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REGISTERED NUMBER: 09526785 (England and Wales)












Financial Statements

for the Year Ended 30 September 2024

for

VGV Facades UK Limited

VGV Facades UK Limited (Registered number: 09526785)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


VGV Facades UK Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: M Vorsselmans
K Vorsselmans





SECRETARY: MYUKOFFICE LTD





REGISTERED OFFICE: 8 Northumberland Avenue
London
WC2N 5BY





REGISTERED NUMBER: 09526785 (England and Wales)





AUDITORS: Try Lunn & Co
Chartered Accountants
and Statutory Auditors
Roland House
Princes Dock Street
HULL HU1 2LD

VGV Facades UK Limited (Registered number: 09526785)

Balance Sheet
30 September 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 5 2,246 8,911

CURRENT ASSETS
Debtors 6 1,502,168 1,758,404
Cash at bank and in hand 274,085 101,953
1,776,253 1,860,357
CREDITORS
Amounts falling due within one year 7 2,176,135 1,385,930
NET CURRENT (LIABILITIES)/ASSETS (399,882 ) 474,427
TOTAL ASSETS LESS CURRENT
LIABILITIES

(397,636

)

483,338

CAPITAL AND RESERVES
Called up share capital 8 10 10
Retained earnings 9 (397,646 ) 483,328
SHAREHOLDERS' FUNDS (397,636 ) 483,338

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 May 2025 and were signed on its behalf by:





M Vorsselmans - Director


VGV Facades UK Limited (Registered number: 09526785)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

VGV Facades UK 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 Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has faced challenges, particularly on one of its projects, during the current and preceding financial year. As a result, at the balance sheet date, the company has negative reserves of £397,636. The Company continues to be reliant on the financial and operational support of Vorsselmans NV. The Directors of Vorsselmans NV have agreed to provide the necessary financial and operational support to ensure the company will be able to continue as a going concern for the foreseeable future.

The Directors are confident that going forward the company's existing projects are, and will continue to be, profit making. Please also see note 12.

Turnover
Turnover represents net activity under contracts, excluding VAT having regard to the fulfilment of contractual obligations. Revenue is recognised on long term contracts under the percentage of completion method allowed by FRS 102.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - Straight line over 3 years

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

VGV Facades UK Limited (Registered number: 09526785)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Amounts recoverable under contracts
Amounts recoverable on contracts (other than small works) are valued at anticipated net sales value of work done after provision for contingencies and anticipated future costs on contracts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

5,045

4,585

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2023
and 30 September 2024 19,995
DEPRECIATION
At 1 October 2023 11,084
Charge for year 6,665
At 30 September 2024 17,749
NET BOOK VALUE
At 30 September 2024 2,246
At 30 September 2023 8,911

6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 729,098 803,748
Other debtors 379,342 848,382
1,108,440 1,652,130

Amounts falling due after more than one year:
Other debtors 393,728 106,274

Aggregate amounts 1,502,168 1,758,404

VGV Facades UK Limited (Registered number: 09526785)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 21,119 5
Trade creditors 339,570 13,046
Amounts owed to associates 1,312,290 1,042,994
Taxation and social security 2,182 2,855
Other creditors 500,974 327,030
2,176,135 1,385,930

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary 10p 10 10

9. RESERVES
Retained
earnings
£   

At 1 October 2023 483,328
Deficit for the year (880,974 )
At 30 September 2024 (397,646 )

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Ewart FCA FCCA (Senior Statutory Auditor)
for and on behalf of Try Lunn & Co

11. RELATED PARTY DISCLOSURES

During the year VGV Facades UK Limited (the company) purchased goods and services under normal commercial terms totalling £6,068,897 (2023 £4,341,694) from Vorsselmans NV, a company owning all of the share capital in the company.

At the balance sheet date an amount of £1,312,290 was owed by the company to Vorsselmans NV (2023 £1,042,994).

During the year the company purchased services under normal commercial terms totalling £36,735 (2023 £37,394) from Comavor NV, a company owning all of the share capital in Vorsselmans NV.

VGV Facades UK Limited (Registered number: 09526785)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

12. POST BALANCE SHEET EVENTS

The company faced challenges, particularly on one of its projects, during the current and preceding financial year. The expected loss on the project at the balance sheet date was recognised in full in the financial statements. As a result, at the balance sheet date, the company has negative reserves of £397,636.

In April 2025 a revised contract was agreed to complete this particular project. On this basis the company is now forecasting additional revenues and the loss on the project is now expected to be considerably smaller. In line with the percentage of completion method, under FRS102, the additional revenues on this project, net of costs, will be recognised as contractual obligations are fulfilled in future financial years.

As a result of the April 2025 contract revisions, the Directors are confident that the company's balance sheet position is expected to return to a positive position in the current financial year. However, a reliable estimate of the precise financial impact of these contract changes cannot be made at time of the approval of these financial statements.

13. ULTIMATE CONTROLLING PARTY

The controlling party is Vorsselmans NV, a company registered at Wuustwezelseweg, 2990 Wuustwezel, Belgium.

The ultimate controlling party is M Vorsselmans.