IRIS Accounts Production v25.3.0.601 07354439 Board of Directors 31.12.23 1.1.23 31.12.23 31.12.23 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. a holding company. 29 38 true true false true true false false true false Ordinary 0 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 07354439 2022-12-31 07354439 2023-12-31 07354439 2023-01-01 2023-12-31 07354439 2021-12-31 07354439 2022-01-01 2022-12-31 07354439 2022-12-31 07354439 ns15:EnglandWales 2023-01-01 2023-12-31 07354439 ns14:PoundSterling 2023-01-01 2023-12-31 07354439 ns10:Director1 2023-01-01 2023-12-31 07354439 ns10:Consolidated 2023-12-31 07354439 ns10:ConsolidatedGroupCompanyAccounts 2023-01-01 2023-12-31 07354439 ns10:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07354439 ns10:Consolidated ns10:MediumEntities 2023-01-01 2023-12-31 07354439 ns10:Consolidated ns10:Audited 2023-01-01 2023-12-31 07354439 ns10:SmallCompaniesRegimeForDirectorsReport 2023-01-01 2023-12-31 07354439 ns10:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07354439 ns10:Consolidated 2023-01-01 2023-12-31 07354439 ns10:Consolidated ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2023-01-01 2023-12-31 07354439 ns10:Consolidated ns10:Medium-sizedCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07354439 ns10:FullAccounts 2023-01-01 2023-12-31 07354439 ns10:OrdinaryShareClass1 2023-01-01 2023-12-31 07354439 ns10:Director2 2023-01-01 2023-12-31 07354439 ns10:Director3 2023-01-01 2023-12-31 07354439 ns10:Director4 2023-01-01 2023-12-31 07354439 ns10:RegisteredOffice 2023-01-01 2023-12-31 07354439 ns10:Consolidated 2022-01-01 2022-12-31 07354439 ns5:CurrentFinancialInstruments 2023-12-31 07354439 ns5:CurrentFinancialInstruments 2022-12-31 07354439 ns5:ShareCapital 2023-12-31 07354439 ns5:ShareCapital 2022-12-31 07354439 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 07354439 ns5:RetainedEarningsAccumulatedLosses 2022-12-31 07354439 ns5:ShareCapital 2021-12-31 07354439 ns5:RetainedEarningsAccumulatedLosses 2021-12-31 07354439 ns5:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 07354439 ns5:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 07354439 ns5:LandBuildings ns5:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07354439 ns5:FurnitureFittings 2023-01-01 2023-12-31 07354439 ns5:ComputerEquipment 2023-01-01 2023-12-31 07354439 ns5:CostValuation 2022-12-31 07354439 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2023-12-31 07354439 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2022-12-31 07354439 ns10:OrdinaryShareClass1 2023-12-31

REGISTERED NUMBER: 07354439 (England and Wales)

| GROUP STRATEGIC REPORT, |

| REPORT OF THE DIRECTORS AND |

| CONSOLIDATED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2023 |

| FOR |

| VYNETT LIMITED |

| VYNETT LIMITED (REGISTERED NUMBER: 07354439) |

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 4 |

| Consolidated Statement of Comprehensive Income | 7 |

| Consolidated Statement of Financial Position | 8 |

| Company Statement of Financial Position | 9 |

| Consolidated Statement of Changes in Equity | 10 |

| Company Statement of Changes in Equity | 11 |

| Consolidated Statement of Cash Flows | 12 |

| Notes to the Consolidated Statement of Cash Flows | 13 |

| Notes to the Consolidated Financial Statements | 14 |

| VYNETT LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2023

| DIRECTORS: | Z B Johari

| Mrs F B Mohamad Kunju

| M Z B Muda

| A N M B Mohd Zamri

| REGISTERED OFFICE: | 6 Hunting Gate

| Hitchin

| Herts

| SG4 0TJ

| REGISTERED NUMBER: | 07354439 (England and Wales)

| INDEPENDENT AUDITORS: | Bradshaw Johnson

| Chartered Accountants

| Statutory Auditor

| Croft Chambers

| 11 Bancroft

| Hitchin

| Hertfordshire

| SG5 1JQ

| VYNETT LIMITED (REGISTERED NUMBER: 07354439) |

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

PRINCIPAL RISKS AND UNCERTAINTIES

Credit risk

The Group's credit risk is primarily attributable to its corporate trade debtors. Credit risk is managed by running credit checks on new and existing customers and by closely controlling payments against contractual agreements. Significant income is also generated from individual guests and private events. In these cases deposits are taken in advance and payment made without extending credit.

