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FOR THE YEAR ENDED 31 MARCH 2025
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VIA EAST MIDLANDS LIMITED
COMPANY INFORMATION
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VIA EAST MIDLANDS LIMITED
CONTENTS
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VIA EAST MIDLANDS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
Via East Midlands Limited, trading as Via, is a wholly owned subsidiary of Nottinghamshire County Council (NCC). Via has an exclusive Term Service Contract (2016-2031) for the delivery of highways services across the county. As a Teckal company, Via also undertakes third-party work with both public and private-sector organisations.
Via delivers multi-disciplinary design and consultancy services, highway maintenance, construction, signals and lighting, environmental management, fleet services and road safety. In addition to this, Via provides key highway management services to Nottinghamshire County Council including customer liaison, street works coordination and highway asset management. Via delivers services primarily through our directly employed workforce, supported by local supply-chain partners which enables the organisation to respond flexibly to the needs of NCC.
Throughout 2024-25, Via has continued to deliver a broad portfolio of services to NCC with a focus on customer excellence, quality of output and value for money. During this time, the five-year extension to Via’s Term Service Contract was agreed with NCC, meaning Via remains contracted for the delivery of the Nottinghamshire highways service until 2031. This decision reflects Via’s continuing role as a trusted delivery partner to the Council. The County Council also continues to recognise Via’s role in supporting its challenging financial position, with colleagues across Via continuing to work collaboratively to ensure that shared efficiencies are realised.
Via has had a particularly strong year in terms of service delivery, supported by solid financial performance. The delivery of the Capital Maintenance Programme was completed earlier than ever before, and Via was able to deliver additional works in terms of road maintenance and gully cleansing following in-year investment from the Council. As in previous years, poor winter weather posed a challenge for operational teams, but disruption for the travelling public was minimised. Work across the fourteen identified asset types has continued, with greater clarity on budget allocation, performance and operational oversight. This work is monitored through the Asset Management Board, a joint board with NCC, that has responsibility for strategic oversight of asset management. Work has also been successfully delivered to Via’s third-party clients, with a continuing focus on delivering works that provide value for Via and NCC as well as the wider region. Via continues to operate in compliance with Section 12 of the Public Contract Regulations 2015, otherwise known as Teckal Compliance. In addition, internal processes were updated to reflect the changes brought about by The Procurement Regulations 2024. Throughout our work, Via continues to monitor local spend in recognition of the role we have in driving value across the wider East Midlands region. From a leadership perspective, the makeup of Via’s Senior Leadership Team changed in 2024-25 with the retirement of two long-standing members. Roles and responsibilities were reviewed, and a Commercial Director appointed. In support of continued leadership development, Via has invested in an 18-month leadership programme for SLT members focused on the formation of a high performing team. Via’s Extended Leadership Team (ELT) also commenced a leadership programme designed with the company’s future objectives in mind. This work is designed to increase leadership capacity within the organisation to achieve the aims set out in the Business Plan 2025-28. In terms of professional standards, Via maintained accreditation to ISO 45001, ISO 9001, and ISO 14001 along with Safety Scheme in Procurement (SSIP), National Highway Sector Scheme 8 (NHSS) and National Electrical Registration Scheme (NERS). There was one RIDDOR incident in 2024-25 and three lost-time injuries leading to an Accident Frequency Rate (AFR) of 0.09 and a Lost Time Frequency Rate (LTIFR) of 0.26. Work also continued to strengthen Via’s environmental focus, with the release of Environmental Minimum Operating Procedures.
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VIA EAST MIDLANDS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Via proactively manages organisational risk across Via’s activities. This is through appropriate governance, clear roles and responsibilities and an effective risk management framework. This enables oversight of strategic risks through the Via Board and Senior Leadership Team, with responsibility for operational risk cascaded throughout the Via business.
Via works with a structured governance framework, through which performance is formally monitored by relevant stakeholders. The diagram below sets out the type of information currently reported.
