Registered number:
FOR THE YEAR ENDED 31 MAY 2024
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VITA BREVIS LIMITED
COMPANY INFORMATION
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VITA BREVIS LIMITED
CONTENTS
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VITA BREVIS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
The Directors present their Strategic Report for the year ended 31 May 2024
2023/2024
Total Consolidated Transactional Value was £12,999k (£12,070k), EBITDA £1,516k (£1,805k), 12% (15%) of turnover. ASP per guest of £1,790 (£1,720) was achieved with an occupancy of 89.8% (88.0%) of standard beds during the winter season. The Directors consider that this was a reasonable financial performance in the period. Skiing conditions at altitude, in Val d’Isère and Les Arcs, were very good throughout the season. However lower snowfall and warm temperatures at lower altitudes for the second year in a row affected sales in Morzine and Les Gets. Improved year on year occupancy (+1.8%) and ASP (+£70) over the entire programme was a solid performance when considering the poor performance of low altitude resorts. The Company however incurred inflationary pressure on operational expenses and utilities, and it was decided to absorb part of these cost increases in the short term rather than pass this onto customers, reducing EBITDA by 16%. Just over 62% (53%) of party leaders were repeat customers who had travelled with us before and the Directors believe this increase reflects an increased focus on communication with existing customers through outbound sales calls and better year round social media engagement. The Operations Team delivered outstanding customer feedback results across all resorts: 98.1 % (96.8 %) of guests rated their holiday 4 or 5* 95.9 % (92.1 %) of guests were very or quite likely to return with us 98.5 % (96.3 %) of guests would recommend us to a friend Conclusion The Directors are satisfied with current trading in terms of financial results, very pleased with improving customer feedback KPIs and encouraged by initial results in web traffic, SEO and guest engagement from substantial marketing investment. The Directors are therefore confident of 2024/25 performance and believe that the Company is extremely well placed to resume significant passenger growth in 2025/26.
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VITA BREVIS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
Global warming
The median altitude of chalet beds for the 2024/25 season is 1842m (1801m). There is no evidence that skiing at this altitude is under threat for the foreseeable future and resorts at this altitude enjoyed excellent skiing conditions throughout the 2023/24 season from the beginning of December through to the end of April. The Directors believe that the Company’s focus on ski-in ski-out locations above 1800m altitude positions it well to benefit from current climate concerns affecting sales in lower resorts. The Company has negotiated options to exit all chalet bed contracts below 1800m altitude at the end of the 2024/25 winter season, pending a review of sales at the end of this calendar year, raising median altitude on the remaining chalet beds to 1936m.This ensures snow security for decades by even the most pessimistic of current climate change forecasts. Foreign Exchange The Company is exposed to fluctuations in the GBP/EURO exchange rate and requires circa €11m to service overseas expenses for the 2024/25 season. To mitigate this exposure the Company has budgeted at a prudent 1.15€/GBP and bought forward 40% of the 2024/25 requirement at 1.174€/GBP. The Directors will monitor currency fluctuations and protect the budget exchange rate with further forward contracts if required.
Total Consolidated Transactional Value £12,999k (£12,070k)
Gross Profit £3,809k (£3,868k), 29% (32%) of turnover EBITDA £1,516k (£1,805k), 12% (15%) of turnover ASP per guest £1,790 (£1,720)
Median altitude of chalet beds 1801m (1801m)
% chalet beds above 1800m altitude 84% (84%) Occupancy 89.8% (88.0%) of standard beds Party leader repeat customers 62% (53%) 98.1 % (96.8 %) of guests rated their holiday 4 or 5* 95.9 % (92.1 %) of guests were very or quite likely to return with us 98.5 % (96.3 %) of guests would recommend us to a friend
This report was approved by the board on 13 August 2024 and signed on its behalf.
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VITA BREVIS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
The directors present their report and the financial statements for the year ended 31 May 2024.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements and then apply them consistently;
∙make judgments 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;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to 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.
The profit for the year, after taxation, amounted to £1,051,920 (2023 £1,278,271).
The Directors have recommended a dividend of £380,598 (2023: £119,985) for the year.
The directors who served during the year were:
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VITA BREVIS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
Programme size remains broadly similar with only one change, a high-altitude ski in ski out premium chalet replacing a low altitude unit. Forward sales at 02/08/24 for the 2024/25 season compared to budget remain extremely strong and broadly similar YOY, currently 49.5% (52.6%) by passenger numbers and 55.7% (55.8%) by revenue.
