Company registration number SC225313 (Scotland)
VITEC LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
VITEC LTD
COMPANY INFORMATION
Directors
Mr Colin Farquhar
Mrs Dominique Pinet
Mr Philippe Wetzel
Ms Marine Wetzel
Mr Eric Wetzel
Ms Caroline Wetzel
Mr Nicolas Quesne
Secretary
Mrs Sarah McColgan
Company number
SC225313
Registered office
St David's House
Dalgety Bay
Fife
KY11 9NB
Auditor
Thomson Cooper
3 Castle Court
Carnegie Campus
Dunfermline
Fife
KY11 8PB
Business address
St. Davids House
St. David's Drive
Dalgety Bay
Fife
KY11 9NB
Bankers
HSBC Bank plc
76 Hanover Street
Edinburgh
EH2 1HQ
VITEC LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11 - 12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 33
VITEC LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Review of the business
The year to 31 December 2024 for VITEC operated for the first full year as logistics centre for the wider VITEC group, selling on behalf of the group to Europe, Middle East, Africa and Asia Pacific. As such, this year has been about continuing to work together to align our people, processes andproducts as well as designing how the company as a group distributes product. Earnings and profitability have increased based on this, while also seeing a larger cost of sales and marketing to account for the wider team working to achieve sales issued by VITEC LTD.
VITEC LTD remains key R&D centre for the VITEC Group, we are engaged in developing our next generation IPTV products.
Business Review and Future Developments
VITEC, like many businesses, was impacted by component shortages in prior years with the financial effect of this applied during the year to 31 December 2023. 2023 was the final year where material premiums were incurred. Our gross margin has improved during 2024 as there are no longer material value of premiums charged by our suppliers.
Recruitment and retention especially in the engineering sector remains an issue with a tight employment market.
The key performance indicators of the company are as follows:
Financial Risk Management
The company is exposed to a number of financial risks similar to other companies of its size with an international presence. The company is constantly monitoring these risks and looks to reduce these as appropriate where they may have an adverse effect on the financial results.
Liquidity and cash flow risk
VITEC continually monitors cash position to ensure it has sufficient cash to meet operational needs. VITEC has no borrowing at present. All cash reserves are held in Sterling, Australian Dollars, Euros or US Dollars and while some are on short term deposits they are still instantly available. Profits quickly convert to cash as they arise as VITEC is not a capital-intensive business.
Foreign exchange risk
VITEC invoices in Sterling, US Dollars, Australian Dollars and Euros. It has costs in these currencies and also in AED, HKD, SGD and ZAR. While there is some offsetting, VITEC is generating a surplus of Australian Dollars, Euros and US$. VITEC monitors this monthly, in conjunction with the whole group, and looks to minimise the risk of exchange rate exposure by selling appropriate currencies either intercompany at current spot rate (saving spread costs) or at the prevailing rate.
All of above risks are further mitigated by being part of a larger and financially stronger group.
Debtor risk
VITEC looks to find and build long term relationships with Audio Visual and IT reseller partners worldwide and while it uses credit reference agencies, regular orders and internal monitoring are the best way to recognise early when a partner is in financial difficulty. New partners are usually required to pay some, or all, of their invoices in advance of shipment or use irrevocable Letters of Credit.
VITEC LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Principal risks and uncertainties
The key risks affecting the business as a whole, which have not been mentioned above, are noted below:
Growth: We achieved a good level of growth during 2024. We expect 2025 to be even better, with £3m sales in backlog being carried into the 2025 financial year. The risk of global recession is lowering, however if any recession was to occur our healthy cash balances, carried forward backlog and strong pipeline of orders significantly mitigate this risk.
Recruitment: The intellectual property and prosperity of VITEC has been built on its ability to recruit and retain high quality staff. To ensure it can retain the highest calibre of staff the group regularly reviews the suitability of its overall offering, particularly with respect to salary and benefits package, working environment and career progression.
Key Suppliers: VITEC relies on a number of key Contract Equipment Manufacturer suppliers and closely monitors all of them in regard to their financial stability. VITEC’s robust Engineering Change Notification process means that it has total confidence in its ability to transfer manufacturing quickly to other suppliers if required.
Technology: The group’s revenue relies on delivering solutions, based on complex technologies, into numerous regional and vertical markets many of which have evolving requirements. Becoming part of a larger group with over 200 engineers has significantly mitigated this risk.
