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Registered number: 13037396


VITA BREVIS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

 
VITA BREVIS LIMITED
 
 
COMPANY INFORMATION


Directors
Andrew D Sturt 
Nigel J Bland 
Terry B Williamson 




Registered number
13037396



Registered office
57 Putney Bridge Road

London

SW18 1NP




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditor

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD





 
VITA BREVIS LIMITED
 

CONTENTS



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10 - 11
Company statement of financial position
12 - 13
Consolidated statement of changes in equity
14
Company statement of changes in equity
15
Consolidated statement of cash flows
16
Consolidated analysis of net debt
17
Notes to the financial statements
18 - 34


 
VITA BREVIS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

Introduction
 
The Directors present their Strategic Report for the year ended 31 May 2024

Business review
 
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.

Page 1

 
VITA BREVIS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024

Principal risks and uncertainties
 
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.

Financial key performance indicators
 
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)

Other key performance indicators
 
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.



Andrew D Sturt
Director

Page 2

 
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.

Directors' responsibilities statement

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 2006They 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.

Results and dividends

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.

Directors

The directors who served during the year were:

Andrew D Sturt 
Nigel J Bland 
Terry B Williamson 

Page 3

 
VITA BREVIS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024

Future developments

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.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsXeinadin Audit Limitedwill 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 13 August 2024 and signed on its behalf.
 





Andrew D Sturt
Director

Page 4

 
VITA BREVIS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VITA BREVIS LIMITED
 

Opinion


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 policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 May 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.


Conclusions relating to going concern


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


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's 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.


Page 5

 
VITA BREVIS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VITA BREVIS LIMITED (CONTINUED)


Other information


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the 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.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' responsibilities statement set out on page 3, 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.


Page 6

 
VITA BREVIS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VITA BREVIS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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.



 
Page 7

 
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.


Other matters 
 

The year ended 31 May 2024 is the first year that has been subject to audit. The comparative figures were not audited.


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 2006Our 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.





Ian Palmer (Senior statutory auditor)
  
for and on behalf of
Xeinadin Audit Limited
 
Chartered Accountants
Statutory Auditor
  
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD

13 August 2024
Page 8

 
VITA BREVIS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024

2024
2023
Note
£
£

  

Turnover
 4 
12,998,955
12,070,018

Cost of sales
  
(9,189,328)
(8,201,626)

Gross profit
  
3,809,627
3,868,392

Administrative expenses
  
(2,412,841)
(2,134,392)

Operating profit
  
1,396,786
1,734,000

Interest receivable and similar income
 9 
4,176
-

Profit before taxation
  
1,400,962
1,734,000

Tax on profit
 10 
(349,042)
(455,729)

Profit for the financial year
  
1,051,920
1,278,271

Profit for the year attributable to:
  

Owners of the parent Company
  
1,051,920
1,278,271

  
1,051,920
1,278,271

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
1,051,920
1,278,271

  
1,051,920
1,278,271

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 18 to 34 form part of these financial statements.

Page 9

 
VITA BREVIS LIMITED
REGISTERED NUMBER: 13037396

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
50,479
76,630

Tangible assets
 13 
284,746
200,823

  
335,225
277,453

Current assets
  

Stocks
 15 
94,709
72,083

Debtors
 16 
2,035,533
1,869,716

Cash at bank and in hand
 17 
3,022,106
2,502,594

  
5,152,348
4,444,393

Creditors: amounts falling due within one year
 18 
(2,871,347)
(2,791,665)

Net current assets
  
 
 
2,281,001
 
 
1,652,728

Total assets less current liabilities
  
2,616,226
1,930,181

Provisions for liabilities
  

Deferred taxation
 20 
(51,117)
(36,394)

  
 
 
(51,117)
 
 
(36,394)

Net assets
  
2,565,109
1,893,787


Capital and reserves
  

Called up share capital 
 21 
113
113

Share premium account
 22 
306,873
306,873

Profit and loss account
 22 
2,258,123
1,586,801

  
2,565,109
1,893,787


Page 10

 
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.




Andrew D Sturt
Director

The notes on pages 18 to 34 form part of these financial statements.

