Registration number:
VIBHS Financial Ltd
for the Year Ended 31 March 2025
VIBHS Financial Ltd
Contents
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Company Information |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
VIBHS Financial Ltd
Company Information
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Directors |
Mr Piyushkumar Vinodbhai Parekh Mr Kiritkumar Balubhai Mistry Mr Guy Iain Oliver Riches |
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Company secretary |
AML Registrars Limited |
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Registered office |
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Auditors |
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VIBHS Financial Ltd
Directors' Report for the Year Ended 31 March 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
Principal activity
The principal activity of the company is matched principal brokers. The company is authorised and regulated by the Financial Conduct Authority to act as a Matched Principal broker and has permission to hold client money.
Directors of the company
The directors who held office during the year were as follows:
Fair review of the business
Despite prevailing trading conditions, the board remains committed to managing the business responsibly. In early 2025 the company concluded negotiations for a change in ownership. The takeover will mark a new phase of strategic direction and renewed commitment to long-term growth. The new shareholder has expressed clear intentions to invest in the business, with a particular focus on enhancing marketing efforts to increase visibility and reach within the target community. While financial challenges persist, the renewed support from shareholders and the emphasis on sustainable growth are positive indicators for the company’s future.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Going concern
The accounts have been prepared on a going concern basis as there is no material uncertainty related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern. The company also has the backing of its shareholders to meet its operational deficit, if any.
As a consequence, the directors believe that the company is well placed to manage its business risks successfully for the foreseeable future.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
The auditors Tahas & Co Ltd are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved and authorised by the
VIBHS Financial Ltd
Directors' Report for the Year Ended 31 March 2025
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......................................... |
VIBHS Financial Ltd
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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• |
select suitable accounting policies and apply them consistently; |
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• |
make judgements and accounting estimates that are reasonable and prudent; |
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• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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• |
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 transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
VIBHS Financial Ltd
Independent Auditor's Report to the Members of VIBHS Financial Ltd
Opinion
We have audited the financial statements of VIBHS Financial Ltd (the 'company') for the year ended 31 March 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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 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 company's affairs as at 31 March 2025 and of its loss 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the 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 director's 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
VIBHS Financial Ltd
Independent Auditor's Report to the Members of VIBHS Financial Ltd
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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• |
the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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• |
the Directors' Report has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
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, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the 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 4], 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 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor 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:
VIBHS Financial Ltd
Independent Auditor's Report to the Members of VIBHS Financial Ltd
In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations, we considered the following,
- the nature of the industry and sector, control environment and business performance and performance targets
- results of our enquiries of management and the company's financial manager's own identification and assessment of the risks of irregularities.
- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non- compliance
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations
- Using analytical procedures to identify any unsual or unexpected relationships.
We remained alert to any indications of fraud throughout the audit. As required by auditing standards and taking into account possible pressures to achieve targets, we performed procedures to address the risk of management override of controls and the risk of making inappropriate accounting entries.
We also performed procedures including identifying journal entries and other adjustments to test based on risk criteria and comparing the identified entries to supporting documents. These included those posted to unusual accounts.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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 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.
......................................
For and on behalf of
Suite 3, Second Floor
760 Eastern Avenue
London
IG2 7HU
VIBHS Financial Ltd
Independent Auditor's Report to the Members of VIBHS Financial Ltd
VIBHS Financial Ltd
Profit and Loss Account for the Year Ended 31 March 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
|
|
Gross profit/(loss) |
|
( |
|
|
Administrative expenses |
( |
( |
|
|
Operating loss |
(103,904) |
(519,116) |
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
( |
- |
|
|
3,196 |
2,416 |
||
|
Loss before tax |
( |
( |
|
|
Loss for the financial year |
( |
( |
The above results were derived from continuing operations.
VIBHS Financial Ltd
Statement of Comprehensive Income for the Year Ended 31 March 2025
|
2025 |
2024 |
|
|
Loss for the year |
( |
( |
|
Surplus on revaluation of other assets |
|
- |
|
Total comprehensive income for the year |
( |
( |
VIBHS Financial Ltd
(Registration number: 08279988)
Balance Sheet as at 31 March 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Intangible assets |
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- |
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Tangible assets |
|
|
|
|
|
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Current assets |
|||
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
|||
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Called up share capital |
2,853,154 |
2,853,154 |
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|
Shareholder contribution |
419,700 |
- |
|
|
Revaluation reserve |
80,000 |
- |
|
|
Profit and loss account |
(2,697,654) |
(2,596,946) |
|
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Total equity |
655,200 |
256,208 |
Approved and authorised by the
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VIBHS Financial Ltd
Statement of Changes in Equity for the Year Ended 31 March 2025
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Share capital |
Shareholder Contribution |
Revaluation reserve |
Profit and loss account |
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At 1 April 2024 |
|
- |
- |
( |
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Loss for the year |
- |
- |
- |
( |
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Other comprehensive income |
- |
- |
|
- |
|
Total comprehensive income |
- |
- |
|
( |
|
Shareholder contribution |
- |
419,700 |
- |
- |
|
At 31 March 2025 |
|
|
|
( |
|
Total |
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At 1 April 2024 |
|
|
Loss for the year |
( |
|
Other comprehensive income |
|
|
Total comprehensive income |
( |
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Shareholder contribution |
419,700 |
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At 31 March 2025 |
|
|
Share capital |
Retained earnings |
Total |
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At 1 April 2023 |
|
( |
|
|
Loss for the year |
- |
( |
( |
|
New share capital subscribed |
|
- |
|
|
At 31 March 2024 |
2,853,154 |
(2,596,946) |
256,208 |
VIBHS Financial Ltd
Statement of Cash Flows for the Year Ended 31 March 2025
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Note |
2025 |
2024 |
|
|
Cash flows from operating activities |
|||
|
Loss for the year |
( |
( |
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
- |
|
|
Foreign exchange gains/losses |
|
|
|
|
( |
( |
||
|
Working capital adjustments |
|||
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Decrease in trade debtors |
|
|
|
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Decrease in trade creditors |
( |
( |
|
|
Net cash flow from operating activities |
|
( |
|
|
Cash flows from investing activities |
|||
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Interest received |
|
|
|
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Cash flows from financing activities |
|||
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Interest paid |
( |
- |
|
|
Proceeds from issue of ordinary shares, net of issue costs |
|
|
|
|
Net cash flows from financing activities |
|
|
|
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
|
Cash and cash equivalents at 1 April |
|
|
|
|
Effect of exchange rate fluctuations on cash held |
( |
( |
|
|
Cash and cash equivalents at 31 March |
594,348 |
162,751 |
|
VIBHS Financial Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
At the time of approving the financial statements , the directors have a reasonable expectation that the company 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.
Judgements and key sources of estimation uncertainty
In the application of the company’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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
VIBHS Financial Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
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Fixtures, fittings & equipment |
15% reducing balance |
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Patents and licences |
20% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
VIBHS Financial Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
|
Turnover |
The analysis of the company's revenue for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Commissions Received |
|
|
|
Other revenue |
|
|
|
|
|
|
Operating loss |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Foreign exchange losses |
|
|
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income on bank deposits |
|
|
VIBHS Financial Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest expense on other finance liabilities |
|
- |
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Directors |
|
|
|
Staff |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
VIBHS Financial Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Intangible assets |
|
Trademarks, patents and licenses |
Total |
|
|
Cost or valuation |
||
|
At 1 April 2024 |
|
|
|
At 31 March 2025 |
|
|
|
Amortisation |
||
|
At 1 April 2024 |
|
|
|
Impairment |
( |
( |
|
At 31 March 2025 |
|
|
|
Carrying amount |
||
|
At 31 March 2025 |
|
|
|
Tangible assets |
|
Furniture, fittings and equipment |
Total |
|
|
Cost or valuation |
||
|
At 1 April 2024 |
|
|
|
At 31 March 2025 |
|
|
|
Depreciation |
||
|
At 1 April 2024 |
|
|
|
Charge for the year |
|
|
|
At 31 March 2025 |
|
|
|
Carrying amount |
||
|
At 31 March 2025 |
|
|
|
At 31 March 2024 |
|
|
VIBHS Financial Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Debtors |
|
Current |
2025 |
2024 |
|
Other debtors |
|
|
|
Accrued income |
- |
|
|
|
|
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash at bank |
|
|
|
Creditors |
|
2025 |
2024 |
|
|
Due within one year |
||
|
Trade creditors |
- |
|
|
Social security and other taxes |
- |
|
|
Outstanding defined contribution pension costs |
|
|
|
Other payables |
|
|
|
Accruals |
|
|
|
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
2,853,154 |
|
2,853,154 |
VIBHS Financial Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Parent and ultimate parent undertaking |
The ultimate controlling party is Mr P Parekh, director, by virtue of his majority shareholding in the company.