Company Registration Number
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VIRTUAL FM LIMITED
COMPANY INFORMATION
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VIRTUAL FM LIMITED
CONTENTS
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VIRTUAL FM LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The Directors present their Strategic Report of the Group for the year ended 31 March 2023.
The principal activity of the Company in the period under review was the provision of Facilities Management services to our clients. These clients are across number of market sectors and our services can be categorised in the following groups; Integrated Facilities Management Technical Services Soft Services Refurbishment & Construction Water Hygiene Help Desk Service Aerial Drone Surveys Within each grouping we have an extensive range of highly qualified staff, leading technological solutions and the ability to tailor these to the requirements of each client.
Virtual FM is organised to support customer properties. Technical, operational and commercial services are delivered directly to client properties and is therefore geographically spread around the UK.
During the year the company experienced significant growth in line with client’s expansion. Operations were started in new parts of the UK and new end sectors. This generated operational challenges, and an extensive business review was undertaken. This review identified loss making operations, which were stopped in the later part of the year. It also identified opportunities to increase pricing for the services being delivered to several large customers. These were also established towards the end of the year. Another outcome of the review was to identify significant opportunities for improving operational efficiencies and profitability. The company is focused on ensuring the highest standards of health and safety in our working environment and monitors these closely in our management control systems. We have a similar focus on quality and maintain investment in training to ensure that our technicians are qualified to the highest standard. We also concentrate on the general financial strength from our activities and monitor performance using KPIs of Gross profit margin, Operation profit Margin, Current Ratio and Return on assets. 2023 2022 Measure Gross profit margin 45% 29% Gross profit/turnover Operating profit margin 3% -1% Operating profit/turnover Current Ratio 0.95:1 0.82:1 Current assets/current liabilities Return on assets 156% -158% Profit/(loss) after tax/fixed assets
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VIRTUAL FM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
The principal risks and uncertainties affecting the business include the following:
• Contraction of commercial rental market: The directors anticipate continuing churn in ownership of commercial rental properties and have organised the business to supply the services that are required to meet owners’ statutory obligations to keep their properties operational. This allows us to become experts in managing each building in their portfolios and ensure that we continue our contracts if ownership changes. The company is also expanding into other sectors such as industrial, leisure and educational properties. • Credit risk: The principal financial assets are trade debtors, other debtors, amounts owed by fellow group undertaking, and bank balances. The company’s credit risk is primarily attributable to its trade debtors and is managed through maintaining good customer relationships and the monitoring of credit levels and settlement periods. The company also utilises facilities from national and international credit rating agencies to ensure the certainty of our receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. • Cash flow risk: In order to manage cash flow risk management carryout regular review of the working capital movements in order to minimise risk. The company also has access to a flexible funding agreement that provides accelerated terms for cash receipts from invoicing. • Contract risk: the company conducts significant elements of its business under customer contracts which include performance and other delivery conditions. The key to the management of contract risk is robust tendering procedures supported by effective operational management. Rigorous tender review processes are in place across the company and tenders whose values and profiles are out with pre-set qualitative and quantitative parameters must be approved by the directors prior to issue. • Health and Safety: Health and Safety risks are continually assessed by group management. In the current year additional focus has been placed on developing a plan to ensure continuing improvement in Health and Safety management. • Environmental risks: the company places considerable emphasis upon environmental compliance in each of its divisions and not only seeks to ensure ongoing compliance with relevant legislation but also strives to ensure that environmental best practice is incorporated into its key processes. • Commercial relationships: the company maintains strong relationships with each of its key customers and has established credit control parameters. There is a rigorous control procedure for cash flow which includes regular review of collections and payments to minimise the risks to liquidity. • The effect of legislation or other regulatory activities: the company monitors forthcoming and current legislation regularly.
This report was approved by the board and signed on its behalf.
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VIRTUAL FM LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The directors present their report and the financial statements for the year ended 31 March 2023.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £228,505 (2022 - loss £348,624).
The directors who served during the year were:
Key areas of future development and performance of the business include:
• Continue our diversification strategy into new end market sectors. • Competitive advantage: the company focuses on areas within its services which are at a competitive advantage, which places it well in terms of long term income/cash flow growth potential. • Health and Safety: the company continues to seek ways of ensuring that a safe and healthy working environment is progressively improved. This process has introduced health and wellbeing support which will be enhanced in the following year.
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VIRTUAL FM LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
There have been no significant events affecting the company since the year end.
