Virtus Security Ltd


FINANCIAL STATEMENTS


for the year ended 31st January 2023



Virtus Security Ltd

CONTENTS

for the year ended 31st January 2023







The Accounts are comprised of the following:

Statement of Financial Position

Notes to the Accounts



Please note that the Accounts comprise of HTML and iXBRL source code and that this is a printed or visual representation of that source code some of which will not be displayed or printed.

Virtus Security Ltd

Company No. 08358259

STATEMENT OF FINANCIAL POSITION

as at 31st January 2023

20232022
Note£££
FIXED ASSETS
Property, plant and equipment414705071687
14705071687
CURRENT ASSETS
Stocks5108006400
Debtors6299286325945
Cash at bank and in hand553547199720
863633532065
CURRENT LIABILITIES
Creditors: amounts falling due
within one year7600040274111
NET CURRENT ASSETS263593257954
TOTAL ASSETS LESS CURRENT LIABILITIES410643329641
 
Creditors: amounts falling due
after more than one year82293339801
 
NET ASSETS387710289840
 
CAPITAL AND RESERVES
Called up share capital101101
Retained earnings387609289739
SHAREHOLDERS FUNDS387710289840

The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies which are subject to the small companies' regime. The Income Statement has not been delivered to the Registrar of Companies.

For the year ended 31st January 2023 the Company is entitled to the exemption from the requirement to obtain an audit conferred by section 477 of the Companies Act 2006 and the members have not required the company to obtain an audit in accordance with section 476 of the Act.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the Board on 9 October 2023


L A Sackey

Director

Company Number 08358259 (England)

Virtus Security Ltd

NOTES TO THE ACCOUNTS

for the year ended 31st January 2023


1   Statutory information

Virtus Security Ltd is a private company limited by shares and registered under company number 08358259 in England. Its registered office address is 12, Hatherley Road, Sidcup, Kent, DA14 4DT.

These financial statements are presented in Sterling, which is the functional currency of the company.

2   Accounting policies

Basis of preparation of financial statements

The accounts have been prepared under the historical cost convention in accordance with the accounting policies set out below, and in accordance with Financial Reporting Standard 102 Section 1A and the Companies Act 2006.

Income Recognition

Revenue is measured at the fair value of the consideration received or receivable. Turnover is shown net of value added tax, returns, rebates and discounts. Revenue is recognised for the sale of goods when the vendor has transferred the significant risks and rewards of ownership, it is possible that the economic benefit will flow to the entity and the revenue and associated costs can be reliably measured.

Depreciation

Depreciation is provided on all property, plant and equipment, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Plant, machinery and vehicles20-25% reducing balance

Stocks

Stocks are valued at the lower of cost and expected selling price less any costs to sell.

Leasing

Assets, obtained under hire purchase contracts and finance leases, are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight line basis.

Foreign Currencies

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. All differences are taken to the Income Statement. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction.

Leasing and hire purchase commitments

Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the Company, are capitalised in the Statement of Financial Position and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the Statement of Financial Position as a liability.

The interest element of the rental obligations is charged to the Income Statement over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

Pensions

The Company operates a defined contribution pension scheme. Contributions are charged to the Income Statement as they become payable in accordance with the rules of the scheme.

3   Employee information

The average number of employees during the accounting period was 13 (2022 - 7).

4   Property, plant and equipment
 
PlantFixtures
Motorandand
VehiclesMachineryFittingsTotal
££££
Cost
At 1st February 2022 1091781436619476143020
Additions9952987874857113173
Disposals(41598)--(41598)
At 31st January 20231671092315324333214595
 
Depreciation
At 1st February 2022 49177110651109171333
Charge for year8316660209711073
On disposals(14861)--(14861)
At 31st January 202342632117251318867545
 
Net Book Value
At 31st January 20231244771142811145147050
At 31st January 2022600013301838571687
 
Net book value of assets included above held
 under finance leases and hire purchase contracts
 
At 31st January 202349435--49435
At 31st January 202220579--20579

5   Stocks20232022
££
 
Finished goods and goods for resale108006400
108006400

The difference between purchase price or production cost of stocks and their replacement cost is not material.


6   Debtors20232022
££
 
Trade Debtors219816255649
Other debtors7947070296
299286325945

7   Creditors: amounts falling due within one year20232022
££
 
Loans and Overdrafts1100010000
Obligations under finance lease and hire purchase contracts646814111
Trade Creditors280845106448
Corporation tax3951454038
Taxes and social security costs6312571434
Other creditors1460818080
Accruals and deferred income184480-
600040274111

8   Creditors: amounts falling due after one year20232022
££
 
Loans and Overdrafts2293333333
Obligations under finance lease and hire purchase contracts-6468
2293339801

9   Loans20232022
££
Analysis of maturity of debt:
 
Within one year1100010000
Between one and five years2293333333
3393343333

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