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COMPANY REGISTRATION NUMBER: 04856995
VIRTUAL CONTROL SYSTEMS LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 November 2023
VIRTUAL CONTROL SYSTEMS LTD
STATEMENT OF FINANCIAL POSITION
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
728,985
736,015
Current assets
Debtors
6
488,335
187,840
Cash at bank and in hand
266,449
463,944
----------
----------
754,784
651,784
Creditors: amounts falling due within one year
7
456,417
458,554
----------
----------
Net current assets
298,367
193,230
-------------
----------
Total assets less current liabilities
1,027,352
929,245
Creditors: amounts falling due after more than one year
8
23,846
36,287
Provisions
( 7,844)
( 9,109)
-------------
----------
Net assets
1,011,350
902,067
-------------
----------
VIRTUAL CONTROL SYSTEMS LTD
STATEMENT OF FINANCIAL POSITION (continued)
30 November 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
9
2
2
Profit and loss account
1,011,348
902,065
-------------
----------
Shareholders funds
1,011,350
902,067
-------------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 31 July 2024 , and are signed on behalf of the board by:
Mr M Davies
Director
Company registration number: 04856995
VIRTUAL CONTROL SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 27 Main Street, Overton, Morecambe, Lancashire, LA3 3HF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at transaction price net of discounts and VAT. 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. Revenue for the sale of goods is recognised upon delivery.
Current and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Static Caravan
-
15% reducing balance
Equipment
-
25% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.
Employee benefits
The company operates a defined contribution plan for the benefit of its employees. Contributions are recognised as an expense as they become payable.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 11 ).
5. Tangible assets
Plant and machinery
Equipment
Investment property
Total
£
£
£
£
Cost
At 1 December 2022
73,939
2,492
681,867
758,298
Additions
1,228
1,228
--------
-------
----------
----------
At 30 November 2023
73,939
3,720
681,867
759,526
--------
-------
----------
----------
Depreciation
At 1 December 2022
20,518
1,765
22,283
Charge for the year
8,013
245
8,258
--------
-------
----------
----------
At 30 November 2023
28,531
2,010
30,541
--------
-------
----------
----------
Carrying amount
At 30 November 2023
45,408
1,710
681,867
728,985
--------
-------
----------
----------
At 30 November 2022
53,421
727
681,867
736,015
--------
-------
----------
----------
The investment property has been measured at fair value which is deemed to be the properties' open market value at the reporting date.
6. Debtors
2023
2022
£
£
Trade debtors
103,411
18,264
Other debtors
384,924
169,576
----------
----------
488,335
187,840
----------
----------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
76,875
29,017
Social security and other taxes
56,654
14,368
Other creditors
322,888
415,169
----------
----------
456,417
458,554
----------
----------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
23,846
36,287
--------
--------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary Class A shares of £ 1 each
1
1
1
1
Ordinary Class B shares of £ 1 each
1
1
1
1
----
----
----
----
2
2
2
2
----
----
----
----
10. Directors' advances, credits and guarantees
The directors have a loan account with the company. This remained in credit throughout the period and the balance at the year end date was £37,689 (2022: £59,881). No interest was charged to the company by the directors for this loan.