Commodity pricing risk

The Group is exposed to the risk of variations in pricing of energy, laundry and food and beverage products. Where appropriate the group enters into forward contracts and fixed pricing with suppliers to manage this risk.

Cash flow

The Group monitors cash flow as an important part of its day-to-day control procedures. The board considers cash flow projections on a monthly basis and ensures that appropriate facilities are available to be utilised for both working capital and capital expenditure needs.

Market risk

Chartridge Venues Group is pursuing a strategy of spreading its customer base across a broad spectrum of clients, both corporate and private in order to manage any risk of exposure to dominant clients or business sectors.

FINANCIAL KEY PERFORMANCE INDICATORS

The directors consider the following to be the key performance indicators of the Group:

| 2023 |  | 2022 |  | Variance |

Revenue |  | £590,747 |  | £844,725 |  | (30%) |

Operating Loss |  | (£982,876) |  | (£696,288) |  | (41%) |

ON BEHALF OF THE BOARD:

A N M B Mohd Zamri - Director

23 September 2025

| VYNETT LIMITED (REGISTERED NUMBER: 07354439) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Z B Johari

Mrs F B Mohamad Kunju

M Z B Muda

Other changes in directors holding office are as follows:

A N M B Mohd Zamri was appointed as a director after 31 December 2023 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Bradshaw Johnson, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A N M B Mohd Zamri - Director

23 September 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

VYNETT LIMITED

Qualified Opinion

We have audited the financial statements of Vynett Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, 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).

In our opinion, except for the possible side effects of the matter described in the Basis for qualified opinion section of our report, the financial statements:

- give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's 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.

Basis for qualified opinion

With respect to cash and credit card catering and bar income for the year ended 31 December 2023, owing to the nature of the Group's records, we were unable to obtain sufficient appropriate audit evidence regarding the completeness, existence and accuracy of this revenue. Consequently we were unable to determine whether any adjustment was necessary.

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 Group 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.

Material uncertainty relating to going concern

In forming our opinion on the financial statements, we have considered the adequacy of the disclosure made in note 2 in the financial statements concerning the group's ability to continue as a going concern. The Group incurred a net loss of £995,230 during the year ended 31 December 2023 and, at that date, the group's total liabilities exceeded its total assets by £7,708,097 and it has net current liabilities of £14,613,347.

These conditions indicate that financial support from the ultimate owner is required to enable the Group to continue trading. In addition, as the result of the global COVID-19 pandemic and the impact this has had on the UK hospitality sector, significant uncertainty over the continued viability of the trading operations of the business exist.

As stated in note 2, these events or conditions, along with the other matters as set forth in note 2 indicate the existence of a material uncertainty which may cast significant doubt about the Group's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the Group was unable to continue as a going concern. Our opinion is not modified in respect of this matter, and the circumstances noted above upon which the financial statements have been qualified do not impact on the Group's ability to continue as a going concern.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

VYNETT LIMITED

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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.

Arising solely from the limitation on the scope of our work relating to Catering and Bar revenue, described above:

- we have not obtained all the audit information and explanations that we considered necessary for the purpose of our audit; and

- we do not consider that adequate accounting records have been kept.

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:

- 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.

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 group's and the parent 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 group or the parent 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:

We considered the nature of the Company's industry and its control environment, and reviewed the Company's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the Company operates in, and identified the key laws and regulations that:

- had a direct effect on the determination of material amounts and disclosures in the financial statements. These included the UK Companies Act and tax legislation; and

- 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 to avoid a material penalty.

We discussed among the audit engagement team including relevant internal specialists such as tax specialists regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

VYNETT LIMITED

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

- reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- enquiring of management and external legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and

- reading minutes of meetings of those charged with governance, reviewing internal audit reports and reviewing correspondence with HMRC.

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.

