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REGISTERED NUMBER: 09565202 (England and Wales)
















VERTICAL GROUP LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 17

Consolidated Cash Flow Statement 18

Notes to the Consolidated Cash Flow Statement 19

Notes to the Consolidated Financial Statements 21


VERTICAL GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: P.L. Healey
B. Rodger





REGISTERED OFFICE: 14 Hemmells
Laindon
Basildon
Essex
SS15 6ED





REGISTERED NUMBER: 09565202 (England and Wales)





AUDITORS: CR Bland Baker Limited
Chartered Accountants and
Statutory Auditor
21 Lodge Lane
Grays
Essex
RM17 5RY

VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their strategic report of the company and the group for the year ended 30 April 2024.

REVIEW OF BUSINESS
The Group is a Travel and Technology group which combines travel industry expertise and effective use of technology in a broad range of applications.

The key financial highlights are as follows:

Turnover £18.7m (2023- £17.5m)

Gross Profit Margin 51.7% (2023 - 47.1%)

The directors have continued to invest in our brand marketing strategy, with ongoing engagement with our clients and business partners across our broad range of products.

Group Company Commentaries
We are pleased to have seen a further increase in holiday bookings this year with Covid restrictions now a thing of the past. As a group we are happy to have managed to trade through these past challenges and have returned to making profits across most of the group companies. We continue to be in a good position to take advantage of opportunities within the travel industry. Within our travel companies we have been able to retain our excellent staff and homeworkers which has meant we have been able to meet demand. Sales and purchases in the accounts are recongnised on booking date and no provision has been made for any holidays cancelled subsequent to the year end. This is in line with previous years.

PRINCIPAL RISKS AND UNCERTAINTIES
The following factors affect the group's trading results. The risk factors described below are potentially significant, but this should not be regarded as a complete and comprehensive statement of all potential risks and uncertainties.

Trading risks

The trading performance of the group may be affected by a number of factors outside its control, including:

-Wars and international unrest;
-Closing of borders due to spikes in pandemics, acts of terrorism in key tourist destinations which may result in restricted travel;
-Earthquakes or other natural disasters in key tourist destinations;
-General economic conditions in the group's key of the United Kingdom;
-Additional security requirements at the airports;
-Changes in foreign exchange rates.

These factors may affect the group by reducing demand, as its potential customers choose not to, or be unable to travel. These factors may affect booking patterns, as increased political and economic uncertainty may lead to an increased propensity for customers to book closer to departure and may lead to flights, holidays etc. to be sold at prices significantly less than usual, or they will remain unsold.


VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

FINANCIAL KEY PERFORMANCE INDICATORS
The group considers turnover and gross profit margin to be the main financial KPIs.

ON BEHALF OF THE BOARD:





P.L. Healey - Director


27 January 2025

VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 April 2024.

DIVIDENDS
A total distribution of dividends for the year ended 30 April 2024 will be £416,666 (2023 - £274,339).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

P.L. Healey
B. Rodger

RESULTS
The profit for the year, after taxation, amounted to £581,662 (2023 - loss £181,886).

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





P.L. Healey - Director


27 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
VERTICAL GROUP LIMITED

Opinion
We have audited the financial statements of Vertical Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 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; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
VERTICAL GROUP LIMITED


Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
VERTICAL GROUP LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We have reviewed whether there were areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the officers and other management (as required by auditing standards).

- We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

- With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the officers.

- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

- We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
VERTICAL GROUP LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Steven James Garrod FCA (Senior Statutory Auditor)
for and on behalf of CR Bland Baker Limited
Chartered Accountants and
Statutory Auditor
21 Lodge Lane
Grays
Essex
RM17 5RY

28 January 2025

VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 18,700,984 17,480,271

Cost of sales 9,028,630 9,244,026
GROSS PROFIT 9,672,354 8,236,245

Distribution costs 4,319,082 3,904,290
Administrative expenses 4,344,074 4,413,030
8,663,156 8,317,320
OPERATING PROFIT/(LOSS) 5 1,009,198 (81,075 )

Interest receivable and similar income 1,284 331
1,010,482 (80,744 )
Gain/loss on revaluation of investment
property

(42,940

)

-
967,542 (80,744 )

Interest payable and similar expenses 6 59,026 48,782
PROFIT/(LOSS) BEFORE TAXATION 908,516 (129,526 )

