VEXTRIX_MANAGEMENT_LIMITE - Accounts

The directors present their annual report and financial statements for the year ended 31 December 2022.

The principal activity of the company is to provide Multi-Disciplinary Construction Consultancy Services covering Project Management/Lead Consultant, Cost Consultancy/Quantity Surveying, CDM Principal Designer, H&S and Compliance Advisory Services and have further strengthened in their Design Services and Surveying service lines.

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

Business Performance

Through the course of 2022 the business has made considerable steps forward towards achieving its business plan not least surpassing its targets set in its 3-year plan back in 2019, a remarkable success given the impacts of the COVID pandemic in 2020 and the impacts that the Ukraine war and Cost of Living crisis have had in the UK economy in 2022. Achievement of the 3-year plan ensures the business has maintained its high growth trajectory and has informed the settlement of the next 3-year plan for the business, “Journey to 2025”, which was agreed by the Senior Leadership team for the commencement of 2023.

Throughout 2022 we saw growth in all business services line with significant growth taking place in the multi-disciplinary design services team supporting the decisions made by the board to invest in this area back in 2020. Year on year results show revenue growth within the business of 30% increasing gross profit margin by 5% and maintaining net profit margins achieved in 2021.

Through 2022 we have continued to make significant investments in our people, both in number and skills, increasing headcount to 60 by year end, an increase of 56%, with some of the new team members joining towards the end of the year to place the business on track to achieve its 2023 growth goals and targets for which we are on track with our average head count for the year being 39.88 people.

The business has continued delivery in its key markets of UK Transport, Rail and Infrastructure expanding to provide services in the highways sector and life sciences markets. We have also seen growth within the Real Estate and Investment and Residential sectors as our marketing and sales efforts start to come to fruition. There are more exciting opportunities to come in 2023 where we will be targeting clients, project work and frameworks serving the UK transport and infrastructure, energy creation and security, life sciences and seeking to continue developing or offering for the real estate, commercial and residential markets and seeking to further establish our London office.

Its important to recognise that we couldn’t achieve any of the things we do without our people and we therefore place great emphasis on our Staff Health, Wellbeing and our Inclusivity and Diversity. To support this we have introduced measures to help engagement with staff through regular staff surveys, celebratory birthday lunches allowing wider face to face introductions between our people across the business, have rigorous approach to our wellbeing 1-to-1’s with all team members and every member of our team has set performance plans which align with the company operating drum beat and strategic objectives allowing us to make huge steps forward with development of our internal skills and systems improving quality and efficiency of delivery and also with our marketing and business development.

A stand out moment of the year was our success in the FREDIE awards where Vextrix were awarded, most improved organisation for diversity and inclusivity a great achievement of recognition for everyone in the business allowing us to celebrate how inclusive we are as an organisation.

Our commitment to our Net Positive initiative in 2022 saw the business partner with a local charity, The Hive, allowing us to continue supporting young and often disadvantaged children and we have also supported a number of local schools offering careers advice and mentoring. As our Net Positive initiative has developed, we have focussed on the UN Sustainable Development Goals of No Poverty, Good Health and Wellbeing, Quality Education, Gender Equality, Decent Work and Economic Growth, Reduced Inequalities, Responsible Consumption and Production and Climate Action and through 2022 and committed 1,012 hours in volunteering time supporting a range of supporting initiatives and schools, supporting over 1,000 students and contributing £49,965 through a number of supporting initiatives aligned to the UN Goals.

Business Outlook

During the year the business achieved its three-year plan ahead of schedule ensuring we remain on track to meet our ten-year plan as set out in 2020. Indications are pointing to another strong year of growth in 2023 with a firm order book already in place which surpasses our 2022 revenue which is reflected in our recruitment policy and strategy which we have continued and will continue to invest in as we invest in our digital, data, sustainability and collaboration skills and services within the business.

We are conscious of the various and well documented external factors that may influence our journey / business plans and continuously monitor this in accordance with our risk management / mitigation protocols to limit impact to the business. 

The Senior Leadership Team and Board are confident we can achieve our business goals over the next three years and remain committed to the business strategy and initiatives being implemented to achieve this.

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 2022 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, 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:

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level activity. Provision is made for any foreseeable losses when appropriate. No element of profit is included in the valuation of work in progress.

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:

Balance of £21,028 (2021 - £20,014) disclosed within other creditors is obligations under finance leases and is secured against the assets to which they relate to.

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

The directors of the company are also directors of Swim Commercial Properties Limited.

During the year the company advanced monies to Swim Commercial Management Limited. The balance outstanding at the year end is £84,542 (2021 : £1,787). This balance is disclosed within other debtors under one year, is repayable on demand and bears no interest.

J Williamson

Director and shareholder

During the year the company advanced monies to the director and the maximum balance outstanding during the year was £36,977 (2021 - £32,683). Interest was charged on this unsecured loan at 2.00% (2021: 2.50%). At the balance sheet date the amount due from J Williamson was £6,983 (2021: £2,953). The balance due to the company from the director is disclosed within other debtors under one year.

P Marsden

Director and shareholder

During the year the company advanced monies to the director and the maximum balance outstanding during the year was £30,286 (2021 - £31,005). Interest was charged on this unsecured loan at 2.00% (2021: 2.50%). At the balance sheet date the amount due from/(to) P Marsden was £289 (2021: (£3,738)). The balance due to the company from the director is disclosed within other debtors under one year.

A Singleton

Director and shareholder

During the year the company advanced monies to the director and the maximum balance outstanding during the year was £20,893 (2021 - £6,423). Interest was charged on this unsecured loan at 2.00% (2021: 2.50%). At the balance sheet date the amount due from A Singleton was £20,893 (2021: £6,423). The balance due to the company from the director is disclosed within other debtors under one year.