Registration number:
Vapormatt Limited
for the Year Ended 30 April 2024
Vapormatt Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Consolidated Profit and Loss Account |
|
Consolidated Statement of Comprehensive Income |
|
Consolidated Balance Sheet |
|
Balance Sheet |
|
Consolidated Statement of Changes in Equity |
|
Statement of Changes in Equity |
|
Consolidated Statement of Cash Flows |
|
Notes to the Financial Statements |
Vapormatt Limited
Company Information
Directors |
R S Ashworth T I Ashworth H K F Brown M R Teague |
Registered office |
|
Auditors |
|
Vapormatt Limited
Strategic Report for the Year Ended 30 April 2024
The directors present their strategic report for the year ended 30 April 2024.
Principal activity
The principal activity of the group is the design, manufacture and supply of wet blasting machinery and the sale of aftermarket spares and services.
Fair review of the business
The Group has experienced a challenging year, primarily due to a slowdown in orders resulting from an over-reliance on a few key account customers in the automotive sector, who themselves faced a decline in demand for their products. Additionally, some technically challenging projects undertaken out of necessity during the COVID-19 period have proven problematic, leading to significant ongoing expenses.
In response, the directors implemented measures to reduce overall costs and preserve liquidity, including a reduction in headcount during the year and the post year end sale of underutilised assets. These actions have laid the groundwork for a more promising and profitable future.
Throughout this period, we have remained committed to our strategy of developing additional niche markets. Notably, we have successfully pivoted into the aerospace and wire and cable markets. To mitigate future risks, we have repositioned ourselves to strengthen our presence in the mid-market, where technical risks are lower, thereby reducing our dependence on higher-value, lower-volume contracts.
Current and prior years’ expenditure on product development has resulted in the elimination of loss-making lines and a substantial refresh of our product range, closely aligned with customer needs in the mid-market sectors. Of our seventeen major product lines, five are completely new, seven are new designs marketed under existing product names, and only five remain unchanged since 2020.
Over the extended period since COVID-19, we have revamped our sales team and established modern processes aligned with our strategy to excel in the mid-market. Our methods are now approaching best-in-class standards.
We believe the substantial costs and challenges associated with these sales processes, product range, and market focus refreshes are behind us. Coupled with the resolution of legacy large project issues from the COVID-19 period, we are confident that our trajectory from loss to profit is secure.
We see further opportunities for operational efficiency and have recruited an experienced operations practitioner to lead this aspect of the business.
We look to the future with confidence, supported by a smaller, more efficient organisation, a renewed focus on buoyant and resilient markets, and a robust product range.
Key financial performance indicators
Given the nature of the business, the Group’s directors believe key performance indicators are important. The Group uses several indicators to monitor and improve the development, performance and position of the business.
The Directors believe the group's key financial performance indicators during the year were as follows:
Financial KPIs |
Unit |
2024 |
2023 |
Turnover |
£ |
7,123,537 |
7,537,939 |
Gross profit margin (%) |
% |
39 |
40 |
Overheads as a % of sales |
% |
48 |
39 |
Vapormatt Limited
Strategic Report for the Year Ended 30 April 2024
Principal risks and uncertainties
Liquidity Risk
The Group seeks to manage this risk by careful management of working capital requirements to ensure sufficient liquidity to meet foreseeable needs and to invest cash assets safely and profitably.
Credit Risk
Credit risk in the Group arises from the granting of payment terms to customers. In order to manage credit risk, the Directors set limits for customers based on a combination of payment history, financial information and third-party credit references. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history.
Economic Risk
Brexit plans were well executed in prior years, and this did not result in a material impact on the business. The effects of the Covid pandemic were significant for our year ended 30 April 2021 and to some extent 2022 but the only impact on this set of financial statements are the supply chain issues noted above. The Group continues to monitor for any further impacts.
Foreign exchange risk
The Group is exposed to currency risk on sales and purchases made in several currencies. The company operates natural hedging to minimise risk and exposure.
Competition
The Group faces competitive pressure from rival companies but can maintain competitive advantage by continual investment in research and development.
Approved and authorised by the
|
Vapormatt Limited
Directors' Report for the Year Ended 30 April 2024
The directors present their report and the for the year ended 30 April 2024.
