Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-31Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.false2024-01-01truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. NI021908 2024-01-01 2024-12-31 NI021908 2023-01-01 2023-12-31 NI021908 2024-12-31 NI021908 2023-12-31 NI021908 2023-01-01 NI021908 c:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 NI021908 d:Director1 2024-01-01 2024-12-31 NI021908 c:Buildings 2024-01-01 2024-12-31 NI021908 c:Buildings 2024-12-31 NI021908 c:Buildings 2023-12-31 NI021908 c:Buildings c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 NI021908 c:MotorVehicles 2024-01-01 2024-12-31 NI021908 c:MotorVehicles 2024-12-31 NI021908 c:MotorVehicles 2023-12-31 NI021908 c:MotorVehicles c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 NI021908 c:OfficeEquipment 2024-01-01 2024-12-31 NI021908 c:ComputerEquipment 2024-01-01 2024-12-31 NI021908 c:ComputerEquipment 2024-12-31 NI021908 c:ComputerEquipment 2023-12-31 NI021908 c:ComputerEquipment c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 NI021908 c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 NI021908 c:CurrentFinancialInstruments 2024-12-31 NI021908 c:CurrentFinancialInstruments 2023-12-31 NI021908 c:Non-currentFinancialInstruments 2024-12-31 NI021908 c:Non-currentFinancialInstruments 2023-12-31 NI021908 c:CurrentFinancialInstruments c:WithinOneYear 2024-12-31 NI021908 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 NI021908 c:Non-currentFinancialInstruments c:AfterOneYear 2024-12-31 NI021908 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 NI021908 c:ShareCapital 2024-01-01 2024-12-31 NI021908 c:ShareCapital 2024-12-31 NI021908 c:ShareCapital 2023-01-01 2023-12-31 NI021908 c:ShareCapital 2023-12-31 NI021908 c:ShareCapital 2023-01-01 NI021908 c:RevaluationReserve 2024-01-01 2024-12-31 NI021908 c:RevaluationReserve 2024-12-31 NI021908 c:RevaluationReserve 2023-01-01 2023-12-31 NI021908 c:RevaluationReserve 2023-12-31 NI021908 c:RevaluationReserve c:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 NI021908 c:RevaluationReserve 2023-01-01 NI021908 c:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 NI021908 c:RetainedEarningsAccumulatedLosses 2024-12-31 NI021908 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 NI021908 c:RetainedEarningsAccumulatedLosses 2023-12-31 NI021908 c:RetainedEarningsAccumulatedLosses c:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 NI021908 c:RetainedEarningsAccumulatedLosses 2023-01-01 NI021908 c:AcceleratedTaxDepreciationDeferredTax 2024-12-31 NI021908 c:AcceleratedTaxDepreciationDeferredTax 2023-12-31 NI021908 c:TaxLossesCarry-forwardsDeferredTax 2024-12-31 NI021908 c:TaxLossesCarry-forwardsDeferredTax 2023-12-31 NI021908 d:OrdinaryShareClass1 2024-01-01 2024-12-31 NI021908 d:OrdinaryShareClass1 2024-12-31 NI021908 d:OrdinaryShareClass1 2023-12-31 NI021908 d:FRS102 2024-01-01 2024-12-31 NI021908 d:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 NI021908 d:FullAccounts 2024-01-01 2024-12-31 NI021908 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 NI021908 c:WithinOneYear 2024-12-31 NI021908 c:WithinOneYear 2023-12-31 NI021908 c:BetweenOneFiveYears 2024-12-31 NI021908 c:BetweenOneFiveYears 2023-12-31 NI021908 c:HirePurchaseContracts c:WithinOneYear 2024-12-31 NI021908 c:HirePurchaseContracts c:WithinOneYear 2023-12-31 NI021908 c:HirePurchaseContracts c:BetweenOneFiveYears 2024-12-31 NI021908 c:HirePurchaseContracts c:BetweenOneFiveYears 2023-12-31 NI021908 2 2024-01-01 2024-12-31 NI021908 6 2024-01-01 2024-12-31 NI021908 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2024-12-31 NI021908 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2023-12-31 NI021908 c:LeasedAssetsHeldAsLessee 2024-12-31 NI021908 c:LeasedAssetsHeldAsLessee 2023-12-31 NI021908 e:PoundSterling 2024-01-01 2024-12-31 NI021908 c:ShareCapital c:PriorPeriodErrorIncreaseDecrease 2023-01-01 2023-12-31 NI021908 c:RevaluationReserve c:PreviouslyStatedAmount 2023-01-01 NI021908 c:RetainedEarningsAccumulatedLosses c:PreviouslyStatedAmount 2023-01-01 iso4217:GBP xbrli:shares xbrli:pure



















VME Retail Systems Limited

Registered number: NI021908
Filleted Financial Statements
For the year ended 31 December 2024

 
VME RETAIL SYSTEMS LIMITED
REGISTERED NUMBER: NI021908

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
478,209
471,993

Investments
 5 
4,000
4,000

  
482,209
475,993

Current assets
  

Debtors: amounts falling due within one year
 6 
691,105
637,270

Cash at bank and in hand
 7 
807,174
1,006,181

  
1,498,279
1,643,451

Creditors: amounts falling due within one year
 9 
(1,331,441)
(1,188,764)

Net current assets
  
 
 
166,838
 
 
454,687

Total assets less current liabilities
  
649,047
930,680

Creditors: amounts falling due after more than one year
 8 
(101,576)
(69,564)

Provisions for liabilities
  

Deferred tax
 11 
(30,940)
(39,209)

  
 
 
(30,940)
 
 
(39,209)

Net assets
  
516,531
821,907


Capital and reserves
  

Called up share capital 
 12 
20,000
20,000

Revaluation reserve
 13 
153,113
156,973

Profit and loss account
 13 
343,418
644,934

  
516,531
821,907

Page 1

 
VME RETAIL SYSTEMS LIMITED
REGISTERED NUMBER: NI021908
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the Board and were signed on its behalf by: 





Mr Richard Coyle
Director

Date: 7 July 2025

The notes on pages 5 to 15 form part of these financial statements.
Page 2

 
VME RETAIL SYSTEMS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2024
20,000
156,973
644,934
821,907


Comprehensive income for the year

Profit for the year
-
-
1,496,174
1,496,174

Surplus on revaluation of freehold property
-
-
3,860
3,860
Total comprehensive income for the year
-
-
1,500,034
1,500,034


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(1,801,550)
(1,801,550)

Transfer to/from profit and loss account
-
(3,860)
-
(3,860)


Total transactions with owners
-
(3,860)
(1,801,550)
(1,805,410)


At 31 December 2024
20,000
153,113
343,418
516,531


The notes on pages 5 to 15 form part of these financial statements.
Page 3

 
VME RETAIL SYSTEMS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
20,000
162,396
607,593
789,989

Prior year adjustment
-
(1,563)
1,563
-

At 1 January 2023 (as restated)
20,000
160,833
609,156
789,989


Comprehensive income for the year

Profit for the year
-
-
1,433,730
1,433,730

Surplus on revaluation of other fixed assets
-
(3,860)
3,860
-
Total comprehensive income for the year
-
(3,860)
1,437,590
1,433,730


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(1,401,812)
(1,401,812)


Total transactions with owners
-
-
(1,401,812)
(1,401,812)


At 31 December 2023
20,000
156,973
644,934
821,907


The notes on pages 5 to 15 form part of these financial statements.
Page 4

 
VME RETAIL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

VME Retail Systems Limited (the "Company") is a private company limited by shares and is incorporated, registered and domiciled in Northern Ireland, within the United Kingdom. The address of its registered office is 11 Carnbeg Avenue, Antrim, Northern Ireland, BT41 4RA. The Company's registered number is NI021908.
The Company's principal activities during the financial year was the design, marketing and installation of specialised computer systems.
These financial statements have been presented in Pounds Sterling as this is the currency of the primary economic environment in which the Company operates. Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company is deemed to be a going concern and therefore the accounts have been prepared on the going concern basis. The Director and parent company will pay liabilities as they fall due and fulfil negative reserves through the continued support of cash injections. On the basis of the above, the shareholders consider the Company to be a going concern for the foreseeable future.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 5

 
VME RETAIL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Turnover represents the invoiced value of goods supplied during the year excluding value added tax and is net of sales returns, trade discounts and rebates. Maintenance sales are recognised on an accruals basis. Installation sales are recognised upon installation of the product, which is when title to the product is transferred to the customer.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan 
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Page 6

 
VME RETAIL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Freehold property is held at market value less accumulated depreciation.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line on revalued amount
Motor vehicles
-
25%
reducing balance
Computer equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Valuation of investments

Fixed asset investments are stated at their purchase cost less any provision for impairment. Investment income is included in the Statement of Comprehensive Income on an accruals basis.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 7

 
VME RETAIL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
 
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
 
 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Page 8

 
VME RETAIL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Selling and distribution
3
3



Administrative
34
33

37
36

Page 9

 
VME RETAIL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Freehold property
Motor vehicles
Computer equipment
Total

£
£
£
£



Cost


At 1 January 2024
350,000
190,720
49,422
590,142


Additions
-
97,820
6,349
104,169


Disposals
-
(72,011)
-
(72,011)



At 31 December 2024

350,000
216,529
55,771
622,300



Depreciation


At 1 January 2024
53,683
52,790
11,676
118,149


Charge for the year on owned assets
7,000
51,569
10,270
68,839


Disposals
-
(42,897)
-
(42,897)



At 31 December 2024

60,683
61,462
21,946
144,091



Net book value



At 31 December 2024
289,317
155,067
33,825
478,209



At 31 December 2023
296,317
137,930
37,746
471,993

Page 10

 
VME RETAIL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           4.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
123,103
137,930

123,103
137,930

Cost or valuation at 31 December 2024 is as follows:

Freehold property
£


At cost
157,000
At valuation:

27 August 2014 at open market value
193,000



350,000

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
157,000
157,000

Net book value
157,000
157,000

Page 11

 
VME RETAIL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Fixed asset investments





Unlisted investments

£



Cost


At 1 January 2024
4,000



At 31 December 2024
4,000






Net book value



At 31 December 2024
4,000



At 31 December 2023
4,000


6.


Debtors

2024
2023
£
£


Trade debtors
562,302
570,281

Other debtors
11,952
11,952

Prepayments and accrued income
116,851
55,037

691,105
637,270



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
807,174
1,006,181


Page 12

 
VME RETAIL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
157,429
171,549

Corporation tax
449,306
277,106

Other taxation and social security
209,534
251,761

Obligations under finance lease and hire purchase contracts
21,527
15,898

Other creditors
16,640
22,244

Accruals and deferred income
477,005
450,206

1,331,441
1,188,764



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Obligations under finance leases and hire purchase contracts
101,576
69,564



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
21,527
15,898

Between 1-5 years
101,576
69,564

123,103
85,462

Amounts due to hire purchase creditors are secured on the assets to which they relate.
Page 13

 
VME RETAIL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Deferred taxation




2024
2023


£

£






At beginning of year
(39,209)
(16,716)


Credited to the Statement of Comprehensive Income
-
(22,493)


Credited to the Statement of Comprehensive Income
8,269
-



At end of year
(30,940)
(39,209)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(32,125)
(39,844)

Tax losses carried forward
1,185
635

(30,940)
(39,209)


12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



80,000 (2023 - 80,000) Ordinary shares shares of £0.25 each
20,000
20,000



13.


Reserves

Revaluation reserve

The revaluation reserve represents cumulative fair value gains or losses in freehold property. 

Profit and loss account

This reserve includes all current and prior periods retained profits and losses. 

Page 14

 
VME RETAIL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £56,279 (2023 - £40,819). Contributions totaling £6,833 (2023 - £4,924) were payable to the fund at the reporting date and are included in other creditors.


15.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
57,862
56,176

Later than 1 year and not later than 5 years
131,263
189,125

189,125
245,301


16.


Related party transactions

The Company has availed of the exemption under FRS 102 section 33, paragraph 33.1A in relation to the disclosure of transactions with group companies as all of the voting rights are controlled within the group.


17.


Ultimate parent undertaking and controlling party

The immediate parent undertaking is VME Coop Limited whose registered address is Crook of Devon House, Main Street, Crook of Devon, Perth and Kinross, KY13 0UQ.
The ultimate parent undertaking is VME Trustees Limited whose registered address is Crook of Devon House, Main Street, Crook of Devon, Perth and Kinross, KY13 0UQ. 
VME Trustees Limited have taken advantage of exemptions available to small groups not to prepare consolidated financial statements.
In the opinion of the Directors, there is no ultimate controlling party. 

 
Page 15