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REGISTERED NUMBER: 11461971 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2023

for

Virtus Tech Ltd

Virtus Tech Ltd (Registered number: 11461971)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Virtus Tech Ltd

Company Information
for the Year Ended 31 July 2023







DIRECTORS: G P Bellwood
R J Davies





REGISTERED OFFICE: Unit D, Pendyris Street
Cardiff
CF11 6BH





REGISTERED NUMBER: 11461971 (England and Wales)





ACCOUNTANTS: D and E Accountancy Ltd
Tax Advisors and Accountants
2nd Floor, 2 Walsworth Road
Hitchin
Hertfordshire
SG4 9SP

Virtus Tech Ltd (Registered number: 11461971)

Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 9,499 5,704

CURRENT ASSETS
Debtors 5 6,172 9,335
Cash at bank 9,001 1,732
15,173 11,067
CREDITORS
Amounts falling due within one year 6 (41,828 ) 9,754
NET CURRENT ASSETS 57,001 1,313
TOTAL ASSETS LESS CURRENT
LIABILITIES

66,500

7,017

CAPITAL AND RESERVES
Called up share capital 8 234 200
Share premium 9 229,966 -
Retained earnings 9 (163,700 ) 6,817
SHAREHOLDERS' FUNDS 66,500 7,017

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

Virtus Tech Ltd (Registered number: 11461971)

Balance Sheet - continued
31 July 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 November 2023 and were signed on its behalf by:





R J Davies - Director


Virtus Tech Ltd (Registered number: 11461971)

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

Virtus Tech Ltd is a private company, limited by shares , registered in England and Wales. 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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on reducing balance

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 5 ) .

Virtus Tech Ltd (Registered number: 11461971)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 August 2022 11,131
Additions 8,544
At 31 July 2023 19,675
DEPRECIATION
At 1 August 2022 5,427
Charge for year 4,749
At 31 July 2023 10,176
NET BOOK VALUE
At 31 July 2023 9,499
At 31 July 2022 5,704

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Other debtors 6,172 9,335

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans and overdrafts 1,349 -
Taxation and social security (68,569 ) (14,528 )
Other creditors 25,392 24,282
(41,828 ) 9,754

7. DEFERRED TAX
£   
Balance at 1 August 2022 (2,345 )
Charge to Income Statement during year 1,841
Balance at 31 July 2023 (504 )

Virtus Tech Ltd (Registered number: 11461971)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.23 31.7.22
value: £    £   
20,740,740 Ordinary £0.00001 207 200
2,666,665 A Ords £0.00001 27 -
234 200

The following fully paid shares were allotted during the year at a premium as shown below:

740,740 Ordinary shares of £0.00001 each at 6.75p per share
2,666,665 A Ords shares of £0.00001 each at 6.75p per share

On 13th October 2021, it had been resolved to sub-divide the company's share capital from 200 £1 ordinary shares into 20,000,000 £0.00001 ordinary shares.

9. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 August 2022 6,817 - 6,817
Deficit for the year (170,517 ) (170,517 )
Cash share issue - 229,966 229,966
At 31 July 2023 (163,700 ) 229,966 66,266