REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2019 |
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VISUAL ACTION HOLDINGS |
REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2019 |
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VISUAL ACTION HOLDINGS |
VISUAL ACTION HOLDINGS (REGISTERED NUMBER: 03054629) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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Company Information | 1 |
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Report of the Directors | 2 | to | 3 |
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Report of the Independent Auditors | 4 | to | 6 |
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Statement of Comprehensive Income | 7 |
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Statement of Financial Position | 8 |
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Statement of Changes in Equity | 9 |
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Notes to the Financial Statements | 10 | to | 16 |
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VISUAL ACTION HOLDINGS |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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57 London Road |
High Wycombe |
Buckinghamshire |
HP11 1BS |
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SOLICITORS: |
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Adelaide House |
London Bridge |
London |
EC4R 9HA |
VISUAL ACTION HOLDINGS (REGISTERED NUMBER: 03054629) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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The directors of Visual Action Holdings (the company) present their report and financial statements for the year ended 31 December 2019. |
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RESULTS AND DIVIDENDS |
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The company's net profit for the year after taxation amounted to £nil (2018 -£2,000,000). The directors do not recommend a final dividend (2018 - £nil). |
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FUTURE DEVELOPMENTS |
Following the outbreak of COVID-19 and the increasing economic impact of this worldwide pandemic, the directors have given consideration to the company's operations, including its going concern status. |
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The directors have concluded that there is a significant impact on the company's subsidiaries revenue however the company continues to be a going concern due to the funding support achieved by the ultimate parent company for its subsidiaries, which has confirmed its continuing support. |
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EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
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DIRECTORS |
The directors who have held office during the period from 1 January 2019 to the date of this report are as follows: |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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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), including Financial Reporting Standard 102 (effective September 2015) 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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: |
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- select suitable accounting policies and then apply them consistently; |
- make judgements and accounting estimates that are reasonable and prudent; |
- state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. |
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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. |
VISUAL ACTION HOLDINGS (REGISTERED NUMBER: 03054629) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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AUDITORS |
The auditors, Seymour Taylor Audit Limited will be re-appointed in accordance with section 487(2) of the Companies Act 2006. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
VISUAL ACTION HOLDINGS |
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Opinion |
We have audited the financial statements of Visual Action Holdings (the 'company') for the year ended 31 December 2019 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and 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). |
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In our opinion the financial statements: |
- give a true and fair view of the state of the company's affairs as at 31 December 2018 and of its profit for the year then ended; |
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 (effective September 2015) 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and |
- have been prepared in accordance with the requirements of the Companies Act 2006. |
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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 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. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: |
- | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
- | the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Emphasis of matter - Material uncertainty related to going concern |
We draw attention to notes 2 and 13 to the financial statements in respect of the ongoing uncertainty in light of the ongoing COVID-19 pandemic. |
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The potential impacts of COVID-19, which are yet to be fully identified, will likely have an impact on the operations and going concern of the business. As stated in note 2, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. |
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Our opinion is not modified in respect of this matter. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
VISUAL ACTION HOLDINGS |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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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. |
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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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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. |
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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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
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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 identified material misstatements in the Report of the Directors. |
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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, 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 take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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. |
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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. |
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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. |
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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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
VISUAL ACTION HOLDINGS |
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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. |
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for and on behalf of
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57 London Road |
High Wycombe |
Buckinghamshire |
HP11 1BS |
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VISUAL ACTION HOLDINGS (REGISTERED NUMBER: 03054629) |
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STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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2019 | 2018 |
Notes | £'000 | £'000 |
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TURNOVER |
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OPERATING PROFIT |
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Reversal of impairment | - | 2,000 |
PROFIT BEFORE TAXATION |
