REGISTERED NUMBER: 14150988 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31st March 2025

for

Versatile Equipment Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

L Chater

B J Gass

REGISTERED OFFICE:

3 Manor Road

Chatham

Kent

ME4 6AE

REGISTERED NUMBER:

14150988 (England and Wales)

AUDITORS:

Beak Kemmenoe

Chartered Accountants

& Statutory Auditors

1-3 Manor Road

Chatham

Kent

ME4 6AE

The directors present their strategic report of the company and the group for the year ended 31st March 2025.

REVIEW OF BUSINESS

The directors have been pleased by the performance of the companies within the group during the period especially when viewed against the overall economic backdrop which continues to be patchy.

PRINCIPAL RISKS AND UNCERTAINTIES

The financial risk management of the group is based upon sound economic objectives and good corporate practice.

The economy is experiencing relatively high inflation and costs are increasing across a number of areas. The group has been working closely with its customers with regard to prices to recover these increased costs without affecting quality of service.

The supply chain continues to be a concern due to the global economic situation. The group has maintained its strong relationship with its main supplier, which has facilitated a reduction in the stock levels and associated direct costs over the previous year.

The group is also subject to competitor risk, operating in a diverse market with unpredictable government initiatives and consequential impact on tendering which the directors work to mitigate. Customer care is a top priority and the group maintains strong relationships with customers to enhance its service.

The groups' ability to meet cash flow requirements has eased in the reporting year due partly to the continuing inflationary climate. The directors continue to concentrate on this key area of business monitoring and are confident that the appropriate processes have been put in place to mitigate this risk going forward.

KPI'S

The directors monitor a number of key performance indicators including (but not limited to) measures around customer service, sales growth and gross profit, all of which are carried out on a regular basis. As these KPI's are interrelated, no single KPI's are considered to be key indicators of group performance. The directors consider that the balance of these KPI's have been positive in the period.

FUTURE DEVELOPMENTS

The directors appreciate that only a dynamic organisation can have a secure future and therefore intend to seek and develop opportunities that arise taking advantage of the growing position of the group within its business sector.

The current Government policy emphasising housebuilding is improving the sentiment around the economic outlook in the Group's main markets.

ON BEHALF OF THE BOARD:

L Chater - Director

23rd December 2025

The directors present their report with the financial statements of the company and the group for the year ended 31st March 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the provision of serviced plant and equipment and sale of plant.

DIVIDENDS

Interim dividends of £55,119 per share were paid on schedule. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31st March 2025 will be £110,238.

DIRECTORS

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

L Chater

B J Gass

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

L Chater - Director

23rd December 2025

Opinion

We have audited the financial statements of Versatile Equipment Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31st March 2025 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 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 group 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 group's and the parent 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 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.

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 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 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:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the business sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, employment and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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.

Ronald Price FCA (Senior Statutory Auditor)

for and on behalf of Beak Kemmenoe

Chartered Accountants

& Statutory Auditors

1-3 Manor Road

Chatham

Kent

ME4 6AE

23rd December 2025

TURNOVER

19,865,673

17,783,688

Cost of sales

18,039,108

16,318,551

GROSS PROFIT

1,826,565

1,465,137

Administrative expenses

1,722,405

1,585,990

OPERATING PROFIT/(LOSS)

4

104,160

(120,853

)

Interest receivable and similar income

1,168

5,142

105,328

(115,711

)

Interest payable and similar expenses

5

393,760

433,899

LOSS BEFORE TAXATION

(288,432

)

(549,610

)

Tax on loss

6

49,009

(18,617

)

LOSS FOR THE FINANCIAL YEAR

(337,441

)

(530,993

)

Loss attributable to:

Owners of the parent

(337,441

)

(530,993

)

LOSS FOR THE YEAR

(337,441

)

(530,993

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(337,441

)

(530,993

)

Total comprehensive income attributable to:

Owners of the parent

(337,441

)

(530,993

)

FIXED ASSETS

Intangible assets

9

3,491,824

3,953,104

Tangible assets

10

2,421,384

2,141,973

Investments

11

-

-

5,913,208

6,095,077

CURRENT ASSETS

Stocks

12

2,747,613

3,564,187

Debtors

13

1,751,465

1,804,564

Cash at bank and in hand

135,123

736,102

4,634,201

6,104,853

CREDITORS

Amounts falling due within one year

14

7,385,539

7,935,990

NET CURRENT LIABILITIES

(2,751,338

)

(1,831,137

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,161,870

4,263,940

CREDITORS

Amounts falling due after more than one year

15

(3,705,267

)

(4,408,667

)

PROVISIONS FOR LIABILITIES

19

(566,451

)

(517,442

)

NET LIABILITIES

(1,109,848

)

(662,169

)