Tax on profit/(loss) 7 326,854 52,360
PROFIT/(LOSS) FOR THE
FINANCIAL YEAR

581,662

(181,886

)
Profit/(loss) attributable to:
Owners of the parent 427,590 (302,814 )
Non-controlling interests 154,072 120,928
581,662 (181,886 )

VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 581,662 (181,886 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

581,662

(181,886

)

Total comprehensive income attributable to:
Owners of the parent 427,590 (302,814 )
Non-controlling interests 154,072 120,928
581,662 (181,886 )

VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202)

CONSOLIDATED BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 724,894 1,213,485
Tangible assets 11 325,687 167,793
Investments 12 18,249 18,249
Investment property 13 260,000 302,940
1,328,830 1,702,467

CURRENT ASSETS
Stocks 14 1,500 1,500
Debtors 15 6,278,866 5,934,748
Cash at bank and in hand 825,358 438,847
7,105,724 6,375,095
CREDITORS
Amounts falling due within one year 16 7,290,312 6,878,882
NET CURRENT LIABILITIES (184,588 ) (503,787 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,144,242

1,198,680

CREDITORS
Amounts falling due after more than one
year

17

(394,838

)

(537,972

)

PROVISIONS FOR LIABILITIES 21 (43,700 ) -
NET ASSETS 705,704 660,708

VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202)

CONSOLIDATED BALANCE SHEET - continued
30 APRIL 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 22 21,101 21,101
Share premium 23 5,020,137 5,020,137
Retained earnings 23 (4,383,250 ) (4,370,174 )
SHAREHOLDERS' FUNDS 657,988 671,064

NON-CONTROLLING INTERESTS 47,716 (10,356 )
TOTAL EQUITY 705,704 660,708


The financial statements were approved by the Board of Directors and authorised for issue on 27 January 2025 and were signed on its behalf by:





P.L. Healey - Director


VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202)

COMPANY BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 5,049,438 5,049,438
Investment property 13 - -
5,049,438 5,049,438

CURRENT ASSETS
Debtors 15 397,820 233,154

CREDITORS
Amounts falling due within one year 16 247,630 78,604
NET CURRENT ASSETS 150,190 154,550
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,199,628

5,203,988

CAPITAL AND RESERVES
Called up share capital 22 21,101 21,101
Share premium 5,020,137 5,020,137
Retained earnings 158,390 162,750
SHAREHOLDERS' FUNDS 5,199,628 5,203,988

Company's profit for the financial year 412,306 265,003

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 27 January 2025 and were signed on its behalf by:





P.L. Healey - Director


VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 May 2022 21,101 (3,765,021 ) 5,020,137

Changes in equity
Dividends on equity shares - (274,339 ) -
Total comprehensive income - (302,814 ) -
Share of dividends waived - (28,000 ) -
21,101 (4,370,174 ) 5,020,137
Dividend paid to minority
interest

-

-

-
Balance at 30 April 2023 21,101 (4,370,174 ) 5,020,137

Changes in equity
Dividends on equity shares - (416,666 ) -
Total comprehensive income - 427,590 -
Share of dividends waived - (24,000 ) -
21,101 (4,383,250 ) 5,020,137
Dividend paid to minority
interest

-

-

-
Balance at 30 April 2024 21,101 (4,383,250 ) 5,020,137

VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - continued
FOR THE YEAR ENDED 30 APRIL 2024

Non-controlling Total
Total interests equity
£    £    £   
Balance at 1 May 2022 1,276,217 (19,284 ) 1,256,933

Changes in equity
Dividends on equity shares (274,339 ) - (274,339 )
Total comprehensive income (302,814 ) 120,928 (181,886 )
Share of dividends waived (28,000 ) 28,000 -
671,064 129,644 800,708
Dividend paid to minority
interest

-

(140,000

)

(140,000

)
Balance at 30 April 2023 671,064 (10,356 ) 660,708

Changes in equity
Dividends on equity shares (416,666 ) - (416,666 )
Total comprehensive income 427,590 154,072 581,662
Share of dividends waived (24,000 ) 24,000 -
657,988 167,716 825,704
Dividend paid to minority
interest

-

(120,000

)

