| REGISTERED NUMBER: 14459460 (England and Wales) |
| VIAMASTER HOLDINGS LTD |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| REGISTERED NUMBER: 14459460 (England and Wales) |
| VIAMASTER HOLDINGS LTD |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| VIAMASTER HOLDINGS LTD (REGISTERED NUMBER: 14459460) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 5 |
| Consolidated Income Statement | 9 |
| Consolidated Other Comprehensive Income | 10 |
| Consolidated Balance Sheet | 11 |
| Company Balance Sheet | 12 |
| Consolidated Statement of Changes in Equity | 13 |
| Company Statement of Changes in Equity | 14 |
| Consolidated Cash Flow Statement | 15 |
| Notes to the Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Financial Statements | 17 |
| VIAMASTER HOLDINGS LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| Glenewes House |
| Gate Way Drive |
| Leeds |
| West Yorkshire |
| LS19 7XY |
| VIAMASTER HOLDINGS LTD (REGISTERED NUMBER: 14459460) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| The directors present their strategic report of the company and the group for the year ended 30 September 2024. |
| REVIEW OF BUSINESS |
| Following the group restructure in the previous year, in which the property we operate from was sold, the group was expected to incur increased rent costs and a fall in rental income. The group also experienced a reduction in turnover due to a significant contract not being renewed within the year. This has affected the gross margin, as a review of associated costs is still in progress post year end. As a business we continue to be challenged with increasing staff costs to ensure retention of staff. |
| We are however confident that improved profitability will return within the first quarter of 2024/25. |
| The business has invested in new Management Information System for both the transport and storage departments. These will help streamline the business going forward and offer improved customer service and traceability. |
| Financial position at the reporting date |
| The group continues to invest in tangible fixed assets with additions of £1,195,151 in the year. |
| The detailed results for the year and financial position of the group are as shown in the annexed financial statements. |
| Business Relationships |
| We continue to be supported by a strong customer base and in return reciprocate this support. |
| People |
| The loyalty and commitment shown by the employees throughout the entire organisation remains key. Staff retention and length of service is a key factor in our customer retention success due to unwavering service levels. |
| We continue to face challenges recruiting Drivers which is a nationwide issue due to an ageing workforce. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The management of the business and the execution of the group's strategy are subject to a number of risks. The key business risks affecting the company are: |
| Market share |
| Despite the group experiencing a sustained position this year in their market share, competition still remains as ever the main risk. The group remains in a strong position to look forward to the future and increase our client base. |
| Maintenance of the group's fixed assets |
| In order to provide customers with the high level service they expect it is essential that the group's assets |
| are maintained to a high standard. The group manages this risk through planned maintenance |
| programmes for vehicles and other items of plant and through continued investment in its fleet. |
| Employee motivation |
| The group's employees are central to its operations. The group is committed to encouraging employee |
| involvement throughout the business to ensure that the workforce remain motivated and committed. |
| General |
| Other than factors outside the group's control, the directors are not aware of any significant risk which may |
| adversely impact on the group during the forthcoming financial year. In the view of the directors, the |
| performance of the group's business is primarily dependent upon maintaining a high level of service and |
| well maintained fleet and the directors intend to continue to optimise this position in the interests of all |