Page 11

 
VITA BREVIS LIMITED
REGISTERED NUMBER: 13037396

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
50,479
76,630

Tangible assets
 13 
284,746
200,823

Investments
 14 
8,796
8,796

  
344,021
286,249

Current assets
  

Stocks
 15 
94,709
72,083

Debtors
 16 
1,989,499
1,986,901

Cash at bank and in hand
 17 
2,726,589
2,160,464

  
4,810,797
4,219,448

Creditors: amounts falling due within one year
 18 
(2,872,247)
(2,761,017)

Net current assets
  
 
 
1,938,550
 
 
1,458,431

Total assets less current liabilities
  
2,282,571
1,744,680

  

Provisions for liabilities
  

Deferred taxation
 20 
(51,117)
(36,394)

  
 
 
(51,117)
 
 
(36,394)

Net assets
  
2,231,454
1,708,286


Capital and reserves
  

Called up share capital 
 21 
113
113

Share premium account
 22 
306,873
306,873

Profit and loss account brought forward
  
1,401,300
410,714

Profit for the year
  
903,766
1,110,571

Other changes in the profit and loss account

  

(380,598)
(119,985)

Profit and loss account carried forward
  
1,924,468
1,401,300

  
2,231,454
1,708,286


Page 12

 
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 13 August 2024.


Andrew D Sturt
Director

The notes on pages 18 to 34 form part of these financial statements.

Page 13

 
VITA BREVIS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024


Called up share capital
Share premium account
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£


At 1 June 2022
107
226,879
428,515
655,501
655,501


Comprehensive income for the year

Profit for the year
-
-
1,278,271
1,278,271
1,278,271
Total comprehensive income for the year
-
-
1,278,271
1,278,271
1,278,271


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(119,985)
(119,985)
(119,985)

Shares issued during the year
6
79,994
-
80,000
80,000


Total transactions with owners
6
79,994
(119,985)
(39,985)
(39,985)



At 1 June 2023
113
306,873
1,586,801
1,893,787
1,893,787


Comprehensive income for the year

Profit for the year
-
-
1,051,920
1,051,920
1,051,920
Total comprehensive income for the year
-
-
1,051,920
1,051,920
1,051,920


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(380,598)
(380,598)
(380,598)


Total transactions with owners
-
-
(380,598)
(380,598)
(380,598)


At 31 May 2024
113
306,873
2,258,123
2,565,109
2,565,109


The notes on pages 18 to 34 form part of these financial statements.

Page 14

 
VITA BREVIS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 June 2022
107
226,879
410,714
637,700


Comprehensive income for the year

Profit for the year
-
-
1,110,571
1,110,571
Total comprehensive income for the year
-
-
1,110,571
1,110,571


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(119,985)
(119,985)

Shares issued during the year
6
79,994
-
80,000


Total transactions with owners
6
79,994
(119,985)
(39,985)



At 1 June 2023
113
306,873
1,401,300
1,708,286


Comprehensive income for the year

Profit for the year
-
-
903,766
903,766
Total comprehensive income for the year
-
-
903,766
903,766


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(380,598)
(380,598)


Total transactions with owners
-
-
(380,598)
(380,598)


At 31 May 2024
113
306,873
1,924,468
2,231,454


The notes on pages 18 to 34 form part of these financial statements.

Page 15

 
VITA BREVIS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,051,920
1,278,271

Adjustments for:

Amortisation of intangible assets
26,151
25,026

Depreciation of tangible assets
93,079
45,521

Interest received
(4,176)
-

Taxation charge
342,754
455,729

(Increase) in stocks
(22,626)
(9,716)

(Increase) in debtors
(165,817)
(917,211)

Increase in creditors
99,350
471,819

Corporation tax (paid)
(547,754)
(218,350)

Net cash generated from operating activities

872,881
1,131,089


Cash flows from investing activities

Purchase of intangible fixed assets
-
(33,756)

Purchase of tangible fixed assets
(177,002)
(164,384)

Interest received
4,176
-

Net cash from investing activities

(172,826)
(198,140)

Cash flows from financing activities

Issue of ordinary shares
-
80,000

Dividends paid
(180,543)
(119,985)

Net cash used in financing activities
(180,543)
(39,985)

Net increase in cash and cash equivalents
519,512
892,964

Cash and cash equivalents at beginning of year
2,502,594
1,609,630

Cash and cash equivalents at the end of year
3,022,106
2,502,594


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,022,106
2,502,594

3,022,106
2,502,594


The notes on pages 18 to 34 form part of these financial statements.

