REGISTERED NUMBER: 01531084 (England and Wales)

Report of the Directors and

Unaudited Consolidated Financial Statements for the Year Ended 31 December 2024

for

VMI.TV Limited

Page

Company Information

1

Report of the Directors

2

Consolidated Income Statement

3

Consolidated Balance Sheet

4

Company Balance Sheet

6

Notes to the Consolidated Financial Statements

8

DIRECTORS:

B Bassett

K Oaten

I P Jackson

C F Chong

S C Neate

REGISTERED OFFICE:

Unit 7

Victoria Industrial Estate

Victoria Road

Acton

London

W3 6UU

REGISTERED NUMBER:

01531084 (England and Wales)

ACCOUNTANTS:

OPPENHEIMS Chartered Accountants

Statutory Auditors

Springfield

Cox Green Lane

Maidenhead

Berkshire

SL6 3EY

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

DIRECTORS

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

B Bassett

K Oaten

I P Jackson

C F Chong

S C Neate

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

ON BEHALF OF THE BOARD:

B Bassett - Director

3 March 2025

TURNOVER

2,559,668

3,279,192

Cost of sales

768,863

1,086,994

GROSS PROFIT

1,790,805

2,192,198

Administrative expenses

2,151,402

1,683,851

OPERATING (LOSS)/PROFIT

4

(360,597

)

508,347

Interest receivable and similar income

608

831

(359,989

)

509,178

Interest payable and similar expenses

217,377

273,195

(LOSS)/PROFIT BEFORE TAXATION

(577,366

)

235,983

Tax on (loss)/profit

-

-

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(577,366

)

235,983

(Loss)/profit attributable to:

Owners of the parent

(577,366

)

235,983

FIXED ASSETS

Tangible assets

6

4,465,268

5,456,114

Investments

7

-

-

4,465,268

5,456,114

CURRENT ASSETS

Debtors

8

272,731

243,585

Prepayments and accrued income

55,996

61,291

Cash at bank

167,809

492,475

496,536

797,351

CREDITORS

Amounts falling due within one year

9

1,388,652

1,706,809

NET CURRENT LIABILITIES

(892,116

)

(909,458

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,573,152

4,546,656

CREDITORS

Amounts falling due after more than one year

10

1,564,067

1,960,205

NET ASSETS

2,009,085

2,586,451

CAPITAL AND RESERVES

Called up share capital

932

932

Share premium

128,368

128,368

Other reserves

32,277

32,277

Retained earnings

1,847,508

2,424,874

SHAREHOLDERS' FUNDS

2,009,085

2,586,451

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group.

The 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 3 March 2025 and were signed on its behalf by:

B Bassett - Director

FIXED ASSETS

Tangible assets

6

3,965,065

4,669,524

Investments

7

60,000

60,000

4,025,065

4,729,524

CURRENT ASSETS

Debtors

8

368,272

539,697

Prepayments and accrued income

55,996

61,291

Cash at bank

105,008

291,085

529,276

892,073

CREDITORS

Amounts falling due within one year

9

1,359,316

1,632,965

NET CURRENT LIABILITIES

(830,040

)

(740,892

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,195,025

3,988,632

CREDITORS

Amounts falling due after more than one year

10

1,564,067

1,960,205

NET ASSETS

1,630,958

2,028,427

CAPITAL AND RESERVES

Called up share capital

932

932

Share premium

128,368

128,368

Retained earnings

1,501,658

1,899,127

SHAREHOLDERS' FUNDS

1,630,958

2,028,427

Company's (loss)/profit for the financial year

(397,469

)

325,283

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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 3 March 2025 and were signed on its behalf by:

B Bassett - Director

1.	STATUTORY INFORMATION

VMI.TV Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

at varying rates on cost

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Hire purchase and leasing commitments

Assets held under leasing agreements are capitalised and depreciated in accordance with the standard rate as set out elsewhere in these notes.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2023 - 31 ) .

The average number of employees by undertakings that were proportionately consolidated during the year was 5 (2023 - 6 ) .

4.	OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging:

31.12.24

31.12.23

£

£

Depreciation - owned assets

1,030,120

781,553

5.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

6.	TANGIBLE FIXED ASSETS

Group

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

331,885

11,023,869

11,355,754

Additions

-

268,210

268,210

Disposals

-

(832,614

)

(832,614

)

At 31 December 2024

331,885

10,459,465

10,791,350

DEPRECIATION

At 1 January 2024

277,161

5,622,479

5,899,640

Charge for year

33,188

996,932

1,030,120

Eliminated on disposal

-

(603,678

)

(603,678

)

At 31 December 2024

310,349

6,015,733

6,326,082

NET BOOK VALUE

At 31 December 2024

21,536

4,443,732

4,465,268

At 31 December 2023

54,724

5,401,390

5,456,114

Company

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

331,885

9,489,344

9,821,229

Additions

-

268,210

268,210

Disposals

-

(551,429

)

(551,429

)

At 31 December 2024

331,885

9,206,125

9,538,010

DEPRECIATION

At 1 January 2024

277,161

4,874,544

5,151,705

Charge for year

33,188

710,749

743,937

Eliminated on disposal

-

(322,697

)

(322,697

)

At 31 December 2024

310,349

5,262,596

5,572,945

NET BOOK VALUE

At 31 December 2024

21,536

3,943,529

3,965,065

At 31 December 2023

54,724

4,614,800

4,669,524

Included in fixed assets are plant and equipment subject to Hire Purchase and Finance Lease agreements.

7.	FIXED ASSET INVESTMENTS

Company

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

60,000

NET BOOK VALUE

At 31 December 2024

60,000

At 31 December 2023

60,000

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

VMI.TV Bristol Limited

Registered office: Unit 7, Victoria Industrial Estate, Victoria Road, Acton, London W3 6UU

Nature of business: Hire of equipment

%

Class of shares:

holding

Ordinary

100.00

31.12.24

31.12.23

£

£

Aggregate capital and reserves

438,127

618,024

Loss for the year

(179,897

)

(89,300

)

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

31.12.24

31.12.23

31.12.24

31.12.23

£

£

£

£

Trade debtors

183,622

239,569

143,767

178,742

Amounts owed by group undertakings

-

-

178,525

356,939

Other debtors

89,109

4,016

45,980

4,016

272,731

243,585

368,272

539,697

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

31.12.24

31.12.23

31.12.24

31.12.23

£

£

£

£

Bank loans and overdrafts

-

386,076

-

386,076

Hire purchase contracts

1,157,928

1,068,490

1,157,928

1,068,490

Trade creditors

85,752

64,696

83,217

60,910

Amounts owed to group undertakings

186

-

-

-

Taxation and social security

116,015

157,193

90,967

88,437

Other creditors

28,771

30,354

27,204

29,052

1,388,652

1,706,809

1,359,316

1,632,965

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group

Company

31.12.24

31.12.23

31.12.24

31.12.23

£

£

£

£

Bank loans

-

366,798

-

366,798

Hire purchase contracts

1,564,067

1,593,407

1,564,067

1,593,407

1,564,067

1,960,205

1,564,067

1,960,205

11.	ULTIMATE CONTROLLING PARTY

The controlling party is B Bassett.