| stakeholders in the group. |
| VIAMASTER HOLDINGS LTD (REGISTERED NUMBER: 14459460) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| KEY PERFORMANCE INDICATORS |
| In order to achieve the growth in profitability and cash flow, strong financial management is carried out by the group. A number of key financial performance indicators are used as measures to ensure the group grows, remains financially strong to meet its obligations and invests in the future. The indicators are all drawn from the accounts and are shown below: |
| 2024 | 2023 |
| £ | £ |
| Turnover | 15,886,164 | 16,827,620 |
| Gross profit margin | 21.59% | 23.33% |
| Operating profit | 646,133 | 1,240,911 |
| Shareholders funds | 2,614,086 | 2,535,844 |
| FUTURE DEVELOPMENT |
| The company's intentions for the year to 30 September 2025 and beyond remain to be: |
| Further develop its staff, services and technology. |
| Engage further with its existing clients promoting cost and service efficiencies. |
| Attract and engage with new clients. |
| ON BEHALF OF THE BOARD: |
| VIAMASTER HOLDINGS LTD (REGISTERED NUMBER: 14459460) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024. |
| DIVIDENDS |
| The total distribution for the year ended 30 September 2024 was £337,166. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
| 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies 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. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| VIAMASTER HOLDINGS LTD |
| Opinion |
| We have audited the financial statements of Viamaster Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 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 September 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 |
| VIAMASTER HOLDINGS LTD |
| 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 four, 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| VIAMASTER HOLDINGS LTD |
| 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: |
| Irregularities, including fraud, are instances of non-compliance with laws and regulations. We designed procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures were capable of detecting irregularities, including fraud is detailed below: |
| To identify risks of material misstatement due to irregularities, including fraud (fraud risks) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures involved enquiring of the directors as to the company's and group policies and procedures to prevent and detect fraud, as well as whether they have knowledge of any actual, suspected or alleged fraud. We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit. |
| As required by auditing standards and considering our overall knowledge of the control environment, we performed procedures to address the risk of management override of controls, in particular the risk that management may be able to make inappropriate accounting entries. We concluded that there was limited opportunity for manipulation or management override of controls. We performed procedures including a review of journal entries to supporting documentation. We did not identify any additional fraud risks. |
| We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The group is subject to laws and regulations that directly affect the financial statements, including financial reporting and taxation legislation, and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. |
| Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and key management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. |
| It is considered that our procedures are capable of detecting irregularities, including fraud. However, because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
| 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 |
| VIAMASTER HOLDINGS LTD |
| 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. |
| for and on behalf of |
| Statutory Auditors |
| Glenewes House |
| Gate Way Drive |
| Leeds |
| West Yorkshire |
| LS19 7XY |
| VIAMASTER HOLDINGS LTD (REGISTERED NUMBER: 14459460) |
| CONSOLIDATED |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| TURNOVER | 15,886,164 | 16,827,620 |
| Cost of sales | 12,456,620 | 12,901,016 |
| GROSS PROFIT | 3,429,544 | 3,926,604 |
| Administrative expenses | 2,783,411 | 2,780,479 |
| 646,133 | 1,146,125 |
| Other operating income | - | 94,786 |
| OPERATING PROFIT | 4 | 646,133 | 1,240,911 |
| Loss on sale of investment property | 5 | - | 1,730,046 |
| 646,133 | (489,135 | ) |
| Income from shares in group undertakings |
- |
7,731,150 |
| Interest receivable and similar income | 9,218 | 5,411 |
| 9,218 | 7,736,561 |
| 655,351 | 7,247,426 |
| Amounts written off investments | 6 | - | 7,731,150 |
| 655,351 | (483,724 | ) |
| Interest payable and similar expenses | 7 | 99,813 | 117,366 |
| PROFIT/(LOSS) BEFORE TAXATION | 555,538 | (601,090 | ) |
| Tax on profit/(loss) | 8 | 140,130 | (407,991 | ) |
| PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
| Profit/(loss) attributable to: |
| Owners of the parent | 415,408 | (193,099 | ) |
| VIAMASTER HOLDINGS LTD (REGISTERED NUMBER: 14459460) |
| CONSOLIDATED |
| OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT/(LOSS) FOR THE YEAR | 415,408 | (193,099 | ) |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
415,408 |
(193,099 |
) |
| Total comprehensive income attributable to: |
| Owners of the parent | 415,408 | (193,099 | ) |
| VIAMASTER HOLDINGS LTD (REGISTERED NUMBER: 14459460) |
| CONSOLIDATED BALANCE SHEET |
| 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 11 | 3,477,403 | 3,385,520 |
| Investments | 12 | 11 | 11 |
| 3,477,414 | 3,385,531 |
| CURRENT ASSETS |
| Stocks | 13 | 64,116 | 67,143 |
| Debtors | 14 | 2,153,172 | 2,709,815 |
| Cash at bank and in hand | 1,619,509 | 1,541,812 |
| 3,836,797 | 4,318,770 |
| CREDITORS |
| Amounts falling due within one year | 15 | 2,519,719 | 3,160,732 |
| NET CURRENT ASSETS | 1,317,078 | 1,158,038 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
4,794,492 |
4,543,569 |
| CREDITORS |
| Amounts falling due after more than one year |
16 |
(1,420,388 |
) |
(1,326,515 |
) |
| PROVISIONS FOR LIABILITIES | 19 | (760,018 | ) | (681,210 | ) |
| NET ASSETS | 2,614,086 | 2,535,844 |
| CAPITAL AND RESERVES |
| Called up share capital | 20 | 7,731,250 | 7,731,250 |
| Merger reserve | 21 | (7,701,150 | ) | (7,701,150 | ) |
| Retained earnings | 21 | 2,583,986 | 2,505,744 |
| SHAREHOLDERS' FUNDS | 2,614,086 | 2,535,844 |
| The financial statements were approved by the Board of Directors and authorised for issue on 25 February 2025 and were signed on its behalf by: |
| A B Warrington - Director |
| D K Warrington - Director |
| VIAMASTER HOLDINGS LTD (REGISTERED NUMBER: 14459460) |
| COMPANY BALANCE SHEET |
| 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 11 |
| Investments | 12 |
| CURRENT ASSETS |
| Cash in hand |
| CREDITORS |
| Amounts falling due within one year | 15 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 20 |
| Retained earnings | ( |
) |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 347,166 | 234,649 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| VIAMASTER HOLDINGS LTD (REGISTERED NUMBER: 14459460) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Called up |
| share | Retained | Other | Merger | Total |
| capital | earnings | reserves | reserve | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 October 2022 | 30,000 | 6,777,833 | 1,378,505 | - | 8,186,338 |
| Changes in equity |
| Issue of share capital | 7,701,250 | - | - | - | 7,701,250 |
| Dividends | - | (5,457,495 | ) | - | - | (5,457,495 | ) |
| Total comprehensive income | - | (193,099 | ) | - | - | (193,099 | ) |
| Transfer - non distributable reserve |
- |
1,378,505 |
(1,378,505 |
) |
- |
- |
| Transfer merger relief reserve | - | - | - | (7,701,150 | ) | (7,701,150 | ) |
| Balance at 30 September 2023 | 7,731,250 | 2,505,744 | - | (7,701,150 | ) | 2,535,844 |
| Changes in equity |
| Dividends | - | (337,166 | ) | - | - | (337,166 | ) |
| Total comprehensive income | - | 415,408 | - | - | 415,408 |
| Balance at 30 September 2024 | 7,731,250 | 2,583,986 | - | (7,701,150 | ) | 2,614,086 |
| VIAMASTER HOLDINGS LTD (REGISTERED NUMBER: 14459460) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Changes in equity |
| Issue of share capital | - |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30 September 2023 | ( |