Mr Colin Farquhar
Director
31 March 2025
VITEC LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
VITEC is a market leading developer of IP video, digital signage and guest experience technologies that enable organisations to harness the power of video to inform, educate and entertain. VITEC's end-to-end solutions enable customers to capture TV/video content directly from any source and manage its delivery, as channels or within digital signage screens, to any connected device via existing networks. From corporate, finance and education, to hospitality, remote facilities, stadiums and healthcare, VITEC has global expertise in delivering complex professional audio-visual solutions.
VITEC's technology is deployed globally by some of the most recognized brands in the world, enabling the distribution of broadcast quality digital TV and video over IP networks to an unlimited number of end points. With centralized management, configuration and control, VITEC solutions support large volumes of content and devices without compromising system performance or availability.
Headquartered in Scotland UK, and with international sales offices, VITEC extends its global reach through its channel of technically innovative reseller partners.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr Colin Farquhar
Mrs Dominique Pinet
Mr Philippe Wetzel
Ms Marine Wetzel
Mr Eric Wetzel
Ms Caroline Wetzel
Mr Nicolas Quesne
Auditor
In accordance with the company's articles, a resolution proposing that Thomson Cooper be reappointed as auditor of the group will be put at a General Meeting.
VITEC LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Statement of directors' responsibilities
The directors are responsible 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 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 then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the on the going concern basis unless it is inappropriate to presume that the group and 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr Colin Farquhar
Director
31 March 2025
VITEC LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF VITEC LTD
- 5 -
Opinion
We have audited the financial statements of VITEC LTD (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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 31 December 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.
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's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the 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 strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
VITEC LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VITEC LTD
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was capable of detecting irregularities, including fraud
We considered the opportunities and incentives that may exist within the group for fraud and identified the greatest potential for fraud in the following areas: existence and timing of recognition of commercial income, posting of unusual journals along with complex transactions and manipulating the Group’s key performance indicators to meet targets. We discussed these risks with management, designed audit procedures to test the timing and existence of commercial revenue, including circularisation of debtors, tested a sample of journals to confirm they were appropriate, attended the year end stock count and reviewed areas of judgement for indicators of management bias to address these risks.
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the officers and other management (as required by the auditing standards).
We reviewed the laws and regulations in areas that directly affect the financial statements including financial and taxation legislation and considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.
With the exception of any known or possible non-compliance with relevant and significant laws and regulations, and as required by the auditing standards, our work in respect of these was limited to enquiry of the officers and management of the group.
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
VITEC LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VITEC LTD
- 7 -
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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.
Alan Mitchell (Senior Statutory Auditor)
for and on behalf of Thomson Cooper, Statutory Auditor
Dunfermline
31 March 2025
VITEC LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
20,482,554
18,270,880
Cost of sales
(6,135,095)
(5,741,940)
Gross profit
14,347,459
12,528,940
Administrative expenses
(11,815,588)
(10,401,645)
Other operating income
494,105
-
Operating profit
4
3,025,976
2,127,295
Interest receivable and similar income
7
45,034
39,796
Profit before taxation
3,071,010
2,167,091
Tax on profit
8
(712,527)
45,815
Profit for the financial year
23
2,358,483
2,212,906
Profit for the financial year is all attributable to the owners of the parent company.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
VITEC LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
£
£
Profit for the year
2,358,483
2,212,906
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
Total comprehensive income for the year
2,358,483
2,212,906
Total comprehensive income for the year is all attributable to the owners of the parent company.
