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Registration number: 12115968

Virtue Health Services Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Virtue Health Services Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Virtue Health Services Ltd

Company Information

Directors

S Snowden

K Stanley

Registered office

Suite 59
Balby Court
Carr Hill
Doncaster
South Yorkshire
DN4 8DE

 

Virtue Health Services Ltd

(Registration number: 12115968)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

21,033

24,029

Current assets

 

Debtors

5

26,257

87,331

Cash at bank and in hand

 

154,573

13,920

 

180,830

101,251

Creditors: Amounts falling due within one year

6

(267,221)

(275,908)

Net current liabilities

 

(86,391)

(174,657)

Total assets less current liabilities

 

(65,358)

(150,628)

Creditors: Amounts falling due after more than one year

6

(77,389)

(16,294)

Net liabilities

 

(142,747)

(166,922)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(142,847)

(167,022)

Shareholders' deficit

 

(142,747)

(166,922)

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 11 October 2023 and signed on its behalf by:
 

.........................................
S Snowden
Director

 

Virtue Health Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Suite 59
Balby Court
Carr Hill
Doncaster
South Yorkshire
DN4 8DE

These financial statements were authorised for issue by the Board on 11 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Virtue Health Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture & fittings

25% straight line

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Virtue Health Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 36 (2022 - 28).

 

Virtue Health Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

14,269

24,600

38,869

Additions

8,924

-

8,924

At 31 July 2023

23,193

24,600

47,793

Depreciation

At 1 August 2022

8,690

6,150

14,840

Charge for the year

5,770

6,150

11,920

At 31 July 2023

14,460

12,300

26,760

Carrying amount

At 31 July 2023

8,733

12,300

21,033

At 31 July 2022

5,579

18,450

24,029

5

Debtors

Current

2023
£

2022
£

Trade debtors

26,257

87,331

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

28,717

9,996

Trade creditors

 

108,187

170,323

Amounts owed to group undertakings and undertakings in which the company has a participating interest

66,998

74,798

Taxation and social security

 

17,808

16,531

Accruals and deferred income

 

3,420

1,840

Other creditors

 

42,091

2,420

 

267,221

275,908

Creditors: amounts falling due after more than one year

 

Virtue Health Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

77,389

16,294

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

77,389

16,294

2023
£

2022
£

Current loans and borrowings

Bank borrowings

28,717

9,996