) |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30 September 2024 |
| VIAMASTER HOLDINGS LTD (REGISTERED NUMBER: 14459460) |
| CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 1,662,329 | (5,150,504 | ) |
| Interest paid | (568 | ) | (46,168 | ) |
| Interest element of hire purchase payments paid |
(99,245 |
) |
(71,198 |
) |
| Tax paid | (205,547 | ) | (161,263 | ) |
| Net cash from operating activities | 1,356,969 | (5,429,133 | ) |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (199,928 | ) | (219,316 | ) |
| Purchase of fixed asset investments | - | (27,311,296 | ) |
| Sale of tangible fixed assets | 118,742 | 40,101 |
| Sale of fixed asset investments | - | 19,580,146 |
| Sale of investment property | - | 2,019,954 |
| Interest received | 9,218 | 5,411 |
| Dividends received | - | 7,731,150 |
| Net cash from investing activities | (71,968 | ) | 1,846,150 |
| Cash flows from financing activities |
| Loan repayments in year | - | (2,771,172 | ) |
| Capital repayments in year | (870,138 | ) | (752,809 | ) |
| Share issue | - | 7,731,250 |
| Equity dividends paid | (337,166 | ) | (326,199 | ) |
| Net cash from financing activities | (1,207,304 | ) | 3,881,070 |
| Increase in cash and cash equivalents | 77,697 | 298,087 |
| Cash and cash equivalents at beginning of year |
2 |
1,541,812 |
1,243,725 |
| Cash and cash equivalents at end of year |
2 |
1,619,509 |
1,541,812 |
| VIAMASTER HOLDINGS LTD (REGISTERED NUMBER: 14459460) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit/(loss) before taxation | 555,538 | (601,090 | ) |
| Depreciation charges | 931,095 | 903,978 |
| Loss on disposal of fixed assets | 53,432 | 1,956,329 |
| Finance costs | 99,813 | 117,366 |
| Finance income | (9,218 | ) | (7,736,561 | ) |
| 1,630,660 | (5,359,978 | ) |
| Decrease in stocks | 3,027 | 39,738 |
| Decrease in trade and other debtors | 556,642 | 278,270 |
| Decrease in trade and other creditors | (528,000 | ) | (108,534 | ) |
| Cash generated from operations | 1,662,329 | (5,150,504 | ) |
| 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 September 2024 |
| 30/9/24 | 1/10/23 |
| £ | £ |
| Cash and cash equivalents | 1,619,509 | 1,541,812 |
| Year ended 30 September 2023 |
| 30/9/23 | 1/10/22 |
| £ | £ |
| Cash and cash equivalents | 1,541,812 | 1,243,725 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| Other |
| non-cash |
| At 1/10/23 | Cash flow | changes | At 30/9/24 |
| £ | £ | £ | £ |
| Net cash |
| Cash at bank |
| and in hand | 1,541,812 | 77,697 | 1,619,509 |
| 1,541,812 | 77,697 | 1,619,509 |
| Debt |
| Finance leases | (2,077,320 | ) | 870,138 | (995,223 | ) | (2,202,405 | ) |
| (2,077,320 | ) | 870,138 | (995,223 | ) | (2,202,405 | ) |
| Total | (535,508 | ) | 947,835 | (995,223 | ) | (582,896 | ) |
| VIAMASTER HOLDINGS LTD (REGISTERED NUMBER: 14459460) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Viamaster Holdings Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are presented in sterling which is the functional currency of the group rounded to the nearest pound. |
| The financial statements have been prepared using the going concern basis. |
| The current economic conditions present risks for all businesses. In response to such conditions, the |
| directors have carefully considered these risks, including an assessment of uncertainty on future |
| trading projections for a period of at least 12 months from the date of signing the financial statements, |
| and the extent to which they might affect the preparation of the financial statements on a going |
| concern basis. |
| Based on this assessment, the directors consider that the group maintains an appropriate level of |
| liquidity sufficient to meet the demands of the business including any capital and servicing obligations |
| of external debt liabilities. |
| In addition, the group's assets are assessed for recoverability on a regular basis, and the directors |
| consider that the group is not exposed to losses on these assets which would affect their decision |
| to adopt the going concern basis. |
| The directors have a reasonable expectation that the group has adequate resources to continue in |
| operational existence for the foreseeable future and that there are no material uncertainties that lead |
