VEXTRIX_MANAGEMENT_LIMITE - Accounts

The directors present their annual report and financial statements for the year ended 31 December 2020.

The principal activity of the company is to provide Project Management and Cost Consultancy/Quantity Surveying Services to the Construction and Property Industry.

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

Business Performance

Giving due consideration to how the COVID19 Pandemic impacted the UK economy during the year, in 2020, the business has on the whole performed well, slightly improving its turnover position from 2019, however taking the inevitable downturn in profit margin as we dealt with drops in revenue to forecast and the cost impact this brought to business relative to its head count.

Whilst the business did receive some assistance via the furlough programme, in order to maintain the employment of people unable to work for the business during the pandemic, the strength that the business had in the UK Transport, Rail, Infrastructure and Energy sectors were key in helping us sustain the business and put us in a position to support future growth and employment generation. In addition to our works in the key business sectors highlighted above we also continued to provide services on commissions covering industrial, retail, life sciences and residential markets.

The company has maintained its footprint in Liverpool, Manchester and London with the two Northern most offices seeing a growth in employment numbers as we have come out of 2020 and into 2021 which has been across all existing and new service lines of the business to help meet our strategic targets. In line with our business plans for 2020, the business continued to focus on service and sector diversification which has been supported by the appointment of a new Director of Design Services which has contributed to business turnover and has opened up new markets to the business.

We have also seen growth in the support functions of the business where we have strengthened our finance and compliance team, enhanced our strategic engagement and marketing team, bringing greater channels of engagement within the industry and we have established a dedicated team to focus on aspects of people and culture within the business to improve our training and development programme, build our recruitment and staff retention process and give a greater emphasis on the health and wellbeing of our people.

Business Outlook

A thorough and detailed review of the business plans and strategy as a result of the pandemic allowed us to strengthen our process, reporting and management structures which gives us confidence in our ambitions and has highlighted the key services and sectors that will be important to achieving the planned business growth.

We recognise the impact of COVID19 has not yet abated and the construction industry faces challenges around inflation, material and resource availability all of which may impact business targets and must be closely monitored. The business has been anticipating the resource challenge and actively recruiting in 2021 to mitigate the impacts this could have on our service delivery to ensure quality of service and agility in responsiveness for our clients. We anticipate further recruitment in 2021 in addition to the upskilling of our existing teams to further help our risk management actions.

As we have achieved the sector diversification targeted in 2020 we will look to grow the business in our current active sectors, through our existing service lines, but with a greater emphasis on what we can do to enhance the inclusivity, sustainability and environmental credentials of our services and the impact our services and decisions can have on the built environment and local communities.

The first six months of 2021 see the business well on track to surpass its growth targets detailed in the business plan with the Senior Leadership Team committing to increase these for the 2021 financial year.

The remainder of 2021 and beyond will see the business continuing to focus on our key metrics and health measures to help return the profit margins to the business, strengthening existing business specialisms and seeking to secure a number of key client frameworks to help us achieve the planned business growth for 2022.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Vextrix Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 52 Tithebarn Street, Liverpool, United Kingdom, L2 2SR.

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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

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 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

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, including creditors, bank loans and loans from fellow group companies are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

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

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.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows: