IRIS Accounts Production v23.1.0.753 SC273643 Board of Directors 1.4.22 31.3.23 31.3.23 false true false false true false Ordinary 0.10000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureSC2736432022-03-31SC2736432023-03-31SC2736432022-04-012023-03-31SC2736432021-03-31SC2736432021-04-012022-03-31SC2736432022-03-31SC273643ns16:Scotland2022-04-012023-03-31SC273643ns15:PoundSterling2022-04-012023-03-31SC273643ns11:Director12022-04-012023-03-31SC273643ns11:PrivateLimitedCompanyLtd2022-04-012023-03-31SC273643ns11:SmallEntities2022-04-012023-03-31SC273643ns11:AuditExemptWithAccountantsReport2022-04-012023-03-31SC273643ns11:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-31SC273643ns11:SmallCompaniesRegimeForAccounts2022-04-012023-03-31SC273643ns11:FullAccounts2022-04-012023-03-31SC273643ns11:OrdinaryShareClass12022-04-012023-03-31SC273643ns11:Director22022-04-012023-03-31SC273643ns11:CompanySecretary12022-04-012023-03-31SC273643ns11:RegisteredOffice2022-04-012023-03-31SC273643ns6:CurrentFinancialInstruments2023-03-31SC273643ns6:CurrentFinancialInstruments2022-03-31SC273643ns6:ShareCapital2023-03-31SC273643ns6:ShareCapital2022-03-31SC273643ns6:RetainedEarningsAccumulatedLosses2023-03-31SC273643ns6:RetainedEarningsAccumulatedLosses2022-03-31SC273643ns6:PlantMachinery2022-03-31SC273643ns6:FurnitureFittings2022-03-31SC273643ns6:ComputerEquipment2022-03-31SC273643ns6:PlantMachinery2022-04-012023-03-31SC273643ns6:FurnitureFittings2022-04-012023-03-31SC273643ns6:ComputerEquipment2022-04-012023-03-31SC273643ns6:PlantMachinery2023-03-31SC273643ns6:FurnitureFittings2023-03-31SC273643ns6:ComputerEquipment2023-03-31SC273643ns6:PlantMachinery2022-03-31SC273643ns6:FurnitureFittings2022-03-31SC273643ns6:ComputerEquipment2022-03-31SC273643ns6:WithinOneYearns6:CurrentFinancialInstruments2023-03-31SC273643ns6:WithinOneYearns6:CurrentFinancialInstruments2022-03-31SC273643ns6:WithinOneYear2023-03-31SC273643ns6:WithinOneYear2022-03-31SC273643ns6:BetweenOneFiveYears2023-03-31SC273643ns6:BetweenOneFiveYears2022-03-31SC273643ns6:AllPeriods2023-03-31SC273643ns6:AllPeriods2022-03-31SC273643ns11:OrdinaryShareClass12023-03-31SC2736432ns11:Director22022-03-31SC2736432ns11:Director22021-03-31SC2736432ns11:Director22022-04-012023-03-31SC2736432ns11:Director22021-04-012022-03-31SC2736432ns11:Director22023-03-31SC2736432ns11:Director22022-03-31SC273643ns11:Director112022-03-31SC273643ns11:Director112021-03-31SC273643ns11:Director112022-04-012023-03-31SC273643ns11:Director112021-04-012022-03-31SC273643ns11:Director112023-03-31SC273643ns11:Director112022-03-31
REGISTERED NUMBER: SC273643 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

VALUE ADDING CONSULTANTS LTD.

VALUE ADDING CONSULTANTS LTD. (REGISTERED NUMBER: SC273643)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

VALUE ADDING CONSULTANTS LTD.

Company Information
for the Year Ended 31 March 2023







DIRECTORS: P Logue
G McCall





SECRETARY: A Nicolson





REGISTERED OFFICE: 11 William Street
Greenock
PA15 1BT





REGISTERED NUMBER: SC273643 (Scotland)





ACCOUNTANTS: McAllisters
Paxton House
11 Woodside Crescent
Charing Cross
Glasgow
G3 7UL

VALUE ADDING CONSULTANTS LTD. (REGISTERED NUMBER: SC273643)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,763 3,854

CURRENT ASSETS
Debtors 5 1,474,009 1,204,564
Cash at bank 18,354 199,789
1,492,363 1,404,353
CREDITORS
Amounts falling due within one year 6 765,883 655,315
NET CURRENT ASSETS 726,480 749,038
TOTAL ASSETS LESS CURRENT
LIABILITIES

728,243

752,892

PROVISIONS FOR LIABILITIES 9 337,242 337,242
NET ASSETS 391,001 415,650

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 390,901 415,550
SHAREHOLDERS' FUNDS 391,001 415,650

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

VALUE ADDING CONSULTANTS LTD. (REGISTERED NUMBER: SC273643)

Balance Sheet - continued
31 March 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2023 and were signed on its behalf by:





P Logue - Director


VALUE ADDING CONSULTANTS LTD. (REGISTERED NUMBER: SC273643)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Value Adding Consultants Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of the financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. The directors are of the opinion that due to the nature of the business, there are no critical accounting estimates or judgements used in the preparation of these financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discount and value added taxes. Turnover includes revenue earned from the rendering of business consulting services.