VITEC LTD
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
10
7,518
1,332
Tangible assets
11
579,592
207,346
587,110
208,678
Current assets
Stocks
15
3,823,444
2,199,263
Debtors
16
5,618,003
6,310,317
Cash at bank and in hand
3,827,837
1,598,951
13,269,284
10,108,531
Creditors: amounts falling due within one year
17
(3,778,397)
(3,079,598)
Net current assets
9,490,887
7,028,933
Total assets less current liabilities
10,077,997
7,237,611
Creditors: amounts falling due after more than one year
18
(2,237,161)
(1,764,083)
Provisions for liabilities
Deferred tax liability
19
32,122
23,297
(32,122)
(23,297)
Net assets
7,808,714
5,450,231
Capital and reserves
Called up share capital
21
60,227
60,227
Share premium account
22
2,988,301
2,988,301
Profit and loss reserves
23
4,760,186
2,401,703
Total equity
7,808,714
5,450,231
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 31 March 2025 and are signed on its behalf by:
31 March 2025
Mr Colin Farquhar
Director
Company registration number SC225313 (Scotland)
VITEC LTD
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
10
378
1,332
Tangible assets
11
215,131
198,010
Investments
12
149
149
215,658
199,491
Current assets
Stocks
15
3,823,444
2,199,263
Debtors
16
5,822,463
6,448,972
Cash at bank and in hand
3,660,681
1,551,684
13,306,588
10,199,919
Creditors: amounts falling due within one year
17
(3,388,187)
(3,037,438)
Net current assets
9,918,401
7,162,481
Total assets less current liabilities
10,134,059
7,361,972
Creditors: amounts falling due after more than one year
18
(2,237,161)
(1,764,083)
Provisions for liabilities
Deferred tax liability
19
32,122
23,297
(32,122)
(23,297)
Net assets
7,864,776
5,574,592
Capital and reserves
Called up share capital
21
60,227
60,227
Share premium account
22
2,988,301
2,988,301
Profit and loss reserves
23
4,816,248
2,526,064
Total equity
7,864,776
5,574,592
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £2,290,184 (2023 - £2,276,011 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
VITEC LTD
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 12 -
The financial statements were approved by the board of directors and authorised for issue on 31 March 2025 and are signed on its behalf by:
31 March 2025
Mr Colin Farquhar
Director
Company registration number SC225313 (Scotland)
VITEC LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
60,227
2,988,301
2,688,797
5,737,325
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
2,212,906
2,212,906
Dividends
9
-
-
(2,500,000)
(2,500,000)
Balance at 31 December 2023
60,227
2,988,301
2,401,703
5,450,231
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
2,358,483
2,358,483
Balance at 31 December 2024
60,227
2,988,301
4,760,186
7,808,714
VITEC LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
60,227
2,988,301
2,750,054
5,798,582
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
2,276,010
2,276,010
Dividends
9
-
-
(2,500,000)
(2,500,000)
Balance at 31 December 2023
60,227
2,988,301
2,526,064
5,574,592
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
2,290,184
2,290,184
Balance at 31 December 2024
60,227
2,988,301
4,816,248
7,864,776
VITEC LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
3,058,248
686,055
Income taxes (paid)/refunded
(345,933)
30,449
Net cash inflow from operating activities
2,712,315
716,504
Investing activities
Purchase of intangible assets
(7,709)
-
Purchase of tangible fixed assets
(520,754)
(118,499)
Proceeds from disposal of tangible fixed assets
-
3,375
Repayment of loans
-
43,300
Interest received
45,034
39,796
Net cash used in investing activities
(483,429)
(32,028)
Financing activities
Dividends paid to equity shareholders
(2,500,000)
Net cash used in financing activities
-
(2,500,000)
Net increase/(decrease) in cash and cash equivalents
2,228,886
(1,815,524)
Cash and cash equivalents at beginning of year
1,598,951
3,414,475
Cash and cash equivalents at end of year
3,827,837
1,598,951
VITEC LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
2,527,249
958,269
Income taxes paid
(316,607)
Net cash inflow from operating activities
2,210,642
958,269
Investing activities
Purchase of intangible assets
(569)
Purchase of tangible fixed assets
(146,264)
(109,283)
Proceeds from disposal of tangible fixed assets
3,375
Repayment of loans
43,300
Interest received
45,188
39,796
Net cash used in investing activities
(101,645)
(22,812)
Financing activities
Dividends paid to equity shareholders
-
(2,500,000)
Net cash used in financing activities
-
(2,500,000)
Net increase/(decrease) in cash and cash equivalents
2,108,997
(1,564,543)
Cash and cash equivalents at beginning of year
1,551,684
3,116,227
Cash and cash equivalents at end of year
3,660,681
1,551,684
VITEC LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
1
Accounting policies
Company information
VITEC LTD (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is St. Davids House, St. David's Drive, Dalgety Bay, Fife, KY11 9NB.
The group consists of VITEC LTD and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company VITEC LTD together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and support contracts provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
VITEC LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.6
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents and licences
equal instalments over a period of 3 - 5 years
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Tenant's improvements
33 1/3% straight line
Fixtures, fittings & equipment
33 1/3% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.8
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.9
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
VITEC LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.10
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.
