REGISTERED NUMBER: 07340550 (England and Wales)

Financial Statements For The Year Ended 31 May 2025

for

VMS (Refrigeration) Limited

Page

Company information

1

Statement of financial position

2

Notes to the financial statements

3

Directors:

M H James

A W Laraman

D G Miller

N L Taylor

Secretary:

N L Taylor

Registered office:

Avnet House

Rutherford Close

Stevenage

Hertfordshire

SG1 2EF

Registered number:

07340550 (England and Wales)

Auditors:

MRT Accountants Limited

Statutory Auditor

Chartered Accountants

Market House

10 Market Walk

Saffron Walden

Essex

CB10 1JZ

Fixed assets

Tangible assets

4

34,473

43,531

Current assets

Stocks

405,693

549,698

Debtors

5

1,466,997

972,610

Cash at bank

-

57,958

1,872,690

1,580,266

Creditors

Amounts falling due within one year

6

1,292,675

1,098,971

Net current assets

580,015

481,295

Total assets less current liabilities

614,488

524,826

Provisions for liabilities

8

-

6,239

Net assets

614,488

518,587

Capital and reserves

Called up share capital

100

100

Retained earnings

614,388

518,487

614,488

518,587

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

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 December 2025 and were signed on its behalf by:

M H James - Director

1.	Statutory information

VMS (Refrigeration) 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 preparing the financial statements

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. The principal accounting policies adopted are set out below.

The financial statements of the company are consolidated in the financial statements of The VMS Automotive Group Limited. These consolidated financial statements are available from its registered office Avent House, Rutherford Close, Stevenage, Hertfordshire, SG1 2EF.

Going concern

Given the level of cash reserves and facilities available within the wider group the directors have concluded that the company is well placed to manage its business risks successfully. Should there be a requirement for additional working capital within the company the directors have obtained a letter of support from its fellow subsidiary, VMS (Fleet Management) Limited, confirming its intention to make available any amount required. The directors have evaluated the ability of VMS (Fleet Management) Limited to provide such support and have not identified any material uncertainties in this regard thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. Turnover from the supply and installation of refrigeration units is recognised on despatch and turnover in relation to maintenance services is recognised when the service is completed.

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

-

3 to 5 years straight line

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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

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 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

Basic financial assets, which include trade and other debtors and amounts due from group companies, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.

Classification of financial liabilities

Financial liabilities are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans and amounts due to fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured according to the terms and conditions of the agreement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Equity instruments

Equity instruments issued by the company are recorded at the fair value of proceeds received, net of direct issue costs.

Taxation

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.

Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.

Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date.

All translation differences are taken to profit or loss.

Leases

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.

Pension costs and other post-retirement benefits

For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

3.	Employees and directors

The average number of employees during the year was 28 (2024 - 35 ) .

4.	Tangible fixed assets

Plant and

machinery

etc

£

Cost

At 1 June 2024

106,632

Additions

7,008

At 31 May 2025

113,640

Depreciation

At 1 June 2024

63,101

Charge for year

16,066

At 31 May 2025

79,167

Net book value

At 31 May 2025

34,473

At 31 May 2024

43,531

5.

Debtors: amounts falling due within one year

2025

2024

£

£

Trade debtors

105,178

469,748

Amounts owed by group undertakings

1,274,140

470,774

Other debtors

87,679

32,088

1,466,997

972,610

6.

Creditors: amounts falling due within one year

2025

2024

£

£

Bank loans and overdrafts

218,761

241,808

Trade creditors

380,120

627,453

Amounts owed to group undertakings

166,035

166,035

Taxation and social security

387,351

61,627

Other creditors

140,408

2,048

1,292,675

1,098,971

Bank loans and other loans are secured by a fixed and floating charge on all fixed assets of the company and fellow group companies.

7.	Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

133,152

200,404

Between one and five years

97,500

236,702

230,652

437,106

8.	Provisions for liabilities

2024

£

Deferred tax

Accelerated capital allowances

6,866

Other timing differences

(627

)

6,239

Deferred

tax

£

Balance at 1 June 2024

6,239

Credit to Income statement during year

(17,638

)

Balance at 31 May 2025

(11,399

)

9.	Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the auditors was unqualified.

James Robert Marchant FCCA (Senior Statutory Auditor)

for and on behalf of MRT Accountants Limited

10.	Securities and other guarantees

The company has entered into a bank guarantee with VMS (Holdings) Limited, VMS (Fleet Management) Limited, MAR Cooling Solutions Limited and MAR Vehicle Solutions Ltd.

In addition, the company has also entered into a guarantee with VMS (Fleet Management) Limited for an invoice discount facility.

At 31 May 2025 VMS (Fleet Management) Limited had bank loans and an invoice discount facility of £6,191,046 (2024: - £2,491,325).

11.	Ultimate controlling party

The directors consider the ultimate parent undertaking, which draws up consolidated accounts, to be The VMS Automotive Group Limited, a company incorporated in the United Kingdom. The parents registered office is Avnet House, Rutherford Close, Stevenage, Hertfordshire, SG1 2EF.

The ultimate controlling party is considered to be M James by virtue of his shareholding in The VMS Automotive Group Limited.