REGISTERED NUMBER: 02293275 (England and Wales)

for

Page

Company Information  

1

Strategic Report  

2

Report of the Directors  

3

Report of the Independent Auditors  

4

Statement of Profit or Loss and Other Comprehensive

Income

7

Statement of Financial Position  

8

Statement of Changes in Equity  

9

Statement of Cash Flows  

10

Notes to the Financial Statements

11

Reconciliation of Equity  

24

Reconciliation of Profit  

26

DIRECTORS:

A da Costa Leite

P M M Silva

F M T da Capela

P A King

SECRETARY:

F M T da Capela

REGISTERED OFFICE:

Hermes House

Fire Fly Avenue

Swindon

Wiltshire

SN2 2GA

REGISTERED NUMBER:

02293275 (England and Wales)

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

The company is a major manufacturer and distributor of Interior timber doors, doorsets and associated timber products to the construction industry.  Part of a larger European group and having operated in the UK for 36 years, its principal product portfolio encompasses performance solutions in fire, security and acoustics. These are sold to multiple markets, including residential developments, senior living, student accommodation, education, healthcare and leisure.

Despite challenges posed by economic headwinds including the 'cost-of-living' crises, H1 sales remained in line with budget expectations, enabling the company to capitalize on its quality, product suitability and regulatory certificated proposition. During H2, the evident political and influential drag on the market, caused by pre and post-election paralysis, meant that it was necessary to supplement the companies normal business with additional price promotional activity.  This proved beneficial and resulted in a stabilization in sales performance.

Throughout the course of the year the company extended its commitment to Environmental, Social and Corporate Governance (ESG), through the publication of facts and figures outlining progress made against European and Company goals, together with education and communication both internally and externally.

PRINCIPAL RISKS AND UNCERTAINTIES

With the UK economic picture showing little signs of growth in the medium term, the company will look to consolidate its position as a trusted and reliable supplier to the interior building products sector.  As witnessed throughout 2024, the increase in insolvencies within the construction supply chain, has introduced doubts and uncertainties which are likely to further delay site projects.

The wider geopolitical potential instability, although not currently impacting upon UK Construction, must be kept in mind as a potential risk to supply chains, materials and of course more general consumer confidence in 2025.

KEY PERFORMANCE INDICATORS

The company considers debtor days and stock days to be KPIs which it consistently monitors. At the end of 2024, the company's debtor days stood at 57 days and the company's stock days stood at 72 days. These are in accordance with the company's expectations.

FUTURE OUTLOOK

As a consistent innovator in its markets, Vicaima will look to strengthen its resources and capabilities through the use of modernising procedures and technology.

Our long-standing adoption of Kaizen practices has enabled Vicaima to transform many of our goals into realities, illustrated by recent and on-going developments, such as the implementation of a paperless administration office, the introduction of an AI customer service tool and the first stages of product digitisation to meet expanding regulatory and technical performance requirements.

In addition, the research, development and design of new products to reflect an ever-changing market, coupled with new methods to communicate this to the companies cohort of specifiers, customers and clients will ensure it remains a key and influential player, leading to long term growth.

RESEARCH AND DEVELOPMENT

Embracing AI Technology marks a new era for the Construction Sector and is very much in the thinking of Vicaima going forward.  Although at an early stage, the company intends to begin this exploration with the introduction of Customer Service aid in the form of an AI driven chatbot.  We expect this initiative to lighten the burden on existing resources and broaden our digital approach.  At the same time it will enable us, through practical experience, to investigate other potential applications for AI within the Vicaima operation.

The performance capabilities of our product portfolio is always given prominence throughout the business and naturally product testing is a high priority.  Vicaima are widely recognised as being at the forefront of enhanced fire and security doorsets, allowing us to offer dual scope products.  Now with a growing market demand for smoke to be given equal importance, work is underway to gain certification and to be in a position to present a triple scope certification from next year.

ON BEHALF OF THE BOARD:

F M T da Capela - Secretary

19 March 2025

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

PRINCIPAL ACTIVITY

DIVIDENDS

No dividends will be distributed 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.

A da Costa Leite

P M M Silva

F M T da Capela

P A King

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors report.  It has done so in respect of the company's future developments.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

AUDITORS

The auditors,  Sumer Auditco Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

F M T da Capela - Secretary

19 March 2025

Opinion

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report.  We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-

the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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 Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of directors' remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment law and company legislation and we considered the extent to which non-compliance might have a material effect on the financial statements of the Company. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and Corporation Tax Act 2010. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included:

-

Discussions with management, including consideration of known or suspected instances of non-compliance with

laws and regulations and fraud;

-

Understanding of management's internal controls designed to prevent and detect irregularities, and fraud;

-

Reviewing the Company's legal costs to check for non-compliance with laws and regulations and fraud;

-

Review of tax compliance

-

Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of

expenses;

-

Testing transactions entered into outside of the normal course of the Company's business; and

-

Identifying and testing journal entries, in particular any journal entries with fraud characteristics such as journals

with round numbers.