CAPITAL AND RESERVES

Called up share capital

20

2

2

Retained earnings

21

(1,109,850

)

(662,171

)

SHAREHOLDERS' FUNDS

(1,109,848

)

(662,169

)

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

L Chater - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

6,582,750

6,582,750

6,582,750

6,582,750

CURRENT ASSETS

Debtors

13

21,927

-

CREDITORS

Amounts falling due within one year

14

4,132,540

3,092,849

NET CURRENT LIABILITIES

(4,110,613

)

(3,092,849

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,472,137

3,489,901

CREDITORS

Amounts falling due after more than one year

15

2,471,111

3,488,889

NET ASSETS

1,026

1,012

CAPITAL AND RESERVES

Called up share capital

20

2

2

Retained earnings

1,024

1,010

SHAREHOLDERS' FUNDS

1,026

1,012

Company's profit for the financial year

110,252

90,734

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 23rd December 2025 and were signed on its behalf by:

L Chater - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st April 2023

2

(8,007

)

(8,005

)

Changes in equity

Dividends

-

(123,171

)

(123,171

)

Total comprehensive income

-

(530,993

)

(530,993

)

Balance at 31st March 2024

2

(662,171

)

(662,169

)

Changes in equity

Dividends

-

(110,238

)

(110,238

)

Total comprehensive income

-

(337,441

)

(337,441

)

Balance at 31st March 2025

2

(1,109,850

)

(1,109,848

)

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st April 2023

2

33,447

33,449

Changes in equity

Dividends

-

(123,171

)

(123,171

)

Total comprehensive income

-

90,734

90,734

Balance at 31st March 2024

2

1,010

1,012

Changes in equity

Dividends

-

(110,238

)

(110,238

)

Total comprehensive income

-

110,252

110,252

Balance at 31st March 2025

2

1,024

1,026

Cash flows from operating activities

Cash generated from operations

1

553,447

793,705

Interest paid

(318,660

)

(383,383

)

Interest element of hire purchase payments paid

(75,100

)

(50,516

)

Tax paid

(80,067

)

(1

)

Net cash from operating activities

79,620

359,805

Cash flows from investing activities

Purchase of tangible fixed assets

(1,268,764

)

(830,353

)

Sale of tangible fixed assets

701,864

643,664

Interest received

1,168

5,142

Net cash from investing activities

(565,732

)

(181,547

)

Cash flows from financing activities

Loan repayments in year

(497,778

)

(373,333

)

Capital repayments in year

493,149

51,243

Equity dividends paid

(110,238

)

(123,171

)

Net cash from financing activities

(114,867

)

(445,261

)

Decrease in cash and cash equivalents

(600,979

)

(267,003

)

Cash and cash equivalents at beginning of year

2

736,102

1,003,105

Cash and cash equivalents at end of year

2

135,123

736,102

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

2025

2024

£

£

Loss before taxation

(288,432

)

(549,610

)

Depreciation charges

892,091

960,242

Profit on disposal of fixed assets

(143,322

)

(134,052

)

Finance costs

393,760

433,899

Finance income

(1,168

)

(5,142

)

852,929

705,337

Decrease/(increase) in stocks

816,574

(533,388

)

Decrease in trade and other debtors

53,099

139,823

(Decrease)/increase in trade and other creditors

(1,169,155

)

481,933

Cash generated from operations

553,447

793,705

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

135,123

736,102

Year ended 31st March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

736,102

1,003,105

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

736,102

(600,979

)

135,123

736,102

(600,979

)

135,123

Debt

Finance leases

(1,423,327

)

(493,149

)

(1,916,476

)

Debts falling due within 1 year

(497,778

)

-

(497,778

)

Debts falling due after 1 year

(1,928,889

)

497,778

(1,431,111

)

(3,849,994

)

4,629

(3,845,365

)

Total

(3,113,892

)

(596,350

)

(3,710,242

)

1.	STATUTORY INFORMATION

Versatile Equipment Holdings 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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Leasehold property

-

10% on cost

Plant and machinery

-

15% - 25% on reducing balance

Fixtures and equipment

-

25% - 33.3% on reducing balance

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 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 obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Going concern

The directors have prepared forecasts that demonstrate the trading company can finance the cash requirements of the group in the short and medium term.

Although the group Balance Sheet is showing a net current liabilities position, the main unsecured creditor, who was the previous owner, has agreed to informally 'subjugate their debt'. The directors believe that this allows the group to settle debts as they fall due and to improve the balance sheet as the group repays its liabilities which it is doing and will accelerate in 2026 as the interest rate burden falls.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,391,887

1,279,110

Social security costs

150,507

137,368

Other pension costs

28,957

25,268

1,571,351

1,441,746

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

2025

2024

Directors

2

2

Direct wages

27

26

Administration

7

5

36

33