Company registration number 02909297 (England and Wales)
VIL HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
VIL HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr A W Wallen
Mrs W E Wallen
Mr R W Wallen
Mrs S W Richardson
Mr P W Richardson
Mr J W Wallen
Mrs S L Wallen
Mrs E L Wallen
Secretary
Mr P W Richardson
Company number
02909297
Registered office
Union Road
Bolton
Auditor
Barlow Andrews LLP
Carlyle House
78 Chorley New Road
Bolton
Bankers
HSBC Bank Plc
1-3 Victoria Square
Bolton
Solicitors
Fieldings Porter
Silverwell House
Silverwell Street
Bolton
VIL HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 33
VIL HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The directors present the strategic report for the year ended 30 September 2024.
Review of the business
The key performance indicators for the group are as follows:
2024
2023
£
£
Turnover
32,306,610
31,297,202
Profit/(loss) before taxation
5,660,253
4,425,628
Gross profit margin
24.63%
22.55%
For year ending 2024, VIL Holdings’ subsidiaries have built on the successes of previous years. Liquid Science have produced a sustained profitable performance for the year, whilst also further investing into its infrastructure. The company has built confidence in a market that has provided a more settled trading platform, as fluctuating raw material prices seemed to settle. With the company’s continued success, they have also been able to invest in their staff numbers, as they have increased the level of volumes that they can produce.
In VIL Resins, the company can reflect on another positive year, down to increased volumes and a more settled raw material market. The investment projects continue to be ongoing as they look to improve and expand their capabilities. Further projects will continue in the coming year, as VIL looks to expand its product ranges to cater to their growing customer base.
Aquilon has added to the success of the group and its profitability. It has taken on further new projects to ensure that success can continue. With the market offering good opportunities, Aquilon are in an advantageous position to assess and choose the type of projects that have the highest potential for success.
VIL Holdings’ portfolios have had a highly successful year as markets have continued to rally during the trading year. Whilst investment markets will always provide high levels of uncertainty, VIL are still in a positive mindset of investing for the longer term, to build sustained growth. With the success of the subsidiary companies VIL Holdings will continue to invest, when opportunities present themselves.
Principal risks and uncertainties
Health & Safety - Within the activities of the group, the directors continually recognise the high level of importance when it comes to health and safety in all its subsidiaries. Thus, each process of the businesses will continue to carry out regular risk assessments to ensure a safe working environment and provide internal controls of each process. The group further supports its environmental responsibilities, within each subsidiary, and supports the key regulations that ensure our surrounding environments are maintained in their naturals states.
Competition - The group operates in very competitive markets and the continued growth of each subsidiary is dependent on maintaining customer relationships and developing new products specific to each customer specific need. The group hopes to achieve these objectives by providing a first-class service and through competitive pricing policies.
Financial Instruments and Currency Risks - The group’s principal financial instruments comprise of bank balances, trade creditors and currency exchanges. It is these instruments that allows the company to move forward with its operations.
The group trades with some of its customers and suppliers in foreign currencies, which results in risks of currency fluctuations. The group manages the risk by using the facility of a Euro bank account and ensuring that the net effect of creditors and debtors is closely monitored.
VIL HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Credit risk from trade debtors is managed by operating strict credit control procedures, including detailed credit reference checks on new customers, regular reviews of credit limits and monitoring payments received.
Within the holding company the group is exposed to investment risk as its manages its portfolios against the fluctuations of investment markets. This risk is managed by involving directors with the direct decision making of the portfolio managers who provide their professional advice and guidance.
Mr A W Wallen
Director
1 April 2025
VIL HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 September 2024.
Principal activities
The principal activities of the company include the provision of management services to its trading subsidiaries and the management of the company's other assets by monitoring performance and making appropriate investment decisions.
The subsidiary undertakings are as follows;
Vil Resins Limited - Manufacture and sale of surface coating resins
Liquid Science Solutions Limited - Manufacture and distribution of chemical and ancillary products
Aquilon Projects Limited - Development of building projects
Chemsolve Limited - Wholesale of chemical and ancillary products
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £900,282. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr A W Wallen
Mrs W E Wallen
Mr R W Wallen
Mrs S W Richardson
Mr P W Richardson
Mr J W Wallen
Mrs S L Wallen
Mrs E L Wallen
Research and development
Research and development activities continue to be a high priority with the development of new products and maintaining the quality of existing products. In particular the focus is on reducing VOC content, increasing use of sustainable raw materials, and transitioning to water based products.