Improvement to the customer experience continues with a substantial capital expenditure programme in the Alps over the summer. The Company expects the delivery of an outstanding new high altitude flagship property in time for the 2025/26 season which will resume passenger growth paused since Covid. Investment in web site content, SEO, on site engagement, new strategic digital marketing initiatives and improved guest engagement has already been increased to support this growth.
There have been no significant events affecting the Group since the year end.
The auditors, Xeinadin Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
The year ended 31 May 2024, is the first year the company has required an audit and thus the first year an audit report has been issued.
This report was approved by the board on
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VITA BREVIS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VITA BREVIS LIMITED
We have audited the financial statements of Vita Brevis Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 May 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
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 or 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.
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VITA BREVIS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VITA BREVIS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Directors' report.
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VITA BREVIS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VITA BREVIS LIMITED (CONTINUED)
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 Auditors' 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- Enquiry of management and those charged with governance around actual and potential litigation and claims; - Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations; - Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; - Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. The potential effect of these laws and regulations on the financial statements varies considerably. Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the Company is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation.We identified the following areas as those most likely to have such an effect:health and safety, data protection laws, anti-bribery, money laundering, employment law compliance recognising the nature of the Company’s activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactionsreflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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VITA BREVIS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VITA BREVIS LIMITED (CONTINUED)
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 Auditors' report.
The year ended 31 May 2024 is the first year that has been subject to audit. The comparative figures were not audited.
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 Auditors' 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
Chartered Accountants
Statutory Auditor
8th Floor
Becket House
36 Old Jewry
EC2R 8DD
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VITA BREVIS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024
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VITA BREVIS LIMITED
REGISTERED NUMBER: 13037396
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024
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VITA BREVIS LIMITED
REGISTERED NUMBER: 13037396
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 August 2024.
The notes on pages 18 to 34 form part of these financial statements.
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VITA BREVIS LIMITED
REGISTERED NUMBER: 13037396
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024
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VITA BREVIS LIMITED
REGISTERED NUMBER: 13037396
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 18 to 34 form part of these financial statements.
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VITA BREVIS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
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VITA BREVIS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
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VITA BREVIS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
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VITA BREVIS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MAY 2024
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VITA BREVIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Vita Brevis Limited is a private company limited by shares incorporated in England and Wales. The
address of the registered office is 57 Putney Bridge Road, London, England, SW18 1NP. The principal activity of the Company is that of a hotelier and provider of catered chalet holidays.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
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 Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
Turnover comprises revenue recognised by the Company in respect of goods and services supplied
during the year, exclusive of Value Added Tax and trade discounts. Turnover is recognised on the date on which the customer is due to depart, on the basis that it is at this point that the significant risks and rewards of ownership have been transferred to the customer.
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VITA BREVIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
Functional and presentation currency
The Company's functional and presentational currency is GBP. The amounts have been rounded to nearest pound, unless otherwise indicated. At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
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VITA BREVIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
All revenue received relating to bookings that depart after the balance sheet date is treated as
advance receipts and is separately disclosed under accruals and deferred income. Payments made to suppliers relating to bookings that depart after the balance sheet date are treated as advance payments and are separately disclosed under prepayments and accrued income.
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VITA BREVIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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VITA BREVIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
Stocks are valued at the lower of cost and net realisable value after making due allowance for
obsolete and slow-moving stocks. Cost is based on the cost of purchase. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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VITA BREVIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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 recognised to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. There has been no judgements made by management in the application of FRS 102 that have had a significant effect on the financial statements and estimates with a significant risk of material adjustment..
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VITA BREVIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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VITA BREVIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Page 25
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VITA BREVIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
On 23 May 2024 the directors proposed a final dividend of £200,055.
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VITA BREVIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
12.Intangible assets (continued)
Page 27
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VITA BREVIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Page 28
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VITA BREVIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
13.Tangible fixed assets (continued)
Page 29
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VITA BREVIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Page 30
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VITA BREVIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Page 31
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VITA BREVIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Page 32
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VITA BREVIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Page 33
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VITA BREVIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Share premium account
associated with the issuing of shares are deducted from share premium.
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £54,765 (2023: £44,619). At the balance sheet date £6,439 (2023: £4,649) were due to the fund.
The company is ultimately controlled by the directors.
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