Directors of the group
The directors who held office during the year were as follows:
Dividends
The directors recommend a final dividend payment of £Nil be made in respect of the financial period ended 30 April 2023 (2022 - £Nil).
Financial instruments
The Group has procedures to identify risk and manage risks that may hinder its financial performance objectives. The Group does not consider it necessary to employ derivatives to manage risk based on the current activities of the company.
Objectives and policies
The Group's objectives are to operate in a profitable manner in the United Kingdom and abroad.
Price risk, credit risk, liquidity risk and cash flow risk
The Group's activities expose it to a number of financial risks. The directors review the risk management strategies regularly.
Price risk
The Group is exposed to price risk as a result of its operations. However, sale prices are agreed by management before any work is undertaken and management also have a good knowledge of how long jobs take which means that they are able to control the main cost of the Group.
Credit risk
Credit risk in the Group arises from the granting of payment terms to customers. In order to manage credit risk, the directors set limits for customers based on a combination of payment history, financial information and third-party credit references. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history.
Liquidity risk
The Group seeks to manage this risk by careful management of working capital requirements to ensure sufficient liquidity to meet foreseeable needs and to invest cash assets safely and profitably.
Cash flow risk
The Group is exposed to cash flow risk as a result of the timing between paying suppliers and staff wages and the receipt of monies from customers. However, the risk is managed through regular reviews of cash flows, including long term forecasts.
Future developments
The strategy for the Group has been clearly defined. Our vision is to be the world’s leading wet blast company and we invest in our people and in research and development to provide innovation and consistent results to our customers worldwide.
Vapormatt Limited
Directors' Report for the Year Ended 30 April 2024
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Reappointment of auditors
The auditors, ML Audit LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved by the
|
Vapormatt Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report 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 group and the company 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 apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Vapormatt Limited
Independent Auditor's Report to the Members of Vapormatt Limited
Opinion
We have audited the financial statements of Vapormatt Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and 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 the parent company's affairs as at 30 April 2024 and of the group's loss 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 auditor 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 and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements were 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.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 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.
Vapormatt Limited
Independent Auditor's Report to the Members of Vapormatt Limited
We have nothing to report in this regard.
Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the group and parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
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 6, 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 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 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.
Auditor 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.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
• |
obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework; |
Vapormatt Limited
Independent Auditor's Report to the Members of Vapormatt Limited
• |
inquired of management, and those charged with governance, about their own identification and assessment of the risks or irregularities, including known and actual, suspected or alleged instances of fraud; |
• |
discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud; |
• |
undertook a review of manual journals processed in the accounting system, applying professional scepticism to ensure that they are in line with our expectation that they are not unusual in the normal course of business. |
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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.
For and on behalf of
Winchester House
Deane Gate Avenue
Somerset
TA1 2UH
Vapormatt Limited
Consolidated Profit and Loss Account for the Year Ended 30 April 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Distribution costs |
( |
( |
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating (loss)/profit |
( |
|
|
Interest payable and similar expenses |
( |
( |
|
(Loss)/profit before tax |
( |
|
|
Tax on (loss)/profit |
|
( |
|
Loss for the financial year |
( |
( |
|
Profit/(loss) attributable to: |
|||
Owners of the company |
( |
( |
The above results were derived from the Group's continuing operations.
Vapormatt Limited
Consolidated Statement of Comprehensive Income for the Year Ended 30 April 2024
2024 |
2023 |
|
Loss for the year |
( |
( |
Foreign currency translation (losses)/gains |
( |
|
Total comprehensive income for the year |
( |
( |
Total comprehensive income attributable to: |
||
Owners of the company |
( |
( |
Vapormatt Limited
(Registration number: 01479677)
Consolidated Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
- |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Other reserves |
|
|
|
Profit and loss account |
|
|
|
Equity attributable to owners of the company |
|
|
|
Total equity |
|
|
Approved and authorised by the
|
Vapormatt Limited
(Registration number: 01479677)
Parent Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
The company made a loss after tax for the financial year of £504,658 (2023 - profit of £17,674).