Future developments
New investment and sustained growth are still the main priorities for VIL Holdings and all its subsidiaries. Funding the expansions from its own resources, the group will always focus on its longer-term objectives.
Auditor
In accordance with the company's articles, a resolution proposing that Barlow Andrews LLP be reappointed as auditor of the group will be put at a General Meeting.
Strategic report
The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of Financial Instruments.
VIL HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr A W Wallen
Director
1 April 2025
VIL HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
VIL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF VIL HOLDINGS LIMITED
- 6 -
Opinion
We have audited the financial statements of VIL Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Group Profit and Loss Account, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows and 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
VIL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VIL HOLDINGS LIMITED
- 7 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the group through discussions with directors and other management;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, taxation legislation, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
VIL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VIL HOLDINGS LIMITED
- 8 -
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Alison Cornes (Senior Statutory Auditor)
For and on behalf of Barlow Andrews LLP, Statutory Auditor
Carlyle House
78 Chorley New Road
Bolton
1 April 2025
VIL HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
32,306,610
31,297,202
Cost of sales
(24,348,205)
(24,238,497)
Gross profit
7,958,405
7,058,705
Distribution costs
(1,553,126)
(1,450,451)
Administrative expenses
(2,989,916)
(2,839,049)
Other operating income
12,796
9,846
Operating profit
4
3,428,159
2,779,051
Investment income and gains on investments
8
2,295,803
1,762,771
Interest payable and similar expenses
9
(63,709)
(116,194)
Profit before taxation
5,660,253
4,425,628
Tax on profit
10
(1,503,480)
(948,011)
Profit for the financial year
4,156,773
3,477,617
Profit for the financial year is all attributable to the owners of the parent company.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
There is no other comprehensive income for the year. The total comprehensive income is the profit for the financial year shown above.
VIL HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
507,028
785,133
Tangible assets
13
13,495,916
10,373,631
Investment property
14
1,229,204
1,200,304
15,232,148
12,359,068
Current assets
Stocks
18
4,660,120
5,705,740
Debtors
19
7,049,531
9,019,321
Investments
20
17,453,864
15,295,260
Cash at bank and in hand
5,102,687
2,273,441
34,266,202
32,293,762
Creditors: amounts falling due within one year
21
(6,694,389)
(6,213,924)
Net current assets
27,571,813
26,079,838
Total assets less current liabilities
42,803,961
38,438,906
Provisions for liabilities
Deferred tax liability
22
(2,543,048)
(1,432,666)
(2,543,048)
(1,432,666)
Government grants
(18,428)
(20,246)
Net assets
40,242,485
36,985,994
Capital and reserves
Called up share capital
24
500
500
Capital redemption reserve
25
500
500
Other reserves
26
3,499,500
3,499,500
Profit and loss reserves
36,741,985
33,485,494
Total equity
40,242,485
36,985,994
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 1 April 2025 and are signed on its behalf by:
01 April 2025
Mr A W Wallen
Director
Company registration number 02909297 (England and Wales)
VIL HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
2,805,001
2,855,834
Investments
15
3,375,367
3,375,367
6,180,368
6,231,201
Current assets
Debtors
19
1,477,191
1,277,449
Investments
20
17,453,864
15,295,260
Cash at bank and in hand
263,738
561,918
19,194,793
17,134,627
Creditors: amounts falling due within one year
21
(3,678,990)
(1,823,810)
Net current assets
15,515,803
15,310,817
Total assets less current liabilities
21,696,171
21,542,018
Provisions for liabilities
Deferred tax liability
22
(838,701)
(393,070)
(838,701)
(393,070)
Net assets
20,857,470
21,148,948
Capital and reserves
Called up share capital
24
500
500
Profit and loss reserves
20,856,970
21,148,448
Total equity
20,857,470
21,148,948
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £608,804 (2023 - £1,912,757 loss).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 1 April 2025 and are signed on its behalf by:
01 April 2025
Mr A W Wallen
Director
Company registration number 02909297 (England and Wales)
VIL HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
Share capital
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 October 2022
500
500
3,499,500
30,007,877
33,508,377
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
-
3,477,617
3,477,617
Balance at 30 September 2023
500
500
3,499,500
33,485,494
36,985,994
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
-
-
4,156,773
4,156,773
Dividends
11
-
-
-
(900,282)
(900,282)
Balance at 30 September 2024
500
500
3,499,500
36,741,985
40,242,485
VIL HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
500
23,061,205
23,061,705
Year ended 30 September 2023:
Loss and total comprehensive income for the year
-
(1,912,757)
(1,912,757)
Balance at 30 September 2023
500
21,148,448
21,148,948
Year ended 30 September 2024:
Profit and total comprehensive income
-
608,804
608,804
Dividends
11
-
(900,282)
(900,282)
Balance at 30 September 2024
500
20,856,970
20,857,470
VIL HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
7,994,891
1,535,542
Interest paid
(63,709)
(116,194)
Income taxes paid
(508,280)
(598,127)
Net cash inflow from operating activities
7,422,902
821,221
Investing activities
Purchase of tangible fixed assets
(3,801,673)
(649,140)
Proceeds from disposal of tangible fixed assets
-
49,553
Purchase of investment property
(28,900)