Stocks held for distribution at no or nominal consideration are measured at cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.11
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.12
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
VITEC LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.13
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
VITEC LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
Where material, the cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.18
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and 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 of the revision and future periods where the revision affects both current and future periods.
VITEC LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 22 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Deferred Maintenance
Deferred maintenance reflects the unexpired portion of the warranty on each product sold. A review of this provision has taken place to ensure the basis of calculation is deemed appropriate.
3
Turnover and other revenue
An analysis of the group's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Goods and services
20,482,554
18,270,880
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
2,974,022
2,892,101
Rest of the World
17,508,532
15,378,779
20,482,554
18,270,880
2024
2023
£
£
Other revenue
Interest income
45,034
39,796
The directors have chosen not to disclose turnover between different classes of activity on the basis this is considered prejudicial to the business.
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Exchange losses
121,498
24,143
Research and development costs
124,153
73,634
Fees payable to the group's auditor for the audit of the group's financial statements
22,575
23,333
Depreciation of owned tangible fixed assets
148,508
114,714
(Profit)/loss on disposal of tangible fixed assets
-
1,776
Amortisation of intangible assets
1,523
5,435
Operating lease charges
471,661
331,207
VITEC LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
5
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Engineering
49
43
35
36
Sales, Marketing & Support
47
43
19
22
Finance & Operations
22
27
22
22
Total
118
113
76
80
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
8,853,305
8,180,152
9,568,082
8,744,456
Social security costs
491,685
508,635
396,180
439,744
Pension costs
186,576
184,428
186,576
148,435
9,531,566
8,873,215
10,150,838
9,332,635
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
184,511
204,396
Company pension contributions to defined contribution schemes
13,212
12,863
197,723
217,259
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
184,511
204,396
Company pension contributions to defined contribution schemes
13,212
12,863
The directors' remuneration disclosed above includes directors who resigned in the year.
VITEC LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
44,369
39,796
Other interest income
665
-
Total income
45,034
39,796
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
500,175
6,548
Adjustments in respect of prior periods
(4,714)
(47,132)
Total current tax
495,461
(40,584)
Deferred tax
Origination and reversal of timing differences
217,066
(5,231)
Total tax charge/(credit)
712,527
(45,815)
The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
3,071,010
2,167,091
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
767,753
509,700
Tax effect of expenses that are not deductible in determining taxable profit
11,104
6,950
Permanent capital allowances in excess of depreciation
(2,276)
15,036
Depreciation on assets not qualifying for tax allowances
10,130
5,623
Amortisation on assets not qualifying for tax allowances
1,278
Other non-reversing timing differences
(3,959)
(7,771)
Effect of overseas tax rates
535
1,988
Under/(over) provided in prior years
(17,772)
(47,132)
Losses
(270,054)
(77,019)
Deferred tax
217,066
(5,231)
Research and development- SME
(449,237)
Taxation charge/(credit)
712,527
(45,815)
VITEC LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Taxation
(Continued)
- 25 -
Other operating income represents the value of the Research and Development Expenditure Credit (RDEC) claimed in the year.
