Company registration number 07644316 (England and Wales)
VIRTUS TRAFFIC MANAGEMENT SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 SEPTEMBER 2022
PAGES FOR FILING WITH REGISTRAR
VIRTUS TRAFFIC MANAGEMENT SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
VIRTUS TRAFFIC MANAGEMENT SOLUTIONS LIMITED
BALANCE SHEET
AS AT
29 SEPTEMBER 2022
29 September 2022
- 1 -
29 September 2022
31 May 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
37,091
43,054
Current assets
Debtors
6
1,173,094
994,590
Cash at bank and in hand
247,303
93,263
1,420,397
1,087,853
Creditors: amounts falling due within one year
7
(481,739)
(368,508)
Net current assets
938,658
719,345
Total assets less current liabilities
975,749
762,399
Provisions for liabilities
(9,273)
(10,764)
Net assets
966,476
751,635
Capital and reserves
Called up share capital
8
90
90
Profit and loss reserves
966,386
751,545
Total equity
966,476
751,635
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 29 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 October 2023 and are signed on its behalf by:
Mr P D Spreadbury
Director
Company Registration No. 07644316
VIRTUS TRAFFIC MANAGEMENT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 SEPTEMBER 2022
- 2 -
1
Accounting policies
Company information
Virtus Traffic Management Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is HW Martin, Fordbridge Lane, Blackwell, Alfreton, Derbyshire, United Kingdom, DE55 5JY.
1.1
Reporting period
The reporting period length is shorter than 12 months, due to the company's entire share capital being acquired by HW Martin Holdings Limited on 30 September 2022. Therefore, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
Revenue from contracts for the provision of services is recognised as those services are provided.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Vehicle Registration Numbers
25% on cost
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
VIRTUS TRAFFIC MANAGEMENT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 SEPTEMBER 2022
1
Accounting policies
(Continued)
- 3 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
4 years straight line
Computer equipment
3 years straight line
Motor vehicles
4 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
VIRTUS TRAFFIC MANAGEMENT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 SEPTEMBER 2022
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from group and related companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
VIRTUS TRAFFIC MANAGEMENT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 SEPTEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.14
Leases
Rentals payable under operating leases are charged to profit or loss on a straight line basis over the term of the relevant lease.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2022
2022
Number
Number
Total
30
28
4
Intangible fixed assets
Vehicle Registration Numbers
£
Cost
At 1 June 2022 and 29 September 2022
1,432
Amortisation and impairment
At 1 June 2022 and 29 September 2022
1,432
Carrying amount
At 29 September 2022
At 31 May 2022
VIRTUS TRAFFIC MANAGEMENT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 SEPTEMBER 2022
- 6 -
5
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2022
47,586
153,526
128,178
329,290
Additions
2,015
2,015
Disposals
(1,194)
(1,194)
At 29 September 2022
47,586
154,347
128,178
330,111
Depreciation and impairment
At 1 June 2022
40,012
118,046
128,178
286,236
Depreciation charged in the period
1,063
6,915
7,978
Eliminated in respect of disposals
(1,194)
(1,194)
At 29 September 2022
41,075
123,767
128,178
293,020
Carrying amount
At 29 September 2022
6,511
30,580
37,091
At 31 May 2022
7,574
35,480
43,054
6
Debtors
2022
2022
Amounts falling due within one year:
£
£
Trade debtors
1,110,514
838,631
Amounts owed by group undertakings
40,000
102,000
Other debtors
22,580
53,959
1,173,094
994,590
7
Creditors: amounts falling due within one year
2022
2022
£
£
Trade creditors
259,291
85,874
Corporation tax
74,843
82,383
Other taxation and social security
86,893
79,094
Other creditors
60,712
121,157
481,739
368,508
Other creditors include loans from related companies of £nil (31 May 2022: £30,000).
VIRTUS TRAFFIC MANAGEMENT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 SEPTEMBER 2022
- 7 -
8
Called up share capital
2022
2022
2022
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
90
90
90
90
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2022
£
£
70,500
79,900
10
Events after the reporting date
On 30 September 2022 the whole of the share capital of the parent company, Highway Support Services Limited, was acquired by HW Martin Holdings Limited.