Approved and authorised by the
|
Vapormatt Limited
Consolidated Statement of Changes in Equity for the Year Ended 30 April 2024
Equity attributable to the parent company
Share capital |
Other reserves |
Profit and loss account |
Total |
Total equity |
|
At 1 May 2023 |
|
|
|
|
|
Loss for the year |
- |
- |
( |
( |
( |
Other comprehensive income |
- |
( |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
( |
( |
At 30 April 2024 |
|
|
|
|
|
Share capital |
Other reserves |
Profit and loss account |
Total |
Total equity |
|
At 1 May 2022 |
|
|
|
|
|
Loss for the year |
- |
- |
( |
( |
( |
Other comprehensive income |
- |
|
- |
|
|
Total comprehensive income |
- |
|
( |
( |
( |
At 30 April 2023 |
261,000 |
7,233 |
1,588,191 |
1,856,424 |
1,856,424 |
Vapormatt Limited
Parent Statement of Changes in Equity for the Year Ended 30 April 2024
Share capital |
Profit and loss account |
Total |
|
At 1 May 2023 |
|
|
|
Loss for the year |
- |
( |
( |
At 30 April 2024 |
|
|
|
Share capital |
Profit and loss account |
Total |
|
At 1 May 2022 |
|
|
|
Profit for the year |
- |
|
|
At 30 April 2023 |
261,000 |
1,607,902 |
1,868,902 |
Vapormatt Limited
Consolidated Statement of Cash Flows for the Year Ended 30 April 2024
Note |
2024 |
2023 |
|
Cash flows from operating activities |
|||
Loss for the year |
( |
( |
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Profit on disposal of tangible assets |
( |
( |
|
Finance costs |
|
|
|
Income tax expense |
( |
|
|
Foreign exchange gains/losses |
( |
|
|
( |
|
||
Working capital adjustments |
|||
Decrease/(increase) in stocks |
|
( |
|
Decrease/(increase) in trade debtors |
|
( |
|
(Decrease)/increase in trade creditors |
( |
|
|
(Decrease)/increase in deferred income, including government grants |
( |
|
|
Cash generated from operations |
( |
( |
|
Income taxes received/(paid) |
|
( |
|
Net cash flow from operating activities |
( |
( |
|
Cash flows from investing activities |
|||
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Acquisition of intangible assets |
- |
( |
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Proceeds from bank borrowing draw downs |
|
( |
|
Payments to finance lease creditors |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net decrease in cash and cash equivalents |
( |
( |
|
Cash and cash equivalents at 1 May |
|
|
|
Cash and cash equivalents at 30 April |
258,555 |
397,262 |
Vapormatt Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.
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.
The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.
Summary of disclosure exemptions
The Company is a qualifying entity for the purposes of FRS 102 and has elected to take the exemption under FRS 102. para 1.12(b) not to present the Company Statement of Cash Flows.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 April 2024.
No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a loss after tax for the financial year of £504,658 (2023 - profit of £17,674).
Vapormatt Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
UK businesses are currently facing many uncertainties such as the consequences of Brexit, Covid-19, environmental sustainability and geopolitical. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working.
The Directors have carried out an assessment of the potential impact of these uncertainties on the business and have concluded that these will create a challenging trading environment in the coming year. The Directors have taken account of these potential impacts in their going concern assessment. The Vapormatt Group have strong relationships with their stakeholders and will work with its partners to minimise the impacts of these events and will be actively looking for any opportunities they may provide to the business.
The Directors have prepared a detailed cash flow forecast for the period to 31 January 2026 which shows the company will be able to operate and meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Based on these forecasts, the Directors consider it appropriate to prepare the financial statements on a going concern basis.
Reclassification of comparative amounts
Vapormatt Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Key sources of estimation uncertainty
In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions which are considered to have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:.
Stock valuation
The group reviews its stock on a regular basis and where appropriate makes provisions for slow moving and obsolete stock. The carrying amount is £1,259,582 (2023 - £2,327,985).
Accrued income
The group recognises revenue on a stage of completion basis which can be different to the amounts invoiced to customers, giving rise to accrued income at the balance sheet date. The carrying amount is £65,295 (2023 - £816,050).
Deferred income
The recognition of revenue on a stage of completion basis also gives rise to deferred income at the balance sheet date for similar reasons to the above accrued income. The carrying amount is £802,273 (2023 - £1,068,175).
Warranty provisions
The machines sold include a period of warranty and, accordingly, the group recognise a provision in other creditors in respect of potential costs that may arise upon the group during the warranty period. The carrying amount is £105,206 (2023 - £95,249).