Andrew D Pearce (Senior Statutory Auditor)

for and on behalf of Bradshaw Johnson

Chartered Accountants

Statutory Auditor

Croft Chambers

11 Bancroft

Hitchin

Hertfordshire

SG5 1JQ

7 October 2025

| VYNETT LIMITED (REGISTERED NUMBER: 07354439) |

CONSOLIDATED

STATEMENT OF COMPREHENSIVE

INCOME

FOR THE YEAR ENDED 31 DECEMBER 2023

| 31.12.23 | 31.12.22 |

| Notes | £ | £ | £ | £ |

TURNOVER | 590,747 |  | 844,275 |  |

Cost of sales | 137,045 |  | 164,040 |  |

GROSS PROFIT | 453,702 |  | 680,235 |  |

Distribution costs | 81,309 |  | 46,816 |  |

Administrative expenses | 1,355,269 |  | 1,329,707 |  |

|  | 1,436,578 |  |  |  | 1,376,523 |  |

OPERATING LOSS | 4 | (982,876 | ) | (696,288 | ) |

Interest payable and similar expenses | 5 | 5,963 |  | 30,566 |  |

LOSS BEFORE TAXATION | (988,839 | ) | (726,854 | ) |

Tax on loss | 6 | 6,391 |  | - |  |

LOSS FOR THE FINANCIAL YEAR | (995,230 | ) | (726,854 | ) |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (995,230 | ) | (726,854 | ) |

Loss attributable to:

Owners of the parent | (995,230 | ) | (726,854 | ) |

Total comprehensive income attributable to:

Owners of the parent | (995,230 | ) | (726,854 | ) |

| VYNETT LIMITED (REGISTERED NUMBER: 07354439) |

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

31 DECEMBER 2023

| 31.12.23 | 31.12.22 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 8 | 6,913,771 |  | 8,770,670 |  |

Investments | 9 | - |  | - |  |

6,913,771 |  | 8,770,670 |  |

CURRENT ASSETS

Stocks | 10 | 8,554 |  | 10,719 |  |

Debtors | 11 | 189,636 |  | 215,511 |  |

Cash at bank and in hand | 11,114 |  | 240,068 |  |

209,304 |  | 466,298 |  |

CREDITORS

Amounts falling due within one year | 12 | 14,822,651 |  | 15,947,705 |  |

NET CURRENT LIABILITIES | (14,613,347 | ) | (15,481,407 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | (7,699,576 | ) | (6,710,737 | ) |

PROVISIONS FOR LIABILITIES | 14 | 8,521 |  | 2,130 |  |

NET LIABILITIES | (7,708,097 | ) | (6,712,867 | ) |

CAPITAL AND RESERVES

Called up share capital | 15 | 100 |  | 100 |  |

Revaluation reserve | 16 | - |  | 361,840 |  |

Retained earnings | 16 | (7,708,197 | ) | (7,074,807 | ) |

SHAREHOLDERS' FUNDS | (7,708,097 | ) | (6,712,867 | ) |

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2025 and were signed on its behalf by:

A N M B Mohd Zamri - Director

| VYNETT LIMITED (REGISTERED NUMBER: 07354439) |

COMPANY STATEMENT OF FINANCIAL POSITION

31 DECEMBER 2023

| 31.12.23 | 31.12.22 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 8 | - |  | - |  |

Investments | 9 | 525,107 |  | 688,978 |  |

525,107 |  | 688,978 |  |

CURRENT ASSETS

Debtors | 11 | 6,659,074 |  | 6,668,612 |  |

Cash at bank and in hand | 168 |  | 1,084 |  |

6,659,242 |  | 6,669,696 |  |

CREDITORS

Amounts falling due within one year | 12 | 12,235,473 |  | 12,214,573 |  |

NET CURRENT LIABILITIES | (5,576,231 | ) | (5,544,877 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | (5,051,124 | ) | (4,855,899 | ) |

CAPITAL AND RESERVES

Called up share capital | 15 | 100 |  | 100 |  |

Retained earnings | (5,051,224 | ) | (4,855,999 | ) |

SHAREHOLDERS' FUNDS | (5,051,124 | ) | (4,855,899 | ) |

Company's loss for the financial year | (195,225 | ) | (89,874 | ) |

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 23 September 2025 and were signed on its behalf by:

A N M B Mohd Zamri - Director

| VYNETT LIMITED (REGISTERED NUMBER: 07354439) |

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

| Called up |

| share |  | Retained |  | Revaluation |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 January 2022 | 100 |  | (6,347,953 | ) | 361,840 |  | (5,986,013 | ) |