(218,452)
Net movement on purchase/sales of investments
(255,218)
(462,755)
Interest received
97,763
28,028
Dividends received
294,654
214,290
Net cash used in investing activities
(3,693,374)
(1,038,476)
Financing activities
Dividends paid to equity shareholders
(900,282)
Net cash used in financing activities
(900,282)
-
Net increase/(decrease) in cash and cash equivalents
2,829,246
(217,255)
Cash and cash equivalents at beginning of year
2,273,307
2,490,562
Cash and cash equivalents at end of year
5,102,553
2,273,307
Relating to:
Cash at bank and in hand
5,102,687
2,273,441
Bank overdrafts included in creditors payable within one year
(134)
(134)
VIL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
1
Accounting policies
Company information
Vil Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Union Road, Bolton.
The group consists of Vil Holdings Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 'Related Party Disclosures': Compensation for key management personnel.
For the year ended 30 September 2024, Chemsolve Ltd (registered number 05708624) is exempt from the requirement of an audit, by virtue of S479A of the Companies Act 2006, for their individual accounts as Vil Holdings Limited, the parent undertaking, has provided a guarantee to the relevant subsidiary under S479C in respect of the year ended 30 September 2024.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
VIL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Vil Holdings Limited together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 30 September 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Turnover includes income derived from properties occupied by tenants during the year. Income that is invoiced in advance or arrears is apportioned so that only that relating to the period of the financial statements is included in turnover.
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is between 10% and 15% on cost.
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold Buildings
2% - 2.5% straight line
Leasehold Land and buildings
6 2/3% straight line
Plant and machinery
6 2/3% - 33% straight line
Fixtures, fittings & equipment
6 2/3% - 15% straight line
Computer equipment
33% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
VIL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.8
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.9
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.10
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.11
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Cost is calculated on a FIFO basis.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
VIL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.12
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.13
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
VIL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.14
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.15
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
VIL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.16
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.17
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.18
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.19
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.20
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.21
Research and development
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
VIL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 21 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Investment property
The fair value of the group's investment properties has been arrived at on the basis of a valuation carried out at that date by the company directors, based on market evidence, local knowledge and professional valuations undertaken in the year.
3
Turnover and other revenue
An analysis of the group's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
32,202,001
31,273,038
Rental income
104,609
24,164
32,306,610
31,297,202
2024
2023
£
£
Other revenue
Gains on fair value of investments
1,903,386
1,548,481
Dividends received
294,654
214,290
Grants received
1,485
1,492
In the opinion of the directors, it would be seriously prejudicial to disclose turnover by geographical location. The directors have therefore taken advantage of the exemption to omit this disclosure.
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
50,466
26,884
Research and development costs
2,474
263,539
Government grants
(1,485)
(1,492)
Depreciation of owned tangible fixed assets
617,342
565,802
Loss/(profit) on disposal of tangible fixed assets
77,986
(10,354)
Amortisation of intangible assets
278,105
280,898
Operating lease charges
18,604
22,124
VIL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
7,520
5,880
Audit of the financial statements of the company's subsidiaries
21,575
20,500
29,095
26,380
For other services
Other taxation services
22,125
2,710
6
Employees
The average monthly number of persons employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Production staff
36
34
-
-
Sales and distribution staff
13
13
-
-
Administration and technical staff
27
29
10
8
Total
76
76
10
8
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,015,234
2,811,909
267,812
244,930
Social security costs
290,607
263,036
26,371
23,684
Pension costs
318,167
245,977
194,293
134,662
3,624,008
3,320,922
488,476
403,276
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
429,396
411,822
Company pension contributions to defined contribution schemes
238,476
140,146
667,872
551,968
VIL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
7
Directors' remuneration
(Continued)
- 23 -
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 6 (2023 - 6).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
68,585
60,732
Company pension contributions to defined contribution schemes
40,210
39,279
The directors are also considered to be the key management personnel.