11
Controlling Party
The company is a wholly owned subsidiary of Highway Support Services Limited.
VIRTUS TRAFFIC MANAGEMENT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 SEPTEMBER 2022
- 8 -
12
Related party transactions
Transactions with related parties
At the period end loans owed by the following directors to the company were:
Mr N Sears: £nil (31 May 2022: £9,411)
Mr P Spreadbury: £nil (31 May 2022: £1,410)
Mr D Lowe: £nil (31 May 2022: £4,333)
These amounts are included in other debtors due within one year.
SSL Estate Limited
Included in other creditors is a loan from S S L Estate Limited, a company controlled by the three directors. At 30 September 2022 £nil (31 May 2022: £30,000) was due to S S L Estate Limited.
During the period the company paid rent to S S L Estate Limited of £9,400 (31 May 2022: £28,200) plus service charges of £400 (31 May 2022: £1,600).
Alliance Highway Services Limited
Included in other debtors is a loan to Alliance Highway Services Limited, a fellow group company. At 30 September 2022 there was £nil (31 May 2022: £401,000) outstanding.
Highway Support Services Limited
Included in other debtors is a loan to Highway Support Services Limited, the parent company. At 30 September 2022 £40,000 (31 May 2022: £102,000) was due from Highway Support Services Limited. This loan is repayable upon demand.
Aventis Vehicles Limited
During the period the company paid vehicle hire charges to Aventis Vehicles Limited, a fellow group company, of £20,080 (31 May 2022: £48,640).
2022-09-292022-06-01false13 October 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityMr N B SearsMr P D SpreadburyMr D K LoweMr N C FaulconbridgeMr K MartinMr D M ShawMrs M C Walters076443162022-06-012022-09-29076443162022-09-29076443162022-05-3107644316core:FurnitureFittings2022-09-2907644316core:ComputerEquipment2022-09-2907644316core:MotorVehicles2022-09-2907644316core:FurnitureFittings2022-05-3107644316core:ComputerEquipment2022-05-3107644316core:MotorVehicles2022-05-3107644316core:CurrentFinancialInstrumentscore:WithinOneYear2022-09-2907644316core:CurrentFinancialInstrumentscore:WithinOneYear2022-05-3107644316core:CurrentFinancialInstruments2022-09-2907644316core:CurrentFinancialInstruments2022-05-3107644316core:ShareCapital2022-09-2907644316core:ShareCapital2022-05-3107644316core:RetainedEarningsAccumulatedLosses2022-09-2907644316core:RetainedEarningsAccumulatedLosses2022-05-3107644316bus:Director22022-06-012022-09-2907644316core:IntangibleAssetsOtherThanGoodwill2022-06-012022-09-2907644316core:PatentsTrademarksLicencesConcessionsSimilar2022-06-012022-09-2907644316core:FurnitureFittings2022-06-012022-09-2907644316core:ComputerEquipment2022-06-012022-09-2907644316core:MotorVehicles2022-06-012022-09-29076443162021-06-012022-05-3107644316core:PatentsTrademarksLicencesConcessionsSimilar2022-05-3107644316core:PatentsTrademarksLicencesConcessionsSimilar2022-09-2907644316core:PatentsTrademarksLicencesConcessionsSimilar2022-05-3107644316core:FurnitureFittings2022-05-3107644316core:ComputerEquipment2022-05-3107644316core:MotorVehicles2022-05-31076443162022-05-3107644316core:WithinOneYear2022-09-2907644316core:WithinOneYear2022-05-3107644316bus:PrivateLimitedCompanyLtd2022-06-012022-09-2907644316bus:SmallCompaniesRegimeForAccounts2022-06-012022-09-2907644316bus:FRS1022022-06-012022-09-2907644316bus:AuditExemptWithAccountantsReport2022-06-012022-09-2907644316bus:Director12022-06-012022-09-2907644316bus:Director32022-06-012022-09-2907644316bus:Director42022-06-012022-09-2907644316bus:Director52022-06-012022-09-2907644316bus:Director62022-06-012022-09-2907644316bus:Director72022-06-012022-09-2907644316bus:FullAccounts2022-06-012022-09-29xbrli:purexbrli:sharesiso4217:GBP