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Company No: 11449698 (England and Wales)

VIRTUE INVESTMENTS LTD

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

VIRTUE INVESTMENTS LTD

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

VIRTUE INVESTMENTS LTD

STATEMENT OF FINANCIAL POSITION

As at 31 July 2023
VIRTUE INVESTMENTS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2023
Note 2023 2022
£ £
Fixed assets
Investments 3 1,547,151 1,678,461
1,547,151 1,678,461
Current assets
Cash at bank and in hand 166,360 52,552
166,360 52,552
Creditors: amounts falling due within one year 4 ( 1,196,265) ( 1,189,439)
Net current liabilities (1,029,905) (1,136,887)
Total assets less current liabilities 517,246 541,574
Net assets 517,246 541,574
Capital and reserves
Called-up share capital 5 1,000 1,000
Profit and loss account 516,246 540,574
Total shareholders' funds 517,246 541,574

For the financial year ending 31 July 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 financial statements of Virtue Investments Ltd (registered number: 11449698) were approved and authorised for issue by the Director on 10 November 2023. They were signed on its behalf by:

Bronwyn Margaret Fitzpatrick
Director
VIRTUE INVESTMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
VIRTUE INVESTMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 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

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 £.

Going concern

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.

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 Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

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.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Finance costs

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.

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 Statement of Financial Position date.

Impairment of assets

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Fixed asset investments

Listed investments Total
£ £
Carrying value before impairment
At 01 August 2022 1,678,461 1,678,461
Additions 317,833 317,833
Disposals ( 415,658) ( 415,658)
Movement in fair value ( 33,485) ( 33,485)
At 31 July 2023 1,547,151 1,547,151
Provisions for impairment
At 01 August 2022 0 0
At 31 July 2023 0 0
Carrying value at 31 July 2023 1,547,151 1,547,151
Carrying value at 31 July 2022 1,678,461 1,678,461

4. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to director 1,188,343 1,187,039
Accruals 2,500 2,400
Taxation and social security 5,422 0
1,196,265 1,189,439

5. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each (2022: 250 shares of £ 1.00 each) 1,000 250
nil A Ordinary shares (2022: 750 shares of £ 1.00 each) 0 750
1,000 1,000

6. Related party transactions

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.