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods
and provision of services in the ordinary course of the Group’s activities. Turnover is shown net of
value added tax, returns, rebates and discounts and after eliminating intra-group sales.
The Group recognises revenue when all of the following conditions are satisfied:
- the amount of revenue can be reliably measured;
- all of the significant risks and rewards of ownership have been transferred to the customer;
- the entity retains neither continuing managerial involvement to the degree usually associated with
ownership nor effective control over the goods sold;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the Group's activities.
The Group recognises revenue as specific performance obligations are met, due to some contracts to build machines being over a longer timescale.
Vapormatt Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Government grants
Government grants are recognised at fair value when there is reasonable assurance that the Company will comply with the conditions attaching to them and that the grants will be received. Grants related to the purchase of assets are treated as deferred income and allocated to the income statement over the useful lives of the related assets while grants related to expenses are treated as other income in the income statement.
Finance income and costs policy
Interest income and expenses are recognised using the effective interest rate method.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated 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.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’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.
Vapormatt Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
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 |
10% straight line |
Tangible assets
Tangible assets are stated in the statement of financial position 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:
Asset class |
Depreciation method and rate |
Leasehold land and buildings |
Over the lease term |
Plant and machinery |
10% to 33% straight line |
Office equipment |
33% straight line |
Motor vehicles |
25% to 33% straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Vapormatt Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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 group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires a settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the profit and loss account in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.
Vapormatt Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Defined contribution pension obligation
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Vapormatt Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Financial instruments
Classification
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Vapormatt Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Turnover |
The analysis of the group's turnover for the year from continuing operations is as follows:
2024 |
2023 |
|
Sale of goods |
|
|
Rendering of services |
|
|
Other revenue |
|
|
|
|
The analysis of the group's turnover for the year by market is as follows:
2024 |
2023 |
|
UK |
|
|
Europe |
|
|
Rest of world |
|
|
|
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
2024 |
2023 |
|
Miscellaneous other operating income |
|
|
Operating (loss)/profit |
Arrived at after charging/(crediting):
2024 |
2023 |
|
Depreciation expense |
|
|
Amortisation expense |
|
|
Operating lease expense - plant and machinery |
|
|
Interest payable and similar expenses |
2024 |
2023 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
Interest expense on other finance liabilities |
|
|
Foreign exchange gains |
|
|
|
|
Vapormatt Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
(As restated) |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Sales, marketing and distribution |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
152,746 |
134,392 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2024 |
2023 |
|
Accruing benefits under money purchase pension scheme |
|
|
Auditors' remuneration |
2024 |
2023 |
|
Audit of these financial statements |
17,875 |
17,050 |
Other fees to auditors |
||
All other assurance services |
|
|
Vapormatt Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Taxation |
Tax charged/(credited) in the income statement:
2024 |
2023 |
|
Current taxation |
||
UK corporation tax adjustment to prior periods |
( |
( |
Foreign tax |
|
|
Total current income tax |
( |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
- |
Tax (receipt)/expense in the income statement |
( |
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
|
(Loss)/profit before tax |
( |
|
Corporation tax at standard rate |
( |
|
Decrease in UK and foreign current tax from adjustment for prior periods |
( |
- |
Effect of expense not deductible in determining taxable profit (tax loss) |
|
- |
Increase from tax losses for which no deferred tax asset was recognised |
|
- |
Effect of foreign tax rates |
( |
|
Other tax decrease for reconciliation between accounting profit and tax expense |
- |
( |
Total tax (credit)/charge |
( |
|
Deferred tax
Group
Deferred tax assets and liabilities
2023 |
Liability |
Capital allowances in excess of depreciation |
|
|
Vapormatt Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
There are £1,787,389 of unused tax losses (2023 - £1,055,476) for which no deferred tax asset is recognised in the balance sheet.
Company
There are £1,787,389 of unused tax losses (2023 - £1,047,809) for which no deferred tax asset is recognised in the balance sheet.
Intangible assets |
Group
Goodwill |
Total |
|
Cost |
||
At 1 May 2023 |
|
|
At 30 April 2024 |
|
|
Amortisation |
||
At 1 May 2023 |
|
|
Amortisation charge |
|
|
At 30 April 2024 |
|
|
Carrying amount |
||
At 30 April 2024 |
|
|
At 30 April 2023 |
|
|
The amortisation of intangible assets is included in administrative expenses in the profit and loss account.