Changes in equity

Total comprehensive income | - |  | (726,854 | ) | - |  | (726,854 | ) |

Balance at 31 December 2022 | 100 |  | (7,074,807 | ) | 361,840 |  | (6,712,867 | ) |

Changes in equity

Total comprehensive income | - |  | (633,390 | ) | (361,840 | ) | (995,230 | ) |

Balance at 31 December 2023 | 100 |  | (7,708,197 | ) | - |  | (7,708,097 | ) |

| VYNETT LIMITED (REGISTERED NUMBER: 07354439) |

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 January 2022 | 100 |  | (4,766,125 | ) | (4,766,025 | ) |

Changes in equity

Total comprehensive income | - |  | (89,874 | ) | (89,874 | ) |

Balance at 31 December 2022 | 100 |  | (4,855,999 | ) | (4,855,899 | ) |

Changes in equity

Total comprehensive income | - |  | (195,225 | ) | (195,225 | ) |

Balance at 31 December 2023 | 100 |  | (5,051,224 | ) | (5,051,124 | ) |

| VYNETT LIMITED (REGISTERED NUMBER: 07354439) |

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2023

| 31.12.23 |  | 31.12.22

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (1,940,342 | ) | (288,828 | ) |

Interest paid | (5,963 | ) | (30,566 | ) |

Net cash from operating activities | (1,946,305 | ) | (319,394 | ) |

Cash flows from investing activities

Purchase of tangible fixed assets | (1,604 | ) | (2,905 | ) |

Sale of tangible fixed assets | 1,700,000 |  | 1,063,970 |  |

Net cash from investing activities | 1,698,396 |  | 1,061,065 |  |

Cash flows from financing activities

Loan repayments in year | - |  | (468,468 | ) |

Amount withdrawn by directors | (34,500 | ) | (13,000 | ) |

Net cash from financing activities | (34,500 | ) | (481,468 | ) |

(Decrease)/increase in cash and cash equivalents | (282,409 | ) | 260,203 |  |

Cash and cash equivalents at beginning of year | 2 | 240,068 |  | (20,135 | ) |

Cash and cash equivalents at end of year | 2 | (42,341 | ) | 240,068 |  |

| VYNETT LIMITED (REGISTERED NUMBER: 07354439) |

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2023

1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 31.12.23 |  | 31.12.22

£ | £ |

| Loss before taxation | (988,839 | ) | (726,854 | ) |

| Depreciation charges | 158,503 |  | 213,775 |  |

| Profit on disposal of fixed assets | - |  | (56,107 | ) |

| Amounts owed to group undertakings | - |  | (58 | ) |

| Amounts owed by participating interests | (412,865 | ) | 897,160 |  |

| Amounts owed by joint ventures | 10,049 |  | (19,391 | ) |

| Finance costs | 5,963 |  | 30,566 |  |

(1,227,189 | ) | 339,091 |  |

| Decrease/(increase) in stocks | 2,165 |  | (1,513 | ) |

| Decrease/(increase) in trade and other debtors | 15,826 |  | (13,818 | ) |

| Decrease in trade and other creditors | (731,144 | ) | (612,588 | ) |

| Cash generated from operations | (1,940,342 | ) | (288,828 | ) |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

| Year ended 31 December 2023

| 31.12.23 |  | 1.1.23

£ | £ |

| Cash and cash equivalents | 11,114 |  | 240,068 |  |

| Bank overdrafts | (53,455 | ) | - |  |

(42,341 | ) | 240,068 |  |

| Year ended 31 December 2022

| 31.12.22 |  | 1.1.22

£ | £ |

| Cash and cash equivalents | 240,068 |  | 49,316 |  |

| Bank overdrafts | - |  | (69,451 | ) |

240,068 |  | (20,135 | ) |

3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

| At 1.1.23 | Cash flow | At 31.12.23

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 240,068 |  | (228,954 | ) | 11,114 |  |

| Bank overdrafts | - |  | (53,455 | ) | (53,455 | ) |

240,068 |  | (282,409 | ) | (42,341 | ) |

| Total | 240,068 |  | (282,409 | ) | (42,341 | ) |

| VYNETT LIMITED (REGISTERED NUMBER: 07354439) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