| to significant doubt upon the group's ability to continue as a going concern. In addition the |
| group has secure sales contracts in place. Thus the directors have continued to adopt the going |
| concern basis of accounting in preparing these financial statements. |
| Basis of consolidation |
| The group financial statements consolidate the financial statements of Viamaster Holdings Limited and its subsidiary undertakings drawn up to 30 September each year. |
| Subsidiaries combined through a share for share exchange have been consolidated using the merger accounting method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
| VIAMASTER HOLDINGS LTD (REGISTERED NUMBER: 14459460) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Significant judgements and estimates |
| The preparation of financial statements in compliance with FRS 102 requires the use of certain |
| critical accounting estimates. It also requires management to exercise judgement in applying the |
| group's accounting policies. |
| Estimates and judgements are continually evaluated and are based on historical experience and other |
| factors, including expectations of future events. |
| In preparing these financial statements, the directors have had to make the following judgement: |
| Tangible fixed assets |
| Tangible fixed assets are depreciated over their useful lives which are assessed annually by the directors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account |
| During the year depreciation of £931,094 (2023: £903,978) has been provided. |
| The net carrying amount of assets is £3,477,403 (2023: £3,385,520). |
| Revenue recognition |
| Revenue is recognised in the accounts when the group obtains the right to consideration in exchange for performance and is stated at the net invoice value, excluding value added tax. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to that date based on the stage of completion of the contract activity at the balance sheet date. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Tangible fixed assets are capitalised at cost. |
| Investments in subsidiaries |
| Investments in subsidiaries are shown at cost less impairment. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| VIAMASTER HOLDINGS LTD (REGISTERED NUMBER: 14459460) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Financial assets and financial liabilities are recognised when the group becomes a party to the contractual provisions of the instrument. |
| Financial assets and liabilities are initially measured at transaction price, except for those financial assets classified as at fair value through profit or loss. |
| Basic financial instruments |
| Basic financial instruments are those with relatively straight forward terms and would normally include cash, bank balances, trade debtors, trade creditors and uncomplicated bank loans. |
| Where the arrangement does not constitute a financing transaction, e.g. trade debtors on normal commercial terms, the debtor will be valued initially at transaction price (i.e. cost) and subsequently at transaction price less impairment (if any) due to concerns over recoverability. |
| Other financial instruments |
| The group does not have any financial instruments that would not be classed as 'basic'. |
| 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. |
| 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. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| VIAMASTER HOLDINGS LTD (REGISTERED NUMBER: 14459460) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Investments |
| Investments where shares are publicly traded, or their fair value is reliably measurable, are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment. |
| Impairment |
| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
| 3. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries | 4,579,229 | 4,544,791 |
| Social security costs | 492,827 | 493,240 |
| Other pension costs | 142,030 | 132,444 |
| 5,214,086 | 5,170,475 |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Drivers and support | 113 | 118 |
| Directors | 2 | 2 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration | 189,402 | 182,739 |
