Company registration number 10308019 (England and Wales)
VIMMO UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
VIMMO UK LIMITED
COMPANY INFORMATION
Directors
Mr M De La Serna
Mr R Yates
(Appointed 19 September 2023)
Company number
10308019
Registered office
Newhouse Farm Industrial Estate
Mathern
Chepstow
Gwent
United Kingdom
NP16 6UD
Auditor
Azets Audit Services
1st Floor The Refinery
Atlantic Close
Swansea Enterprise Park
Swansea
United Kingdom
SA7 9FJ
VIMMO UK LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Profit and loss account
6
Balance sheet
7
Notes to the financial statements
9 - 17
VIMMO UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 August 2024.
Principal activities
The principal activity of the company is that of a property investment company.
Going concernThe financial statements have been prepared on a going concern basis which assumes that the Company will continue in operational existence for the foreseeable future. In making their assessment the directors have reviewed the balance sheet, the likely future cash flows of the business and have considered the facilities that are in place at the date of signing the report.
The Company has net assets of £557,249 (2023: £813,880) but a net current liabilities position of £11,754,161 (2023: £2,319,716), inclusive of £2,129,958 (2023: £2,168,168) due to the immediate parent company Vimmo Lux S.A and £10,150,000 (2023: £600,000) falling due on its secured loan facility, whose term expired and balances fell due for repayment in July 2025. Subsequent to the year end the Company has negotiated an extension on its secured loan facility to July 2026.
The Company meets its day to day working capital requirements and bank loan repayments from its cash reserves. During the year ended 31 August 2024 the company generated EBITDA of £1,579,230 (2023: £1,593,384) from its principal activity being the rental of property. The current tenant of the Company rental property is a fellow group company and whilst we note that there is no indication that rental incomes will not be paid at the current time, the company's recent results have been disappointing, with significant losses reported.
As part of the refinance considerations for the secured loan facility, management obtained a current external valuation for the property. The property was valued at £21.2m in March 2025, compared to a net book value at the year end of £11.7m. This increase in value demonstrates a significant decrease in the loan to value ratio. The valuation also stated that current market value for rent is £2.226m, significantly higher than the current rents received from ALUK (GB) Limited of £1.59m, demonstrating a stronger market rental could be achieved should the tenant no longer require the property.
In order for the Company to be able to meet its liabilities as they fall due on an on-going basis the directors have received confirmation from Vimmo Lux S.A. that they will both not seek repayment of the balances due to them until such time as the Company has sufficient working capital to do so, and that they intend to support the Company for at least 12 months from the date of approval of these financial statements.
The directors have also analysed the cash flow for the business and the directors have a reasonable expectation that with the continued support of its bankers in the form of facility levels which it has historically been provided with, in the scenarios reviewed the Company will be able to continue to operate within those facilities.
At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr M De La Serna
Mr M Williams
(Resigned 6 September 2023)
Mr R Yates
(Appointed 19 September 2023)
Mr O Vincent
(Appointed 6 September 2023 and resigned 19 September 2023)
Auditor
The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
VIMMO UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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 of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr R Yates
Director
29 August 2025
VIMMO UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF VIMMO UK LIMITED
- 3 -
Opinion
We have audited the financial statements of Vimmo UK Limited (the 'company') for the year ended 31 August 2024 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 August 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
VIMMO UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF VIMMO UK LIMITED
- 4 -
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 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; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
VIMMO UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF VIMMO UK LIMITED
- 5 -
Extent to which 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 and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we 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. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. 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.
This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.
