Virtually Entertained Limited 11188732 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is electronic entertainment systems. Digita Accounts Production Advanced 6.30.9574.0 true 11188732 2022-03-01 2023-02-28 11188732 2023-02-28 11188732 bus:OrdinaryShareClass1 bus:OtherShareType 2023-02-28 11188732 core:CurrentFinancialInstruments 2023-02-28 11188732 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 11188732 core:FurnitureFittings 2023-02-28 11188732 core:OfficeEquipment 2023-02-28 11188732 bus:SmallEntities 2022-03-01 2023-02-28 11188732 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 11188732 bus:FullAccounts 2022-03-01 2023-02-28 11188732 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 11188732 bus:RegisteredOffice 2022-03-01 2023-02-28 11188732 bus:Director1 2022-03-01 2023-02-28 11188732 bus:Director2 2022-03-01 2023-02-28 11188732 bus:Director3 2022-03-01 2023-02-28 11188732 bus:Director4 2022-03-01 2023-02-28 11188732 bus:OrdinaryShareClass1 bus:OtherShareType 2022-03-01 2023-02-28 11188732 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 11188732 core:FurnitureFittings 2022-03-01 2023-02-28 11188732 core:OfficeEquipment 2022-03-01 2023-02-28 11188732 countries:England 2022-03-01 2023-02-28 11188732 2022-02-28 11188732 core:FurnitureFittings 2022-02-28 11188732 core:OfficeEquipment 2022-02-28 11188732 2021-03-01 2022-02-28 11188732 2022-02-28 11188732 bus:OrdinaryShareClass1 bus:OtherShareType 2022-02-28 11188732 core:CurrentFinancialInstruments 2022-02-28 11188732 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 11188732 core:FurnitureFittings 2022-02-28 11188732 core:OfficeEquipment 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11188732

Virtually Entertained Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Virtually Entertained Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Virtually Entertained Limited

Company Information

Directors

Mr Benjamin David James Turner

Mr Laurence James Wiltshire

Mr Darren Matthew Kirk

Mr Martyn James Thomas Smith

Registered office

Silverstone Innovation Centre
Silverstone Park
Silverstone
NN12 8GX

Accountants

KRW Accountants Ltd
The Mill
Pury Hill Business Park
Alderton Road
Towcester
NN12 7LS

 

Virtually Entertained Limited

(Registration number: 11188732)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

7,108

7,632

Current assets

 

Debtors

5

5,236

2,717

Cash at bank and in hand

 

50,246

32,417

 

55,482

35,134

Creditors: Amounts falling due within one year

6

(32,077)

(24,190)

Net current assets

 

23,405

10,944

Net assets

 

30,513

18,576

Capital and reserves

 

Called up share capital

100

100

Retained earnings

30,413

18,476

Shareholders' funds

 

30,513

18,576

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Virtually Entertained Limited

(Registration number: 11188732)
Balance Sheet as at 28 February 2023

Approved and authorised by the Board on 13 November 2023 and signed on its behalf by:
 

.........................................
Mr Benjamin David James Turner
Director

.........................................
Mr Darren Matthew Kirk
Director

 

Virtually Entertained Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Silverstone Innovation Centre
Silverstone Park
Silverstone
NN12 8GX
England and Wales

These financial statements were authorised for issue by the Board on 13 November 2023.

The company registration number is 11188732

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Virtually Entertained Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line

Furniture and fittings

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. The company subsequently considers the recoverable value of the trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Virtually Entertained Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

Virtually Entertained Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 March 2022

1,023

108,194

109,217

Additions

-

9,390

9,390

At 28 February 2023

1,023

117,584

118,607

Depreciation

At 1 March 2022

1,023

100,562

101,585

Charge for the year

-

9,914

9,914

At 28 February 2023

1,023

110,476

111,499

Carrying amount

At 28 February 2023

-

7,108

7,108

At 28 February 2022

-

7,632

7,632

5

Debtors

Current

2023
£

2022
£

Trade debtors

-

2,617

Other debtors

5,236

100

 

5,236

2,717

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

4,182

5,196

Accruals and deferred income

517

517

Other creditors

27,378

18,477

32,077

24,190

 

Virtually Entertained Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100