| Directors' pension contributions to money purchase schemes | 33,620 | 31,519 |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes | 2 | 2 |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Hire of plant and machinery | 82,669 | 111,900 |
| Other operating leases | 796,323 | 546,017 |
| Depreciation - owned assets | 271,064 | 311,398 |
| Depreciation - assets on hire purchase contracts | 660,030 | 592,580 |
| Loss on disposal of fixed assets | 53,432 | 226,283 |
| Auditors' remuneration | 4,000 | 10,000 |
| Audit of the accounts for subsidiary | 16,250 | 15,000 |
| Rents received | - | (79,968 | ) |
| VIAMASTER HOLDINGS LTD (REGISTERED NUMBER: 14459460) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 5. | EXCEPTIONAL ITEMS |
| 2024 | 2023 |
| £ | £ |
| Loss on sale of investment property | - | (1,730,046 | ) |
| In 2023 the investment property was transferred to Europort Properties Limited as part of the group reorganisation. |
| 6. | AMOUNTS WRITTEN OFF INVESTMENTS |
| 2024 | 2023 |
| £ | £ |
| Amounts written off investment | - | 7,731,150 |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank interest | 453 | 98 |
| Bank loan interest | - | 39,272 |
| Other interest | 115 | 6,798 |
| Hire purchase | 99,245 | 71,198 |
| 99,813 | 117,366 |
| 8. | TAXATION |
| Analysis of the tax charge/(credit) |
| The tax charge/(credit) on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax | 65,193 | 209,418 |
| Overprovision in previous year | (3,871 | ) | - |
| Total current tax | 61,322 | 209,418 |
| Deferred tax | 78,808 | (617,409 | ) |
| Tax on profit/(loss) | 140,130 | (407,991 | ) |
| UK corporation tax has been charged at 25 % . |
| VIAMASTER HOLDINGS LTD (REGISTERED NUMBER: 14459460) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 8. | TAXATION - continued |
| Reconciliation of total tax charge/(credit) included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit/(loss) before tax | 555,538 | (601,090 | ) |
| Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 22.008 %) |
138,885 |
(132,288 |
) |
| Effects of: |
| Expenses not deductible for tax purposes | 5,115 | 1,717,041 |
| Income not taxable for tax purposes | - | (1,701,489 | ) |
| Adjustments to tax charge in respect of previous periods | (3,870 | ) | - |
| Application of different rates to timing differences | - | (291,255 | ) |
| Total tax charge/(credit) | 140,130 | (407,991 | ) |
| 9. | 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. |
| 10. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| A Ordinary shares of £1 each |
| Interim | 337,166 | 5,457,495 |
| In 2023 year, the total dividends paid included a one-off distribution in specie of £5,131,296 to Europort Properties Limited as part of the group reorganisation. |
| VIAMASTER HOLDINGS LTD (REGISTERED NUMBER: 14459460) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 11. | TANGIBLE FIXED ASSETS |
| Group |
| Fixtures |
| Plant and | and | Motor |
| machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 October 2023 | 1,464,869 | 456,518 | 6,522,811 | 8,444,198 |
| Additions | 209,751 | 159,880 | 825,520 | 1,195,151 |
| Disposals | (119,100 | ) | (118,127 | ) | (1,265,822 | ) | (1,503,049 | ) |
| At 30 September 2024 | 1,555,520 | 498,271 | 6,082,509 | 8,136,300 |
| DEPRECIATION |
| At 1 October 2023 | 1,120,228 | 346,505 | 3,591,945 | 5,058,678 |
| Charge for year | 90,657 | 32,923 | 807,514 | 931,094 |
| Eliminated on disposal | (76,658 | ) | (111,022 | ) | (1,143,195 | ) | (1,330,875 | ) |
| At 30 September 2024 | 1,134,227 | 268,406 | 3,256,264 | 4,658,897 |
| NET BOOK VALUE |
| At 30 September 2024 | 421,293 | 229,865 | 2,826,245 | 3,477,403 |
| At 30 September 2023 | 344,641 | 110,013 | 2,930,866 | 3,385,520 |
| As at 30 September 2024 the net book value of motor vehicles held under hire purchase agreements totalled £2,384,146 (2023: £2,362,559) and the net book value of plant and machinery held under hire purchase agreements totalled £181,145 (2023: £26,123). |
| 12. | FIXED ASSET INVESTMENTS |
| Group |
| Unlisted |
| investments |
| £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 | 11 |
| NET BOOK VALUE |
| At 30 September 2024 | 11 |
| At 30 September 2023 | 11 |