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Tax on profit | 5 |
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PROFIT FOR THE FINANCIAL YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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VISUAL ACTION HOLDINGS (REGISTERED NUMBER: 03054629) |
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STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2019 |
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2019 | 2018 |
Notes | £'000 | £'000 | £'000 | £'000 |
FIXED ASSETS |
Investments | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Share premium | 10 |
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Capital redemption reserve | 10 |
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Retained earnings | 10 | ( |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
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VISUAL ACTION HOLDINGS (REGISTERED NUMBER: 03054629) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£'000 | £'000 | £'000 | £'000 | £'000 |
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Balance at 1 January 2018 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 December 2018 |
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Changes in equity |
Balance at 31 December 2019 |
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VISUAL ACTION HOLDINGS (REGISTERED NUMBER: 03054629) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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1. | STATUTORY INFORMATION |
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Visual Action Holdings is a private company incorporated in England. During the year the company moved their registered office and principal place of business to Union Business Park, Florence Way, Uxbridge, Middlesex, UB8 2LS. The registered number is 03054629. |
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The principal activity of the company during the year was that of a holding company. |
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The financial statements are presented in the currency of the primary economic environment in which the entity operates (its functional currency), as such, the results and statement of financial position are presented in Sterling (£ ). Monetary amounts in these financial statements are rounded to the nearest thousand unless otherwise stated. |
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The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis except for the modification to a fair value basis for certain items as specified in the accounting policies below and in accordance with applicable accounting standards. |
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Going concern |
In light of the rapid global spread of the Coronavirus "COVID-19" in early 2020, the directors have reviewed and stress tested projections and budgets for the next twelve months. Following this review, the directors consider there to be a potentially material impact on the Company's trade. |
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Given the uncertainty and continued development of COVID-19, there is doubt as to when the company will be able to fully return to normal trading conditions however the company continues to be a going concern on the basis of funding and support from the ultimate parent company of the group. |
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Further details can be seen in the "Events after the reporting period" note to the financial statements. |
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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows. |
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Preparation of consolidated financial statements |
The financial statements contain information about Visual Action Holdings as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, AVSC Europe Limited, Union Business Park, Florence Way, Uxbridge, Middlesex, UB8 2LS. |
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VISUAL ACTION HOLDINGS (REGISTERED NUMBER: 03054629) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income. |
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Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. |
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Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Differences between accumulated depreciation and tax allowances for the cost of a fixed asset, if and when all conditions for retaining the tax allowances have been met, are not provided for. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense. |
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Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax balances are not discounted. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Investments |
Investments that are not publicly traded, and whose fair value cannot otherwise be measured reliably, are held as fixed assets and stated at cost less any provision for impairment in value. |
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The carrying values of investments are reviewed for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. |
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Provisions for liabilities |
A provision is recognised when the company has a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. |
VISUAL ACTION HOLDINGS (REGISTERED NUMBER: 03054629) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company has applied the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' of FRS 102 to all of its financial instruments. |
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Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
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Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
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Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
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Impairment of financial assets |
At each period end date, the company reviews the carrying amounts of its financial assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). |
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If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount is reduced to its recoverable amount, with the impairment recognised immediately in the statement of income and retained earnings. |
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Critical accounting estimates and judgements |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 relevant. Actual results may differ from these estimates. |
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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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
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The areas for which estimation has been applied are considered to be in calculating impairments. Although these areas are subject to judgement, they are not considered to be subject to significant estimation. |
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3. | EMPLOYEES AND DIRECTORS |
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The company had no employees during the year or the prior year, other than the directors. There are no payments made to key management personnel. |
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4. | DIRECTORS' EMOLUMENTS |
2019 | 2018 |
£ | £ |
Directors' remuneration |
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VISUAL ACTION HOLDINGS (REGISTERED NUMBER: 03054629) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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4. | DIRECTORS' EMOLUMENTS - continued |
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The directors received no remuneration for their services in respect of the Company in the current year. The directors' remuneration is borne by other companies within the Group. The time spent on the activities of this company is negligible. |
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5. | TAXATION |
