Volition Performance Ltd 07285991 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of business coaching. Digita Accounts Production Advanced 6.30.9574.0 true false true 07285991 2022-04-01 2023-03-31 07285991 2023-03-31 07285991 core:CurrentFinancialInstruments 2023-03-31 07285991 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 07285991 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 07285991 core:AdditionsToInvestments 2023-03-31 07285991 core:FurnitureFittingsToolsEquipment 2023-03-31 07285991 bus:SmallEntities 2022-04-01 2023-03-31 07285991 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07285991 bus:FullAccounts 2022-04-01 2023-03-31 07285991 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 07285991 bus:RegisteredOffice 2022-04-01 2023-03-31 07285991 bus:Director2 2022-04-01 2023-03-31 07285991 bus:Director3 2022-04-01 2023-03-31 07285991 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07285991 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 07285991 core:OfficeEquipment 2022-04-01 2023-03-31 07285991 countries:EnglandWales 2022-04-01 2023-03-31 07285991 2022-03-31 07285991 core:FurnitureFittingsToolsEquipment 2022-03-31 07285991 2021-04-01 2022-03-31 07285991 2022-03-31 07285991 core:CurrentFinancialInstruments 2022-03-31 07285991 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 07285991 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 07285991 core:FurnitureFittingsToolsEquipment 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 07285991

Volition Performance Ltd

trading as There be Giants

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Volition Performance Ltd

trading as There be Giants

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Volition Performance Ltd

trading as There be Giants

Company Information

Directors

Mr R D Longden

Mr L Walsh

Registered office

Business Lodge
Suite 17A Imperial House
79-81 Hornby Street
Bury
BL9 5BN

Accountants

EKWilliams Accountants Limited
1 Pavilion Square
Westhoughton
Bolton
Bolton
BL5 3AJ

 

Volition Performance Ltd

trading as There be Giants

(Registration number: 07285991)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

7,701

8,363

Investments

5

1

-

 

7,702

8,363

Current assets

 

Debtors

6

105,775

20,851

Cash at bank and in hand

 

1,570

200,024

 

107,345

220,875

Creditors: Amounts falling due within one year

7

(70,972)

(89,442)

Net current assets

 

36,373

131,433

Total assets less current liabilities

 

44,075

139,796

Creditors: Amounts falling due after more than one year

7

(92,996)

(66,177)

Net (liabilities)/assets

 

(48,921)

73,619

Capital and reserves

 

Called up share capital

90

100

Retained earnings

(49,011)

73,519

Shareholders' (deficit)/funds

 

(48,921)

73,619

 

Volition Performance Ltd

trading as There be Giants

(Registration number: 07285991)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 October 2023 and signed on its behalf by:
 

.........................................
Mr R D Longden
Director

.........................................
Mr L Walsh
Director

 

Volition Performance Ltd

trading as There be Giants

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

1

General information

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

The address of its registered office is:
Business Lodge
Suite 17A Imperial House
79-81 Hornby Street
Bury
BL9 5BN

These financial statements were authorised for issue by the Board on 17 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

At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the shareholders that they will continue to give financial support to the company for twelve months from the date of signing these accounts.

On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above may not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustments to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.

 

Volition Performance Ltd

trading as There be Giants

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

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

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

Office equipment

33% straight line basis

 

Volition Performance Ltd

trading as There be Giants

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

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Volition Performance Ltd

trading as There be Giants

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

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 5 (2022 - 5).

 

Volition Performance Ltd

trading as There be Giants

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

16,423

16,423

Additions

4,347

4,347

At 31 March 2023

20,770

20,770

Depreciation

At 1 April 2022

8,060

8,060

Charge for the year

5,009

5,009

At 31 March 2023

13,069

13,069

Carrying amount

At 31 March 2023

7,701

7,701

At 31 March 2022

8,363

8,363

5

Investments

2023
£

2022
£

Investments in subsidiaries

1

-

Subsidiaries

£

Cost or valuation

Additions

1

Provision

Carrying amount

At 31 March 2023

1

The company owns 100% ordinary share capital of Volition Network Limited, a company registered in England and Wales. Volition Network Limited registered office is Business Lodge Suite 17a Imperial House, 79-81 Hornby Street, Bury, BL9 5BN.

Volition Network Limited dormant financial information for period end 31st July 2022:

Reserves £Nil
Profit/loss £Nil

 

Volition Performance Ltd

trading as There be Giants

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

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

91,942

19,071

Amounts owed by related parties

99

-

Prepayments

 

4,935

1,361

Other debtors

 

8,799

419

   

105,775

20,851

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

22,219

17,000

Trade creditors

 

22,118

24,318

Taxation and social security

 

22,888

36,305

Accruals and deferred income

 

750

10,750

Other creditors

 

2,997

1,069

 

70,972

89,442

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

92,996

66,177