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REGISTERED NUMBER: 15078455 (England and Wales)















VESPER TECHNOLOGIES HOLDINGS LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






VESPER TECHNOLOGIES HOLDINGS LIMITED (REGISTERED NUMBER: 15078455)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


VESPER TECHNOLOGIES HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: A J Kaye
P B Kaye





REGISTERED OFFICE: Unit 5, Rugby Park
Bletchley Road
Heaton Mersey
Stockport
Cheshire
SK4 3EJ





REGISTERED NUMBER: 15078455 (England and Wales)





AUDITORS: Murray Smith LLP
Chartered Accountants
Statutory Auditors
Darland House
44 Winnington Hill
Northwich
Cheshire
CW8 1AU

VESPER TECHNOLOGIES HOLDINGS LIMITED (REGISTERED NUMBER: 15078455)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their strategic report of the company and the group for the year ended 30 April 2024.

REVIEW OF BUSINESS
The Group is a specialist system integrator focused on delivering innovative server, network, and storage solutions. The business is hardware centric, and its activities are focused within the data centre including use cases such as cloud computing, high-performance computing, artificial intelligence, and machine learning.

The Group's customers are typically large or very regular consumers of hardware as the value in the solutions that the Group provides are typically realised with scale. Often, they are either large enterprises or organisations whose primary business is in the provision of services based on the infrastructure provided such as managed service providers and hosting organisations. During the year the Group has continued to invest in its core competencies which are system design, assembly, setup, test, distribution, deployment, and support, all of which are facilitated at rack scale.

The Group is an agile, reactive organisation based in Manchester but with a long track-record of deploying solutions globally using sound project management and a strong in-house logistics capability.

FINANCIAL POSITION AND PERFORMANCE
The financial position of the Group as at 30 April 2024 is shown by the Consolidated Balance Sheet on page 9, with trading results shown in the Income Statement shown on page 7 and the Cash Flow Statement on page 13.

The Group generated turnover £66.0m (2023: £22.0m). The directors are satisfied that this is a strong trading performance which was delivered in a competitive market.

Operating Profit for the financial year was £1.9m (2023: £2.9m).

Shareholders' funds at 30 April 2024 were £4.4m (2023: £4.2m), with the Balance Sheet showing gross assets of £9.6m (2023: £6.6m), which included a cash balance of £1.2m (2023: £1.4m). The Group was able to finance its trading activities internally and was free from significant external debt throughout the financial year. As a result, the directors consider the Group to be well placed to fund the future growth of the business.

PRINCIPAL RISKS AND UNCERTAINTIES
There are a number of potential risks and uncertainties which could have a material impact on the Group, the most significant of which are identified below. These risks and uncertainties are monitored on an ongoing basis with the objective of taking steps to mitigate any potential impact.

Liquidity risk
The directors are confident that the working capital of the Group was closely monitored and managed throughout the financial year, with the objective of ensuring that adequate cash balances to finance trading activities and growth were always available.

Credit risk
The Group maintains policies to ensure that credit checks are performed on potential and existing customers and payment performance is monitored on an ongoing basis. Trade credit insurance was maintained during the financial year to assist in the mitigation of credit risk.

FUTURE DEVELOPMENTS
The directors consider that the Group is well placed to grow both turnover and profitability during the financial year to 30 April 2025.

ON BEHALF OF THE BOARD:





P B Kaye - Director


28 April 2025

VESPER TECHNOLOGIES HOLDINGS LIMITED (REGISTERED NUMBER: 15078455)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 April 2024.

DIVIDENDS
The total distribution of dividends for the year ended 30 April 2024 will be £ 1,186,000 .

DIRECTORS
The directors who have held office during the period from 1 May 2023 to the date of this report are as follows:

A J Kaye - appointed 17 August 2023
P B Kaye - appointed 17 August 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 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 and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Murray Smith LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P B Kaye - Director


28 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
VESPER TECHNOLOGIES HOLDINGS LIMITED

Opinion
We have audited the financial statements of Vesper Technologies Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 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 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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
VESPER TECHNOLOGIES HOLDINGS LIMITED


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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

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 a Report of the Auditors 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:

The audit procedures designed to identify irregularities included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims
- Enquiry of company staff with responsibilities for compliance matters 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
- Auditing the risk of management override of controls, including through testing journal entries and other
adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the
normal course of business.