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
-
2,500,000
10
Intangible fixed assets
Group
Patents and licences
£
Cost
At 1 January 2024
373,920
Additions - internally developed
7,140
Additions - separately acquired
569
At 31 December 2024
381,629
Amortisation and impairment
At 1 January 2024
372,588
Amortisation charged for the year
1,523
At 31 December 2024
374,111
Carrying amount
At 31 December 2024
7,518
At 31 December 2023
1,332
Company
Patents and licences
£
Cost
At 1 January 2024
373,920
Additions
569
At 31 December 2024
374,489
Amortisation and impairment
At 1 January 2024
372,588
Amortisation charged for the year
1,523
At 31 December 2024
374,111
VITEC LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Intangible fixed assets
(Continued)
- 26 -
Carrying amount
At 31 December 2024
378
At 31 December 2023
1,332
11
Tangible fixed assets
Group
Tenant's improvements
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 January 2024
428,362
790,857
1,219,219
Additions
384,420
136,334
520,754
Disposals
(11,540)
(11,540)
At 31 December 2024
812,782
915,651
1,728,433
Depreciation and impairment
At 1 January 2024
339,489
672,384
1,011,873
Depreciation charged in the year
62,118
86,390
148,508
Eliminated in respect of disposals
(11,540)
(11,540)
At 31 December 2024
401,607
747,234
1,148,841
Carrying amount
At 31 December 2024
411,175
168,417
579,592
At 31 December 2023
88,873
118,473
207,346
VITEC LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Tangible fixed assets
(Continued)
- 27 -
Company
Tenant's improvements
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 January 2024
428,362
765,140
1,193,502
Additions
48,537
97,727
146,264
Disposals
(11,540)
(11,540)
At 31 December 2024
476,899
851,327
1,328,226
Depreciation and impairment
At 1 January 2024
339,488
656,004
995,492
Depreciation charged in the year
50,766
78,377
129,143
Eliminated in respect of disposals
(11,540)
(11,540)
At 31 December 2024
390,254
722,841
1,113,095
Carrying amount
At 31 December 2024
86,645
128,486
215,131
At 31 December 2023
88,874
109,136
198,010
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
149
149
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
149
Carrying amount
At 31 December 2024
149
At 31 December 2023
149
13
Subsidiaries
VITEC LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Subsidiaries
(Continued)
- 28 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Accommtec Ltd
England
Ordinary shares
100.00
VITEC PTY Ltd
Australia
Ordinary shares
100.00
VITEC Portugal LDA
Portugal
Ordinary shares
100.00
14
Financial instruments
The definition of financial instruments is in accordance with the accounting policy stated in note 1.12. It should be noted that the financial assets do not include the cash reserves of the business.
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
1,779,041
381,913
1,779,041
381,913
Finished goods and goods for resale
2,044,403
1,817,350
2,044,403
1,817,350
3,823,444
2,199,263
3,823,444
2,199,263
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,979,737
5,370,641
4,979,735
5,370,642
Corporation tax recoverable
172,784
172,784
Amounts owed by group undertakings
25,730
2,459
454,594
222,455
Other debtors
426,438
312,961
216,341
273,132
Prepayments and accrued income
186,098
243,231
171,793
201,718
5,618,003
6,102,076
5,822,463
6,240,731
Deferred tax asset (note 19)
208,241
208,241
5,618,003
6,310,317
5,822,463
6,448,972
VITEC LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
1,015,321
778,272
616,121
775,654
Amounts owed to group undertakings
420,452
184,594
620,556
327,336
Corporation tax payable
14,547
37,803
Other taxation and social security
108,203
14,480
90,410
-
Other creditors
129,130
91,841
Accruals and deferred income
2,090,744
1,972,608
2,061,100
1,934,448
3,778,397
3,079,598
3,388,187
3,037,438
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Other creditors
2,237,161
1,764,083
2,237,161
1,764,083
Other creditors represents deferred annual maintenance. The directors consider that the carrying amount approximates to its fair value.
19
Deferred taxation
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
ACAs
32,122
23,297
-
208,241
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
ACAs
32,122
23,297
-
208,241
VITEC LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
19
Deferred taxation
(Continued)
- 30 -
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 January 2024
(184,944)
(184,944)
Charge to profit or loss
217,066
217,066
Liability at 31 December 2024
32,122
32,122
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
186,576
184,428
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
29,548
29,548
29,548
29,548
Ordinary A shares of £1 each
19,129
19,129
19,129
19,129
Ordinary B shares of £1 each
11,550
11,550
11,550
11,550
60,227
60,227
60,227
60,227
The company has three classes of shares - Ordinary Shares, A Ordinary Shares and B Ordinary Shares which carry no rights to fixed income. Each share, regardless of its class, carries one voting right.
22
Share premium account
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning and end of the year
2,988,301
2,988,301
2,988,301
2,988,301
VITEC LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
23
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
2,401,703
2,688,797
2,526,064
2,750,054
Profit for the year
2,358,483
2,212,906
2,290,184
2,276,010
Dividends
-
(2,500,000)
-
(2,500,000)
At the end of the year
4,760,186
2,401,703
4,816,248
2,526,064
24
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
276,642
422,332
276,642
422,332
Between two and five years
547,776
802,791
547,776
802,791
824,418
1,225,123
824,418
1,225,123
25
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
765,544
851,956
The key management personnel of the company are deemed to be the VP of Sales, Chief Technology Office, the Director of Operations, the VP of HR, the Financial Controller and the Head of Production Management (2023 - VP of Sales, the Chief Financial Officer, Chief Technology Officer, the Director of Marketing, the Director of Operations, VP of HR and the Financial Controller).
