1 September 2022 v2023.26.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP115271802022-09-012023-08-31115271802023-08-31115271802022-08-3111527180core:WithinOneYear2023-08-3111527180core:WithinOneYear2022-08-3111527180core:AfterOneYear2023-08-3111527180core:AfterOneYear2022-08-3111527180core:ShareCapital2023-08-3111527180core:ShareCapital2022-08-3111527180core:RetainedEarningsAccumulatedLosses2023-08-3111527180core:RetainedEarningsAccumulatedLosses2022-08-3111527180bus:Director12022-09-012023-08-3111527180bus:RegisteredOffice2022-09-012023-08-3111527180core:PlantMachinery2022-09-012023-08-31115271802021-09-012022-08-3111527180core:PlantMachinery2022-09-0111527180core:PlantMachinery2022-08-311152718012022-09-012023-08-3111527180countries:EnglandWales2022-09-012023-08-3111527180bus:AuditExemptWithAccountantsReport2022-09-012023-08-3111527180bus:PrivateLimitedCompanyLtd2022-09-012023-08-3111527180bus:SmallEntities2022-09-012023-08-3111527180bus:FullAccounts2022-09-012023-08-31
Company registration number:
11527180
Virtually Physical Ltd
Unaudited Filleted Financial Statements for the year ended
31 August 2023
Virtually Physical Ltd
Statement of Financial Position
31 August 2023
20232022
Note££
Fixed assets    
Tangible assets 5 -  
1,822
 
Current assets    
Debtors 6
68,979
 
71,982
 
Cash at bank and in hand
161
 
208
 
69,140
 
72,190
 
Creditors: amounts falling due within one year 7
(64,302
)
(62,302
)
Net current assets
4,838
 
9,888
 
Total assets less current liabilities 4,838   11,710  
Creditors: amounts falling due after more than one year 8
(9,149
)
(12,149
)
Net liabilities
(4,311
)
(439
)
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
(4,411
)
(539
)
Shareholders deficit
(4,311
)
(439
)
For the year ending
31 August 2023
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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 income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
10 November 2023
, and are signed on behalf of the board by:
T Reardon
Director
Company registration number:
11527180
Virtually Physical Ltd
Notes to the Financial Statements
Year ended
31 August 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
88 Rockbourne Road
,
Sherfield-On-Loddon
,
Hook
,
RG27 0SR
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
33% straight line

4 Average number of employees

The average number of persons employed by the company during the year was
1
(2022:
1.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 September 2022
4,711
 
Disposals
(4,711
)
At
31 August 2023
-  
Depreciation  
At
1 September 2022
2,889
 
Disposals
(2,889
)
At
31 August 2023
-  
Carrying amount  
At
31 August 2023
-  
At 31 August 2022
1,822
 

6 Debtors

20232022
££
Other debtors
68,979
 
71,982
 

7 Creditors: amounts falling due within one year

20232022
££
Taxation and social security
61,302
 
61,302
 
Other creditors
3,000
 
1,000
 
64,302
 
62,302
 

8 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
9,149
 
12,149