IRIS Accounts Productionv23.3.0.41810412388director1.4.2231.3.2331.3.237.11.23falsetruefalsefalsefalsetruefalseAuditors OpinionOrdinary1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh104123882022-03-31104123882023-03-31104123882022-04-012023-03-31104123882021-03-31104123882021-04-012022-03-31104123882022-03-3110412388ns10:Originalns15:EnglandWales2022-04-012023-03-3110412388ns14:PoundSterlingns10:Original2022-04-012023-03-3110412388ns10:Originalns10:Director12022-04-012023-03-3110412388ns10:Original2022-04-012023-03-3110412388ns10:Original2023-03-3110412388ns10:Originalns10:PrivateLimitedCompanyLtd2022-04-012023-03-3110412388ns10:Originalns10:SmallEntities2022-04-012023-03-3110412388ns10:Originalns10:Audited2022-04-012023-03-3110412388ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3110412388ns10:SmallCompaniesRegimeForAccountsns10:Original2022-04-012023-03-3110412388ns10:Originalns10:FullAccounts2022-04-012023-03-3110412388ns10:Original12022-04-012023-03-3110412388ns10:Originalns10:OrdinaryShareClass12022-04-012023-03-3110412388ns10:Original2022-03-3110412388ns10:Originalns5:CurrentFinancialInstruments2023-03-3110412388ns10:Originalns5:CurrentFinancialInstruments2022-03-3110412388ns5:ShareCapitalns10:Original2023-03-3110412388ns5:ShareCapitalns10:Original2022-03-3110412388ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-03-3110412388ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-3110412388ns10:Originalns10:RegisteredOffice2022-04-012023-03-3110412388ns10:Originalns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-04-012023-03-3110412388ns10:Originalns5:FurnitureFittings2022-04-012023-03-3110412388ns10:Originalns5:ComputerEquipment2022-04-012023-03-3110412388ns10:Original2021-04-012022-03-3110412388ns10:Originalns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-03-3110412388ns10:Originalns5:FurnitureFittings2022-03-3110412388ns10:Originalns5:ComputerEquipment2022-03-3110412388ns10:Original2022-03-3110412388ns10:Originalns5:FurnitureFittings2023-03-3110412388ns10:Originalns5:ComputerEquipment2023-03-3110412388ns10:Originalns5:FurnitureFittings2022-03-3110412388ns10:Originalns5:ComputerEquipment2022-03-3110412388ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3110412388ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-3110412388ns10:Originalns5:DeferredTaxation2022-03-3110412388ns10:Originalns5:DeferredTaxation2022-04-012023-03-3110412388ns10:Originalns5:DeferredTaxation2023-03-3110412388ns10:Originalns10:OrdinaryShareClass12023-03-3110412388ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-3110412388ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3110412388ns10:Original1ns10:Director12022-03-3110412388ns10:Original1ns10:Director12021-03-3110412388ns10:Original1ns10:Director12022-04-012023-03-3110412388ns10:Original1ns10:Director12021-04-012022-03-3110412388ns10:Original1ns10:Director12023-03-3110412388ns10:Original1ns10:Director12022-03-31

REGISTERED NUMBER: 10412388 (England and Wales)















Financial Statements

for the Year Ended 31 March 2023


for



Voly Limited


Voly Limited (Registered number: 10412388)







Contents of the Financial Statements

for the Year Ended 31 March 2023





Page



Balance Sheet  

1



Notes to the Financial Statements  

2




Voly Limited (Registered number: 10412388)


Balance Sheet

31 March 2023



2023

2022



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

4

270,000


-



Tangible assets

5

35,552


36,361



305,552


36,361




CURRENT ASSETS

Stocks

35,961


24,481



Debtors

6

1,209,614


603,928



Cash at bank and in hand

115,834


95,660



1,361,409


724,069



CREDITORS

Amounts falling due within one year

7

4,573,154


3,315,979



NET CURRENT LIABILITIES

(3,211,745

)

(2,591,910

)


TOTAL ASSETS LESS CURRENT LIABILITIES

(2,906,193

)

(2,555,549

)



PROVISIONS FOR LIABILITIES

8

8,888


6,909



NET LIABILITIES

(2,915,081

)

(2,562,458

)



CAPITAL AND RESERVES

Called up share capital

9

100


100



Retained earnings

10

(2,915,181

)

(2,562,558

)


SHAREHOLDERS' FUNDS

(2,915,081

)

(2,562,458

)



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 Profit and Loss Account has not been delivered.


The financial statements were approved by the director and authorised for issue on 7 November 2023 and were signed by:






Mr I R Flanagan - Director



Voly Limited (Registered number: 10412388)


Notes to the Financial Statements

for the Year Ended 31 March 2023


1.

STATUTORY INFORMATION



Voly Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:



Registered number:

10412388



Registered office:

Spring Court


Spring Road


Hale


Cheshire


WA14 2UQ


The presentation currency of the financial statements is the Pound Sterling (£).


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.    



Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.


Intangible assets

Intangible assets consists of Intellectual property which is measured at cost and being amortised over ten years.


Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.  


Fixtures and fittings

-

20% on cost


Computer & office equipment

-

25% on cost



Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


Voly Limited (Registered number: 10412388)


Notes to the Financial Statements - continued

for the Year Ended 31 March 2023


2.

ACCOUNTING POLICIES - continued


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.

3.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was 43 (2022 - 25 ) .


4.

INTANGIBLE FIXED ASSETS


Development


costs

£   



COST


Additions

300,000




At 31 March 2023

300,000




AMORTISATION


Amortisation for year

30,000




At 31 March 2023

30,000




NET BOOK VALUE


At 31 March 2023

270,000




Voly Limited (Registered number: 10412388)


Notes to the Financial Statements - continued

for the Year Ended 31 March 2023


5.

TANGIBLE FIXED ASSETS


Fixtures


Computer



and


& office



fittings


equipment


Totals

£   

£   

£   



COST


At 1 April 2022

16,569


47,866


64,435




Additions

1,856


13,579


15,435




At 31 March 2023

18,425


61,445


79,870




DEPRECIATION


At 1 April 2022

7,814


20,260


28,074




Charge for year

2,653


13,591


16,244




At 31 March 2023

10,467


33,851


44,318




NET BOOK VALUE


At 31 March 2023

7,958


27,594


35,552




At 31 March 2022

8,755


27,606


36,361




6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Trade debtors

133,660


61,949




Amounts owed by group undertakings

710,558


225,808




Other debtors

365,396


316,171



1,209,614


603,928




7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Trade creditors

87,859


130,496




Amounts owed to group undertakings

3,756,237


2,597,251




Taxation and social security

99,026


120,286




Other creditors

630,032


467,946



4,573,154


3,315,979




8.

PROVISIONS FOR LIABILITIES

2023

2022


£   

£   



Deferred tax

8,888


6,909




Voly Limited (Registered number: 10412388)


Notes to the Financial Statements - continued

for the Year Ended 31 March 2023


8.

PROVISIONS FOR LIABILITIES - continued



Deferred



tax


£   



Balance at 1 April 2022

6,909




Charge to Profit and Loss Account during year

1,979




Balance at 31 March 2023

8,888




9.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2023

2022



value:

£   

£   



100

Ordinary

£1

100


100




10.

RESERVES


Retained


earnings

£   




At 1 April 2022

(2,562,558

)



Deficit for the year

(352,623

)



At 31 March 2023

(2,915,181

)



11.

DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006



The Report of the Auditors was unqualified.



Jeremy Bostock BA BFP FCA (Senior Statutory Auditor)


for and on behalf of Thompson Wright Limited



12.

DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES



The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:


2023

2022


£   

£   



Mr I R Flanagan


Balance outstanding at start of year

-


-




Amounts advanced

85,978


-




Amounts repaid

(42,503

)

-




Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

43,475


-




Voly Limited (Registered number: 10412388)


Notes to the Financial Statements - continued

for the Year Ended 31 March 2023


13.

RELATED PARTY DISCLOSURES




2023


2022




£   


£   




Amounts due from related parties at the balance sheet date:


710,558


225,808




Amounts due to related parties at the balance sheet date:


3,756,237


2,597,251




Above balances are shown in note 8 and 9 under amounts owed to/by group undertakings.



Management charges paid to related parties during the year:


250,000


250,000




Management charges received from related parties during the year:


180,000


-






14.

PRIOR YEAR UNAUDITED



In the previous accounting period, the directors of the company took advantage of audit exemption under s477 of the Companies Act. Therefore the prior period financial statements were not subject to audit.


15.

GOING CONCERN



The financial statements have been prepared on a going concern basis notwithstanding the deficit in net assets. The company incurred a net loss of £352,623 during the year ended 31 March 2023. The directors have prepared forecasts for the next two years and these forecasts demonstrate that the company will be a going concern for that period given the continued support of the shareholders, the expectation to make profits in the year to 31 March 2025, the positive cash generation and cash balances held by the company during that period. The directors' are confident that they have access to additional funding from the ultimate shareholders. The directors are satisfied that the shareholders are prepared to continue to support the development of the company for the next twelve month period from when these financial statements are approved.


16.

ULTIMATE CONTROLLING PARTY



The company is a wholly owned subsidiary of Voly Group Limited, a company incorporated in England and registered at Spring Court, Spring Road, Hale, Cheshire WA14 2UQ.



The ultimate controlling party is Voly Holdco Limited, registered no:68747, a company formed in Guernsey by virtue of its majority shareholding 50.04%.