The consolidated financial statements, within which this company is included, can be obtained from 14 Hemmells, Laindon, Essex, SS15 6ED. |
Transactions with companies not wholly owned by the group are as follows: |
The Company made sales of £1,954 (2023: £1,994) to MI Telecom Limited and purchases of £23,577 (2023 - £17,159), a fellow subsidiary of Notsallow 134 Limited. As at 30 April 2024 the Company owed £38,648 (2023: £61,045) to MI Telecom Limited. |
As at 30 April 2024 the Company owed Villas for Travel Limited, a fellow associate of Notsallow 134 Limited, £45,926 (2023: £45,926). |
As at 30 April 2024 the amount of £19 was owed to the directors from the company (2023: £5,374 was owed from the directors to the company). The balances represented unsecured, interest free loans, repayable on demand. |
14. | ULTIMATE CONTROLLING PARTY |
The ultimate parent undertaking of this company as at the period ended 30 April 2024 was Vertical Group Limited which is incorporated in England and registered in England and Wales. |
The immediate parent undertaking and controlling party is Notsallow 134 Limited which is incorporated and registered in England and Wales. The largest and smallest group of undertakings which include this company and for which consolidated accounts have been drawn up is that headed by Vertical Group Limited. The address where these accounts can be found is also the registered address of the parent company: 14 Hemmells, Laindon, Basildon, Essex, SS15 6ED. |
The ultimate controlling party is P L Healey. |