Paul Bowden
Senior Statutory Auditor
For and on behalf of Azets Audit Services
29 August 2025
Chartered Accountants
Statutory Auditor
1st Floor The Refinery
Atlantic Close
Swansea Enterprise Park
Swansea
United Kingdom
SA7 9FJ
VIMMO UK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
2024
2023
£
£
Turnover
1,590,000
1,590,000
Administrative expenses
(982,956)
(968,802)
Operating profit
607,044
621,198
Interest receivable and similar income
95,084
27,414
Interest payable and similar expenses
(840,327)
(693,771)
Loss before taxation
(138,199)
(45,159)
Tax on loss
(118,432)
(113,563)
Loss for the financial year
(256,631)
(158,722)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
VIMMO UK LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
12,311,410
13,283,596
Current assets
Debtors
5
535,569
478,119
Cash at bank and in hand
86,295
59,321
621,864
537,440
Creditors: amounts falling due within one year
6
(12,376,025)
(2,857,156)
Net current liabilities
(11,754,161)
(2,319,716)
Total assets less current liabilities
557,249
10,963,880
Creditors: amounts falling due after more than one year
7
(10,150,000)
Net assets
557,249
813,880
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
10
557,248
813,879
Total equity
557,249
813,880
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 August 2025 and are signed on its behalf by:
Mr R Yates
Director
Company Registration No. 10308019
VIMMO UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 September 2022
1
972,601
972,602
Year ended 31 August 2023:
Loss and total comprehensive income for the year
-
(158,722)
(158,722)
Balance at 31 August 2023
1
813,879
813,880
Year ended 31 August 2024:
Loss and total comprehensive income for the year
-
(256,631)
(256,631)
Balance at 31 August 2024
1
557,248
557,249
VIMMO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
1
Accounting policies
Company information
Vimmo UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Newhouse Farm Industrial Estate, Mathern, Chepstow, Gwent, United Kingdom, NP16 6UD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
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 Section 3 Financial Statement Presentation paragraph 3.17(d);
• the requirement of Section 33 Related Party Disclosures paragraph 33.7.
VIMMO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 10 -
1.2
Going concern
The financial statements have been prepared on a going concern basis which assumes that the Company will continue in operational existence for the foreseeable future. In making their assessment the directors have reviewed the balance sheet, the likely future cash flows of the business and have considered the facilities that are in place at the date of signing the report. true
The Company has net assets of £557,249 (2023: £813,880) but a net current liabilities position of £11,754,161 (2023: £2,319,716), inclusive of £2,129,958 (2023: £2,168,168) due to the immediate parent company Vimmo Lux S.A and £10,150,000 (2023: £600,000) falling due on its secured loan facility, whose term expired and balances fell due for repayment in July 2025. Subsequent to the year end the Company has negotiated an extension on its secured loan facility to July 2026.
The Company meets its day to day working capital requirements and bank loan repayments from its cash reserves. During the year ended 31 August 2024 the company generated EBITDA of £1,579,230 (2023: £1,593,384) from its principal activity being the rental of property. The current tenant of the Company rental property is a fellow group company and whilst we note that there is no indication that rental incomes will not be paid at the current time, the company's recent results have been disappointing, with significant losses reported.
As part of the refinance considerations for the secured loan facility, management obtained a current external valuation for the property. The property was valued at £21.2m in March 2025, compared to a net book value at the year end of £11.7m. This increase in value demonstrates a significant decrease in the loan to value ratio. The valuation also stated that current market value for rent is £2.226m, significantly higher than the current rents received from ALUK (GB) Limited of £1.59m, demonstrating a stronger market rental could be achieved should the tenant no longer require the property.
In order for the Company to be able to meet its liabilities as they fall due on an on-going basis the directors have received confirmation from Vimmo Lux S.A. that they will both not seek repayment of the balances due to them until such time as the Company has sufficient working capital to do so, and that they intend to support the Company for at least 12 months from the date of approval of these financial statements.
The directors have also analysed the cash flow for the business and the directors have a reasonable expectation that with the continued support of its bankers in the form of facility levels which it has historically been provided with, in the scenarios reviewed the Company will be able to continue to operate within those facilities.
At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Turnover relates to rents receivable from the lease of the property and is recognised in the period to which it relates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
VIMMO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 11 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Straight line over 30 years
Plant and equipment
Straight line over 9 years
Freehold land is not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
VIMMO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 12 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of 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 deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
VIMMO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 13 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.12
Provisions and Contingencies
(i) Provisions
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect of any one item included in the same class of obligations may be small.
Provisions are not made for future operating losses.
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to the passing of time is recognised as a finance cost.