1. | STATUTORY INFORMATION

| Vynett 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| The financial statements have been prepared on the going concern basis which assumes that the Group will continue in operational existence for a period of at least 12 months from the date of approval of these financial statements. The Group incurred a net loss of £995,230 during the year ended 31 December 2023 and, at that date, the Group's total liabilities exceeded its total assets by £7,708,097 and it has net current liabilities of £14,613,347.

| These conditions indicate that financial support from the ultimate owner, Mohd Muda, is required to enable the Group to continue trading. It has been confirmed that continued support for the Group will be provided for a period of at least 12 months from the approval of these financial statements through Zetro Services Sdn Bhd a Malaysian entity owned and controlled by Mohd Muda.

| The Directors are of the opinion that with the continued support of their ultimate owner and controlling party, the Group can meet its liabilities as they fall due.

| In addition to the above considerations around the availability of suitable financing arrangements, as the result of the global COVID-19 pandemic and the impact this has had on the UK hospitality sector, significant uncertainty over the continued viability of the trading operations of the business exist.

| There can be no certainty in relation to these matters. However, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result if the Group was unable to continue as a going concern.

| 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.

| Freehold property | - | 2% on cost

| Fixtures and fittings | - | 20% and 33% on cost

| Computer equipment | - | 33% on cost

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 statement of financial position date.

| VYNETT LIMITED (REGISTERED NUMBER: 07354439) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| 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

|  | 31.12.23 |  | 31.12.22 |  |

| £ |  | £ |  |

| Wages and salaries |  | 455,496 |  | 642,527 |  |

| Social security costs |  | 37,793 |  | 54,875 |  |

| Other pension costs |  | 8,565 |  | 12,003 |  |

|  | 501,854 |  | 709,405 |  |

| The average number of employees during the year was as follows:

|  | 31.12.23 |  | 31.12.22 |  |

| Employees |  | 29 |  | 38 |  |

| The average number of employees by undertakings that were proportionately consolidated during the was 29 (2022 - 38).

| 31.12.23 |  | 31.12.22

£ | £ |

| Directors' remuneration | - |  | - |  |

4. | OPERATING LOSS

| The operating loss is stated after charging/(crediting):

| 31.12.23 |  | 31.12.22

£ | £ |

| Hire of plant and machinery | 81,309 |  | 46,816 |  |

| Depreciation - owned assets | 158,503 |  | 213,774 |  |

| Profit on disposal of fixed assets | - |  | (56,107 | ) |

| Auditors' remuneration | 27,124 |  | 28,000 |  |

| VYNETT LIMITED (REGISTERED NUMBER: 07354439) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023

5. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.12.23 |  | 31.12.22

£ | £ |

| Bank interest | (37 | ) | 2,202 |  |

| Bank loan interest | - |  | 20,409 |  |

| HMRC fines & interest | 6,000 |  | 7,955 |  |

5,963 |  | 30,566 |  |

6. | TAXATION

| Analysis of the tax charge

| The tax charge on the loss for the year was as follows:

| 31.12.23 |  | 31.12.22

£ | £ |

| Deferred tax | 6,391 |  | - |  |

| Tax on loss | 6,391 |  | - |  |

7. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

| 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.

8. | TANGIBLE FIXED ASSETS

| Group

| Fixtures |

| Freehold |  | Long |  | and |  | Computer |

| property |  | leasehold |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 January 2023 | 5,276,196 |  | 5,050,000 |  | 1,695,034 |  | 8,375 |  | 12,029,605 |  |

| Additions | - |  | - |  | 1,604 |  | - |  | 1,604 |  |

| Disposals | (1,734,690 | ) | - |  | (152,138 | ) | (3,498 | ) | (1,890,326 | ) |

| At 31 December 2023 | 3,541,506 |  | 5,050,000 |  | 1,544,500 |  | 4,877 |  | 10,140,883 |  |

| DEPRECIATION

| At 1 January 2023 | 416,157 |  | 1,159,269 |  | 1,675,746 |  | 7,763 |  | 3,258,935 |  |

| Charge for year | 46,673 |  | 101,608 |  | 9,609 |  | 613 |  | 158,503 |  |

| Eliminated on disposal | (34,690 | ) | - |  | (152,138 | ) | (3,498 | ) | (190,326 | ) |

| At 31 December 2023 | 428,140 |  | 1,260,877 |  | 1,533,217 |  | 4,878 |  | 3,227,112 |  |

| NET BOOK VALUE

| At 31 December 2023 | 3,113,366 |  | 3,789,123 |  | 11,283 |  | (1 | ) | 6,913,771 |  |

| At 31 December 2022 | 4,860,039 |  | 3,890,731 |  | 19,288 |  | 612 |  | 8,770,670 |  |

| VYNETT LIMITED (REGISTERED NUMBER: 07354439) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023

9. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 1 January 2023

| and 31 December 2023 | 1,810,001 |  |

| PROVISIONS

| At 1 January 2023 | 1,121,023 |  |

| Impairments | 163,871 |  |

| At 31 December 2023 | 1,284,894 |  |

| NET BOOK VALUE

| At 31 December 2023 | 525,107 |  |

| At 31 December 2022 | 688,978 |  |

10. | STOCKS

| Group |

| 31.12.23 |  | 31.12.22 |

£ | £ |

| Stocks | 8,554 |  | 10,719 |  |

11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

| 31.12.23 |  | 31.12.22 |  | 31.12.23 |  | 31.12.22 |

£ | £ | £ | £ |

| Trade debtors | 56,491 |  | 70,129 |  | - |  | - |  |

| Amounts owed by group undertakings | - |  | - |  | 6,657,681 |  | 6,667,219 |  |

| Amounts owed by joint ventures | 88,890 |  | 98,939 |  | - |  | - |  |

| Other debtors | 7,455 |  | 6,663 |  | - |  | - |  |

| VAT | 13,806 |  | - |  | 1,393 |  | 1,393 |  |

| Prepayments and accrued income | 22,994 |  | 39,780 |  | - |  | - |  |

189,636 |  | 215,511 |  | 6,659,074 |  | 6,668,612 |  |

| VYNETT LIMITED (REGISTERED NUMBER: 07354439) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023

12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

| 31.12.23 |  | 31.12.22 |  | 31.12.23 |  | 31.12.22 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 13) | 53,455 |  | - |  | - |  | - |  |

| Trade creditors | 308,925 |  | 727,205 |  | 109 |  | 109 |  |

| Amounts owed to group undertakings | - |  | - |  | 1,218,182 |  | 1,218,182 |  |

| Amounts owed to participating interests | 3,426,850 |  | 3,839,715 |  | 153,377 |  | 143,377 |  |

| Social security and other taxes | 63,400 |  | 100,536 |  | - |  | - |  |

| VAT | - |  | 51,719 |  | - |  | - |  |

| Other creditors | 8,857 |  | 178,858 |  | - |  | - |  |

| Directors' current accounts | 10,832,948 |  | 10,867,448 |  | 10,832,948 |  | 10,832,948 |  |

| Accruals and deferred income | 128,216 |  | 182,224 |  | 30,857 |  | 19,957 |  |

14,822,651 |  | 15,947,705 |  | 12,235,473 |  | 12,214,573 |  |

13. | LOANS

| An analysis of the maturity of loans is given below:

| Group |

| 31.12.23 |  | 31.12.22 |

£ | £ |

| Amounts falling due within one year or on | demand: |

| Bank overdrafts | 53,455 |  | - |  |

14. | PROVISIONS FOR LIABILITIES

| Group |

| 31.12.23 |  | 31.12.22 |

£ | £ |

| Deferred tax | 8,521 |  | 2,130 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 January 2023 | 2,130 |  |

| Provided during year | 6,391 |  |

| Balance at 31 December 2023 | 8,521 |  |

15. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.23 |  | 31.12.22

| value: | £ | £ |

| 100 | Ordinary | £1 | 100 |  | 100 |  |

| VYNETT LIMITED (REGISTERED NUMBER: 07354439) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023

16. | RESERVES

| Group

| Retained |  | Revaluation |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 January 2023 | (7,074,807 | ) | 361,840 |  | (6,712,967 | ) |

| Deficit for the year | (995,230 | ) | - |  | (995,230 | ) |

| Transfer | 361,840 |  | (361,840 | ) | - |  |

| At 31 December 2023 | (7,708,197 | ) | - |  | (7,708,197 | ) |