The auditors, Armstrong Watson Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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VIRTUAL FM LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VIRTUAL FM LIMITED
We have audited the financial statements of Virtual FM Limited (the 'company') for the year ended 31 March 2023, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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VIRTUAL FM LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VIRTUAL FM LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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VIRTUAL FM LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VIRTUAL FM LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including
fraud and non-compliance with laws and regulations, was as follows:
°the engagement partner ensured that the engagement team collectively had the appropriate
competence, capabilities and knowledge of the Company to identify or recognise non-compliance with applicable laws and regulations.
°we identified the laws and regulations applicable to the company through discussions with directors and
other management and review of appropriate industry knowledge. Key laws and regulations we identified during the audit were the UK Companies Act 2006 and tax legislation, UK employment legislation and UK health and safety legislation;
°we assessed the extent of compliance with the laws and regulations identified above by making
enquiries of management and
°identified laws and regulations were communicated within the audit team regularly and the team
remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including
obtaining an understanding of how fraud might occur, by:
°making enquiries of management as to where they considered there was susceptibility to fraud, their
knowledge of actual, suspected and alleged fraud; and
°considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations.
To address the risk of fraud through management bias and override of controls, we:
°performed analytical procedures as a risk assessment tool to identify any unusual or unexpected
relationships;
°tested journal entries recorded on the Company’s finance system to identify unusual transactions that
may indicate override of controls;
°reviewed key judgements and estimates for any evidence of management bias.
°reviewed the application of accounting policies with focus on those with heightened estimation
uncertainty.
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VIRTUAL FM LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VIRTUAL FM LIMITED (CONTINUED)
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
°agreeing financial statement disclosures to underlying supporting documentation and
°enquiring of management to identify actual and potential litigation and claims.
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some
material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remains a higher risk of nondetection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Comparative information in the financial statements is derived from the company's prior period financial statements which were not audited.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditors
1st Floor 24 Blythswood Square
G2 4BG
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VIRTUAL FM LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2023
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VIRTUAL FM LIMITED
REGISTERED NUMBER: SC517801
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 22 form part of these financial statements.
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VIRTUAL FM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Virtual FM Limited is a private company, limited by shares, incorporated in Scotland. The company's registered number is SC517801 and registered office address and principal place of business is Westpoint House, 5 Redwood Place, Peel Park, East Kilbride, South Lanarkshire, Scotland, G74 5PB.
The financial statements are presented in pound sterling as this is the currency of the primary economic environment in which the company operates.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17 (d);
This information is included in the consolidated financial statements of Virtual Group Holdings Limited as at 31 March 2023 and these financial statements can be obtained from Companies House.
In preparing these financial statements the Directors have given careful consideration to current and anticipated future solvency requirements of the Company and its ability to continue as a going concern for at least twelve months from the date of issue of these financial statements.
The Directors have prepared these financial statements on a going concern basis, notwithstanding net liabilities of £9,331 (2022 - £228,505) as at 31 March 2023 and a profit for the 12 month period then ended of £228,505 (2022 - loss of £348,624). The Directors have undertaken a detailed forecasting review of the company's current and future contractual and reactive work orders. As a result of this exercise the Director's anticipate that significant cost savings will be realised in future periods. This coupled with improved pricing on new and renegotiated current contracts, will lead to significant improvements in the Company's working capital. Currently available credit facilities are more than sufficient to meet the Company's current and forecast obligations as they fall due, without the need for additional financing to be secured. Based on the above, the Directors believe that at the date of issue of these financial statements that it remains appropriate to prepare the financial statements on a going concern basis.
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VIRTUAL FM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
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VIRTUAL FM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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.
The estimated useful lives range as follows:
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VIRTUAL FM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, the following methods.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
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VIRTUAL FM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Analysis of turnover by country of destination:
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VIRTUAL FM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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VIRTUAL FM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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VIRTUAL FM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
12.Taxation (continued)
There were no factors that may affect future tax charges.
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VIRTUAL FM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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VIRTUAL FM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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VIRTUAL FM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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VIRTUAL FM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Profit and loss account
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £66,361 (2022 - £46,759) Contributions totalling £11,900 (2022 - £12,749) were payable to the fund at the reporting date and are included in creditors.
As at 31 March 2023, the directors owed Virtual FM Limited £216,592 (2022: £157,877). During the year there were amounts advanced of £58,716 and amounts repaid of £nil. The loan is interest-free and repayable on demand.
Post year end the director's loan account has been reasigned to the parent entity Virtual Group Holdings Limited.
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