| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 30 September 2024 |
| for |
| VGV Facades UK Limited |
| REGISTERED NUMBER: |
| 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: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Retained earnings | 9 | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Plant and machinery etc | - |
| 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 |
| 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 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 6. | DEBTORS |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Other debtors |
| Amounts falling due after more than one year: |
| Other debtors |
| Aggregate amounts |
| 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 |
| Trade creditors |
| Amounts owed to associates | 1,312,290 | 1,042,994 |
| Taxation and social security |
| Other creditors |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | 10p | 10 | 10 |
| 9. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 October 2023 |
| Deficit for the year | ( |
) |
| At 30 September 2024 | ( |
) |
| 10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 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. |