Financial Performance Indicators
Our financial model is underpinned by a clear strategy and plan, and a number of key drivers as set out below: • A three-year view • A quarter-by-quarter approach • Budget and cash flow management • A need for solid reserves • Organisational right sizing / succession planning, ensuring competence, capacity, and capabilities to deliver changing NCC priorities and third-party growth. • A positive balance sheet / pension position • To support the ambitions within NCC’s – The Nottinghamshire Plan 2021-2031
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VIA EAST MIDLANDS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Via East Midlands Limited Directors are aware of their duty under s.172 of the Companies Act 2006 to act in the way they would consider, in good faith, would be most likely to promote the success and benefit of the company and, in doing so, to have regards (amongst other matters) to:
• the consequences of decisions in the long term. • the interests of the company’s employees. • the need to foster the company’s business relationships with suppliers, customers, and others. • the impact of the company’s operations on the community and the environment. • the desirability of the company maintaining a reputation for high standards of business conduct.
This report was approved by the board and signed on its behalf.
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VIA EAST MIDLANDS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The profit for the year, after taxation, amounted to £594,265 (2024: £680,135).
The dividend amount declared in year was £600,000 (2024: £600,000).
The directors who served during the year were:
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VIA EAST MIDLANDS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Business Plan 2025-28
Following the conclusion of Via’s previous Business Plan (2022-25), Via’s Senior Leadership Team has worked to revise the company’s purpose, vision and mission to ensure ongoing alignment. The Via workforce have also been involved in refreshing Via’s values, ensuring they accurately reflect current company culture and set out what it means to work for Via. This information is laid out in Via’s Business Plan 2025-28. Our purpose is to partner with NCC to create a healthier prosperous and greener future for everyone. Our vision is to be one team, recognised as the leading provider of highway services. Our mission is to deliver quality services, providing value to our customers and community, with a focus on sustainability, people and place. Our values define the way we work together. They encapsulate what it means to work for Via and highlight the beliefs and principles that guide our behaviours. Our values are: Together, we are One Team.
- Care – We care about what we do, the people we work with and the communities we serve. Via is a safe and inclusive environment where everyone is valued.
- Commitment – We are committed and deliver on our promises. We meet the needs of our customers and build trust. - Community – We are community-focused and take pride in creating value. We make a difference and create positive impact in all we do. Via is committed to directly supporting NCC’s vision of delivering a ‘healthy, prosperous and greener future for everyone’, as set out in The Nottinghamshire Plan 2021-31. Via makes a direct contribution to the following shareholder ambitions.
∙Improving transport and digital connections
∙Making Nottinghamshire somewhere people love to live, work and visit
∙Helping people live healthier and more independent lives
∙Protecting the environment and reducing our carbon footprint
∙Building skills that help people get good jobs
∙Strengthening business and creating more good-quality jobs
∙Attracting investment in infrastructure, the economy and green growth
Over the next few years Via will now be delivering the following business goals.
∙To continue to support Nottinghamshire County Council in the creation of an efficient, safe, and sustainable highway network and environment, with a focus on customer excellence, quality of output and value for money.
∙Delivery of Via East Midlands Limited Business Plan 2025-2028, with clear objectives around the five themes of Commerciality, Customer Focus, Governance and Process, People and Responsible Business.
∙Do business in a safe and responsible way, prioritising the safety and welfare of our staff, supply-chain and the wider public as well as delivering on our targets for social value (addressing local economic, social and environmental benefits).
∙Continue to develop our Performance Management Framework, meeting the aspirations / objectives of our customers – ensuring upper quartile KPI performance against all business measures underpinned by robust management information that supports enhancement of service delivery.
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VIA EAST MIDLANDS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
∙Continuous development of our Safety, Health, Environmental and Quality Management System focusing on maintaining an accident incident rate of zero, and compliance with our CDM, pre-construction / design and risk management arrangements. Maintain (BSI) third-party accreditations, including ISO 9001:2015 including National Highway Sector Scheme 8 (NHSS8), ISO 14001:2015, ISO 45001:2018 including Safety Schemes in Procurement (SSIP), Electrical Registration Scheme (NERS) Independent Connection Provider, National Inspection Council for Electrical Installation Contractors (NIC-EIC).
∙Delivery of a sustainable net profit of £700k respectively over three years, with annually agreed stretch targets, based on revenues of £98.9m, £70.9m, and £70.9m. We will continue to maintain a positive cash, debt and WIP position, underpinned by solid business reserves and effective risk and supply chain management.