Page 16

 
VITA BREVIS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MAY 2024




At 1 June 2023
Cash flows
At 31 May 2024
£

£

£

Cash at bank and in hand

2,502,594

519,512

3,022,106


2,502,594
519,512
3,022,106

The notes on pages 18 to 34 form part of these financial statements.

Page 17

 
VITA BREVIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

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.

 
2.2

Basis of consolidation

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

  
2.3

Turnover

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.

Page 18

 
VITA BREVIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

  
2.4

Foreign currency translation

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.

 
2.5

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Page 19

 
VITA BREVIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

  
2.8

Advanced receipts and deferred payments

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.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 20

 
VITA BREVIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.10

Intangible assets

Goodwill

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

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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:

Goodwill
-
5
years
Intellectual Property
-
5
years

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Fixtures and fittings
-
25%
Straight line
Computer equipment
-
25%
Straight line

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.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 21

 
VITA BREVIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

  
2.14

Stocks

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.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.


 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

Financial instruments

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.

 
2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 22

 
VITA BREVIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company'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 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.. 


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Chalet Holidays
12,998,955
12,070,018

12,998,955
12,070,018


All turnover arose within the United Kingdom for Chalet Holidays supplied in France .


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible assets
93,079
45,521

Exchange differences
127,324
149,491

Other operating lease rentals
114,500
98,000

Amortisation of intangible assets
26,151
25,026


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
10,530
-

Page 23

 
VITA BREVIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
2,648,103
2,340,639
2,613,631
2,312,243

Social security costs
254,644
229,957
243,407
220,661

Cost of defined contribution scheme
56,580
46,114
54,765
44,619

2,959,327
2,616,710
2,911,803
2,577,523


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Full time staff
22
19
21
18



Overseas Seasonal Staff
76
70
76
70

98
89
97
88


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
54,000
54,000

54,000
54,000



9.


Interest receivable

2024
2023
£
£


Bank interest receivable
4,176
-

4,176
-

Page 24

 
VITA BREVIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
335,343
408,169

Adjustments in respect of previous periods
(1,024)
24,381


334,319
432,550


Total current tax
334,319
432,550

Deferred tax


Origination and reversal of timing differences
14,723
23,429

Changes to tax rates
-
(250)

Total deferred tax
14,723
23,179


Tax on profit
349,042
455,729

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 25%) as set out below:

2024
2023
£
£


Profit on ordinary activities before tax
1,400,962
1,734,000


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
350,241
433,500

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
194
46

Adjustments to tax charge
(1,211)
(6,769)

Other timing differences leading to an increase (decrease) in taxation
-
24,518

Deferred tax remeasured
(182)
4,434

Total tax charge for the year
349,042
455,729

Page 25

 
VITA BREVIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

11.


Dividends

2024
2023
£
£


Interim Dividend
180,543
-


Final Dividend
200,055
119,985

380,598
119,985

On 23 May 2024 the directors proposed a final dividend of £200,055.


12.


Intangible assets

Group





Patents
Goodwill
Total

£
£
£



Cost


At 1 June 2023
15,000
115,756
130,756



At 31 May 2024

15,000
115,756
130,756



Amortisation


At 1 June 2023
7,500
46,626
54,126


Charge for the year on owned assets
3,000
23,151
26,151



At 31 May 2024

10,500
69,777
80,277



Net book value



At 31 May 2024
4,500
45,979
50,479



At 31 May 2023
7,500
69,130
76,630



Page 26

 
VITA BREVIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
 
           12.Intangible assets (continued)

Company




Patents
Goodwill
Total

£
£
£



Cost


At 1 June 2023
15,000
115,756
130,756



At 31 May 2024

15,000
115,756
130,756



Amortisation


At 1 June 2023
7,500
46,626
54,126


Charge for the year
3,000
23,151
26,151



At 31 May 2024

10,500
69,777
80,277



Net book value



At 31 May 2024
4,500
45,979
50,479



At 31 May 2023
7,500
69,130
76,630

Page 27

 
VITA BREVIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

13.