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
97,763
28,027
Other income from investments
Dividends received
294,654
214,290
Gains on share investments through the profit and loss
1,903,386
1,520,454
Total investment income and gains/(losses) on investments
2,295,803
1,762,771
Investment income includes the following:
Dividends from financial assets measured at fair value through profit or loss
294,654
214,290
9
Interest payable and similar expenses
2024
2023
£
£
Other interest on financial liabilities
56,990
97,185
Other interest
6,719
19,009
Total finance costs
63,709
116,194
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
330,617
520,681
Adjustments in respect of prior periods
62,481
(37,442)
Total current tax
393,098
483,239
VIL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
10
Taxation
2024
2023
£
£
(Continued)
- 24 -
Deferred tax
Origination and reversal of timing differences
1,110,382
464,772
Total tax charge
1,503,480
948,011
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
5,660,253
4,425,628
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.01%)
1,415,063
974,002
Tax effect of expenses that are not deductible in determining taxable profit
8,935
35
Unutilised tax losses carried forward
177,067
Permanent capital allowances in excess of depreciation
457,648
(329)
Amortisation on assets not qualifying for tax allowances
68,465
60,272
Research and development tax credit
62,640
(62,641)
Under/(over) provided in prior years
(159)
(37,442)
Tax at marginal rate
(465)
Dividend income
(73,664)
(47,161)
Realised gains taxable
23,465
8,158
Unrealised (gains)/losses not taxable
(475,847)
(334,625)
Deferred tax movement in excess of depreciation and capital allowances
(159,668)
387,742
Taxation charge
1,503,480
948,011
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
900,282
-
VIL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
2,794,829
Amortisation and impairment
At 1 October 2023
2,009,696
Amortisation charged for the year
278,105
At 30 September 2024
2,287,801
Carrying amount
At 30 September 2024
507,028
At 30 September 2023
785,133
The company had no intangible fixed assets at 30 September 2024 or 30 September 2023.
VIL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
13
Tangible fixed assets
Group
Freehold Buildings
Leasehold Land and buildings
Assets under construction
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
£
Cost
At 1 October 2023
5,861,543
183,057
9,101,061
459,507
38,567
481,471
16,125,206
Additions
142,950
3,071,655
529,147
6,210
21,970
29,741
3,801,673
Disposals
(371,322)
(178)
(4,434)
(375,934)
At 30 September 2024
5,861,543
326,007
3,071,655
9,258,886
465,539
56,103
511,212
19,550,945
Depreciation and impairment
At 1 October 2023
576,309
33,912
4,575,550
351,386
27,137
187,281
5,751,575
Depreciation charged in the year
90,779
13,305
375,663
11,181
8,154
118,260
617,342
Eliminated in respect of disposals
(310,881)
(171)
(2,836)
(313,888)
At 30 September 2024
667,088
47,217
4,640,332
362,396
32,455
305,541
6,055,029
Carrying amount
At 30 September 2024
5,194,455
278,790
3,071,655
4,618,554
103,143
23,648
205,671
13,495,916
At 30 September 2023
5,285,234
149,145
4,525,511
108,121
11,430
294,190
10,373,631
VIL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
Company
Freehold Buildings
£
Cost
At 1 October 2023 and 30 September 2024
3,033,333
Depreciation and impairment
At 1 October 2023
177,499
Depreciation charged in the year
50,833
At 30 September 2024
228,332
Carrying amount
At 30 September 2024
2,805,001
At 30 September 2023
2,855,834
14
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 October 2023
1,200,304
-
Additions through external acquisition
28,900
-
At 30 September 2024
1,229,204
-
The fair value of the investment properties has been arrived on the basis of a valuation carried out during the year by Lamb & Swift Commercial. This has been based on market evidence, there have been no material changes to the valuation of the properties in the period after this valuation to the balance sheet date.
The historical cost of the investment property is £1,229,204 (2023: £1,200,304)
VIL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
3,375,367
3,375,367
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 30 September 2024
3,375,367
Carrying amount
At 30 September 2024
3,375,367
At 30 September 2023
3,375,367
16
Subsidiaries
Details of the company's subsidiaries at 30 September 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Chemsolve Ltd (Formerly Clean Innovations Limited)
Unit 6, Bentley Wood Way Network 65 Business Park, Hapton, Burnley
Wholesale of chemical and ancillary products
Ordinary
0
100.00
Melpass Limited
Unit 6, Bentley Wood Way Network 65 Business Park, Hapton, Burnley
Dormant
Ordinary
0
100.00
Liquid Science Solutions Limited
Unit 6, Bentley Wood Way Network 65 Business Park, Hapton, Burnley
Manufacture and distribution of chemicals and ancillary products
Ordinary
100.00
-
Liquid Science Ltd (Formerly Thaumaturgy (UK) Limited)
Unit 6, Bentley Wood Way Network 65 Business Park, Hapton, Burnley
Dormant
Ordinary
0
100.00
Vil Resins Ltd
Union Road, Bolton
Manufacture of surface coating resins
Ordinary
100.00
-
Aquilon Projects Limited
Union Road, Bolton
Development of building projects
Ordinary
100.00
-
VIL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 29 -
17
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
11,840,618
9,955,284
n/a
n/a
Equity instruments measured at cost less impairment
17,453,864
15,295,260
n/a
n/a
Carrying amount of financial liabilities
Measured at amortised cost
6,064,461
5,511,543
n/a
n/a
As permitted by the reduced disclosure framework within FRS 102, the company has taken advantage of the exemption from disclosing the carrying amount of certain classes of financial instruments, denoted by 'n/a' above.
18
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
2,598,912
3,704,238
-
-
Work in progress
267,978
-
-
-
Finished goods and goods for resale
1,793,230
2,001,502
4,660,120
5,705,740
-
-
19
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
6,688,889
7,645,888
Amounts owed by group undertakings
-
-
1,477,191
1,277,191
Other debtors
53,955
40,104
258
Prepayments and accrued income
306,687
1,333,329
7,049,531
9,019,321
1,477,191
1,277,449
20
Current asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Listed investments
17,453,864
15,295,260
17,453,864
15,295,260
VIL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 30 -
21
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
134
134
Trade creditors
4,543,636
3,355,194
2,791
Amounts owed to group undertakings
2,267,303
Corporation tax payable
168,057
283,239
132,026
28,331
Other taxation and social security
461,871
411,446
183,308
96,825
Government grants
7,696
Other creditors
1,114,781
1,716,524
1,086,862
1,688,024
Accruals and deferred income
405,910
439,691
6,700
10,630
6,694,389
6,213,924
3,678,990
1,823,810
22
Deferred taxation
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
1,881,413
1,039,596
Tax losses
(177,066)
-
Unrealised gains on investments
838,701
393,070
2,543,048
1,432,666
Liabilities
Liabilities
2024
2023
Company
£
£
Unrealised gains on investments
838,701
393,070
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
1,432,666
393,070
Charge to profit or loss
1,110,382
445,631
Liability at 30 September 2024
2,543,048
838,701
VIL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
22
Deferred taxation
(Continued)
- 31 -
The deferred taxation balance in regard to accelerated capital allowances is expected to reverse over the useful economic life of the assets. The deferred taxation balance in regard to tax losses will reverse within the September 2025 financial statements. The balance in regard to the unrealised gains on investments will reverse as the investments are sold.
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
318,167
245,977
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
500
500
500
500
The holders of ordinary shares are entitled to full voting rights and are entitled to one vote per share at meetings of the Company. All ordinary shares rank equally with regard to the Company's residual assets.
25
Capital redemption reserve
The capital redemption reserve records the nominal value of shares repurchased by the group.
26
Other reserves
Other reserves relates to funds set aside in respect of future projects.
27
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
18,604
18,604
-
-
Between two and five years
27,956
46,559
-
-
46,560
65,163
-
-
VIL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
27
Operating lease commitments
(Continued)
- 32 -
Lessor
At the reporting end date the group had contracted with tenants for the following minimum lease payments:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
105,417
69,000
-
-
Between two and five years
317,417
276,000
-
-
In over five years
339,250
339,250
-
-
762,084
684,250
-
-
28
Capital commitments
Amounts contracted for but not provided in the financial statements:
Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
550,000
2,025,698
-
-
29
Directors' transactions
At the year end there was a balance of £1,086,862 due to the directors (2023: £1,688,024). Interest has been paid in the year at 5% being £56,990 (2023: £97,185).
