Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Investments | 3 |
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1,547,151 | 1,678,461 | |||
Current assets | ||||
Cash at bank and in hand |
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166,360 | 52,552 | |||
Creditors: amounts falling due within one year | 4 | (
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(
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Net current liabilities | (1,029,905) | (1,136,887) | ||
Total assets less current liabilities | 517,246 | 541,574 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital | 5 |
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Profit and loss account |
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Total shareholders' funds |
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Director's responsibilities:
The financial statements of Virtue Investments Ltd (registered number:
Bronwyn Margaret Fitzpatrick
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Virtue Investments Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 69 Ladbroke Grove, London, W11 2PD, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Listed investments | Total | ||
£ | £ | ||
Carrying value before impairment | |||
At 01 August 2022 |
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Additions |
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Disposals | (
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Movement in fair value | (
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At 31 July 2023 |
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Provisions for impairment | |||
At 01 August 2022 |
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At 31 July 2023 |
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Carrying value at 31 July 2023 |
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Carrying value at 31 July 2022 |
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2023 | 2022 | ||
£ | £ | ||
Amounts owed to director |
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Accruals |
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Taxation and social security |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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nil
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1,000 | 1,000 |
Transactions with the entity's director
2023 | 2022 | ||
£ | £ | ||
Loan with director | 1,188,343 | 1,187,039 |
No interest is accrued on the loan and there are no set repayment terms.