Social Value
Via’s appointment of a Responsible Business Manager demonstrates the company’s ongoing commitment to Social Value. In support of The Nottinghamshire Plan 2021-31, and as a wholly owned subsidiary of the Council, Via recognises its role in adding wider social and economic value to the region. To reflect this, Responsible Business is one of the key themes set out in the Via Business Plan 2025-28. Over the coming months, Via’s focus will be on community engagement, environmental sustainability, health, safety, and wellbeing. Driving social value activity and reporting through Via’s extensive supply-chain will also be a key focus. Social value will play an increasingly prominent role in contracts let by Via, ensuring all works delivered on our behalf make a positive contribution to the region. To monitor performance and attribute a financial value to social value activity, Via uses the Social Value Themes, Outcomes and Measures (TOMs). The is a national framework that provides a standardised, consistent methodology to completing social value. Employee Engagement Over the coming year, Via will work to embed the refreshed company values. This includes incorporating values into decision-making, behavioural expectations and through the Via supply-chain. The entire Via workforce had the opportunity to contribute to the refreshed Via values, and the SLT recognises the need for these to play a key role in employee engagement activity moving forward. Via also remains committed to a broad variety of employee engagement activities, working to ensure staff are informed and engaged in the company direction. The increased focus on internal frequency and consistent internal communications will be maintained, and a revised look at monitoring employee engagement levels will be developed.
Supply-Chain Engagement
Via is a Public Contracting Authority in its own right, procuring a range of highways design, construction, maintenance, and infrastructure services on behalf of NCC. In line with NCC ambitions, Via will continue to deliver a mixed economy approach to procurement, underpinned by a commitment to local spend and employment. This reflects the commitment to a local supply chain, particularly aimed at small and medium sized enterprises (SMEs) across the EMCCA region. In line with our commitment to quality, Via will continue to place a strong emphasis on assessing and evaluating tender submissions based on quality criteria alongside an increased focus on social value. This approach ensures that we deliver high-quality services to NCC and our wider customer base. Business Growth Via has the capability to provide third-party clients with multi-disciplinary design and construction services, highway maintenance, electrical installation and maintenance, environmental consultancy, road safety advice, fleet services and in-house training. The core works from NCC remain Via’s platform for third-party growth, and Via’s geographical area of operation will primarily focus upon the footprint of the East Midlands.
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VIA EAST MIDLANDS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
In terms of third-party works, Via will stay rooted to the Public Sector in its broadest sense, not precluding Private Sector opportunities. However, in all cases ensuring due diligence is applied when selecting the right contracting partners for the business. Via will continue to focus on six equal priorities for growth as set out below:
∙Maximising all capital and revenue streams from NCC
∙Maximising capital and revenue streams from Arc Property Services Partnership Ltd
∙Maximising capital and revenue streams from other local authorities and the wider public sector across the East Midlands
∙Maximising reciprocal work from our delivery partners.
∙Optimising the efficient recovery of third-party charges on behalf of NCC to enable maximum reinvestment into service delivery.
∙Continue to work with NCC to monitor, identify, and bid against new and emerging funding opportunities at a national and local level.
Via’s Commercial Team continues to grow in capacity to support this activity, with a focus on embedding effective commercial controls and driving efficiency. This continuous improvement activity is reflected in the Commercial Theme of the Via Business Plan.
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VIA EAST MIDLANDS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Under the Companies (Directors’ Report) and Limited Liability Partnership (Energy and Carbon) Regulation 2018, Via is required to disclose its UK energy use and associated greenhouse gas (GHG) emissions. This section covers the energy usage and associated GHG emissions relating to the consumption of gas, electricity and fuel for transport purposes as required by the Regulations.