Individually material intangible assets
|
Vapormatt Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Company
Goodwill |
Total |
|
Cost |
||
At 1 May 2023 |
|
|
At 30 April 2024 |
|
|
Amortisation |
||
At 1 May 2023 |
|
|
At 30 April 2024 |
|
|
Carrying amount |
||
At 30 April 2024 and at 30 April 2023 |
- |
- |
Tangible assets |
Group
Leasehold land and buildings |
Furniture, fittings and equipment |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||||
At 1 May 2023 |
|
|
|
|
|
|
Additions |
- |
- |
|
- |
- |
|
Disposals |
- |
- |
( |
- |
- |
( |
At 30 April 2024 |
|
|
|
|
|
|
Depreciation |
||||||
At 1 May 2023 |
|
|
|
|
|
|
Charge for the year |
|
- |
|
|
|
|
Eliminated on disposal |
- |
- |
( |
- |
- |
( |
At 30 April 2024 |
|
|
|
|
|
|
Carrying amount |
||||||
At 30 April 2024 |
|
- |
|
|
|
|
At 30 April 2023 |
|
- |
|
|
|
|
Included within the net book value of land and buildings above is £217,557 (2023 - £236,292) in respect of long leasehold land and buildings.
Vapormatt Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
2024 |
2023 |
|
Plant and machinery |
11,718 |
170,231 |
Motor vehicles |
- |
18,535 |
11,718 |
188,766 |
Restriction on title and pledged as security
Company
Leasehold land and buildings |
Plant and machinery |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 May 2023 |
|
|
|
|
Additions |
- |
|
- |
|
At 30 April 2024 |
|
|
|
|
Depreciation |
||||
At 1 May 2023 |
|
|
|
|
Charge for the year |
|
|
|
|
At 30 April 2024 |
|
|
|
|
Carrying amount |
||||
At 30 April 2024 |
|
|
|
|
At 30 April 2023 |
|
|
|
|
Included within the net book value of land and buildings above is £217,557 (2023 - £236,292) in respect of long leasehold land and buildings.
Vapormatt Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
2024 |
2023 |
|
Plant and machinery |
11,718 |
170,231 |
Motor vehicles |
- |
18,535 |
11,718 |
188,766 |
Restriction on title and pledged as security
Investments |
Company
2024 |
2023 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost |
|
At 1 May 2023 |
|
At 30 April 2024 |
|
Carrying amount |
|
At 30 April 2024 |
|
At 30 April 2023 |
|
Vapormatt Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2024 |
2023 |
|||
Subsidiary undertakings |
||||
|
155 Seaport Boulevard, Suite 500, Boston, MA 02210-2695 United States of America |
|
|
|
|
C/o Wistrand, Box 7543, 10393 - Stockholm Sweden |
|
|
|
|
2 Robins Drive, Bridgwater, Somerset, TA6 4DL England and Wales |
|
|
|
Subsidiary undertakings |
Vapormatt Inc The principal activity of Vapormatt Inc is |
Vapormatt Scandinavia AB The principal activity of Vapormatt Scandinavia AB is |
Dataroll Limited The principal activity of Dataroll Limited is |
For the year ended 30 April 2024, the following subsidiaries were entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies:
Dataroll Limited
Stocks |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Raw materials and consumables |
|
|
|
|
Finished goods and goods for resale |
|
|
|
|
|
|
|
|
Vapormatt Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Group
Impairment of inventories
The amount of impairment loss included in profit or loss is £13,429 (2023 - £Nil).
The carrying amount of stocks pledged as security for liabilities amounted to £
Company
Impairment of inventories
The amount of impairment loss included in profit or loss is £13,429 (2023 - £Nil).
The carrying amount of stocks pledged as security for liabilities amounted to £
Debtors |
Group |
Company |
||||
Current |
Note |
2024 |
2023 |
2024 |
2023 |
Trade debtors |
|
|
|
|
|
Amounts owed by related parties |
|
|
|
|
|
Other debtors |
|
|
|
|
|
Prepayments |
|
|
|
|
|
Accrued income |
|
|
|
|
|
Amounts recoverable on contract |
|
|
|
|
|
Income tax asset |
|
|
|
- |
|
|
|
|
|
Group
The carrying amount of debtors pledged as security for liabilities amounted to £2,640,195 (2023 - £4,679,911).