Tangible fixed assets

Group






Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 June 2023
256,118
9,746
265,864


Additions
169,999
7,003
177,002



At 31 May 2024

426,117
16,749
442,866



Depreciation


At 1 June 2023
59,932
5,109
65,041


Charge for the year on owned assets
89,615
3,464
93,079



At 31 May 2024

149,547
8,573
158,120



Net book value



At 31 May 2024
276,570
8,176
284,746



At 31 May 2023
196,186
4,637
200,823

Page 28

 
VITA BREVIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

           13.Tangible fixed assets (continued)


Company






Fixtures and fittings
Computer equipment
Total

£
£
£

Cost or valuation


At 1 June 2023
256,118
9,746
265,864


Additions
169,999
7,003
177,002



At 31 May 2024

426,117
16,749
442,866



Depreciation


At 1 June 2023
59,932
5,109
65,041


Charge for the year on owned assets
89,615
3,464
93,079



At 31 May 2024

149,547
8,573
158,120



Net book value



At 31 May 2024
276,570
8,176
284,746



At 31 May 2023
196,186
4,637
200,823







14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 June 2023
8,796



At 31 May 2024
8,796




Page 29

 
VITA BREVIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Alpbed Limited
71-75 Shelton Street,London, England, WC2H9JQ
Ordinary
100%
VB Transport
122 route de la Plagne74110 Morzine France
Ordinary
100%

The aggregate of the share capital and reserves as at 31 May 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Alpbed Limited
307,209
146,682

VB Transport
35,242
1,472


15.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Uniform and stock for use in Chalets
94,709
72,083
94,709
72,083

94,709
72,083
94,709
72,083


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 30

 
VITA BREVIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

16.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Prepayments and accrued income
19,007
391,915
12,200
374,610

19,007
391,915
12,200
374,610

Due within one year

Trade debtors
2,488
3,270
2,488
3,270

Amounts owed by group undertakings
-
-
-
150,825

Other debtors
168,392
110,688
157,348
108,919

Prepayments and accrued income
1,845,646
1,363,843
1,817,463
1,349,277

2,035,533
1,869,716
1,989,499
1,986,901



17.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
3,022,106
2,502,594
2,726,589
2,160,464

3,022,106
2,502,594
2,726,589
2,160,464



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
186,460
95,727
181,146
92,660

Amounts owed to group undertakings
-
-
74,694
21,529

Corporation tax
116,656
336,379
67,711
298,942

Other taxation and social security
127,427
132,841
127,427
132,841

Other creditors
921,084
965,669
912,100
961,571

Accruals and deferred income
1,519,720
1,261,049
1,509,169
1,253,474

2,871,347
2,791,665
2,872,247
2,761,017


Page 31

 
VITA BREVIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

19.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
3,022,106
2,502,594
2,726,589
2,160,464

Financial assets that are debt instruments measured at amortised cost
118,748
66,769
114,852
217,594

3,140,854
2,569,363
2,841,441
2,378,058


Financial Liabilities

Financial instruments measured at amortised cost
878,195
901,621
947,575
920,083


Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.
Financial assets that are debt instruments measured at amortised cost comprise trade debtors, amounts owed by group undertakings and other debtors.


Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to group undertakings and other creditors.

Page 32

 
VITA BREVIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

20.


Deferred taxation


Group



2024


£






At beginning of year
(36,394)


Charged to profit or loss
(14,723)



At end of year
(51,117)

Company


2024


£






At beginning of year
(36,394)


Charged to profit or loss
(14,723)



At end of year
(51,117)

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(51,117)
(36,394)
(51,117)
(36,394)

(51,117)
(36,394)
(51,117)
(36,394)


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



11,258 (2023 - 11,258) ordinary Shares shares of £0.01 each
113
113


Page 33

 
VITA BREVIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

22.


Reserves

Share premium account

Share premium includes any premium received on issue of share capital. Any transaction costs
associated with the issuing of shares are deducted from share premium.

Profit and loss account

Profit and loss account includes all current and prior periods retained profit


23.


Pension commitments

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.


24.


Commitments under operating leases

At 31 May 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
1,477,880
321,594
1,364,735
254,661

Later than 1 year and not later than 5 years
327,313
4,471,353
101,476
4,155,748

1,805,193
4,792,947
1,466,211
4,410,409


25.


Related party transactions

The company has taken advantage of the exemption available under FRS102 section 33.1A where
disclosures of transactions between group members are not required, provided that the subsidiary is
wholly-owned.
Included in trade creditors are amounts owed to companies under common control, in respect of the
holiday chalets, totalling £Nil 
(2023: £1,590).
.
During the year Vita Brevis Limited paid rent at normal commercial terms, on holiday chalets which are
owned by companies under common control totalling £447,935 
(2023: £420,974).


26.


Controlling party

The company is ultimately controlled by the directors.

 
Page 34