Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01false47truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10081260 2022-04-01 2023-03-31 10081260 2021-04-01 2022-03-31 10081260 2023-03-31 10081260 2022-03-31 10081260 c:Director5 2022-04-01 2023-03-31 10081260 d:FurnitureFittings 2022-04-01 2023-03-31 10081260 d:FurnitureFittings 2023-03-31 10081260 d:FurnitureFittings 2022-03-31 10081260 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 10081260 d:OfficeEquipment 2022-04-01 2023-03-31 10081260 d:OfficeEquipment 2023-03-31 10081260 d:OfficeEquipment 2022-03-31 10081260 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 10081260 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 10081260 d:CurrentFinancialInstruments 2023-03-31 10081260 d:CurrentFinancialInstruments 2022-03-31 10081260 d:Non-currentFinancialInstruments 2023-03-31 10081260 d:Non-currentFinancialInstruments 2022-03-31 10081260 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10081260 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 10081260 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 10081260 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 10081260 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 10081260 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 10081260 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 10081260 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 10081260 d:ShareCapital 2023-03-31 10081260 d:ShareCapital 2022-03-31 10081260 d:RetainedEarningsAccumulatedLosses 2023-03-31 10081260 d:RetainedEarningsAccumulatedLosses 2022-03-31 10081260 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 10081260 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-03-31 10081260 c:FRS102 2022-04-01 2023-03-31 10081260 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 10081260 c:FullAccounts 2022-04-01 2023-03-31 10081260 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10081260 2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 10081260









V28 LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
V28 LTD
REGISTERED NUMBER: 10081260

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,627
4,530

  
3,627
4,530

Current assets
  

Debtors: amounts falling due within one year
 5 
9,908
44,324

Cash at bank and in hand
 6 
13,929
22,431

  
23,837
66,755

Creditors: amounts falling due within one year
 7 
(426,139)
(413,853)

Net current liabilities
  
 
 
(402,302)
 
 
(347,098)

Total assets less current liabilities
  
(398,675)
(342,568)

Creditors: amounts falling due after more than one year
 8 
(22,500)
(32,500)

  

Net liabilities
  
(421,175)
(375,068)


Capital and reserves
  

Called up share capital 
  
10
10

Profit and loss account
  
(421,185)
(375,078)

  
(421,175)
(375,068)


Page 2

 
V28 LTD
REGISTERED NUMBER: 10081260

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 January 2024.




Arthur Russell
Director

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
V28 LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

V28 Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
V28 LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Pensions

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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
20% straight line

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.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
Page 5

 
V28 LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 7).


4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 April 2022
4,700
3,161
7,861


Additions
-
526
526



At 31 March 2023

4,700
3,687
8,387



Depreciation


At 1 April 2022
940
2,391
3,331


Charge for the year on owned assets
940
489
1,429



At 31 March 2023

1,880
2,880
4,760



Net book value



At 31 March 2023
2,820
807
3,627



At 31 March 2022
3,760
770
4,530

Page 6

 
V28 LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Debtors

2023
2022
£
£


Trade debtors
3,493
34,585

Other debtors
6,415
9,739

9,908
44,324



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
13,929
22,431

13,929
22,431



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
10,000

Trade creditors
7,555
(847)

Amounts owed to group undertakings
390,834
387,328

Other taxation and social security
7,873
2,872

Other creditors
9,877
14,500

426,139
413,853



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
22,500
32,500

22,500
32,500


The company used the government backed Bounce Back Loan scheme to borrow £50,000 from Lloyds Bank plc. The loans are unsecured and enjoy a repayment holiday for 12 months, thereafter being repaid oy instalments commencing on 27 July 2021 over 5 years with an interest rate of 2.5%.

Page 7

 
V28 LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 1-2 years

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 2-5 years

Bank loans
12,500
22,500


12,500
22,500


32,500
42,500



10.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
13,929
22,431




11.


Controlling party

The ultimate parent company is Citygate Christian Outreach Centre which is a registered charity number 1111470.

Page 8