REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
VA BUSINESS SOLUTIONS LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
VA BUSINESS SOLUTIONS LIMITED |
VA BUSINESS SOLUTIONS LIMITED (REGISTERED NUMBER: SC473102) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Chartered Accountants' Report | 8 |
VA BUSINESS SOLUTIONS LIMITED |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Paxton House |
11 Woodside Crescent |
Charing Cross |
Glasgow |
G3 7UL |
VA BUSINESS SOLUTIONS LIMITED (REGISTERED NUMBER: SC473102) |
Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Undistributable reserves | 9 |
Retained earnings | 9 | 61,253 | 62,550 |
SHAREHOLDERS' FUNDS |
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. |
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 |
VA BUSINESS SOLUTIONS LIMITED (REGISTERED NUMBER: SC473102) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
VA Business Solutions Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The company is a wholly owned subsidiary of Global Executive Management Systems Ltd which is a company registered in the UK. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about VA Business Solutions Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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. |
Investments in subsidiaries |
Investment in subsidiaries are recognised at fair value. |
At each reporting date the company assesses the fair value for any indication of a change in the value. Any movements in the fair value are then recognised immediately as a credit or expense within the profit and loss account. |
VA BUSINESS SOLUTIONS LIMITED (REGISTERED NUMBER: SC473102) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Debtors and creditors |
Debtors are recognised initially at transaction price less attributable transaction costs. 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 cost and 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 assets 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 assets carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date. |
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. |
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. |
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 NIL (2022 - NIL). |
VA BUSINESS SOLUTIONS LIMITED (REGISTERED NUMBER: SC473102) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST OR VALUATION |
At 1 April 2022 |
Revaluations | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Cost or valuation at 31 March 2023 is represented by: |
Shares in |
group |
undertakings |
£ |
Valuation in 2017 | 2,084,900 |
Valuation in 2020 | (1,485,000 | ) |
Valuation in 2023 | (300,000 | ) |
Cost | 100 |
300,000 |
If investments had not been revalued they would have been included at the following historical cost: |
31.3.23 | 31.3.22 |
£ | £ |
Cost | 100 | 100 |
Fixed asset investments were valued on a fair value basis on 21 December 2017 by McAllisters Chartered Accountants . |
VA Business Solutions Limited owns 100% of Value Adding Consultants Limited. The shares in Value Adding Consultants Limited were subject to an impairment review in June 2023. In accordance with FRS102, any movements in valuation are recognised in the profit and loss account. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
Directors' current accounts | 88 | 88 |
VA BUSINESS SOLUTIONS LIMITED (REGISTERED NUMBER: SC473102) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Amounts owed to group undertakings |
Accrued expenses |
7. | PROVISIONS FOR LIABILITIES |
31.3.23 | 31.3.22 |
£ | £ |
Deferred tax | 75,000 | 114,000 |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Movement in year | (39,000 | ) |
Balance at 31 March 2023 |
8. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 31.3.23 | 31.3.22 |
value: | £ | £ |
Ordinary share capital | £1 | 100 | 100 |
9. | RESERVES |
Retained | Undistributable |
earnings | reserves | Totals |
£ | £ | £ |
At 1 April 2022 | 548,450 |
Deficit for the year | ( |
) | ( |
) |
Dividends | ( |
) | ( |
) |
Undistributable reserves | 300,000 | - | 300,000 |
Movement on fair value of |
investments | - | (261,000 | ) | (261,000 | ) |
At 31 March 2023 | 286,153 |
10. | RELATED PARTY DISCLOSURES |
George McCall is a director of VA Business Solutions Limited and therefore a related party. At the year end, Mr McCall owed the company £73 (2022: £73). This loan is interest free and there is no fixed time for repayment. |
Peter Logue is a director of VA Business Solutions Limited and therefore a related party. At the year end, Mr Logue owed the company £15 (2022: £15). This loan is interest free and there is no fixed time for repayment. |
VA BUSINESS SOLUTIONS LIMITED (REGISTERED NUMBER: SC473102) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
11. | ULTIMATE CONTROLLING PARTY |
Global Executive Management Systems Limited, a company incorporated in Scotland with a registered office at 11 William Street, Greenock, owns 100% of the share capital of VA Business Solutions Limited and is the ultimate parent company of VA Business Solutions Limited. George McCall is a director and at the year end owned 60% of the issued share capital of Global Executive Management Systems Limited and is therefore considered to be the ultimate controlling party of VA Business Solutions Limited. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
VA Business Solutions Limited |
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 VA Business Solutions Limited 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 VA Business Solutions Limited, 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 VA Business Solutions Limited and state those matters that we have agreed to state to the Board of Directors of VA Business Solutions Limited, 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 VA Business Solutions Limited 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 loss of VA Business Solutions Limited. You consider that VA Business Solutions Limited 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 VA Business Solutions Limited. 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. |
Paxton House |
11 Woodside Crescent |
Charing Cross |
Glasgow |
G3 7UL |