26
Directors' transactions
The director's loan arose as a result of overseas tax suffered whilst on secondment and is expected to be recovered post year end.
VITEC LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
27
Controlling party
The directors consider VITEC SA to be the ultimate controlling party. VITEC SA is incorporated in France. The headquarters are 99 Rue Pierre Semard, Chatillon, France, 92320.
The largest group in which the results of VITEC LTD are consolidated is that headed by VITEC SA.
28
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
2,358,483
2,212,906
Adjustments for:
Taxation charged/(credited)
712,527
(45,815)
Investment income
(45,034)
(39,796)
(Gain)/loss on disposal of tangible fixed assets
-
1,776
Amortisation and impairment of intangible assets
1,523
5,435
Depreciation and impairment of tangible fixed assets
148,508
114,714
Decrease in provisions
-
(125,148)
Movements in working capital:
Increase in stocks
(1,624,181)
(428,245)
Decrease/(increase) in debtors
311,289
(2,315,942)
Increase in creditors
1,195,133
1,306,170
Cash generated from operations
3,058,248
686,055
29
Cash generated from operations - company
2024
2023
£
£
Profit for the year after tax
2,290,184
2,276,010
Adjustments for:
Taxation charged/(credited)
706,457
(38,608)
Investment income
(45,188)
(39,796)
(Gain)/loss on disposal of tangible fixed assets
-
1,776
Amortisation and impairment of intangible assets
1,523
5,435
Depreciation and impairment of tangible fixed assets
129,143
109,158
Decrease in provisions
-
(125,148)
Movements in working capital:
Increase in stocks
(1,624,181)
(428,245)
Decrease/(increase) in debtors
245,484
(2,162,373)
Increase in creditors
823,827
1,360,060
Cash generated from operations
2,527,249
958,269
VITEC LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 33 -
30
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,598,951
2,228,886
3,827,837
31
Analysis of changes in net funds - company
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,551,684
2,108,997
3,660,681
2024-12-312024-01-01falsefalseCCH SoftwareCCH Accounts Production 2024.310Mr Colin FarquharMrs Dominique PinetMr Philippe WetzelMs Marine WetzelMr Eric WetzelMs Caroline WetzelMr Nicolas QuesneMr S RossMrs Sarah McColganfalseSC225313bus:Consolidated2024-01-012024-12-31SC2253132024-01-012024-12-31SC225313bus:Director12024-01-012024-12-31SC225313bus:Director22024-01-012024-12-31SC225313bus:Director32024-01-012024-12-31SC225313bus:Director42024-01-012024-12-31SC225313bus:Director52024-01-012024-12-31SC225313bus:Director62024-01-012024-12-31SC225313bus:Director72024-01-012024-12-31SC225313bus:CompanySecretary12024-01-012024-12-31SC225313bus:Director82024-01-012024-12-31SC225313bus:RegisteredOffice2024-01-012024-12-31SC225313bus:Agent1bus:Consolidated2024-01-012024-12-31SC225313bus:Agent12024-01-012024-12-31SC2253132024-12-31SC225313bus:Consolidated2024-12-31SC225313bus:Consolidated2023-01-012023-12-31SC2253132023-01-012023-12-31SC225313core:OtherResidualIntangibleAssetsbus:Consolidated2024-12-31SC225313core:OtherResidualIntangibleAssetsbus:Consolidated2023-12-31SC225313core:OtherResidualIntangibleAssets2024-12-31SC225313core:OtherResidualIntangibleAssets2023-12-31SC225313core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2024-12-31SC225313core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2023-12-31SC225313core:PatentsTrademarksLicencesConcessionsSimilar2024-12-31SC225313core:PatentsTrademarksLicencesConcessionsSimilar2023-12-31SC225313bus:Consolidated2023-12-31SC2253132023-12-31SC225313core:PlantMachinerybus:Consolidated2024-12-31SC225313core:FurnitureFittingsbus:Consolidated2024-12-31SC225313core:PlantMachinerybus:Consolidated2023-12-31SC225313core:FurnitureFittingsbus:Consolidated2023-12-31SC225313core:PlantMachinery2024-12-31SC225313core:FurnitureFittings2024-12-31SC225313core:PlantMachinery2023-12-31SC225313core:FurnitureFittings2023-12-31SC225313core:ShareCapitalbus:Consolidated2024-12