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Registered number: 13433533









VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED)









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2025

 
VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED)
 
 
COMPANY INFORMATION


Directors
C Karemaker 
S Kitching 
M Nel 




Registered number
13433533



Registered office
Venture House
2 Arlington Square

Downshire Way

Bracknell

Berkshire

RG12 1WA




Independent auditors
Moore Kingston Smith LLP
Chartered Accountants and Statutory Auditors

4 Victoria Square

St Albans

Hertfordshire

AL1 3TF





 
VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED)
 

CONTENTS



Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditors' report
6 - 10
Statement of comprehensive income
11
Balance sheet
12 - 13
Statement of changes in equity
14
Statement of cash flows
15
Analysis of net debt
16
Notes to the financial statements
17 - 31


 
VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED)
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025

Introduction
 
The Directors present their Strategic Report for VEA Group Limited together with the audited financial statements for the year ended 28 February 2025.
During the year, the Company’s core operations remained in the provision of telecommunications and utility infrastructure services. Through its VEA Telecoms division, the business continued to deliver end-to-end turnkey design, build and maintenance services for telecom networks. In addition, the Company launched a new division, VEA Civils, aimed at supporting the broader utilities sector.

Business review
 
VEA Group has continued to expand its presence in the Fibre to the Home (FTTH) market. Our integrated FTTH operations exceeded 100,000 premises passed during the year. As of February 2025, our maintenance services reached approximately 833,000 premises, with expectations to surpass 1 million premises by July 2025.
A significant development during the year was the establishment of our Home Install operations, focusing on direct customer connections on behalf of our clients.
Our newly formed VEA Civils division has delivered extensive civil engineering and pole access services within the telecommunications sector. Plans are underway to broaden this capability into other utility sectors in the upcoming financial year.
The Company achieved turnover of £21.06 million (2024: £11.91 million), with an operating profit of £3.35 million (2024: £2.09 million). Net assets increased to £4.13 million (2024: £1.61 million), reflecting continued investment and operational delivery.

Page 1

 
VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED)
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025

Principal risks and uncertainties
 
The Directors have considered the key risks and uncertainties facing the business. A summary of the principal risks and the steps taken to mitigate them is set out below:
Contract Management
The Company’s operations are underpinned by long-term contracts, which are periodically subject to renewal or scope adjustments. Non-renewal or reductions in scope pose a commercial risk.
We maintain a strong focus on delivering quality outcomes, health and safety excellence, and proactive client engagement supported by a robust bid and negotiation framework, which has yielded positive results to date.
Skilled Workforce and Supply Chain Dependence
The rapid pace of growth requires a sustained pipeline of skilled personnel and reliable supply chain partners across the UK. We have invested in comprehensive training, development, and succession planning initiatives. Our recruitment strategy includes both domestic and international sourcing for key roles, supported by competitive compensation and performance-based incentives.
We build strong relationships with preferred suppliers and subcontractors, ensure prompt payments, and continuously monitor their performance to safeguard delivery continuity.
Health and Safety
The Company’s work involves inherently high-risk activities including confined space entry, work at height, and handling of hazardous materials. A strong safety-first culture is embedded across the business through stringent policies, procedures, and best-practice standards. Our Safety, Health, Environmental, and Quality (SHEQ) teams are integrated within each division, providing oversight and assurance. Regular reporting ensures Directors are fully informed of safety performance and compliance.
Economic Environment
Economic volatility may influence client investment levels, potentially affecting the volume of work awarded and commercial terms. We maintain close and regular dialogue with our clients to assess and respond to emerging risks. We are also actively pursuing opportunities to diversify our client base and service offerings to enhance resilience.

Financial key performance indicators
 
The Board monitors performance and strategic progress through both financial and non-financial KPIs. Core financial KPIs include:
 
Revenue growth: £21,059,838 (2024: £11,906,487)
Operating profit: £3,294,504 (2024: £2,070,168)
Cash flow management
Order book value

Other key performance indicators
 
Operational KPIs include:
 
Monthly premises passed
SLA (Service Level Agreement) compliance metrics
Site safety performance, tracked through both internal assessments and client evaluation

Page 2

 
VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED)
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025


This report was approved by the board and signed on its behalf.



S Kitching
Director

Date: 1 August 2025

Page 3

 
VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED)
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025

The directors present their report and the financial statements for the year ended 28 February 2025.

On 15 April 2025, the Company changed its name to Vea Group Limited.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The principal activity of the company is the installation and maintenance of telecommunication and other utility
projects.

Directors

The directors who served during the year were:

C Karemaker 
S Kitching 
M Nel 

Page 4

 
VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED)
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025

Future developments

The Company intends to continue expanding its presence in the UK telecommunications and utilities infrastructure sectors. A key area of focus will be scaling its Fibre to the Home (FTTH) delivery capacity, including increasing the number of premises passed and maintained, with a target of exceeding 1 million maintained premises during 2025.
Further development of the recently established Home Installation division is planned to support end-user connectivity services for clients. In parallel, the VEA Civils division is expected to broaden its service offering beyond telecoms into other areas of the utilities market, including water and energy infrastructure works.
Investment will continue in workforce training and recruitment to meet increasing demand and maintain service quality, with emphasis on building long-term supply chain partnerships to support sustained delivery.
The Company will also explore opportunities to diversify its revenue streams through new contracts and sectors, thereby reducing reliance on a narrow client or industry base and strengthening its resilience in changing economic conditions.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsMoore Kingston Smith LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





S Kitching
Director

Date: 1 August 2025

Page 5

 
VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED)
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED)
 

Opinion


We have audited the financial statements of Vea Group Limited (formerly Vea Telecoms UK Limited) (the 'Company') for the year ended 28 February 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 28 February 2025 and of its 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.


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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 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.


Page 6

 
VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED)
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED) (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the 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.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its 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, 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 Directors' responsibilities statement 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.


Page 7

 
VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED)
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED) (CONTINUED)


Auditors' 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 Auditors' 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.


As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 


Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to
Page 8

 
VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED)
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED) (CONTINUED)


those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.


Our approach was as follows:

We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are [the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.


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 2006Our 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 Auditors' 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.


Page 9

 
VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED)
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED) (CONTINUED)





Graham Wintle (Senior statutory auditor)
  
for and on behalf of
Moore Kingston Smith LLP
 
Chartered Accountants and Statutory Auditors
  
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF

1 August 2025
Page 10

 
VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED)
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2025

2025
2024
£
£

  

Turnover
 4 
21,059,192
11,906,487

Cost of sales
  
(14,197,021)
(9,000,791)

Gross profit
  
6,862,171
2,905,696

Administrative expenses
  
(3,567,667)
(835,528)

Operating profit
  
3,294,504
2,070,168

Interest receivable and similar income
 9 
54,641
17,304

Profit before tax
  
3,349,145
2,087,472

Tax on profit
 10 
(829,959)
(512,174)

Profit for the financial year
  
2,519,186
1,575,298

Other comprehensive income for the year
  

Total comprehensive income for the year
  
2,519,186
1,575,298

The notes on pages 17 to 31 form part of these financial statements.

Page 11

 
VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED)
REGISTERED NUMBER: 13433533

BALANCE SHEET
AS AT 28 FEBRUARY 2025

28 February
29 February
2025
2024
Note
£
£

Fixed assets
  

Tangible assets
 11 
278,177
244,117

  
278,177
244,117

Current assets
  

Stocks
  
85,272
3,125

Debtors: amounts falling due after more than one year
 13 
32,332
30,796

Debtors: amounts falling due within one year
 13 
2,250,636
2,208,257

Cash at bank and in hand
 14 
7,071,156
1,407,129

  
9,439,396
3,649,307

Creditors: amounts falling due within one year
 15 
(5,526,404)
(2,206,100)

Net current assets
  
 
 
3,912,992
 
 
1,443,207

Total assets less current liabilities
  
4,191,169
1,687,324

Creditors: amounts falling due after more than one year
 16 
-
(15,341)

Provisions for liabilities
  

Deferred tax
 18 
(59,441)
(59,441)

  
 
 
(59,441)
 
 
(59,441)

Net assets
  
4,131,728
1,612,542


Capital and reserves
  

Called up share capital 
 19 
125
125

Profit and loss account
  
4,131,603
1,612,417

  
4,131,728
1,612,542


Page 12

 
VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED)
REGISTERED NUMBER: 13433533
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2025

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

S Kitching
Director

Date: 1 August 2025

The notes on pages 17 to 31 form part of these financial statements.

Page 13

 
VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED)
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2025


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 March 2023
100
37,119
37,219


Comprehensive income for the year

Profit for the year
-
1,575,298
1,575,298

Shares issued during the year
25
-
25



At 1 March 2024
125
1,612,417
1,612,542


Comprehensive income for the year

Profit for the year
-
2,519,186
2,519,186


At 28 February 2025
125
4,131,603
4,131,728


The notes on pages 17 to 31 form part of these financial statements.

Page 14

 
VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED)
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2025

28 February
29 February
2025
2024
£
£

Cash flows from operating activities

Profit for the financial year
2,519,186
1,575,298

Adjustments for:

Depreciation of tangible assets
133,454
84,529

Interest received
(54,641)
(17,304)

Taxation charge
829,959
512,174

(Increase) in stocks
(82,147)
(3,125)

Decrease/(increase) in debtors
36,543
(1,071,015)

Increase in creditors
3,292,334
620,171

Increase/(decrease)) in amounts owed to groups
25,212
(66,286)

Corporation tax (paid)
(910,417)
(465,712)

Net cash generated from operating activities

5,789,483
1,168,730


Cash flows from investing activities

Purchase of tangible fixed assets
(167,514)
(230,868)

Interest received
54,641
17,304

Net cash from investing activities

(112,873)
(213,564)

Cash flows from financing activities

Issue of ordinary shares
-
25

Repayment of/new finance leases
(12,583)
28,163

Net cash used in financing activities
(12,583)
28,188

Net increase in cash and cash equivalents
5,664,027
983,354

Cash and cash equivalents at beginning of year
1,407,129
423,775

Cash and cash equivalents at the end of year
7,071,156
1,407,129


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
7,071,156
1,407,129

7,071,156
1,407,129


The notes on pages 17 to 31 form part of these financial statements.

Page 15

 
VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED)
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 28 FEBRUARY 2025




At 1 March 2024
Cash flows
At 28 February 2025
£

£

£

Cash at bank and in hand

1,407,129

5,664,027

7,071,156

Finance leases

(28,163)

12,583

(15,580)


1,378,966
5,676,610
7,055,576

The notes on pages 17 to 31 form part of these financial statements.

Page 16

 
VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025

1.


General information

Vea Group Limited is a company limited by shares and incorporated in England & Wales under the Companies Act 2006 on 2 June 2021. On 15 April 2025, the Company changed its name to Vea Group Limited. The address of the registered office is Venture House, 2 Arlington Way, Downshire Way, Bracknall, berkshire, RG12 1WA.
The principal activity of the company is the installation and maintenance of telecommunication and other utility projects.

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 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 judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 17

 
VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

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.

Page 18

 
VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

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:

Short-term leasehold property
-
2 years Straight line
Plant and machinery
-
3 years Straight line
Motor vehicles
-
5 years Straight line
Fixtures and fittings
-
5 years Straight line
Computer equipment
-
3 years Straight line
Computer software
-
1 year Straight line

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.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

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.

 
2.9

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.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.10

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 19

 
VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025

2.Accounting policies (continued)

 
2.11

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

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 Balance sheet 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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

Page 20

 
VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025

2.Accounting policies (continued)


2.13
Financial instruments (continued)

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic 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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the period. The nature of estimation means the actual outcomes could differ from those estimates. 
The directors consider the stage of completion of each job to be a key estimate in the financial statements. The stage of completion is used in the calculation of the accrued income. 

Page 21

 
VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025

4.


Turnover

An analysis of turnover by class of business is as follows:


2025
2024
£
£

Sales
21,059,192
11,906,487

21,059,192
11,906,487


2025
2024
£
£

United Kingdom
21,059,192
11,906,487

21,059,192
11,906,487


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2025
2024
£
£

Exchange differences
21,246
(62,309)


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2025
2024
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
16,250
15,000

Fees payable to the Company's auditors in respect of:

All non-audit services not included above
5,000
3,600

Page 22

 
VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2025
2024
£
£

Wages and salaries
7,012,234
3,520,900

Social security costs
533,698
45,303

Cost of defined contribution scheme
115,201
10,269

7,661,133
3,576,472


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


        2025
        2024
            No.
            No.







Employees
104
74


8.


Directors' remuneration

2025
2024
£
£

Directors' emoluments
2,633,468
342,461

Company contributions to defined contribution pension schemes
16,210
10,269

2,649,678
352,730


During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £1,038,430 (2024 - £173,059).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £8,158 (2024 - £5,192).


9.


Interest receivable

2025
2024
£
£


Other interest receivable
54,641
17,304

54,641
17,304

Page 23

 
VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025

10.


Taxation


2025
2024
£
£

Corporation tax


Current tax on profits for the year
829,959
465,712


829,959
465,712


Total current tax
829,959
465,712

Deferred tax


Origination and reversal of timing differences
-
46,462

Total deferred tax
-
46,462


Tax on profit
829,959
512,174

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:

2025
2024
£
£


Profit on ordinary activities before tax
3,349,145
2,087,472


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
837,286
521,868

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
550
(9,694)

Capital allowances for year in excess of depreciation
(8,514)
-

Changes in provisions leading to an increase (decrease) in the tax charge
637
-

Total tax charge for the year
829,959
512,174


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 24

 
VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025

11.


Tangible fixed assets







Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment

£
£
£
£
£



Cost or valuation


At 1 March 2024
-
266,095
72,690
2,394
23,240


Additions
5,280
156,410
-
-
5,824



At 28 February 2025

5,280
422,505
72,690
2,394
29,064



Depreciation


At 1 March 2024
-
100,746
8,560
393
10,603


Charge for the year on owned assets
2,640
110,808
4,956
479
7,223


Charge for the year on financed assets
-
-
7,348
-
-



At 28 February 2025

2,640
211,554
20,864
872
17,826



Net book value



At 28 February 2025
2,640
210,951
51,826
1,522
11,238



At 29 February 2024
-
165,349
64,130
2,001
12,637
Page 25

 
VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025

           11.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 March 2024
364,419


Additions
167,514



At 28 February 2025

531,933



Depreciation


At 1 March 2024
120,302


Charge for the year on owned assets
126,106


Charge for the year on financed assets
7,348



At 28 February 2025

253,756



Net book value



At 28 February 2025
278,177



At 29 February 2024
244,117

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


28 February
29 February
2025
2024
£
£



Motor vehicles
28,656
36,004

Page 26

 
VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025

12.


Stocks

28 February
29 February
2025
2024
£
£

Raw materials and consumables
85,272
3,125

85,272
3,125


Page 27

 
VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025

13.


Debtors

28 February
29 February
2025
2024
£
£

Due after more than one year

Other debtors
32,332
30,796


28 February
29 February
2025
2024
£
£

Due within one year

Trade debtors
2,111,019
1,702,373

Other debtors
6,082
15,581

Prepayments and accrued income
53,094
490,303

Tax recoverable
80,441
-

2,250,636
2,208,257



14.


Cash and cash equivalents

28 February
29 February
2025
2024
£
£

Cash at bank and in hand
7,071,156
1,407,129



15.


Creditors: Amounts falling due within one year

28 February
29 February
2025
2024
£
£

Trade creditors
1,485,741
698,698

Amounts owed to group undertakings
655,126
629,914

Other taxation and social security
707,266
637,513

Obligations under finance lease and hire purchase contracts
15,580
12,822

Other creditors
46,783
61,768

Accruals and deferred income
2,615,908
165,385

5,526,404
2,206,100


Page 28

 
VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025

16.


Creditors: Amounts falling due after more than one year

28 February
29 February
2025
2024
£
£

Net obligations under finance leases and hire purchase contracts
-
15,341

-
15,341



17.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

28 February
29 February
2025
2024
£
£


Within one year
15,580
12,822

Between 1-5 years
-
15,341

15,580
28,163

Hire purchase contracts are secured over the assets to which they relate.


18.


Deferred taxation






2025


£






At beginning of year
(59,441)



At end of year
(59,441)

The provision for deferred taxation is made up as follows:

28 February
29 February
2025
2024
£
£


Accelerated capital allowances
(59,441)
(61,029)

Other short term timing differences
-
1,588

(59,441)
(59,441)

Page 29

 
VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025

19.


Share capital

28 February
29 February
2025
2024
£
£
Allotted, called up and fully paid



12,500 (2024 - 12,500) Ordinary shares of £0.01 each
125
125



20.


Pension commitments

Pension commitments paid in the period totalled £118,816 (2024: £73,745). At the period end pension commitments of £23,529 (2024: £17,302) were outstanding. 


21.


Commitments under operating leases

At 28 February 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

28 February
29 February
2025
2024
£
£


Not later than 1 year
132,006
170,354

Later than 1 year and not later than 5 years
39,241
166,124

171,247
336,478


22.


Related party transactions

There is an intercompany loan of £562,152 (2024: £545,404) due to the parent company. There is no repayment terms on this loan and it is repayable upon demand. There is also a creditor balance due to the parent company at the year end of £92,974 (2024: £84,510).
There were transactions with Vea Group Holdings (Pty) during the year. These transactions were carried out at arms length and therefore the directors have elected not to disclose.
Christoffel Karemaker, a director of Vea Group Limited, has a staff loan due to the company at the  year end of £Nil (
2024: £1,833). There was no interest on the loan and it was repaid in the year.
During the year, close family members of the director's were employed by the Company and received remuneration of £33,124 (
2024: £31,158).

Page 30

 
VEA GROUP LIMITED (FORMERLY VEA TELECOMS UK LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025

23.


Controlling party

VEA Group Limited is a subsidiary of VEA Group Holdings (Pty), which is the ultimate controlling party.
Consolidated financial statements are prepared by Vea Group Holdings (Pty). Its registered address in South Africa is:
Plot 107
3 Erasmus Street
Mnandi AH
Centurion
0157

 
Page 31