(ii) Contingencies
Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amounts cannot be reliably measured at the report date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the company’s control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resource is remote.
Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of future economic benefits is probable.
VIMMO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 14 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimate, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See the notes for the carrying amount of the tangible fixed assets, and above for the useful economic lives for each class of assets.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2023 and 31 August 2024
13,998,577
5,310,974
19,309,551
Depreciation and impairment
At 1 September 2023
2,013,466
4,012,489
6,025,955
Depreciation charged in the year
322,154
650,032
972,186
At 31 August 2024
2,335,620
4,662,521
6,998,141
Carrying amount
At 31 August 2024
11,662,957
648,453
12,311,410
At 31 August 2023
11,985,111
1,298,485
13,283,596
VIMMO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
4
Tangible fixed assets
(Continued)
- 15 -
In December 2017 the Financial Reporting Council issued amendments to FRS 102 standards arising from its triennial review. The company decided to early adopt the amendments made to FRS 102 in relation to the transfer of the investment property to tangible fixed assets as the company received rental income on the property from a fellow group undertaking.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
15,822
Amounts owed by group undertakings
364,124
345,222
Other debtors
20,757
28,084
384,881
389,128
Deferred tax asset
150,688
88,991
535,569
478,119
The deferred tax asset set out above, which relates to accelerated capital allowances, is expected, based on management forecasts prepared, to fully reverse.
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
8
10,150,000
600,000
Trade creditors
276
Amounts owed to group undertakings
2,129,958
2,169,188
Corporation tax
6,128
Other taxation and social security
78,635
74,972
Accruals and deferred income
11,304
12,720
12,376,025
2,857,156
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
8
10,150,000
VIMMO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 16 -
8
Secured debts
2024
2023
£
£
Bank loans
10,150,000
10,750,000
Payable within one year
10,150,000
600,000
Payable after one year
10,150,000
The loans from the company's bankers, HSBC, are interest bearing and are secured by way of a debenture comprising fixed and floating charges and a negative pledge over the land and buildings of the company, with the floating charges covering all the property and the undertaking of the company. The loans are also secured by way of a further fixed and floating charge debenture over the assets of fellow subsidiary, ALUK (GB) Limited.
9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary of £1 each
1
1
1
1
10
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
813,879
972,601
Loss for the year
(256,631)
(158,722)
At the end of the year
557,248
813,879
VIMMO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 17 -
11
Related party transactions
Aluk (GB) Limited
During the year the company charged Aluk (GB) Limited £1,590,000 (2023: £1,590,000) in respect of rent. At 31 August 2024 an amount of £318,000 (2023: £318,000) was owed by Aluk (GB) Limited which is included in amounts due within one year.
During the year the company was charged by Aluk (GB) Limited £3,600 for sale of goods (2023: £11,926 in respect of maintenance and insurance charges). At 31 August 2024 an amount of £nil (2022: £1,020) was owed to Aluk (GB) Limited which is included in amounts owed within one year.
Vimmo Lux S.A.
During the year the company received advances of an inter-company loan from Vimmo Lux S.A. totalling £nil (2023: £1,540,341) and after repayments made, at 31 August 2024 £2,129,958 (2023: £2,168,168 ) was due to Vimmo Lux S.A. in respect of inter-company loan balances. During the year £101,746 (2023: £67,322) was recognised as interest charged to the profit and loss account.
Valfidus S.A.
During the year £93,882 (2023: £27,222) of interest receviable and similar income balances were recognised. As of 31 August 2024 an amount of £46,124 (2023: £27,222 ) was owed by Valfidus S.A., which is included in debtors due within one year.
12
Ultimate parent company and controlling party
The company's immediate parent undertaking is Vimmo Luxembourg S.A. a company incorporated in Luxembourg.
The companies ultimate parent undertaking is Hilco S.C.A, a company incorporated in Luxembourg. Copies of the financial statements of both Vimmo Luxembourg S.A. and Hilco S.C.A can be obtained from Valfidus S.A. 42 - 44 Avenue de la gare, L-1610, Luxembourg.
There is no ultimate controlling party.
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