Data is included for the period 1st April 2024 to 31st March 2025. This is the company’s sixth reporting year and total GHG emissions per unit turnover of revenue (t CO2e / £million) has been chosen to measure the intensity ratio as this is a common business metric for our industry sector. The overall data for the 2024/2025 reporting period shows a 7.3% reduction in absolute emissions and a 25.6% decrease in GHG emissions per unit turnover of revenue in comparison to the previous year 2023/2024. Energy Consumption Overall energy consumption has decreased by 11% from the previous reporting year to 1,366 MWh. However, carbon emissions from operation of our buildings have increased by 5% from 188.6 T CO2e to 198.9 T CO2e. This is due to inclusion of gas consumption data from our Sutton depot that was not available for the 2023/24 SECR report. Overall carbon intensity for our building operations has decreased from 2.7 T CO2e / £1m to 2.2 T CO2e / £1m, reduction of 18.6%. Transport Via commenced the transition of its vehicle fleet from diesel to HVO fuel during 2024/25. This has had a significant impact on our diesel consumption and carbon emissions. Via’s transport emissions have decreased by 38% compared to 2023/24, down from 1,374.4 T CO2e to 852.8 T CO2e. Business travel in employee-owned / hire vehicles for which employees are reimbursed following claims for business mileage has been accounted for in the Transport emissions category. Emissions data for staff travelling by public transport has not been included as the data available via our systems does not allow accurate quantification of the emissions footprint. However, as Via’s emissions are predominantly from its fleet of maintenance vans and heavy goods vehicles, public transport emissions are insignificant. Voluntary Reporting Via collects carbon data on a number of other emissions sources, including: • Electricity transmission and distribution losses • Well to tank emissions for electricity generation and distribution • Well to tank emissions for fuels used in our vehicles • Potable water • Waste generation, including wastewater • Homeworking. 2024 / 25 is the first year that these data have been included in our SECR report, and therefore percentage changes against previous years are not provided.
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VIA EAST MIDLANDS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Carbon Reduction Initiatives
Via has taken the following direct actions to reduce its carbon footprint during 2024/25:
∙Transitioned our vehicle fleet from standard diesel to HVO.
∙Renewed our electricity and gas supply contracts to continue using REGO-backed zero carbon electricity and RGGO-backed green gas where Via has the ability to procure its own energy supplies.
As Via continues to develop its systems and processes for capturing data, reporting is becoming more accurate and recommendations for improvement are being put forward. A key area for Via is to support its supply chain in reducing their carbon emissions on projects, which in turn will further support Via in reducing its own emissions. As a result, Via hosted a Carbon Reduction Supply Chain Forum for a number of its key suppliers earlier in the year. Methodology and Approach The UK Government Environmental Reporting Guidelines have been followed in preparation of this report. We have used DEFRA GHG Conversion Factors 2024 for all carbon calculations. The operational control consolidation approach has been used to account for GHG emissions for the company’s operational activities.
The calculations cover the following emission types:
Energy Consumption • UK Electricity • UK Gas • UK Biomass • UK HVO • UK Diesel • UK Petrol • UK Gas Oil Transport (Inc Business Travel reimbursed following claims for business mileage) • UK Electricity • UK HVO • UK Diesel • UK Petrol • UK Gas Oil • UK LPG
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VIA EAST MIDLANDS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Voluntary emissions
• Electricity transmission and distribution losses • Well to tank emissions for electricity generation and distribution • Well to tank emissions for fuels used in our vehicles • Potable water • Waste generation, including wastewater • Homeworking Not reported • Business travel on public transport • Employee commuting • Purchased goods and service
Annual Greenhouse Gas Emissions Data
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VIA EAST MIDLANDS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
** - 2023/24 waste and recycling data was reported as a combined figure. These data are reported separately for 2024/25.
The figures in italic are different from last years published in the SECR report. These have been adjusted as part of the external verification of the data from a third party. This report has been checked by an independent verifier of our data.
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VIA EAST MIDLANDS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
There have been no significant events affecting the company since the year end.
The auditors, Bishop Fleming LLP, will 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.
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VIA EAST MIDLANDS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
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 judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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 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.
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VIA EAST MIDLANDS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VIA EAST MIDLANDS LIMITED
We have audited the financial statements of Via East Midlands Limited (the 'company') for the year ended 31 March 2025, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows and the related notes, 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).
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.
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.
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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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VIA EAST MIDLANDS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VIA EAST MIDLANDS LIMITED (CONTINUED)
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.
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.
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VIA EAST MIDLANDS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VIA EAST MIDLANDS LIMITED (CONTINUED)
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.
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:
∙We have considered the nature of the industry and sector, control environment, and financial performance;
∙We have considered the results of enquiries with management and the directors in relation to their own identification and assessment of the risks of irregularities within the entity.