Turnover from the rendering of business consulting services is recognised by reference to the stage of completion of any ongoing project at the end of the financial year.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged to profit and loss over the estimated useful economic lives, as follows:

Computer equipment - 33% on cost.
Fixtures and fittings - 25% reducing balance.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

At each reporting date the company assesses whether there is any indication of impairment. if such indication exists, the recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use.

Any impairment loss is recognised immediately as an expense within profit and loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


VALUE ADDING CONSULTANTS LTD. (REGISTERED NUMBER: SC273643)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Basic financial instruments
Trade and other debtors/creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised within profit or loss.

For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate of measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount that the company would receive for the asset f it were to be sold at the balance sheet date.

Provisions
A provision is recognised when a 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

VALUE ADDING CONSULTANTS LTD. (REGISTERED NUMBER: SC273643)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 April 2022
and 31 March 2023 8,819 3,870 15,150 27,839
DEPRECIATION
At 1 April 2022 8,819 3,870 11,296 23,985
Charge for year - - 2,091 2,091
At 31 March 2023 8,819 3,870 13,387 26,076
NET BOOK VALUE
At 31 March 2023 - - 1,763 1,763
At 31 March 2022 - - 3,854 3,854

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 510,744 263,675
Global Executive Management
Systems Limited 277,287 273,694
Value Adding Business Systems Limited 280,737 280,737
Directors' current accounts 335,440 314,369
S455 tax recoverable 69,801 62,689
Prepayments - 9,400
1,474,009 1,204,564

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 205,282 184,326
Tax 177,705 59,369
Social security and other taxes 13,755 7,893
VAT 16,005 49,290
Value Adding Business Systems
Limited 245,000 245,000
V A Business Solutions Limited 70,200 72,354
Accrued expenses 37,936 37,083
765,883 655,315

VALUE ADDING CONSULTANTS LTD. (REGISTERED NUMBER: SC273643)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.23 31.3.22
£    £   
Within one year 6,931 14,160
Between one and five years 1,909 8,843
8,840 23,003

8. SECURED DEBTS

Barclays Bank PLC holds a floating charge over the company as security for the bank overdraft facility. The charge covers all of the property and undertakings of the company.

9. PROVISIONS FOR LIABILITIES
31.3.23 31.3.22
£    £   
Other provisions 337,242 337,242

Value Adding Consultants Limited has an obligation at the balance sheet date to pay HMRC a liability of £337,242 for historical PAYE and NIC liabilities.

10. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
1,000 Ordinary £0.10 100 100

11. CONTINGENT ASSETS

George McCall, a director of Value Adding Consultants Limited has agreed to settle the outstanding obligation owed to HMRC provided for in the balance sheet.

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

31.3.23 31.3.22
£    £   
G McCall
Balance outstanding at start of year 250,208 245,302
Amounts advanced 5,004 4,906
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 255,212 250,208

VALUE ADDING CONSULTANTS LTD. (REGISTERED NUMBER: SC273643)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

P Logue
Balance outstanding at start of year 64,161 50,781
Amounts advanced 16,067 33,380
Amounts repaid - (20,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 80,228 64,161

13. RELATED PARTY DISCLOSURES

George McCall and Peter Logue are both directors of Value Adding Consultants Limited and are therefore considered to be related parties of the company. At the year end, G McCall owed the company £255,212.03 (2022: £250,208) and P Logue owed the company £80,228.26 (2022: £64,161).

Directors remuneration of £150,000 (2021: £201,874) was paid during the year.

14. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of VA Business Solutions Limited which in turn is wholly owned by Global Executive Management Services Limited a company incorporated in the UK. At the year end George McCall owned 60% of Global Executive Management Systems Limited and is therefore considered to be the ultimate controlling party.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Value Adding Consultants Ltd.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Value Adding Consultants Ltd. for the year ended 31 March 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Value Adding Consultants Ltd., as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Value Adding Consultants Ltd. and state those matters that we have agreed to state to the Board of Directors of Value Adding Consultants Ltd., as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Value Adding Consultants Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Value Adding Consultants Ltd.. You consider that Value Adding Consultants Ltd. is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Value Adding Consultants Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






McAllisters
Paxton House
11 Woodside Crescent
Charing Cross
Glasgow
G3 7UL


29 September 2023