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, intentional misrepresentations or through collusion.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
VESPER TECHNOLOGIES HOLDINGS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.




Michael Benson (Senior Statutory Auditor)
for and on behalf of Murray Smith LLP
Chartered Accountants
Statutory Auditors
Darland House
44 Winnington Hill
Northwich
Cheshire
CW8 1AU

28 April 2025

VESPER TECHNOLOGIES HOLDINGS LIMITED (REGISTERED NUMBER: 15078455)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

TURNOVER 66,001,224 21,960,536

Cost of sales 62,355,280 16,914,513
GROSS PROFIT 3,645,944 5,046,023

Administrative expenses 1,797,873 2,123,587
OPERATING PROFIT 4 1,848,071 2,922,436

Interest receivable and similar income 51,890 -
1,899,961 2,922,436

Interest payable and similar expenses 5 45,023 9,468
PROFIT BEFORE TAXATION 1,854,938 2,912,968

Tax on profit 6 471,540 574,738
PROFIT FOR THE FINANCIAL YEAR 1,383,398 2,338,230
Profit attributable to:
Owners of the parent 1,383,398 2,338,230

VESPER TECHNOLOGIES HOLDINGS LIMITED (REGISTERED NUMBER: 15078455)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,383,398 2,338,230


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,383,398

2,338,230

Total comprehensive income attributable to:
Owners of the parent 1,383,398 2,338,230

VESPER TECHNOLOGIES HOLDINGS LIMITED (REGISTERED NUMBER: 15078455)

CONSOLIDATED BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 9 308,166 309,827
Investments 10 - -
308,166 309,827

CURRENT ASSETS
Stocks 11 2,672,142 2,092,192
Debtors 12 5,396,482 2,877,353
Cash at bank 1,222,535 1,365,193
9,291,159 6,334,738
CREDITORS
Amounts falling due within one year 13 5,036,636 2,316,107
NET CURRENT ASSETS 4,254,523 4,018,631
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,562,689

4,328,458

CREDITORS
Amounts falling due after more than one
year

14

(153,255

)

(135,359

)

PROVISIONS FOR LIABILITIES 16 (51,553 ) (32,616 )
NET ASSETS 4,357,881 4,160,483

CAPITAL AND RESERVES
Called up share capital 17 200 200
Retained earnings 18 4,357,681 4,160,283
SHAREHOLDERS' FUNDS 4,357,881 4,160,483

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2025 and were signed on its behalf by:





A J Kaye - Director


VESPER TECHNOLOGIES HOLDINGS LIMITED (REGISTERED NUMBER: 15078455)

COMPANY BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 9 - -
Investments 10 400 -
400 -

CURRENT ASSETS
Debtors 12 2 -
NET CURRENT ASSETS 2 -
TOTAL ASSETS LESS CURRENT
LIABILITIES

402

-

CAPITAL AND RESERVES
Called up share capital 17 200 -
Merger reserves 18 2 -
Retained earnings 18 200 -
SHAREHOLDERS' FUNDS 402 -

Company's profit for the financial year 200 -

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2025 and were signed on its behalf by:





A J Kaye - Director


VESPER TECHNOLOGIES HOLDINGS LIMITED (REGISTERED NUMBER: 15078455)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 May 2022 200 3,730,053 3,730,253

Changes in equity
Dividends - (1,908,000 ) (1,908,000 )
Total comprehensive income - 2,338,230 2,338,230
Balance at 30 April 2023 200 4,160,283 4,160,483

Changes in equity
Dividends - (1,186,000 ) (1,186,000 )
Total comprehensive income - 1,383,398 1,383,398
Balance at 30 April 2024 200 4,357,681 4,357,881

VESPER TECHNOLOGIES HOLDINGS LIMITED (REGISTERED NUMBER: 15078455)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up
share Retained Merger Total
capital earnings reserves equity
£    £    £    £   

Changes in equity
Balance at 30 April 2023 - - - -

Changes in equity
Issue of share capital 200 - - 200
Total comprehensive income - 200 2 202
Balance at 30 April 2024 200 200 2 402

VESPER TECHNOLOGIES HOLDINGS LIMITED (REGISTERED NUMBER: 15078455)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,150,087 2,260,551
Interest paid (34,643 ) (1,839 )
Interest element of hire purchase payments
paid

(10,380

)

(7,629

)
Tax paid (572,855 ) (450,070 )
Net cash from operating activities 532,209 1,801,013

Cash flows from investing activities
Purchase of tangible fixed assets (131,920 ) (78,625 )
Sale of tangible fixed assets 51,000 -
Interest received 51,890 -
Net cash from investing activities (29,030 ) (78,625 )

Cash flows from financing activities
Capital repayments in year 17,933 (27,225 )
Amount introduced by directors 522,230 34
Equity dividends paid (1,186,000 ) (1,908,000 )
Net cash from financing activities (645,837 ) (1,935,191 )

Decrease in cash and cash equivalents (142,658 ) (212,803 )
Cash and cash equivalents at beginning of
year

2

1,365,193

1,577,996

Cash and cash equivalents at end of year 2 1,222,535 1,365,193

VESPER TECHNOLOGIES HOLDINGS LIMITED (REGISTERED NUMBER: 15078455)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 1,854,938 2,912,968
Depreciation charges 77,079 80,539
Loss on disposal of fixed assets 5,502 -
Finance costs 45,023 9,468
Finance income (51,890 ) -
1,930,652 3,002,975
(Increase)/decrease in stocks (579,950 ) 220,557
Increase in trade and other debtors (2,519,129 ) (825,092 )
Increase/(decrease) in trade and other creditors 2,318,514 (137,889 )
Cash generated from operations 1,150,087 2,260,551

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 1,222,535 1,365,193
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 1,365,193 1,577,996


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank 1,365,193 (142,658 ) 1,222,535
1,365,193 (142,658 ) 1,222,535
Debt
Finance leases (162,584 ) (17,933 ) (180,517 )
(162,584 ) (17,933 ) (180,517 )
Total 1,202,609 (160,591 ) 1,042,018

VESPER TECHNOLOGIES HOLDINGS LIMITED (REGISTERED NUMBER: 15078455)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Vesper Technologies Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The Group financial statements consolidate the results of the company and its subsidiary undertakings.

The company was incorporated on 17 August 2023. On 8 September 2023 a share for share exchange was effected by which the company acquired 100% of the issued share capital of Vesper Holdings Limited which owned 2 subsidiaries, Vesper Technologies Limited and Edgeware Technology Limited. On the same day Vesper Technologies Limited and Edgeware Technology Limited were transfered through a dividend in specie to Vesper Technologies Holdings Limited.

The share for share exchange has been accounted for in accordance with the principles of merger accounting contained in FRS 102, as it meets the definition of a group reconstruction. The consolidated income statement and cash flow statement combine the results of the company with its subsidiaries for the full year ended 30 April 2024 and the comparative period as if the Group had been in existence for the entirety of this period.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on cost and 5% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 15% on cost
Motor Vehicles - 20% on cost
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


VESPER TECHNOLOGIES HOLDINGS LIMITED (REGISTERED NUMBER: 15078455)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Cash and cash equivalents
Cash in the statement of financial position comprises cash at banks and on hand.

Financial liabilities
A financial liability is recorded at transaction price and is derecognised when the obligation under the liability is discharged or cancelled or expires.

Trade debtors
Trade debtors are recognised at cost less provision for doubtful debts. The recoverability of trade debtors is reviewed on an ongoing basis. A provision for doubtful debtors is established when collection of the full nominal amount is no longer probable. Bad debts are written off as incurred.

Provisions
Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are measured at the present value of management's best estimate of the expenditure required to settle the present obligation at the end of the reporting period, and are discounted to present value where the effect is material.

Employee benefits
(a) Wages and salaries and annual leave
Liabilities for wages and salaries and annual leave are recognised and are measured as the amount unpaid at the reporting date at current pay rates in respect of employees' services up to that date. They are expected to be settled within one year.

(b) Pensions
The Company contributes to employees' defined contribution pension schemes. Contributions are recognised in profit or loss in the period in which they become payable.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 997,818 1,234,575
Social security costs 103,108 156,166
1,100,926 1,390,741

VESPER TECHNOLOGIES HOLDINGS LIMITED (REGISTERED NUMBER: 15078455)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Management 3 3
Finance 2 2
Operations 10 9
15 14

The average number of employees by undertakings that were proportionately consolidated during the year was 15 (2023 - 14 ) .