| VIAMASTER HOLDINGS LTD (REGISTERED NUMBER: 14459460) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 12. | FIXED ASSET INVESTMENTS - continued |
| Company |
| Shares in |
| group |
| undertaking |
| £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiary |
| Registered office: England |
| Nature of business: |
| % |
| Class of shares: | holding |
| 13. | STOCKS |
| Group |
| 2024 | 2023 |
| £ | £ |
| Stocks | 64,116 | 67,143 |
| 14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group |
| 2024 | 2023 |
| £ | £ |
| Trade debtors | 1,875,793 | 2,409,217 |
| Other debtors | - | 60 |
| Prepayments and accrued income | 277,379 | 300,538 |
| 2,153,172 | 2,709,815 |
| VIAMASTER HOLDINGS LTD (REGISTERED NUMBER: 14459460) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Hire purchase contracts (see note 17) | 782,017 | 750,805 |
| Trade creditors | 1,013,719 | 1,412,749 |
| Taxation | 65,193 | 209,418 |
| Social security and other taxes | 388,746 | 522,044 |
| Other creditors | 84,696 | 80,169 |
| Accrued expenses | 185,348 | 185,547 |
| 2,519,719 | 3,160,732 |
| 16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts (see note 17) | 1,420,388 | 1,326,515 |
| 17. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase contracts |
| 2024 | 2023 |
| £ | £ |
| Gross obligations repayable: |
| Within one year | 884,811 | 829,394 |
| Between one and five years | 1,638,255 | 1,514,419 |
| 2,523,066 | 2,343,813 |
| Finance charges repayable: |
| Within one year | 102,794 | 78,589 |
| Between one and five years | 217,867 | 187,904 |
| 320,661 | 266,493 |
| Net obligations repayable: |
| Within one year | 782,017 | 750,805 |
| Between one and five years | 1,420,388 | 1,326,515 |
| 2,202,405 | 2,077,320 |
| VIAMASTER HOLDINGS LTD (REGISTERED NUMBER: 14459460) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 17. | LEASING AGREEMENTS - continued |
| Group |
| Non-cancellable | operating leases |
| 2024 | 2023 |
| £ | £ |
| Within one year | 797,000 | 863,184 |
| Between one and five years | 3,188,000 | 318,000 |
| In more than five years | 6,575,250 | 7,372,250 |
| 10,560,250 | 8,553,434 |
| 18. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts | 2,202,405 | 2,077,320 |
| The hire purchase contracts are secured against the assets to which they relate. |
| Svanska Handelsbanken AB hold security via a floating charge and cross guarantee over the assets of the group. |
| 19. | PROVISIONS FOR LIABILITIES |
| Group |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 760,018 | 681,210 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 October 2023 | 681,210 |
| Provided during year | 78,808 |
| Balance at 30 September 2024 | 760,018 |
| 20. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| A Ordinary | £1 | 7,731,250 | 7,731,250 |
| VIAMASTER HOLDINGS LTD (REGISTERED NUMBER: 14459460) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 21. | RESERVES |
| Group |
| Retained | Merger |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 October 2023 | 2,505,744 | (7,701,150 | ) | (5,195,406 | ) |
| Profit for the year | 415,408 | 415,408 |
| Dividends | (337,166 | ) | (337,166 | ) |
| At 30 September 2024 | 2,583,986 | (7,701,150 | ) | (5,117,164 | ) |
| Company |
| Retained |
| earnings |
| £ |
| At 1 October 2023 | ( |
) |
| Profit for the year |
| Dividends | ( |
) |
| At 30 September 2024 |
| The merger reserve was created following the share for share exchange in the shares of Viamaster Transport Limited on 13 March 2023. |
| 22. | CAPITAL COMMITMENTS |
| 2024 | 2023 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements | - | 326,881 |
| 23. | RELATED PARTY DISCLOSURES |
| Entities with control, joint control or significant influence over the entity |
| 2024 | 2023 |
| £ | £ |
| Sales | - | 6,841 |
| Rents and recharges | 637,729 | 624,385 |
| Sale of properties | - | 7,151,250 |
| Entities in which the directors have a non controlling interest in |
| 2024 | 2023 |
| £ | £ |
| Sales and recharges | 345,531 | 491,559 |
| Purchases and recharges | 58,763 | 101,605 |
| Amount due from related party | 34,111 | 68,259 |
| 24. | ULTIMATE CONTROLLING PARTY |
| Throughout the year the group was controlled by its directors. |