The directors present their annual report and financial statements for the year ended 31 December 2024.

During the year the company has continued to provide Multi-Disciplinary Construction Consultancy Services covering Project Management/Lead Consultant, Cost Consultancy/Quantity Surveying, CDM Principal Designer, H&S, Building Safety Act Advisory Services and Multi-Disciplinary Design Services.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Business Performance

2024 was a challenging year for the construction industry, in particular organisations such as ours that have a significant amount of projects in the rail and infrastructure markets which were impacted by the new funding control period in the rail industry and the delays this brought to commencement of projects.

2024 turned out to be the first year in seven years where we did not experience growth in the business, with the business seeing our first drop in year on year revenue of 10.5% vs 2023. The majority of the drop in revenue occurring in our Design Services team who suffered the biggest impact in the delay to new project starts with a drop in revenue of 42%. Revenue in other service lines continued to grow with our Project Management and Surveying team experiencing growth of 5.5% and our Compliance, encompassing CDM and Building Safety Act Advisory services experiencing growth of 7.8%.

Whilst areas of the industry were subdued in 2024 the business did achieve a key milestone in securing its first framework appointment direct with Network Rail, supporting them on the East Region Asset Protection framework, a four year framework for services. Achieving this direct route to market with Network Rail has been something the business has been seeking to achieve for a number of years and will look to expand our services across other Network Rail regions and also build on our existing frameworks with major UK Train Operation Companies, both inside and outside of the public sector banner as the industry transitions into Great British Rail.

In anticipation of a change in the market the business decided to maintain headcount within our design services team which we believe will hold us in a strong position for the opening of the market and return to spend in the rail sector in the second half of 2025. As a result of the investment made in the continued employment of key team members we posted a small loss in 2024.

Whilst the business made a small loss in 2024 it maintains a strong balance sheet and has reduced creditors by 45% with the focus for the business in 2025 now to push towards a return to growth in existing sectors and services and a return to a profit making position. As this work continues the business will also consider other strategic changes it can make through 2025 in order to achieve its ten year objectives in 2030 which will see the business in double in size with a wider range of services offered across a more diverse range of industry sectors.

Our headcount has remained relatively steady from 2023 to 2024 with headcount adjusting from 56 FTE to 59 which despite our decrease in revenue represents the commitment the business has shown to maintaining overall employment in the business to support our return to growth. The business continues to operate from its three key locations in Liverpool, Manchester and London allowing is to serve projects on a national basis continuing to serve or key transport, rail and infrastructure markets and our diversification push into wider industry sectors which will continue in 2025 and beyond.

We have recognised that 2024 was a very different year for Vextrix and the great people who work for us. Throughout the year we have continued to support our people and they in turn have supported us, something which we want to thank them for within our annual statement.

Business Outlook

As forecast in last years accounts we did anticipate lower growth levels for the year however did not anticipate the drop in review or that margins would be hit as hard by the inflation and staffing cost increases in the year. Given the challenging year faced in 2024 the business will seek to return to a profit making position and growth in 2025 albeit this will be more measured than previous years as we await the opening of spending in the rail markets in 2025.

The business anticipates a relatively static year for revenue with limited growth in 2025 however this has given us an opportunity to stabilise the business following the challenges of 2024 and we will see a return to a profit making position. As the rate and flow of expenditure in the UK Rail sector starts to take hold in the back end of 2025 we anticipate a return to growth in 2026.

We also believe there will be positive movements in other sectors serviced by the business, specifically in those sectors we have focussed on covering EV/Decarbonisation, Residential and Commercial/RE&I in support of our push for greater diversification and resilience across the business.

In 2025 the Senior Leadership Team and Board will focus on resetting the business and driving through on our strategy to place us back to on track to double the size of the business by 2030.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Vextrix Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 52 Tithebarn Street, Liverpool, United Kingdom, L2 2SR.

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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level activity. Provision is made for any foreseeable losses when appropriate. No element of profit is included in the valuation of work in progress.

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.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

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, including creditors, bank loans and loans from fellow group companies are recognised at transaction price.

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.

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.

The tax expense represents the sum of the tax currently payable and deferred 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.

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.

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.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

The average monthly number of persons (including directors) employed by the company during the year was:

Balance of £nil (2023 - £8,473) disclosed within other creditors is obligations under finance leases and is secured against the assets to which they relate to.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

The directors of the company are also directors of Swim Commercial Properties Limited and Struktura Engineering Services Ltd.

During the year the company advanced monies to Swim Commercial Management Limited. The balance outstanding at the year end is £271,204 (2023 : £271,204). This balance is disclosed within other debtors under one year, is repayable on demand and bears no interest.

During the year the company advanced monies to Struktura Engineering Services Ltd. The balance outstanding at the year end is £19,204 (2023 : £nil). This balance is disclosed within other debtors under one year, is repayable on demand and bears no interest.

J Williamson

Director and shareholder

During the year the company advanced monies to the director and the maximum balance outstanding during the year was £98,908 (2023 - £57,928). Interest was charged on this unsecured loan at 2.25% (2023: 2.25%). At the balance sheet date the amount due from J Williamson was £48,908 (2023: £48,908). The balance due to the company from the director is disclosed within other debtors under one year.

P Marsden

Director and shareholder

During the year the company advanced monies to the director and the maximum balance outstanding during the year was £89,528 (2023 - £51,123). Interest was charged on this unsecured loan at 2.25% (2023: 2.25%). At the balance sheet date the amount due from P Marsden was £39,528 (2023: £39,141). The balance due to the company from the director is disclosed within other debtors under one year.

A Singleton

Director and shareholder

During the year the company advanced monies to the director and the maximum balance outstanding during the year was £29,575 (2023 - £28,977). Interest was charged on this unsecured loan at 2.25% (2023: 2.25%). At the balance sheet date the amount due from A Singleton was £29,575 (2023: £28,977). The balance due to the company from the director is disclosed within other debtors under one year.