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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
Page
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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
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Versa Space Limited Statement of financial position as at 31 July 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
6,649 
4,660 
Current assets
Debtors
92,152 
103,585 
Cash at bank and in hand
12,009 
75,698 
104,161 
179,283 
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 
Capital and reserves
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
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Versa Space Limited Notes to the Accounts for the year ended 31 July 2023
1
Statutory information
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.
2
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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 taxation
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.
Pension costs
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leased assets
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.
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Versa Space Limited Notes to the Accounts for the year ended 31 July 2023
Going concern
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.
4
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 
Additions
- 
5,597 
5,597 
At 31 July 2023
10,998 
12,550 
23,548 
Depreciation
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 
Net book value
At 31 July 2023
- 
6,649 
6,649 
At 31 July 2022
1,098 
3,562 
4,660 
5
Debtors
2023 
2022 
£ 
£ 
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 
92,152 
103,585 
6
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 
Accruals
2,495 
- 
Deferred income
14,238 
7,018 
120,765 
122,017 
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.
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Versa Space Limited Notes to the Accounts for the year ended 31 July 2023
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
18,983 
28,751 
Other creditors
- 
1,189 
18,983 
29,940 
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.
8
Loans to directors
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 
(3,743)
16,000 
690 
11,567 
9
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.
10
Average number of employees
During the year the average number of employees was 1 (2022: 1).
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