Company
The carrying amount of debtors pledged as security for liabilities amounted to £2,530,463 (2023 - £4,144,329).
Cash and cash equivalents |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Cash at bank |
|
|
|
|
Vapormatt Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Creditors |
Group |
Company |
||||
Note |
2024 |
2023 |
2024 |
2023 |
|
Due within one year |
|||||
Loans and borrowings |
|
|
|
|
|
Trade creditors |
|
|
|
|
|
Amounts due to related parties |
- |
- |
|
- |
|
Social security and other taxes |
|
|
|
|
|
Outstanding defined contribution pension costs |
|
- |
|
- |
|
Other creditors |
|
|
|
|
|
Accruals |
|
|
|
|
|
Deferred income |
|
|
|
|
|
|
|
|
|
||
Due after one year |
|||||
Loans and borrowings |
|
|
|
|
Provisions for liabilities |
Group
Deferred tax |
Total |
|
At 1 May 2023 |
|
|
Provisions used |
( |
( |
At 30 April 2024 |
- |
- |
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
Vapormatt Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
130,500 |
|
130,500 |
|
|
130,500 |
|
130,500 |
|
|
|
|
Rights, preferences and restrictions
Ordinary A and B shares have the following rights, preferences and restrictions: |
Reserves |
Group
Other reserves
This reserve comprises of the gains and losses arising upon the translating of opening net assets at a closing rate that differs from the previous closing rate. This reserve also includes foreign currency differences on intercompany differences.
Profit and loss account
This reserve is used to record accumulated profit and losses net of any dividend paid to equity shareholders.
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
Foreign currency translation |
Total |
|
Foreign currency translation gains/losses |
( |
( |
|
The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
Foreign currency translation |
Total |
|
Foreign currency translation gains/losses |
|
|
|
Company
Profit and loss account
This reserve is used to record accumulated profit and losses net of any dividend paid to equity shareholders.
Vapormatt Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Loans and borrowings |
Non-current loans and borrowings
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Bank borrowings |
|
|
|
|
Finance lease liabilities |
|
|
|
|
|
|
|
|
Current loans and borrowings
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Bank borrowings |
|
|
|
|
Finance lease liabilities |
|
|
|
|
|
|
|
|
Group and company
Bank borrowings
The bank loan is secured by way of an unlimited debenture dated 11 April 2019. |
Other borrowings
The hire purchase liabilities is denominated in GBP with a nominal interest rate of between 6.6% and 10%, and the final instalment is due on 1 November 2027. The carrying amount at year end is £11,718 (2023 - £40,573).
The hire purchase liabilities are secured over the assets under the hire purchase agreements.
Obligations under leases and hire purchase contracts |
Group and company
Finance leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
Vapormatt Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
Later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Analysis of changes in net debt |
Group
At 1 May 2023 |
Financing cash flows |
At 30 April 2024 |
|
Cash and cash equivalents |
|||
Cash |
397,262 |
(138,707) |
258,555 |
Borrowings |
|||
Long term borrowings |
(144,699) |
66,918 |
(77,781) |
Short term borrowings |
(93,207) |
(116,094) |
(209,301) |
(237,906) |
(49,176) |
(287,082) |
|
|
|||
|
( |
( |
Company
At 1 May 2023 |
Financing cash flows |
At 30 April 2024 |
|
Cash and cash equivalents |
|||
Cash |
359,681 |
(125,696) |
233,985 |
Borrowings |
|||
Long term borrowings |
(144,699) |
66,918 |
(77,781) |
Short term borrowings |
(93,207) |
(116,094) |
(209,301) |
(237,906) |
(49,176) |
(287,082) |
|
|
( |
( |
|
|
Vapormatt Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Related party transactions |
Group and company
Summary of transactions with parent and subsidiaries
Summary of transactions with other related parties
Expenditure with and payables to related parties
2024 |
Other related parties |
Rent payable |
|
|
2023 |
Other related parties |
Rent payable |
|
Other cost recharges |
|
|
|
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is