Dividends totalling £900,282 (2023: £Nil) were paid in the year in respect of shares in which the directors had an interest.
Related parties of the directors received total employee benefits of £67,184 during the year (2023: £44,952).
VIL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 33 -
30
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
4,156,773
3,477,617
Adjustments for:
Taxation charged
1,503,480
948,011
Finance costs
63,709
116,194
Investment income
(392,417)
(242,316)
Gain on fair value of investment portfolio
(1,903,385)
(1,520,454)
Loss/(gain) on disposal of tangible fixed assets
77,986
(10,354)
Amortisation and impairment of intangible assets
278,105
280,898
Depreciation and impairment of tangible fixed assets
617,342
565,802
Decrease in deferred income
(1,818)
(1,493)
Movements in working capital:
Decrease in stocks
1,045,620
606,120
Decrease/(increase) in debtors
1,969,789
(1,558,757)
Increase/(decrease) in creditors
587,403
(1,126,941)
(Decrease)/increase in deferred income
(7,696)
1,215
Cash generated from operations
7,994,891
1,535,542
31
Analysis of changes in net funds - group
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
2,273,441
2,829,246
5,102,687
Bank overdrafts
(134)
-
(134)
2,273,307
2,829,246
5,102,553
2024-09-302023-10-01falsefalseCCH SoftwareCCH Accounts Production 2025.100Mr A W WallenMrs W E WallenMr R W WallenMrs S W RichardsonMr J W WallenMrs S L WallenMrs E L WallenMrs E WallenMr P W Richardsonfalse02909297bus:Consolidated2023-10-012024-09-30029092972023-10-012024-09-3002909297bus:Director12023-10-012024-09-3002909297bus:Director22023-10-012024-09-3002909297bus:Director32023-10-012024-09-3002909297bus:Director42023-10-012024-09-3002909297bus:CompanySecretaryDirector12023-10-012024-09-3002909297bus:Director52023-10-012024-09-3002909297bus:Director62023-10-012024-09-3002909297bus:Director72023-10-012024-09-3002909297bus:CompanySecretary12023-10-012024-09-3002909297bus:Director82023-10-012024-09-3002909297bus:RegisteredOffice2023-10-012024-09-3002909297bus:Agent12023-10-012024-09-3002909297bus:Consolidated2022-10-012023-09-30029092972024-09-3002909297bus:Consolidated2024-09-30029092972022-10-012023-09-3002909297core:Goodwillbus:Consolidated2024-09-3002909297core:Goodwillbus:Consolidated2023-09-3002909297bus:Consolidated2023-09-30029092972023-09-3002909297core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2024-09-3002909297core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2024-09-3002909297core:ConstructionInProgressAssetsUnderConstructionbus:Consolidated2024-09-3002909297core:PlantMachinerybus:Consolidated2024-09-3002909297core:FurnitureFittingsbus:Consolidated2024-09-3002909297core:ComputerEquipmentbus:Consolidated2024-09-3002909297core:MotorVehiclesbus:Consolidated2024-09-3002909297core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-09-3002909297core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-09-3002909297core:ConstructionInProgressAssetsUnderConstructionbus:Consolidated2023-09-3002909297core:PlantMachinerybus:Consolidated2023-09-3002909297core:FurnitureFittingsbus:Consolidated2023-09-3002909297core:ComputerEquipmentbus:Consolidated2023-09-3002909297core:MotorVehiclesbus:Consolidated2023-09-3002909297core:LandBuildingscore:OwnedOrFreeholdAssets2024-09-3002909297core:LandBuildingscore:OwnedOrFreeholdAssets2023-09-3002909297core:ShareCapitalbus:Consolidated2024-09-3002909297core:ShareCapitalbus:Consolidated2023-09-3002909297core:CapitalRedemptionReservebus:Consolidated2024-09-3002909297core:CapitalRedemptionReservebus:Consolidated2023-09-3002909297core:OtherMiscellaneousReservebus:Consolidated2024-09-3002909297core:OtherMiscellaneousReservebus:Consolidated2023-09-3002909297core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-09-3002909297core:ShareCapital2024-09-3002909297core:ShareCapital2023-09-3002909297core:RetainedEarningsAccumulatedLosses2024-09-3002909297core:RetainedEarningsAccumulatedLosses2023-09-3002909297core