Company Registration No. 11599863 (England and Wales)
Versa Space Limited
Unaudited accounts
for the year ended 31 July 2023
Versa Space Limited
Unaudited accounts
Contents
Versa Space Limited
Company Information
for the year ended 31 July 2023
Directors
Jagatjeet Singh Landa
Vikramjeet Singh Landa
Company Number
11599863 (England and Wales)
Registered Office
The Clocktower Park Road
Bestwood Village
Nottingham
NG6 8TQ
England
Accountants
Net Accountancy Solutions Limited
35 Gripps Common
Cotgrave
Nottingham
Nottinghamshire
NG12 3TF
Versa Space Limited
Statement of financial position
as at 31 July 2023
Tangible assets
6,649
4,660
Cash at bank and in hand
12,009
75,698
Creditors: amounts falling due within one year
(120,765)
(122,017)
Net current (liabilities)/assets
(16,604)
57,266
Total assets less current liabilities
(9,955)
61,926
Creditors: amounts falling due after more than one year
(18,983)
(29,940)
Provisions for liabilities
Deferred tax
(1,770)
(1,770)
Net (liabilities)/assets
(30,708)
30,216
Called up share capital
100
100
Profit and loss account
(30,808)
30,116
Shareholders' funds
(30,708)
30,216
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 April 2024 and were signed on its behalf by
Vikramjeet Singh Landa
Director
Company Registration No. 11599863
Versa Space Limited
Notes to the Accounts
for the year ended 31 July 2023
Versa Space Limited is a private company, limited by shares, registered in England and Wales, registration number 11599863. The registered office is The Clocktower Park Road, Bestwood Village, Nottingham, NG6 8TQ, England.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
30% straight line
Fixtures & fittings
20% straight line
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax
liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Versa Space Limited
Notes to the Accounts
for the year ended 31 July 2023
The accounts have been prepared on a going concern basis on the understanding that the directors will continue to support the company financially for the foreseeable future.
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Tangible fixed assets
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 August 2022
10,998
6,953
17,951
At 31 July 2023
10,998
12,550
23,548
At 1 August 2022
9,900
3,391
13,291
Charge for the year
1,098
2,510
3,608
At 31 July 2023
10,998
5,901
16,899
At 31 July 2023
-
6,649
6,649
At 31 July 2022
1,098
3,562
4,660
Amounts falling due within one year
Trade debtors
11,385
13,322
Accrued income and prepayments
5,750
8,603
Other debtors
75,017
81,660
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Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,000
10,000
Obligations under finance leases and hire purchase contracts
1,189
2,378
Trade creditors
21,016
21,594
Taxes and social security
8,894
12,426
Other creditors
62,933
64,858
Loans from directors
-
3,743
Deferred income
14,238
7,018
Included within other creditors falling due within one year are liabilities totalling £1,189 (2022: £2,378) which are secured on the assets to which they relate.
The bank loan is a bounce back loan taken out during the pandemic. It is being repaid over 10 years at 2.5% interest per annum.
Versa Space Limited
Notes to the Accounts
for the year ended 31 July 2023
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Creditors: amounts falling due after more than one year
2023
2022
Included within other creditors falling due after one year are liabilities totalling £NIL (2022: £1,189) which are secured on the assets to which they relate.
The bank loan is a bounce back loan taken out during the pandemic. It is being repaid over 10 years at 2.5% interest per annum.
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Interest free loan repayable on demand
(1,643)
8,000
468
5,889
Interest free loan repayable on demand
(2,100)
8,000
222
5,678
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Transactions with related parties
Other debtors comprise intercompany loans from companies under common control. At the end of 2023 £63,450 (2022: £61,350) was outstanding. £17,000 was written off in this period and is included in sundries.
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Average number of employees
During the year the average number of employees was 1 (2022: 1).