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REGISTERED NUMBER: 01741340 (England and Wales)
















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: P.L. Healey
D. Gardner





REGISTERED OFFICE: 14 Hemmells
Laindon
Basildon
Essex
SS15 6ED





REGISTERED NUMBER: 01741340 (England and Wales)





INDEPENDENT AUDITORS: CR Bland Baker Limited
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 4 128,540 137,261
Investments 5 100,000 100,000
Investment property 6 260,000 302,940
488,540 540,201

CURRENT ASSETS
Stocks 7 1,500 1,500
Debtors 8 1,294,714 1,284,591
Cash at bank and in hand 58,670 15,449
1,354,884 1,301,540
CREDITORS
Amounts falling due within one year 9 1,122,274 863,896
NET CURRENT ASSETS 232,610 437,644
TOTAL ASSETS LESS CURRENT
LIABILITIES

721,150

977,845

CREDITORS
Amounts falling due after more than one
year

10

116,667

216,667
NET ASSETS 604,483 761,178

CAPITAL AND RESERVES
Called up share capital 20,001 20,001
Share premium 443,999 443,999
Retained earnings 140,483 297,178
SHAREHOLDERS' FUNDS 604,483 761,178

VERTICAL SYSTEMS LIMITED (REGISTERED NUMBER: 01741340)

STATEMENT OF FINANCIAL POSITION - continued
30 APRIL 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

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 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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 property2%
Plant and machinery20%
Motor vehicles25%
Fixtures and fittings33%
Computer equipment33%
Server20%

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 26 (2023 - 27 ) .

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 207,943 774,377 982,320
Additions - 4,279 4,279
At 30 April 2024 207,943 778,656 986,599
DEPRECIATION
At 1 May 2023 82,829 762,230 845,059
Charge for year 4,159 8,841 13,000
At 30 April 2024 86,988 771,071 858,059
NET BOOK VALUE
At 30 April 2024 120,955 7,585 128,540
At 30 April 2023 125,114 12,147 137,261

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 30 April 2024 100,000
NET BOOK VALUE
At 30 April 2024 100,000
At 30 April 2023 100,000

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 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 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 1,500 1,500

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 514,754 309,184
Amounts owed by group undertakings 697,390 868,362
Other debtors 82,570 107,045
1,294,714 1,284,591

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 100,000 100,000
Trade creditors 105,746 122,935
Amounts owed to group undertakings 730,774 464,910
Taxation and social security 90,100 72,752
Other creditors 95,654 103,299
1,122,274 863,896

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 116,667 216,667

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 216,667 316,667

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.

Steven James Garrod FCA (Senior Statutory Auditor)
for and on behalf of CR Bland Baker Limited

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.