Company registration number 10001583 (England and Wales)
VS 203 LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
VS 203 LIMITED
COMPANY INFORMATION
Directors
K Spencer
M Brittain
Secretary
R Weeks
Company number
10001583
Registered office
45 Westerham Road
Bessels Green
Sevenoaks
Kent
TN13 2QB
Auditor
Mercer & Hole LLP
Trinity Court
Church Street
Rickmansworth
WD3 1RT
VS 203 LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Profit and loss account
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 14
VS 203 LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company continued to be that of a property investment company.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

K Spencer
M Brittain
Auditor

The auditor, Mercer & Hole LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
M Brittain
Director
22 May 2026
VS 203 LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

The directors are responsible for preparing the annual report 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 of the profit or loss of the company 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; and

- 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

VS 203 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF VS 203 LIMITED
- 3 -
Opinion

We have audited the financial statements of VS 203 Limited (the 'company') for the year ended 31 March 2025 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 company's affairs as at 31 March 2025 and of its profit 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 Auditor's 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.

Material uncertainty relating to going concern

We draw attention to note 1.2 on page 9 of the financial statements concerning the company's ability to continue as a going concern which indicates that the company had net liabilities of £429,556 at 31 March 202 5. The company is therefore reliant on the ongoing support of its parent company Armatire Limited and significant shareholder. However this support is itself dependent on a number of other events which themselves are uncertain.

As stated in note 1.2 on page 9, these events or conditions, along with other matters identified, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- the information given in the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

VS 203 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF VS 203 LIMITED (CONTINUED)
- 4 -
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 identifie d material misstatements in the directors' r eport. 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:

- 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; or

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 is 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.

Auditor's 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 an auditor's report 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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Companies Act 2006 and tax legislation.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates.

Audit procedures performed by the engagement team included:

- discussions with management, including considerations of known or suspected instances of non- compliance with laws and regulations and fraud;

- gaining an understanding of management's controls designed to prevent and detect irregularities; and

- identifying and testing journal entries.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations.

VS 203 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF VS 203 LIMITED (CONTINUED)
- 5 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters which we are required to address

Without modifying our opinion, we draw your attention to note 1.1 of the accounting policies of the financial statements and the fact that the comparative information was unaudited.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's report 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 member, for our audit work, for this report, or for the opinions we have formed.

Anil Kapoor (Senior Statutory Auditor)
For and on behalf of Mercer & Hole LLP, Statutory Auditor
Chartered Accountants
Trinity Court
Church Street
Rickmansworth
WD3 1RT
22 May 2026
VS 203 LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
Unaudited
2025
2024
Notes
£
£
Turnover
87,899
85,707
Administrative expenses
(42,226)
(52,918)
Interest payable and similar expenses
(64,476)
(65,518)
Fair value gains and losses on investment properties
4
30,000
144,250
Profit before taxation
11,197
111,521
Tax on profit
5
-
0
-
0
Profit for the financial year
11,197
111,521

The profit and loss account has been prepared on the basis that all operations are continuing operations.

VS 203 LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 7 -
Unaudited
2025
2024
Notes
£
£
£
£
Fixed assets
Investment property
6
2,250,000
2,220,000
Current assets
Debtors
7
120,041
119,381
Cash at bank and in hand
1
30
120,042
119,411
Creditors: amounts falling due within one year
8
(2,799,598)
(2,780,164)
Net current liabilities
(2,679,556)
(2,660,753)
Net liabilities
(429,556)
(440,753)
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
(429,557)
(440,754)
Total equity
(429,556)
(440,753)

These 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 22 May 2026 and are signed on its behalf by:
M Brittain
Director
Company registration number 10001583 (England and Wales)
VS 203 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2023 (unaudited)
1
(552,275)
(552,274)
Year ended 31 March 2024:
Profit and total comprehensive income
-
111,521
111,521
Balance at 31 March 2024 (unaudited)
1
(440,754)
(440,753)
Year ended 31 March 2025:
Profit and total comprehensive income
-
11,197
11,197
Balance at 31 March 2025
1
(429,557)
(429,556)
VS 203 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
1
Accounting policies
Company information

VS 203 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 45 Westerham Road, Bessels Green, Sevenoaks, Kent, TN13 2QB.

1.1
Basis of preparation

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention modified to include investment at fair value.The principal accounting policies adopted are set out below.

In the prior period, the company claimed exemption from an audit under Section 479A of the Companies Act 2006 relating to subsidiary companies and therefore the comparative results presented in these financial statements are unaudited.

1.2
Going concern

At 31 March 202 5, the company had net current liabilities of £2,679,556 (202 4: £2,660,75 3) and net liabilities of £429,556 (202 4: £440,753). In addition, the company was in breach of certain banking covenants at the balance sheet date as set out in note 8.

As a result of these breaches, the associated borrowings are technically repayable on demand. The directors have engaged with the lender and, subsequent to the year end, have obtained confirmation that the lender will not demand repayment within 12 months from the date of approval of these financial statements.

The company is therefore reliant on the continued support of its parent company, Armatire Limited, and its ultimate shareholders, which has been confirmed in writing for a period of at least 12 months from the date of approval of these financial statement s.

The shareholders’ ability to provide this support is dependent on market conditions, including property valuations, rental income performance, and the availability of refinancing within the wider group. It is also contingent on the successful disposal of certain properties and/or the refinancing or extension of existing banking facilities across the group.