∙We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating in line with documentation; and
∙We have considered 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 have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut-off. 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 have 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, FRS 102 and UK 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 avoid a material penalty. These include highways legislation, data protection legislation, health and safety regulations, environmental regulations, employment law. 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 in relation to actual and potential claims or litigation;
∙Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙Reviewing board meeting minutes;
∙Performing detailed transactional testing in relation to the recognition of revenue with a particular focus around the year-end cut off including the agreement of year end balances with Nottinghamshire County Council; and
∙In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgments made in accounting estimates are indicative of potential bias; and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business.
We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit.
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VIA EAST MIDLANDS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VIA EAST MIDLANDS LIMITED (CONTINUED)
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
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 Auditors' report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Salt Quay House
4 North East Quay
Sutton Harbour
PL4 0BN
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VIA EAST MIDLANDS LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2025
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VIA EAST MIDLANDS LIMITED
REGISTERED NUMBER:09903246
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 21 to 36 form part of these financial statements.
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VIA EAST MIDLANDS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
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VIA EAST MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The company (registered number 09903246) is a private company, limited by shares and registered in England and Wales. The registered office address is Bilsthorpe Depot Bilsthorpe, Business Park, Eakring Road, Bilsthorpe, Newark, NG22 8ST.
2.ACCOUNTING POLICIES
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 judgement in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The directors have considered the future profitability of the company and forecast positive cashflows for the future after taking account of reasonable possible changes in trading performance. The company has secured the continued on-going support from Nottinghamshire County Council.
As such the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. 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:
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VIA EAST MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses.
Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen. Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.
The company participates in the Local Government Pension Scheme, a defined benefit scheme managed by Nottinghamshire County Council. The assets of the scheme are invested independently of the finances of the company. Contributions are made to the scheme in accordance with the recommendations of the independent actuary in respect of current and future service.
On transfer of staff to Via East Midlands, Nottinghamshire County Council have retained responsibility for the deficit of the Local Government Pension Scheme that relates to staff transferred. As a result, the company has not recognised any pension liability and the pension scheme is therefore accounted for as a defined contribution scheme. The company also participates in a defined contribution pension scheme. Payments to this defined contribution scheme are charged as an expense when they fall due.
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VIA EAST MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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VIA EAST MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (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.
The estimated useful lives range as follows:
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.
At each reporting 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.
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VIA EAST MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.
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VIA EAST MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Provisions for remedial works are recognised by the company using judgement through the review of major projects and likely remedial action that will be required to resolve matters that have been identified. Provisions for possible professional indemnity claims that are uninsurable and potential professional indemnity excesses are recognised by the company at a level based on business experience. A vehicles provision has been made to cover works required to ensure vehicles can be returned to operational status, the company has had to estimate these costs. Valuation of incomplete contracts at the year-end: contracts are valued (both in terms of cost and revenue) by the in house team based on their experience in the industry and their knowledge of the contract in question.
The whole of the turnover is attributable to highways maintenance and facilities management.
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VIA EAST MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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VIA EAST MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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VIA EAST MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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VIA EAST MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
12.TAXATION (CONTINUED)
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VIA EAST MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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VIA EAST MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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VIA EAST MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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VIA EAST MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Profit and loss account
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VIA EAST MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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 £640,626 (2024: £542,654). Contributions totalling £84,163 (2024: £76,667) were payable to the fund at the reporting date and are included in creditors.
Some employees of the company are members of the Nottinghamshire County Council LGPS, a multi-employer scheme administered by Nottinghamshire County Council under the regulations governing the Local Government Pension Scheme, a defined benefit scheme. Triennial actuarial valuations are performed by a qualified actuary using the “projected unit” method. The last formal valuation was undertaken at 31 March 2022.
Contributions The employers’ contributions to the Local Government Pension Scheme by the Company for the period to 31 March 2025 were £2,043,804 (2024: £2,087,919). Contributions totalling £225,571 (2024: £207,579) were payable to the fund at the reporting date and are included in creditors. The employer’s contribution rate was fixed at 20.9% of pensionable pay, and the expected level of employer contributions for the year ended 31 March 2026 is £1,974,252 (£2,153,519 in 2024/25).
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VIA EAST MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The company's parent is
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