(120,000

)
Balance at 30 April 2024 657,988 47,716 705,704

VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 May 2022 21,101 172,086 5,020,137 5,213,324

Changes in equity
Dividends on equity shares - (274,339 ) - (274,339 )
Total comprehensive income - 265,003 - 265,003
Balance at 30 April 2023 21,101 162,750 5,020,137 5,203,988

Changes in equity
Dividends on equity shares - (416,666 ) - (416,666 )
Total comprehensive income - 412,306 - 412,306
Balance at 30 April 2024 21,101 158,390 5,020,137 5,199,628

VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,143,120 860,620
Interest paid (56,277 ) (48,782 )
Interest element of hire purchase
payments paid

(2,749

)

-
Tax paid (77,519 ) -
Taxation refund 39,845 71,628
Net cash from operating activities 1,046,420 883,466

Cash flows from investing activities
Purchase of tangible fixed assets (198,635 ) (15,801 )
Interest received 1,284 331
Net cash from investing activities (197,351 ) (15,470 )

Cash flows from financing activities
Bank loan repayments in year (266,948 ) (258,630 )
Amounts advances on new HP contracts 189,645 -
Capital repayments in year (9,218 ) -
Amount introduced by directors 160,629 -
Amount withdrawn by directors - (156,905 )
Equity dividends paid (416,666 ) (274,339 )
Dividends paid to minority interests (120,000 ) (140,000 )
Net cash from financing activities (462,558 ) (829,874 )

Increase in cash and cash equivalents 386,511 38,122
Cash and cash equivalents at beginning
of year

2

438,847

400,725

Cash and cash equivalents at end of
year

2

825,358

438,847

VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED
FROM OPERATIONS

2024 2023
£    £   
Profit/(loss) before taxation 908,516 (129,526 )
Depreciation charges 40,742 37,855
Loss on revaluation of fixed assets 42,940 -
Amortisation of intangible assets 488,591 488,591
Finance costs 59,026 48,782
Finance income (1,284 ) (331 )
1,538,531 445,371
(Increase)/decrease in trade and other debtors (538,808 ) 3,063,587
Increase/(decrease) in trade and other creditors 143,397 (2,648,338 )
Cash generated from operations 1,143,120 860,620

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 825,358 438,847
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 438,847 400,725


VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank and in hand 438,847 386,511 825,358
438,847 386,511 825,358
Debt
Finance leases - (180,427 ) (180,427 )
Debts falling due within 1 year (266,951 ) (9,201 ) (276,152 )
Debts falling due after 1 year (537,972 ) 276,149 (261,823 )
(804,923 ) 86,521 (718,402 )
Total (366,076 ) 473,032 106,956

VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Vertical Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their values at acquisition date. The results of acquired operations is included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are de-consolidated from the date control ceases.

In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the Group's share of it identifiable assets and liabilities of the acquiree at the date acquisition Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated statement of income and retained earnings over its useful economic life.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - 2% on cost and over the lease term
Fixtures and fittings - 33% on cost, 25% on cost, 25% on reducing balance, 20% on reducing balance and 15% on reducing balance
Motor vehicles - 25% on cost, 25% on reducing balance and 20% on reducing balance
Computer equipment - 33% on cost, 25% on reducing balance and Straight line over 3 years

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less accumulated impairment.

Investments in associates
An entity is treated as an associated undertaking where the Group exercises significant influence in that it has power to participate in the operating and financial policy decisions.

In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction cost) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive income and retained earnings includes the Group's share of the operating results, interest, pre-tax results attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Balance Sheet, the interests in associated undertakings are shown in the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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 balance sheet date.


VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 balance sheet 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Benefits received as an incentive to sign an operating lease are recognised on a straight line basis over the term of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

The contributions are recognised as an expense in the Consolidated statement of income and retained earnings when they fall due. Amounts not paid are shown in Other creditors as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

3. TURNOVER

The turnover is attributable to the principal activity of the group and arose wholly within the United Kingdom.

VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,040,253 1,984,629
Social security costs 200,715 212,024
Other pension costs 45,059 46,416
2,286,027 2,243,069

The average number of employees during the year was as follows:
2024 2023

Staff 59 56
Directors (including subsidiaries) 9 9
68 65

2024 2023
£    £   
Directors' remuneration 48,250 27,500
Directors' pension contributions to money purchase schemes 1,297 653

5. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging:

2024 2023
£    £   
Other operating leases 11,433 11,751
Depreciation - owned assets 28,843 37,856
Depreciation - assets on hire purchase contracts 11,898 -
Goodwill amortisation 488,591 488,591
Auditors' remuneration 57,135 56,960
Foreign exchange differences 564 11,433

VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 49,081 48,782
Interest on VAT 504 -
Bank overdraft interest 6,692 -
Hire purchase 2,749 -
59,026 48,782

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 284,013 76,012
Adjustment to prior year corporation tax (859 ) (31,502 )
Total current tax 283,154 44,510

Deferred tax 43,700 7,850
Tax on profit/(loss) 326,854 52,360

VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit/(loss) before tax 908,516 (129,526 )
Profit/(loss) multiplied by the standard rate of corporation tax in the
UK of 25 % (2023 - 25 %)

227,129

(32,382

)

Effects of:
Expenses not deductible for tax purposes 23,833 16,504
Capital allowances in excess of depreciation (41,448 ) -
Depreciation in excess of capital allowances - 2,115
Utilisation of tax losses (100,089 ) (41,163 )
Adjustments to tax charge in respect of previous periods (859 ) (31,502 )
Non-tax deductible amortisation of goodwill 122,148 122,148
Timing differences leading to increase (decrease) in taxation 43,700 7,850
forward


Losses carried forward 52,440 30,263
Adjustment to marginal rate - (21,473 )
Total tax charge 326,854 52,360

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS ON EQUITY SHARES
2024 2023
£    £   
Interim 416,666 274,339

VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 4,814,175
AMORTISATION
At 1 May 2023 3,600,690
Amortisation for year 488,591
At 30 April 2024 4,089,281
NET BOOK VALUE
At 30 April 2024 724,894
At 30 April 2023 1,213,485

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Short Long and
leasehold leasehold fittings
£    £    £   
COST
At 1 May 2023 99,554 207,943 278,363
Additions - - 2,294
At 30 April 2024 99,554 207,943 280,657
DEPRECIATION
At 1 May 2023 99,554 82,829 265,332
Charge for year - 4,159 4,531
At 30 April 2024 99,554 86,988 269,863
NET BOOK VALUE
At 30 April 2024 - 120,955 10,794
At 30 April 2023 - 125,114 13,031

VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

11. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 May 2023 - 947,443 1,533,303
Additions 190,100 6,241 198,635
At 30 April 2024 190,100 953,684 1,731,938
DEPRECIATION
At 1 May 2023 - 917,795 1,365,510
Charge for year 11,898 20,153 40,741
At 30 April 2024 11,898 937,948 1,406,251
NET BOOK VALUE
At 30 April 2024 178,202 15,736 325,687
At 30 April 2023 - 29,648 167,793

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 190,100
At 30 April 2024 190,100
DEPRECIATION
Charge for year 11,898
At 30 April 2024 11,898
NET BOOK VALUE
At 30 April 2024 178,202

VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

12. FIXED ASSET INVESTMENTS

Group
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 30 April 2024 18,249
NET BOOK VALUE
At 30 April 2024 18,249
At 30 April 2023 18,249
Company
Other
investments
£   
COST
At 1 May 2023
and 30 April 2024 5,049,438
NET BOOK VALUE
At 30 April 2024 5,049,438
At 30 April 2023 5,049,438


VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

12. FIXED ASSET INVESTMENTS - continued



Name

Principal Activity
Class of
shares

Holding
Notsallow 134 Limited Investment holding
company
Ordinary 100%
Vertical Systems Limited Software development
for travel industry
Ordinary 100%
Yourholidaybooking.com Limited Provision of travel
agency
Ordinary 100%
MI Telecom Limited Communications
provider
Ordinary 60%
Your Hotel Integration (Contracts) Limited Accomodation provider
to the travel trade
Ordinary 95%
Cityscheme Limited Provision of
information technology
services
Ordinary 100%
Vertical Travel Limited Provision of travel
agency services
Ordinary 100%
Holiday Elite Limited Accomodation provider
to the travel trade
Ordinary 100%
Instant Breaks Limited Provision of travel
agency services
Ordinary 100%
T.A.R.S.C. Limited Dormant company Ordinary 100%
BookNGo Limited Dormant company Ordinary 100%
Luxury in the Med Limited Dormant company Ordinary 100%

Associates
The following were associates of the Company:


Name

Principal activity
Class of
share

Holding

Villas for Travel Limited
Provision of villa
bookings

Ordinary

38%

The company's registered office is at 14 Hemmells, Laindon, Basildon, SS15 6ED.

VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 May 2023 302,940
Impairments (42,940 )
At 30 April 2024 260,000
NET BOOK VALUE
At 30 April 2024 260,000
At 30 April 2023 302,940

The 2024 valuations were 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

14. STOCKS

Group
2024 2023
£    £   
Finished goods 1,500 1,500

VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 5,060,545 4,715,393 - -
Amounts owed by group undertakings - - 397,820 233,154
Other debtors 333,022 287,492 - -
Directors' current accounts - 156,684 - -
Tax 56,907 94,912 - -
Prepayments 828,392 680,267 - -
6,278,866 5,934,748 397,820 233,154

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 18) 276,152 266,951 - -
Hire purchase contracts (see note 19) 47,412 - - -
Trade creditors 5,235,672 5,244,793 - -
Amounts owed to group undertakings - - 200,200 21,840
Tax 284,995 77,519 - -
Social security and other taxes 46,704 47,660 - -
VAT 467,345 390,819 - -
Other creditors 196,221 218,553 38,920 34,254
Directors' current accounts 3,944 - - 14,400
Accrued expenses 731,867 632,587 8,510 8,110
7,290,312 6,878,882 247,630 78,604

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

Group
2024 2023
£    £   
Bank loans (see note 18) 261,823 537,972
Hire purchase contracts (see note 19) 133,015 -
394,838 537,972

VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

18. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 276,152 266,951
Amounts falling due between one and two years:
Bank loans - 1-2 years 231,831 276,151
Amounts falling due between two and five years:
Bank loans - 2-5 years 29,992 261,821

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 58,977 -
Between one and five years 165,443 -
224,420 -

Finance charges repayable:
Within one year 11,565 -
Between one and five years 32,428 -
43,993 -

Net obligations repayable:
Within one year 47,412 -
Between one and five years 133,015 -
180,427 -

VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

20. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Hire purchase contracts 180,427 -

The bankers of Vertical Systems Limited, Yourholidaybooking.com Limited, Holiday Elite Limited and Your Hotel Integration (Contracts) Limited have a fixed and floating charge over the assets of that company.

The hire purchase creditors are secured on the individual assets acquired under them.

21. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 43,700 -

Group
Deferred
tax
£   
Capital allowances in advance
of depreciation 43,700
Balance at 30 April 2024 43,700

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
21,101 Ordinary £1 21,101 21,101

VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

23. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1 May 2023 (4,370,174 ) 5,020,137 649,963
Profit for the year 427,590 427,590
Dividends on equity shares (416,666 ) (416,666 )
Share of dividends waived (24,000 ) - (24,000 )
At 30 April 2024 (4,383,250 ) 5,020,137 636,887


24. PENSION COMMITMENTS

The group operates a defined contribution scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. the pension charge represents contributions payable by the Group to the fund and amounted to £45,059 (2023 - £46,416). At the balance sheet date £3,655 was outstanding (2023 - £3,777).

25. RELATED PARTY DISCLOSURES

Vertical Group Limited is the ultimate parent company of a medium sized group, and as such 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.

Transactions with entities not wholly owned are as follows:

As at 30 April 2024 the Group owed £50,358 (2023 - £50,358) to Villas for Travel Limited, an associate by virtue of 38% holding.

During the year total sales of £1,954 were made to (2023 - £1,994) and total purchases of £68,042 made from (2023 - £65,584) Mi Telecom Limited. As at 30 April 2024 the Group was owed £117,927 (2023 - £68,849) from Mi Telecom, a fellow group member by virtue of 60% holding.

At the year end the group owed the directors £3,944 (2023 - £156,684 owed by the directors).

In the year total sales of £nil (2023 - £5,924,735) and purchases of £nil (2023 - £173,623) were made to Verticalbeds Marketing LLC, a company with common directorship. At the year end an amount of £427,748 (2023 - £4,316,546) was owed to the group.

26. ULTIMATE CONTROLLING PARTY

The controlling party is P.L. Healey.