The directors have concluded that these conditions indicate the existence of a material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern, as the availability of funding is not within the company’s control. Nevertheless, having considered the forecasts, the level of support available from shareholders, and ongoing discussions with lenders, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

1.3
Revenue

The turnover shown in the profit and loss account represents rental income receivable during the period and is recognised on an accruals basis.

1.4
Tangible fixed assets

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
33% straight line
VS 203 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 10 -

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.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

At the year end the investment property has been valued on a vacant possession basis making downward adjustments to the property when there is an existing tenancies in place at the balance sheet date. The adjustment to the values takes into account the remaining term of the tenancy, where appropriate .

If the property was valued on a vacant possession basis it would be valued at £2,35 0,000, leading to an uplift of £100,000 to the value of the property.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

VS 203 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 11 -
1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Valuation of investment properties

The key accounting estimate in preparing these financial statements relates to the carrying value of the investment properties which are stated at fair value. The company uses lease terms, market conditions and sales prices based upon known market transactions for similar properties as a basis for determining the directors' estimation of the fair value of the investment properties with the assistance of external valuers. However, the valuation of the company's investment properties is inherently subjective, as it is made on the basis of valuation assumptions which may in future not prove to be accurate. In addition, the deferred tax liabilities recognised in respect of the fair value gains and losses on these investment properties are assessed on the basis of assumptions regarding the future, the likelihood that assets will be realised and liabilities will be settled, and estimate as to the timing of those future events and as to the future tax rates that will be applicable.

VS 203 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
3
Employees

The average monthly number of persons (excluding directors) employed by the company during the year was:

Unaudited
2025
2024
Number
Number
Total
0
0
4
Amounts written off investments
Unaudited
2025
2024
£
£
Fair value gains/(losses)
Gain on investment properties
30,000
144,250
5
Taxation

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

Unaudited
2025
2024
£
£
Profit before taxation
11,197
111,521
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2024: 25%)
2,799
27,880
Effects of:
Expenses that are not deductible in determining taxable profit
16,169
17,257
Change in unrecognised deferred tax assets
(7,500)
(36,062)
Group relief
(11,468)
(9,075)
Taxation charge in the financial statements
-
-
6
Investment property
2025
£
Fair value
At 1 April 2024 (unaudited)
2,220,000
Revaluations
30,000
At 31 March 2025
2,250,000
VS 203 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
6
Investment property
(Continued)
- 13 -

The investment property was valued as at 31 March 2025 at £2,2 5 0,000 by Newmark Gerald Eve LLP on a RICS Red Book Valuation basis.

The valuation was based on the property being vacant and the open market value of the transaction prices for similar properties. These were subsequently adjusted to reflect the existing tenancy at the balance sheet date.

The directors have represented that they have historically sold properties on a vacant possession basis and will continue to do so in the future. If the property was valued on a vacant possession basis it would be valued at £2,35 0,000 to an uplift of £100,000 to the value of the property with a corresponding unrealised gain recognised in the income statement.

The historical cost of the freehold investment property is £2,462,034 (202 4: £2,462,034).

7
Debtors
Unaudited
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
90,960
81,933
Other debtors
29,081
37,448
120,041
119,381
8
Creditors: amounts falling due within one year
Unaudited
2025
2024
£
£
Bank loans
1,642,193
1,642,194
Trade creditors
22,783
22,783
Amounts owed to group undertakings
1,100,733
1,068,570
Other creditors
33,889
46,617
2,799,598
2,780,164

The loan and attracts an interest rate of 3.99%, monthly on the bank loan of £1,642,200. This fixed rate bank loan was subject to interest cover and loan to value covenants. There was a registered charge over the property in favour of Hampshire Trust Bank PLC.

During the year, at the year end and the prior year, the company was in breach of its loan covenants and therefore the loan has been recorded as a current liability, despite it being payable in more than one year.

9
Called up share capital
Unaudited
Unaudited
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
VS 203 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
10
Related party transactions

The following amounts were outstanding at the reporting end date:

Unaudited
2025
2024
Amounts due to related parties
£
£
Other related parties
210,588
164,419

Included in amounts above are amounts owed to subsidiaries within the Armatire Group. These are funding balance s as the companies have made payments on behalf of VS 203 Limited. The amount due is unsecured, non-interest bearing and will be settled in cash. No guarantees have been given or received.

The following amounts were outstanding at the reporting end date:

Unaudited
2025
2024
Amounts due from related parties
£
£
Other related parties
24,072
15,199

Included in amounts above are amounts owed by subsidiaries within the Armatire Group. The amount due is unsecured, non-interest bearing and will be settled in cash. No guarantees have been given or received.

Other information

The company has taken advantage of the exemption available under FRS 102 33.1A not to disclose details of outstanding balances and transactions with other wholly owned members of the Armatire Group.

An amount of £1,642,193 (202 4: £1,642,194) is included in bank loans and mortgages at 31 March 202 5. As part of the terms for this bank loan, K R Spencer was a guarantor and VS 109 Limited, VS 403 Limited and VS 602 Limited, fellow subsidiaries of Armatire Limited, were security providers. given or received.

11
Directors' transactions

Included in other creditors is an amount relating to loans provided to the company by its director of £14,422 (2024: £14,422). The amount is interest free and payable on demand.

12
Parent company

The immediate and ultimate parent undertaking is Armatire Limited which holds a 100% shareholding in VS 203 Limited. KR Spencer and A Spencer each own a 50% shareholding in Armatire Limited. The smallest and largest group for which consolidated accounts that include the company are prepared for is headed by Armatire Limited. Copies of these financial statements may be obtained from 45 Westerham Road, Bessels Green, Sevenoaks, Kent, TN13 2QB.

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