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Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31 December 2019 nor for the year ended 31 December 2018. |
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Factors that may affect future tax charges |
Deferred tax assets are recognised only to the extent that the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. |
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Deferred tax assets, not recognised as they are unlikely to be realised in the foreseeable future, are as follows: |
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2019 | 2018 |
£'000 | £'000 |
Tax losses unutilised | 464 | 415 |
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The corporation tax main rate in the UK is currently at 19% and is not currently expected to change. The relevant deferred tax balances have been measured using the rate expected to apply on the reversal of the timing difference. |
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There are no expiry dates in respect of the above timing differences and unused tax losses. |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertaking |
£'000 |
COST |
At 1 January 2019 |
and 31 December 2019 |
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PROVISIONS |
At 1 January 2019 |
and 31 December 2019 | 8,669 |
NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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VISUAL ACTION HOLDINGS (REGISTERED NUMBER: 03054629) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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6. | FIXED ASSET INVESTMENTS - continued |
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The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
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Registered office: Union Business Park, Florence Way, Uxbridge, Middlesex, UB8 2LS |
Nature of business:
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Class of shares: | holding |
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Registered office: Union Business Park, Florence Way, Uxbridge, Middlesex, UB8 2LS |
Nature of business:
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Class of shares: | holding |
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Registered office: Union Business Park, Florence Way, Uxbridge, Middlesex, UB8 2LS |
Nature of business:
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Class of shares: | holding |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£'000 | £'000 |
Amounts owed by group undertakings |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£'000 | £'000 |
Trade creditors | ( |
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Amounts owed to group undertakings |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £'000 | £'000 |
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Ordinary | 0.20P | 10,020 | 10,020 |
VISUAL ACTION HOLDINGS (REGISTERED NUMBER: 03054629) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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10. | RESERVES |
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Called-up share capital - This represents the nominal value of shares that have been issued. |
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Retained earnings - This distributable reserve records retained earnings and accumulated losses. |
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Share premium - This reserve records the amount above the nominal value received for shares sold. |
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Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. |
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11. | CONTINGENT LIABILITIES |
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The company is grouped for VAT purposes with certain other UK group undertakings. Consequently, the company is contingently liable for the VAT liabilities of those other UK group undertakings. |
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12. | RELATED PARTY DISCLOSURES |
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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. |
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13. | EVENTS AFTER THE REPORTING PERIOD |
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Since the reporting date, the growth of the COVID-19 pandemic across the world has dramatically reduced the groups revenues and consequently led the directors to consider whether the company can continue as a going concern for at least the next twelve months. |
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Due to the restrictions in place across the UK, the group's turnover is currently significantly reduced along with the ability of the group's customers to commit additional sales and contracts at the present time. A variety of measures have been put in place to slow and contain the spread of COVID-19 such as travel bans, social distancing, quarantines and non-essential work to be ceased. Therefore most events that would normally provide income are on hold. |
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As a consequence, the performance of the group has been significantly impacted in the current financial year (2020). |
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This impact on the cash flows due to the reduction in income for the group has resulted in the company having sought funding support from its parent company, PSAV Group LP (Delaware) which it is reliant on to continue as a going concern. The parent company (which is controlled by affiliates of Blackstone Corporation, an investment company incorporated in the United States of America) has itself secured significant funding from Blackstone and its lenders through consecutive debt raises in September and December 2020 totalling approximately $563 million. |
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As at the date that these financial statements were approved, we are aware that the fair value of the company's investments in its subsidiaries may have declined and an impairment review will take place with any subsequent changes being reflected in the financial statements as at 31 December 2020. |
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It is currently uncertain as to when the group will return to normal trading and it will need to seek additional working capital in order to be able to continue as a going concern over the next twelve months. The level of funding required is also dependant on the continued impact of the COVID-19 pandemic both domestically and globally. With an approved vaccine being rolled out in the UK from December 2020, the directors of the company, hope the business can return to sustainable, self-funding trading towards the end of 2021. |
VISUAL ACTION HOLDINGS (REGISTERED NUMBER: 03054629) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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14. | ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY |
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The company's immediate parent company is AVSC Europe Limited, a company incorporated in the United Kingdom. The smallest group in whose the financial statements the company is consolidated as at 31 December 2019 is AVSC Europe Limited. |
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Copies of the consolidated financial statements for AVSC Europe Limited can be obtained from the registered office address: |
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Union Business Park |
Florence Way |
Uxbridge |
Middlesex |
UB8 2LS |
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The company's ultimate holding company is PSAV Group LP (Delaware), a company incorporated in the United States of America. PSAV Group LP (Delaware) is the largest group in which the financial statements are consolidated as at 31 December 2019. |
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PSAV Group LP (Delaware) is controlled by Blackstone Corporation, an investment company incorporated in the United States of America. |