2024 2023
£    £   
Directors' remuneration 51,412 54,889

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 25,035 30,142
Depreciation - assets on hire purchase contracts 52,044 50,397
Loss on disposal of fixed assets 5,502 -
Auditors' remuneration - audit services 9,909 9,350
Auditors' remuneration - accounts services 2,915 2,750
Auditors' remuneration - taxation services 585 550

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 619 -
Other interest - 1,839
Corporation tax interest 34,024 -
Hire purchase 10,380 7,629
45,023 9,468

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 452,603 572,855

Deferred tax 18,937 1,883
Tax on profit 471,540 574,738

VESPER TECHNOLOGIES HOLDINGS LIMITED (REGISTERED NUMBER: 15078455)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 1,186,000 1,908,000

9. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 May 2023 189,258 1,761 63,065
Additions 3,551 - -
Disposals - - -
At 30 April 2024 192,809 1,761 63,065
DEPRECIATION
At 1 May 2023 79,118 1,306 51,300
Charge for year 16,915 389 3,240
Eliminated on disposal - - -
At 30 April 2024 96,033 1,695 54,540
NET BOOK VALUE
At 30 April 2024 96,776 66 8,525
At 30 April 2023 110,140 455 11,765

VESPER TECHNOLOGIES HOLDINGS LIMITED (REGISTERED NUMBER: 15078455)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

9. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
Vehicles equipment Totals
£    £    £   
COST
At 1 May 2023 251,985 160,902 666,971
Additions 125,701 2,668 131,920
Disposals (105,941 ) - (105,941 )
At 30 April 2024 271,745 163,570 692,950
DEPRECIATION
At 1 May 2023 74,616 150,804 357,144
Charge for year 52,044 4,491 77,079
Eliminated on disposal (49,439 ) - (49,439 )
At 30 April 2024 77,221 155,295 384,784
NET BOOK VALUE
At 30 April 2024 194,524 8,275 308,166
At 30 April 2023 177,369 10,098 309,827

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
Vehicles
£   
COST
At 1 May 2023 251,985
Additions 125,701
Disposals (105,941 )
At 30 April 2024 271,745
DEPRECIATION
At 1 May 2023 74,616
Charge for year 52,044
Eliminated on disposal (49,439 )
At 30 April 2024 77,221
NET BOOK VALUE
At 30 April 2024 194,524
At 30 April 2023 177,369

VESPER TECHNOLOGIES HOLDINGS LIMITED (REGISTERED NUMBER: 15078455)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 30 April 2024 400
NET BOOK VALUE
At 30 April 2024 400
At 30 April 2023 400

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Vesper Technologies Limited
Registered office: England & Wales
Nature of business: Server solutions
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 4,358,008 4,160,610
Profit for the year 1,383,398 2,338,330

Edgeware Technology Limited
Registered office: England & Wales
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves (127 ) (127 )


11. STOCKS

Group
2024 2023
£    £   
Stocks 2,672,142 2,092,192

VESPER TECHNOLOGIES HOLDINGS LIMITED (REGISTERED NUMBER: 15078455)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 5,244,319 2,779,538 - -
Other debtors 49,701 200 2 -
Prepayments and accrued income 102,462 97,615 - -
5,396,482 2,877,353 2 -

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
£    £   
Hire purchase contracts (see note 15) 27,262 27,225
Trade creditors 1,665,993 574,288
Corporation tax 452,603 572,855
Social security and other taxes 895,032 372,802
Other creditors 15,725 10,725
Directors' current accounts 1,092,725 570,495
Accrued expenses 887,296 187,717
5,036,636 2,316,107

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2024 2023
£    £   
Hire purchase contracts (see note 15) 153,255 135,359

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 27,262 27,225
Between one and five years 153,255 135,359
180,517 162,584

16. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 51,553 32,616

VESPER TECHNOLOGIES HOLDINGS LIMITED (REGISTERED NUMBER: 15078455)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

16. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 May 2023 32,616
Utilised during year 18,937
Balance at 30 April 2024 51,553

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
200 Ordinary £1 200 200

18. RESERVES

Group
Retained
earnings
£   

At 1 May 2023 4,160,283
Profit for the year 1,383,398
Dividends (1,186,000 )
At 30 April 2024 4,357,681

Company
Retained Merger
earnings reserves Totals
£    £    £   

Profit for the year 200 200
Share for share exchange - 2 2
At 30 April 2024 200 2 202