:ShareCapitalbus:Consolidated2022-09-3002909297core:CapitalRedemptionReservebus:Consolidated2022-09-3002909297core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-09-3002909297core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-09-3002909297core:ShareCapital2022-09-3002909297core:RetainedEarningsAccumulatedLosses2022-09-3002909297bus:Consolidated2022-09-3002909297core:Goodwill2023-10-012024-09-3002909297core:LandBuildingscore:OwnedOrFreeholdAssets2023-10-012024-09-3002909297core:LandBuildingscore:LongLeaseholdAssets2023-10-012024-09-3002909297core:PlantMachinery2023-10-012024-09-3002909297core:FurnitureFittings2023-10-012024-09-3002909297core:ComputerEquipment2023-10-012024-09-3002909297core:MotorVehicles2023-10-012024-09-3002909297core:UKTaxbus:Consolidated2023-10-012024-09-3002909297core:UKTaxbus:Consolidated2022-10-012023-09-3002909297bus:Consolidated12023-10-012024-09-3002909297bus:Consolidated12022-10-012023-09-3002909297bus:Consolidated22023-10-012024-09-3002909297bus:Consolidated22022-10-012023-09-3002909297bus:Consolidated32023-10-012024-09-3002909297bus:Consolidated32022-10-012023-09-3002909297bus:Consolidated42023-10-012024-09-3002909297bus:Consolidated42022-10-012023-09-3002909297bus:Consolidated52023-10-012024-09-3002909297bus:Consolidated52022-10-012023-09-3002909297bus:Consolidated62023-10-012024-09-3002909297bus:Consolidated62022-10-012023-09-3002909297core:Goodwillbus:Consolidated2023-09-3002909297core:Goodwillbus:Consolidated2023-10-012024-09-3002909297core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-09-3002909297core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-09-3002909297core:ConstructionInProgressAssetsUnderConstructionbus:Consolidated2023-09-3002909297core:PlantMachinerybus:Consolidated2023-09-3002909297core:FurnitureFittingsbus:Consolidated2023-09-3002909297core:ComputerEquipmentbus:Consolidated2023-09-3002909297core:MotorVehiclesbus:Consolidated2023-09-3002909297bus:Consolidated2023-09-3002909297core:LandBuildingscore:OwnedOrFreeholdAssets2023-09-3002909297core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-10-012024-09-3002909297core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-10-012024-09-3002909297core:ConstructionInProgressAssetsUnderConstructionbus:Consolidated2023-10-012024-09-3002909297core:PlantMachinerybus:Consolidated2023-10-012024-09-3002909297core:FurnitureFittingsbus:Consolidated2023-10-012024-09-3002909297core:ComputerEquipmentbus:Consolidated2023-10-012024-09-3002909297core:MotorVehiclesbus:Consolidated2023-10-012024-09-3002909297core:Subsidiary12023-10-012024-09-3002909297core:Subsidiary22023-10-012024-09-3002909297core:Subsidiary32023-10-012024-09-3002909297core:Subsidiary42023-10-012024-09-3002909297core:Subsidiary52023-10-012024-09-3002909297core:Subsidiary62023-10-012024-09-3002909297core:Subsidiary112023-10-012024-09-3002909297core:Subsidiary222023-10-012024-09-3002909297core:Subsidiary332023-10-012024-09-3002909297core:Subsidiary442023-10-012024-09-3002909297core:Subsidiary552023-10-012024-09-3002909297core:Subsidiary662023-10-012024-09-3002909297core:CurrentFinancialInstruments2024-09-3002909297core:CurrentFinancialInstruments2023-09-3002909297core:CurrentFinancialInstrumentsbus:Consolidated2024-09-3002909297core:CurrentFinancialInstrumentsbus:Consolidated2023-09-3002909297core:WithinOneYearbus:Consolidated2024-09-3002909297core:WithinOneYearbus:Consolidated2023-09-3002909297core:CurrentFinancialInstrumentscore:WithinOneYear2024-09-3002909297core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3002909297core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-09-3002909297core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-09-3002909297bus:PrivateLimitedCompanyLtd2023-10-012024-09-3002909297bus:FRS1022023-10-012024-09-3002909297bus:Audited2023-10-012024-09-3002909297bus:ConsolidatedGroupCompanyAccounts2023-10-012024-09-3002909297bus:FullAccounts2023-10-012024-09-30xbrli:purexbrli:sharesiso4217:GBP