-31SC225313core:ShareCapitalbus:Consolidated2023-12-31SC225313core:SharePremiumbus:Consolidated2024-12-31SC225313core:SharePremiumbus:Consolidated2023-12-31SC225313core:ShareCapital2024-12-31SC225313core:ShareCapital2023-12-31SC225313core:SharePremium2024-12-31SC225313core:SharePremium2023-12-31SC225313core:RetainedEarningsAccumulatedLosses2024-12-31SC225313core:ShareCapitalbus:Consolidated2022-12-31SC225313core:SharePremiumbus:Consolidated2022-12-31SC2253132022-12-31SC225313core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-12-31SC225313core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-12-31SC225313core:ShareCapital2022-12-31SC225313core:SharePremium2022-12-31SC225313core:RetainedEarningsAccumulatedLosses2022-12-31SC225313core:RetainedEarningsAccumulatedLosses2023-12-31SC225313bus:Consolidated2022-12-31SC225313core:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-31SC225313core:PatentsTrademarksLicencesConcessionsSimilar2024-01-012024-12-31SC225313core:PlantMachinery2024-01-012024-12-31SC225313core:FurnitureFittings2024-01-012024-12-31SC225313core:UKTaxbus:Consolidated2024-01-012024-12-31SC225313core:UKTaxbus:Consolidated2023-01-012023-12-31SC225313bus:Consolidated12024-01-012024-12-31SC225313bus:Consolidated12023-01-012023-12-31SC225313bus:Consolidated22024-01-012024-12-31SC225313bus:Consolidated22023-01-012023-12-31SC225313bus:Consolidated32024-01-012024-12-31SC225313bus:Consolidated32023-01-012023-12-31SC225313bus:Consolidated42024-01-012024-12-31SC225313bus:Consolidated42023-01-012023-12-31SC225313bus:Consolidated52024-01-012024-12-31SC225313bus:Consolidated52023-01-012023-12-31SC225313core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2023-12-31SC225313core:PatentsTrademarksLicencesConcessionsSimilar2023-12-31SC225313core:PatentsTrademarksLicencesConcessionsSimilarcore:InternallyGeneratedIntangibleAssetsbus:Consolidated2024-01-012024-12-31SC225313core:PatentsTrademarksLicencesConcessionsSimilarcore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2024-01-012024-12-31SC225313core:PatentsTrademarksLicencesConcessionsSimilarcore:ExternallyAcquiredIntangibleAssets2024-01-012024-12-31SC225313core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2024-01-012024-12-31SC225313core:PlantMachinerybus:Consolidated2023-12-31SC225313core:FurnitureFittingsbus:Consolidated2023-12-31SC225313bus:Consolidated2023-12-31SC225313core:PlantMachinery2023-12-31SC225313core:FurnitureFittings2023-12-31SC2253132023-12-31SC225313core:PlantMachinerybus:Consolidated2024-01-012024-12-31SC225313core:FurnitureFittingsbus:Consolidated2024-01-012024-12-31SC225313core:Subsidiary12024-01-012024-12-31SC225313core:Subsidiary22024-01-012024-12-31SC225313core:Subsidiary32024-01-012024-12-31SC22531312024-01-012024-12-31SC225313core:Subsidiary212024-01-012024-12-31SC225313core:Subsidiary312024-01-012024-12-31SC225313core:Subsidiary112024-01-012024-12-31SC225313core:CurrentFinancialInstruments2024-12-31SC225313core:CurrentFinancialInstruments2023-12-31SC225313core:CurrentFinancialInstrumentsbus:Consolidated2024-12-31SC225313core:CurrentFinancialInstrumentsbus:Consolidated2023-12-31SC225313core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-12-31SC225313core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-12-31SC225313core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-31SC225313core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-31SC225313core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated12024-12-31SC225313core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated12023-12-31SC225313core:Non-currentFinancialInstrumentscore:AfterOneYear22024-12-31SC225313core:Non-currentFinancialInstrumentscore:AfterOneYear22023-12-31SC225313bus:PrivateLimitedCompanyLtd2024-01-012024-12-31SC225313bus:FRS1022024-01-012024-12-31SC225313bus:Audited2024-01-012024-12-31SC225313bus:ConsolidatedGroupCompanyAccounts2024-01-012024-12-31SC225313bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP