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REGISTERED NUMBER: 03305994 (England and Wales)















Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

VSM (UK) Ltd

VSM (UK) Ltd (Registered number: 03305994)






Contents of the Financial Statements
for the year ended 31 December 2024




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


VSM (UK) Ltd

Company Information
for the year ended 31 December 2024







DIRECTORS: M C Harris
M Mori
Ms S A Welsh



SECRETARY: Ms S A Welsh



REGISTERED OFFICE: Ravensbank House
Ravensbank Drive
North Moons Moat
Redditch
Worcestershire
B98 9NA



REGISTERED NUMBER: 03305994 (England and Wales)



AUDITORS: Derek Young & Co Accountants LLP
Statutory Auditors
Chartered Accountants
Estate House
Evesham Street
Redditch
Worcestershire
B97 4HP



SOLICITORS: Harris Cooper Brownings
10 Market Place
Redditch
Worcestershire
B98 8AA

VSM (UK) Ltd (Registered number: 03305994)

Report of the Directors
for the year ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the sale of Husqvarna Viking and Pfaff branded sewing machines and accessories.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

M C Harris
M Mori
Ms S A Welsh

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors 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), 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 and then apply them consistently;
-make judgements 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Derek Young & Co Accountants LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





M C Harris - Director


7 March 2025

Report of the Independent Auditors to the Members of
VSM (UK) Ltd

Opinion
We have audited the financial statements of VSM (UK) Ltd (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 December 2024 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
VSM (UK) Ltd


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 Report of the Directors.

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; or
- the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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.

Report of the Independent Auditors to the Members of
VSM (UK) Ltd


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 a Report of the Auditors 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 required by International Standard on Quality Management 1, the engagement partner is responsible for overseeing that the audit is conducted in accordance with the firm's quality management policies and procedures. The engagement partner's responsibilities include taking appropriate actions where necessary to address any identified deficiencies or deviations from the firm's policies and procedures.

The firm's policies and procedures are designed to ensure that the audit is conducted in accordance with ISAs UK and applicable legal and regulatory requirements, and that reports issued are appropriate in the circumstances.

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:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;

- the results of our enquiries of management about their 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; and
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

As a result of performing the above, we identified management override of controls as a key audit matter related to the potential risk of fraud. Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements ;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.


Report of the Independent Auditors to the Members of
VSM (UK) Ltd

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.




Mr Stephen Young BSc FCA (Senior Statutory Auditor)
for and on behalf of Derek Young & Co Accountants LLP
Statutory Auditors
Chartered Accountants
Estate House
Evesham Street
Redditch
Worcestershire
B97 4HP

7 March 2025

VSM (UK) Ltd (Registered number: 03305994)

Income Statement
for the year ended 31 December 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 2,106,643 1,883,097

Cost of sales 950,115 849,473
GROSS PROFIT 1,156,528 1,033,624

Distribution costs 19,416 48,734
Administrative expenses 1,258,405 1,471,211
1,277,821 1,519,945
(121,293 ) (486,321 )

Other operating income 641,058 510,246
OPERATING PROFIT 5 519,765 23,925

Interest receivable and similar income 6 709,770 554,931
1,229,535 578,856

Interest payable and similar expenses 7 107,930 116,715
PROFIT BEFORE TAXATION 1,121,605 462,141

Tax on profit 8 280,993 109,200
PROFIT FOR THE FINANCIAL YEAR 840,612 352,941

VSM (UK) Ltd (Registered number: 03305994)

Other Comprehensive Income
for the year ended 31 December 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 840,612 352,941


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

840,612

352,941

VSM (UK) Ltd (Registered number: 03305994)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 6,637 16,661

CURRENT ASSETS
Stocks 10 48,616 79,580
Debtors 11 6,325,021 6,728,105
Cash at bank and in hand 96,939 38,369
6,470,576 6,846,054
CREDITORS
Amounts falling due within one year 12 1,632,169 2,846,429
NET CURRENT ASSETS 4,838,407 3,999,625
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,845,044

4,016,286

PROVISIONS FOR LIABILITIES 14 46,016 57,870
NET ASSETS 4,799,028 3,958,416

CAPITAL AND RESERVES
Called up share capital 15 900,002 900,002
Share premium 16 764,731 764,731
Capital contribution reserve 16 396,492 396,492
Retained earnings 16 2,737,803 1,897,191
SHAREHOLDERS' FUNDS 4,799,028 3,958,416

The financial statements were approved by the Board of Directors and authorised for issue on 7 March 2025 and were signed on its behalf by:





Ms S A Welsh - Director


VSM (UK) Ltd (Registered number: 03305994)

Statement of Changes in Equity
for the year ended 31 December 2024

Called up Capital
share Retained Share contribution Total
capital earnings premium reserve equity
£    £    £    £    £   

Balance at 1 January 2023 900,002 1,544,250 764,731 396,492 3,605,475

Changes in equity
Total comprehensive income - 352,941 - - 352,941
Balance at 31 December 2023 900,002 1,897,191 764,731 396,492 3,958,416

Changes in equity
Total comprehensive income - 840,612 - - 840,612
Balance at 31 December 2024 900,002 2,737,803 764,731 396,492 4,799,028

VSM (UK) Ltd (Registered number: 03305994)

Notes to the Financial Statements
for the year ended 31 December 2024

1. STATUTORY INFORMATION

VSM (UK) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 33.7.

The company has also taken advantage of the disclosure exemptions available in paragraph 33.1A.

Significant judgements and estimates
No significant judgements or estimates have been necessary in applying preparing these financial statements.

Revenue recognition
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. Turnover represents amounts derived from the provision of goods and services falling within the company's ordinary activities, after deduction of trade discounts, value added tax and any other tax based on the amounts so derived.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - over the term of the lease
Office equipment - 33% on cost

Tangible fixed assets are stated at cost less depreciation.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


VSM (UK) Ltd (Registered number: 03305994)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Warranty provision
The company gives warranties on all of its products for periods of two to five years. Provision for warranty costs is made based on the company's actual costs, rolling for twelve months, against the number of machines still under warranty.

Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Interest receivable
Interest receivable is recognised in the period during which it accrues on a loan made to the parent company at market rate.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 1,780,019 1,709,084
Other EC countries 326,624 174,013
2,106,643 1,883,097

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 579,513 726,881
Social security costs 80,098 65,469
Other pension costs 46,823 43,968
706,434 836,318

VSM (UK) Ltd (Registered number: 03305994)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Selling and distribution 7 5
Administration 11 11
18 16

2024 2023
£    £   
Directors' remuneration 209,156 336,263
Directors' pension contributions to money purchase schemes 15,318 15,149

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 152,199 279,463
Pension contributions to money purchase schemes 10,800 10,800

The directors consider their own remuneration to be the only Key Management Remuneration.

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 10,024 13,207
Auditors' remuneration 11,050 11,000
Operating lease charges - leasehold premises 63,728 64,970
Operating lease - other 35,495 31,645

6. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£    £   
Other interest receivable 709,770 554,931

All interest receivable is in respect of a loans to group entities.

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Interest payable 107,930 116,715

All interest payable is in respect of a loans from group entities.

VSM (UK) Ltd (Registered number: 03305994)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 193,868 103,071

Deferred tax 87,125 6,129
Tax on profit 280,993 109,200

UK corporation tax has been charged at 25% (2023 - 25%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,121,605 462,141
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
25%)

280,401

115,535

Effects of:
Expenses not deductible for tax purposes 592 147
Depreciation in excess of capital allowances 2,303 2,717
Utilisation of tax losses (86,464 ) (10,353 )
(Decrease) / increase in general provisions (2,964 ) 1,508

Deferred tax provision movement 87,125 6,129
Change in tax rate - (6,483 )
Total tax charge 280,993 109,200

9. TANGIBLE FIXED ASSETS
Leasehold Office
improvements equipment Totals
£    £    £   
COST
At 1 January 2024
and 31 December 2024 17,699 64,623 82,322
DEPRECIATION
At 1 January 2024 17,699 47,962 65,661
Charge for year - 10,024 10,024
At 31 December 2024 17,699 57,986 75,685
NET BOOK VALUE
At 31 December 2024 - 6,637 6,637
At 31 December 2023 - 16,661 16,661

VSM (UK) Ltd (Registered number: 03305994)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

10. STOCKS
2024 2023
£    £   
Stocks 48,616 79,580

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 324,619 261,466
Amounts owed by group undertakings 5,934,137 6,311,900
Deferred tax asset 28,430 115,555
Prepayments and accrued income 37,835 39,184
6,325,021 6,728,105

Group balances, both debtors and creditors are repayable on demand. Interest was charged on non-trading group balances at an average rate of 13.3% during the year.

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 16,402 12,800
Amounts owed to group undertakings 1,159,058 2,396,811
Tax 143,868 62,672
Social security and other taxes 225,493 140,351
Accruals and deferred income 87,348 233,795
1,632,169 2,846,429

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 88,253 46,040
Between one and five years 130,896 53,596
219,149 99,636

14. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Other provisions
Warranty provision 46,016 57,870

VSM (UK) Ltd (Registered number: 03305994)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

14. PROVISIONS FOR LIABILITIES - continued

Deferred Warranty
tax provision
£    £   
Balance at 1 January 2024 (115,555 ) 57,870
Utilised during year - (11,854 )
Accelerated capital allowances (2,302 ) -
Short term timing differences 2,962 -
Trading losses 86,465 -
Balance at 31 December 2024 (28,430 ) 46,016

The closing deferred tax asset is in respect of the following:

Accelerated capital allowances: £(735)
General provisions: £29,161

The warranty provision has been recognised for expected standard claims on products which remain under warranty. It is expected that all of this provision will be utilised within 5 years.

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
900,002 ordinary £1 900,002 900,002

16. RESERVES
Capital
Retained Share contribution
earnings premium reserve Totals
£    £    £    £   

At 1 January 2024 1,897,191 764,731 396,492 3,058,414
Profit for the year 840,612 840,612
At 31 December 2024 2,737,803 764,731 396,492 3,899,026

17. PENSION COMMITMENTS

The total pension cost to the money purchase scheme for the year was £46,823 (2023 - £43,968). There are no outstanding or prepaid contributions at 31 December 2024 (2023 - £nil).

18. ULTIMATE CONTROLLING PARTY

The immediate parent undertaking is VSM Group AB, a company registered in Sweden. Copies of the parent's financial statements can be obtained from Viking Sewing Machines AB, S-561 84 Husqvarna, Sweden.

The ultimate parent company is Platinum Equity Partners V.L.P. a company registered in the USA, due to its controlling interest in the equity share capital of VSM Group AB.

The directors do not believe there to be any single controlling party.