VSI GROUP LIMITED
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Cash
£14m
+10.1% vs 2024
Net assets
-£23m
-37.2% lowest in 3 filed years
Employees
522
+0.6% vs 2024
Profit before tax
-£4.9m
+4.3% highest in 3 filed years
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
Negative shareholders' funds
Net assets
3-year trend · vs Consumer Discretionary median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2025-12-31
| Metric | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 | Δ vs prior |
|---|---|---|---|---|---|
| Turnover | £72,854,000 | £77,829,000 | £93,280,000 | +19.9% | |
| Operating profit | -£5,710,000 | -£3,495,000 | -£3,691,000 | -5.6% | |
| Profit before tax | -£7,277,000 | -£5,133,000 | -£4,910,000 | +4.3% | |
| Net profit | -£7,355,000 | -£5,882,000 | -£5,112,000 | +13.1% | |
| Cash | £17,383,000 | £12,553,000 | £13,825,000 | +10.1% | |
| Total assets less current liabilities | £43,136,000 | £32,719,000 | £27,697,000 | -15.3% | |
| Net assets | -£9,203,000 | -£16,534,000 | -£22,683,000 | -37.2% | |
| Equity | -£9,203,000 | -£16,534,000 | -£22,683,000 | -37.2% | |
| Average employees | 571 | 519 | 522 | +0.6% | |
| Wages | £19,638,000 | £20,491,000 | £21,897,000 | +6.9% | |
| Directors' remuneration | £100,000 | £109,000 | £1,173,000 | +976.1% | |
| Directors' pension contributions | — | — | £15,914 | — | |
| Highest paid director | — | £100,000 | £232,000 | +132% |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 |
|---|---|---|---|---|
| Operating margin | -7.8% | -4.5% | -4.0% | |
| Net margin | -10.1% | -7.6% | -5.5% | |
| Return on capital employed | -13.2% | -10.7% | -13.3% | |
| Gearing (liabilities / total assets) | 113.5% | 125.8% | 136.6% | |
| Current ratio | 1.34x | 10.78x | 1.02x | |
| Interest cover | -3.19x | -21.44x | -2.80x |
Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.
Audit & accounting basis
- Accounting basis
- FRS 102
- Reporting scope
- Consolidated group
- Auditor
- Menzies LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“The cash flow projections show that the Company and Group will maintain a positive cash balance for at least the next 12 months from the date of approval of these financial statements. On this basis, the Directors have therefore concluded that it is appropriate to prepare the financial statements”
Group structure
- VSI GROUP LIMITED · parent
- Voice & Script International Limited 96%
- VSI Paris S.A. 96%
- VSI Italia SRL 67%
- Voice & Script International Inc. 96%
- VSI Warsaw Sp. Z.o.o. 53%
- VSI Berlin GmbH 96%
- Centro Integral de Video Sociedad Anonima 86%
- Sound Lab Latin America Sociedad Anonima 86%
- AT Lisboa Studios S.A. 65%
- VSI Voice and Script International Tel-Aviv Ltd 96%
- Voice & Script International Mexico, S.A. De C.V. 86%
- VSI Ordkedjan AB 96%
- Dawood Holdings B.V. 96%
- VSI Netherlands Holding B.V. 96%
- VSI Creative Services B.V. 96%
- VSI Translation & Subtitling B.V. 96%
- Vox Mundi Audiovisual Ltda 72%
- VSI LATAM Limited 86%
- Voice & Script International Spain S.L. 96%
- VSI Malaysia Sdn. Bhd 96%
Significant events
- “On 26 January 2026, Voice & Script International Limited acquired the remaining shares in VSI LATAM for consideration of £1.”
- “On 6 February 2026 the Group entered into a new £10m revolving credit facility with Lloyds and remains available but unutilised.”
- “On 28 April 2026, Best Ever Entertainment was acquired by VSI LA Inc. from N H Dawood for £nil consideration.”
- “On 2 September 2026, N H Dawood transitioned from his role as Chief Executive Officer to Executive Chairman. On the same date, W J Russell was appointed as Chief Executive Officer.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
4 active · 4 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| DAWOOD, Norman Harold | Director | 2020-02-28 | Aug 1957 | British |
| RUSSELL, William John | Director | 2025-06-03 | Nov 1981 | British |
| SCHUBERT, Ulrike | Director | 2025-06-03 | Apr 1978 | German |
| WEISER, Alexander David | Director | 2025-06-03 | Jul 1974 | American |
Show 4 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| DAWOOD, Alexander Joseph | Director | 2020-11-11 | 2023-01-17 |
| DAWOOD, Alissia Atalanta Rachel | Director | 2020-11-11 | 2023-01-17 |
| DAWOOD, Talia Naomi | Director | 2020-11-11 | 2023-01-17 |
| REGO, Christopher James | Director | 2025-06-03 | 2026-09-24 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Mr Norman Harold Dawood | Individual | Shares 75–100%, Voting 75–100%, Appoints directors | 2020-02-28 | Active |
Filing timeline
Last 20 of 80 total filings
Material constitutional events — rename, articles re-file, resolution
- 2025-05-12 RESOLUTIONS Resolution
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-09-30 | AA | accounts | Accounts with accounts type group | |
| 2026-09-25 | TM01 | officers | Termination director company with name termination date | |
| 2026-04-07 | SH10 | capital | Capital variation of rights attached to shares | |
| 2026-04-07 | SH08 | capital | Capital name of class of shares | |
| 2026-03-10 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2026-01-30 | AA | accounts | Accounts with accounts type group | |
| 2025-09-11 | SH10 | capital | Capital variation of rights attached to shares | |
| 2025-09-11 | SH10 | capital | Capital variation of rights attached to shares | |
| 2025-09-11 | SH08 | capital | Capital name of class of shares | |
| 2025-09-11 | SH08 | capital | Capital name of class of shares | |
| 2025-08-06 | PSC04 | persons-with-significant-control | Change to a person with significant control | |
| 2025-08-05 | CH01 | officers | Change person director company with change date | |
| 2025-06-25 | RP04CS01 | confirmation-statement | Second filing of confirmation statement with made up date | |
| 2025-06-04 | AP01 | officers | Appoint person director company with name date | |
| 2025-06-03 | AP01 | officers | Appoint person director company with name date | |
| 2025-06-03 | AP01 | officers | Appoint person director company with name date | |
| 2025-06-03 | AP01 | officers | Appoint person director company with name date | |
| 2025-05-20 | AA | accounts | Accounts with accounts type group | |
| 2025-05-12 | RESOLUTIONS | resolution | Resolution | |
| 2025-05-09 | PSC04 | persons-with-significant-control | Change to a person with significant control |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 6
- Capital events
- 6
- Officers appointed
- 0
- Officers resigned
- 1
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.