Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mrs S Beech Mr S G Beech 22/02/2000 16 November 2023 The principal activity of the Company during the financial year was that of retail and mail order sales within and outside the UK. 03930876 2023-03-31 03930876 bus:Director2 2023-03-31 03930876 2022-03-31 03930876 core:CurrentFinancialInstruments 2023-03-31 03930876 core:CurrentFinancialInstruments 2022-03-31 03930876 core:Non-currentFinancialInstruments 2023-03-31 03930876 core:Non-currentFinancialInstruments 2022-03-31 03930876 core:ShareCapital 2023-03-31 03930876 core:ShareCapital 2022-03-31 03930876 core:RetainedEarningsAccumulatedLosses 2023-03-31 03930876 core:RetainedEarningsAccumulatedLosses 2022-03-31 03930876 core:OtherResidualIntangibleAssets 2022-03-31 03930876 core:OtherResidualIntangibleAssets 2023-03-31 03930876 core:LeaseholdImprovements 2022-03-31 03930876 core:PlantMachinery 2022-03-31 03930876 core:FurnitureFittings 2022-03-31 03930876 core:LeaseholdImprovements 2023-03-31 03930876 core:PlantMachinery 2023-03-31 03930876 core:FurnitureFittings 2023-03-31 03930876 bus:OrdinaryShareClass1 2023-03-31 03930876 2022-04-01 2023-03-31 03930876 bus:FullAccounts 2022-04-01 2023-03-31 03930876 bus:SmallEntities 2022-04-01 2023-03-31 03930876 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 03930876 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 03930876 bus:Director1 2022-04-01 2023-03-31 03930876 bus:Director2 2022-04-01 2023-03-31 03930876 core:OtherResidualIntangibleAssets core:TopRangeValue 2022-04-01 2023-03-31 03930876 core:OtherResidualIntangibleAssets 2022-04-01 2023-03-31 03930876 core:LeaseholdImprovements core:TopRangeValue 2022-04-01 2023-03-31 03930876 core:PlantMachinery core:TopRangeValue 2022-04-01 2023-03-31 03930876 core:FurnitureFittings core:TopRangeValue 2022-04-01 2023-03-31 03930876 2021-04-01 2022-03-31 03930876 core:LeaseholdImprovements 2022-04-01 2023-03-31 03930876 core:PlantMachinery 2022-04-01 2023-03-31 03930876 core:FurnitureFittings 2022-04-01 2023-03-31 03930876 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 03930876 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 03930876 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03930876 (England and Wales)

FORTUNA AND VIRTU LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

FORTUNA AND VIRTU LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

FORTUNA AND VIRTU LIMITED

BALANCE SHEET

As at 31 March 2023
FORTUNA AND VIRTU LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 1,813 5,206
Tangible assets 4 11,404 11,178
13,217 16,384
Current assets
Stocks 79,440 79,940
Debtors 5 88,806 99,759
Cash at bank and in hand 3 3
168,249 179,702
Creditors: amounts falling due within one year 6 ( 119,315) ( 104,730)
Net current assets 48,934 74,972
Total assets less current liabilities 62,151 91,356
Creditors: amounts falling due after more than one year 7 ( 55,457) ( 85,039)
Provision for liabilities ( 2,446) ( 2,300)
Net assets 4,248 4,017
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 4,148 3,917
Total shareholders' funds 4,248 4,017

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Fortuna and Virtu Limited (registered number: 03930876) were approved and authorised for issue by the Board of Directors on 16 November 2023. They were signed on its behalf by:

Mr S G Beech
Director
FORTUNA AND VIRTU LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
FORTUNA AND VIRTU LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

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.

General information and basis of accounting

Fortuna and Virtu Limited (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 2 Tavistock Place, Plymouth, PL4 8AU, 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have 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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
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 Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 5 years straight line
Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line
Plant and machinery 5 years straight line
Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 14 17

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 April 2022 86,610 86,610
At 31 March 2023 86,610 86,610
Accumulated amortisation
At 01 April 2022 81,404 81,404
Charge for the financial year 3,393 3,393
At 31 March 2023 84,797 84,797
Net book value
At 31 March 2023 1,813 1,813
At 31 March 2022 5,206 5,206

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 April 2022 68,630 132,789 42,947 244,366
Additions 0 4,531 0 4,531
At 31 March 2023 68,630 137,320 42,947 248,897
Accumulated depreciation
At 01 April 2022 68,630 123,877 40,681 233,188
Charge for the financial year 0 3,751 554 4,305
At 31 March 2023 68,630 127,628 41,235 237,493
Net book value
At 31 March 2023 0 9,692 1,712 11,404
At 31 March 2022 0 8,912 2,266 11,178

5. Debtors

2023 2022
£ £
Other debtors 88,806 99,759

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts 21,201 3,168
Trade creditors 37,333 25,733
Taxation and social security 15,516 22,279
Other creditors 45,265 53,550
119,315 104,730

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 55,457 85,039

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
At 1 April 76,755 59,865
Advances to director 60,888 66,890
Repayments by director (70,000) (50,000)
At 31 March 67,643 76,755