There are inherent limitations in the audit procedures described above 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. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

David Iain Black (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

Statutory Auditor

Hermes House

Fire Fly Avenue

Swindon

Wiltshire

SN2 2GA

27 March 2025

CONTINUING OPERATIONS

Revenue

3

26,987,765

30,206,702

Cost of sales

(21,999,531

)

(24,371,777

)

GROSS PROFIT

4,988,234

5,834,925

Administrative expenses

(3,332,288

)

(3,386,796

)

OPERATING PROFIT

1,655,946

2,448,129

Finance costs

5

(21,869

)

(1,028

)

Finance income

5

-

15,313

PROFIT BEFORE INCOME TAX

6

1,634,077

2,462,414

Income tax

7

(443,747

)

(524,467

)

PROFIT FOR THE YEAR

1,190,330

1,937,947

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR

THE YEAR

1,190,330

1,937,947

ASSETS

NON-CURRENT ASSETS

Owned

Intangible assets

8

-

-

Property, plant and equipment

9

4,374,631

4,547,773

Right-of-use

Property, plant and equipment

9, 17

11,006

17,295

4,385,637

4,565,068

CURRENT ASSETS

Inventories

10

4,328,488

5,170,795

Trade and other receivables

11

4,467,252

5,123,246

Cash and cash equivalents

12

629,658

437,240

9,425,398

10,731,281

TOTAL ASSETS

13,811,035

15,296,349

EQUITY

SHAREHOLDERS' EQUITY

Called up share capital

13

1,000,000

1,000,000

Retained earnings

14

8,138,143

6,947,813

TOTAL EQUITY

9,138,143

7,947,813

LIABILITIES

NON-CURRENT LIABILITIES

Financial liabilities - borrowings

Lease liabilities

16, 17

4,637

10,722

Deferred tax

19

39,613

52,512

44,250

63,234

CURRENT LIABILITIES

Trade and other payables

15

4,412,127

6,984,158

Financial liabilities - borrowings

Lease liabilities

16, 17

6,428

6,657

Tax payable

210,087

294,487

4,628,642

7,285,302

TOTAL LIABILITIES

4,672,892

7,348,536

TOTAL EQUITY AND LIABILITIES

13,811,035

15,296,349

The financial statements were approved by the Board of Directors and authorised for issue on 19 March 2025 and were signed on its behalf by:

A da Costa Leite - Director

P M M Silva - Director

Called up

share

Retained

Total

capital

earnings

equity

£   

£   

£   

Balance at 1 January 2023

1,000,000

5,009,866

6,009,866

Changes in equity

Total comprehensive income

-

1,937,947

1,937,947

Balance at 31 December 2023

1,000,000

6,947,813

7,947,813

Changes in equity

Total comprehensive income

-

1,190,330

1,190,330

Balance at 31 December 2024

1,000,000

8,138,143

9,138,143

Cash flows from operating activities

Cash generated from operations

23

849,194

508,329

Interest paid

(21,607

)

(657

)

Tax paid

(541,047

)

(441,611

)

Net cash from operating activities

286,540

66,061

Cash flows from investing activities

Purchase of tangible fixed assets

(98,927

)

(204,280

)

Sale of tangible fixed assets

4,805

22,566

Interest received

-

15,313

Net cash from investing activities

(94,122

)

(166,401

)

Increase/(decrease) in cash and cash equivalents

192,418

(100,340

)

Cash and cash equivalents at beginning

of year

24

437,240

537,580

Cash and cash equivalents at end of year

24

629,658

437,240

1.

STATUTORY INFORMATION

Vicaima 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 Company Information page.

2.

ACCOUNTING POLICIES

Basis of preparation

These financial statements have been prepared in accordance with UK-adopted international accounting standards and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention.  

Critical accounting judgements and key sources of estimation uncertainty

Revenue recognition

Property, plant and equipment

Inventories

Taxation

Foreign currency

Leases

Employee benefit costs

Financial instruments

Trade debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

The company recognises a loss allowance for expected credit losses trade debtors. The amount of expected credit losses (ECL) is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.

Cash and cash equivalents

Cash represents cash in hand and deposits held on demand with financial institutions. Cash equivalents are short-term, highly-liquid investments with original maturities of three months or less (as at their date of acquisition).  Cash equivalents are readily convertible to known amounts of cash and subject to an insignificant risk of change in that cash value.

In the presentation of the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts. Any such overdrafts are shown within borrowings under ‘current liabilities’ on the Statement of Financial Position.

Impairment of non-financial assets

Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

For all other financial assets, objective evidence of impairment could include:

- significant financial difficulty of the issuer or counterparty; or

- breach of contract, such as a default or delinquency in interest or principal payments; or

- it becoming probable that the borrower will enter bankruptcy or financial re-organisation; or

- the disappearance of an active market for that financial asset because of financial difficulties.

For certain categories of financial asset, such as trade receivables, assets that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables could include the company's past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit period of 30 days, as well as observable changes in national or local economic conditions that correlate with default on receivables.

For financial assets carried at amortised cost, the amount of the impairment loss recognised is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.