Company registration number 07653096 (England and Wales)
VIA RESOURCE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
VIA RESOURCE LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
VIA RESOURCE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
30 September 2023
31 March 2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
5,821
23,446
Current assets
Trade and other receivables
4
556,941
587,691
Cash and cash equivalents
352,146
248,419
909,087
836,110
Current liabilities
5
(785,625)
(740,355)
Net current assets
123,462
95,755
Total assets less current liabilities
129,283
119,201
Non-current liabilities
6
(16,667)
Net assets
112,616
119,201
Equity
Called up share capital
1,000
1,000
Retained earnings
111,616
118,201
Total equity
112,616
119,201
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial period ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 23 April 2024 and are signed on its behalf by:
Mr T I Macleod
Mr S J Finn
Director
Director
Company registration number 07653096 (England and Wales)
VIA RESOURCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 2 -
1
Accounting policies
Company information
Via Resource Limited is a private company limited by shares incorporated in England and Wales. The registered office is New London House, 6 London Street, LONDON, EC3R 7LP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the year end, the balance sheet reflects a net current liabilities and net liabilities position. trueAt the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
The period has been extended by six months from 31 March 2023 to 30 September 2023. The prior period represents a 12 month period.
1.4
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
1.5
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost of assets over their useful lives on the following bases:
Fixtures and fittings
25% Straight line
Computers
33% Straight line
Motor vehicles
25% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and represents cash in hand.
VIA RESOURCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, and loans from fellow group companies, are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised at transaction price.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
VIA RESOURCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 11 (2022 - 8).
3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 April 2022
97,267
Additions
7,418
At 30 September 2023
104,685
Depreciation and impairment
At 1 April 2022
73,821
Depreciation charged in the period
25,043
At 30 September 2023
98,864
Carrying amount
At 30 September 2023
5,821
At 31 March 2022
23,446
VIA RESOURCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 5 -
4
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
292,257
308,002
Amounts owed by group undertakings
168,662
Other receivables
96,022
279,689
556,941
587,691
5
Current liabilities
2023
2022
£
£
Bank loans and overdrafts
111,039
41,667
Trade payables
147,770
77,795
Amounts owed to group undertakings
22,935
176,842
Corporation tax
310,843
204,758
Other taxation and social security
16,800
32,214
Other payables
176,238
207,079
785,625
740,355
6
Non-current liabilities
2023
2022
£
£
Bank loans and overdrafts
16,667
7
Related party transactions
The entity has taken advantage of the exemptions available within FRS 102 not to disclose related party transactions with the ultimate parent company and other wholly owned group companies.
At the balance sheet date the company owed £29,394 (2022: £34,842) to Macleod Associates (UK) Limited, a company incorporated in England and Wales, and a company in which a director owns 100% of the issued share capital.
8
Parent company
The immediate and ultimate parent company, and sole shareholder, is Lacuna Partners Limited, a company incorporated in Great Britain and registered in England and Wales.