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REGISTERED NUMBER: SC215104 (Scotland)










Financial Statements

For The Year Ended 31 January 2023

for

Vigilo Training Limited

Vigilo Training Limited (Registered number: SC215104)






Contents of the Financial Statements
For The Year Ended 31 January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Vigilo Training Limited

Company Information
For The Year Ended 31 January 2023







DIRECTORS: E Gilmour
I U Haq
G Gilmour





REGISTERED OFFICE: Colbeg Farm
Balmore
Torrance
Glasgow
G64 4AQ





REGISTERED NUMBER: SC215104 (Scotland)





ACCOUNTANTS: Cahill Jack Associates Limited
91 Alexander Street
Airdrie
North Lanarkshire
ML6 0BD

Vigilo Training Limited (Registered number: SC215104)

Balance Sheet
31 January 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,359 3,562

CURRENT ASSETS
Debtors 5 874,784 810,620
Cash at bank 159,698 32,127
1,034,482 842,747
CREDITORS
Amounts falling due within one year 6 783,223 591,871
NET CURRENT ASSETS 251,259 250,876
TOTAL ASSETS LESS CURRENT
LIABILITIES

256,618

254,438

CREDITORS
Amounts falling due after more than one
year

7

(117,629

)

(175,000

)

PROVISIONS FOR LIABILITIES (934 ) (1,050 )
NET ASSETS 138,055 78,388

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 137,055 77,388
SHAREHOLDERS' FUNDS 138,055 78,388

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

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.

Vigilo Training Limited (Registered number: SC215104)

Balance Sheet - continued
31 January 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 October 2023 and were signed on its behalf by:





E Gilmour - Director


Vigilo Training Limited (Registered number: SC215104)

Notes to the Financial Statements
For The Year Ended 31 January 2023

1. STATUTORY INFORMATION

Vigilo Training Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company's presentational currency is pounds sterling.

Significant judgements and estimates
The preparation of financial information in compliance with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

The directors have identified the following areas which give rise to estimation uncertainty:

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and any residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax and any other sales taxes The following criteria must also be met before revenue is recognised:

Sale of goods
Revenue from sale of goods is recognised when all of the following conditions are satisfied:

- the company has transferred the significant risks and rewards of ownership to the buyer;
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.


Rendering of services
Revenue from agreement to provide services is recognised in the period in which the services are provided when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the agreement.

Vigilo Training Limited (Registered number: SC215104)

Notes to the Financial Statements - continued
For The Year Ended 31 January 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on reducing balance

The company adds to the carrying amount of an item of fixed asset the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the
company. Any carrying amount of the replaced part is written off. Repairs and maintenance are charged to
the profit and loss during the year in which they are incurred except for any parts unused at the year end.
Asset residual values, useful lives and depreciation methods of relevant assets are reviewed, and adjusted
prospectively if appropriate. Gains and losses on disposals are determined by comparing the proceeds with
the carrying amount and recognised in the profit and loss during the year of disposal.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Government grants
Grants considered to be revenue in nature are credited to the profit and loss account in the same period as the related expenditure.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Vigilo Training Limited (Registered number: SC215104)

Notes to the Financial Statements - continued
For The Year Ended 31 January 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans, directors' loans and forward currency contracts (derivatives).

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Forward currency contracts are derivative financial instruments. They are measured at fair value. Gains and losses arising from changes in the fair value of derivative financial instruments are included in the profit or loss in the period in which they arise.

Financial assets that are measured at 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 in the profit and loss.

Other items
Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Holiday pay
A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 48 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 February 2022 23,428
Additions 3,583
At 31 January 2023 27,011
DEPRECIATION
At 1 February 2022 19,866
Charge for year 1,786
At 31 January 2023 21,652
NET BOOK VALUE
At 31 January 2023 5,359
At 31 January 2022 3,562

Vigilo Training Limited (Registered number: SC215104)

Notes to the Financial Statements - continued
For The Year Ended 31 January 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 607,829 433,432
Other debtors 266,955 377,188
874,784 810,620

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 50,000 50,000
Funding Circle loan 15,078 21,668
Trade creditors 263,903 72,754
Tax 53,898 43,295
Social security and other taxes 855 2,509
VAT 42,942 14,165
Other creditors 351,047 377,498
Pension creditor - 474
Directors' current accounts - 8
Accrued expenses 5,500 9,500
783,223 591,871

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 50,000 50,000
Bank loans - 2-5 years 67,629 125,000
117,629 175,000

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 167,629 225,000
Funding Circle loan 15,078 21,668
182,707 246,668

The CBIL loan is supported by a 80% guarantee from the UK Government.

The funding circle loan is secured by a standard security over the assets of the company. In addition to the standard security, there is also a directors personal guarantee from Mr Edward Gilmour.

The company uses Aldermore Bank Plc invoice discounting. All book debts are secured to Aldermore Bank Plc. In addition there is also a personal guarantee from Mr Edward Gilmour.

As at 31st January 2023 the Aldermore current account balance was £351,047 (2022 £377,498)

Vigilo Training Limited (Registered number: SC215104)

Notes to the Financial Statements - continued
For The Year Ended 31 January 2023

9. ULTIMATE CONTROLLING PARTY

The controlling party is E Gilmour.