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REGISTERED NUMBER: SC393422 (Scotland)















Financial Statements for the Year Ended 31 December 2023

for

V360 Systems Ltd

V360 Systems Ltd (Registered number: SC393422)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


V360 Systems Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: R Dempster
N A Dudley
M T Edwards





REGISTERED OFFICE: 65 Townsend Street
GLASGOW
G4 0LA





REGISTERED NUMBER: SC393422 (Scotland)





AUDITORS: The Kelvin Partnership Ltd
Statutory Auditor
Chartered Accountants
The Cooper Building
505 Great Western Road
Glasgow
G12 8HN

V360 Systems Ltd (Registered number: SC393422)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 - 205,640

CURRENT ASSETS
Debtors 6 50,152 93,087
Cash at bank 53,427 74,665
103,579 167,752
CREDITORS
Amounts falling due within one year 7 60,098 326,360
NET CURRENT ASSETS/(LIABILITIES) 43,481 (158,608 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

43,481

47,032

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 43,381 46,932
43,481 47,032

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:





R Dempster - Director


V360 Systems Ltd (Registered number: SC393422)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

V360 Systems Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The preparation of financial statements in compliance with Section 1A of FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policy.

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 principal accounting policies adopted are set out below. These policies have been consistently applied to all periods presented.

Going concern
In the opinion of the directors, the company will continue for the foreseeable future and it is appropriate to prepare the financial statements using the going concern basis.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both the current and future periods

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

V360 Systems Ltd (Registered number: SC393422)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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 balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event accruing after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

V360 Systems Ltd (Registered number: SC393422)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


V360 Systems Ltd (Registered number: SC393422)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Provisions
Provisions are recognised where a legal or constructive obligation has been incurred which will probably lead to an outflow of resources that can be reasonably estimated. Provisions are recorded for the estimated ultimate liability that is expected to arise, taking into account the time value of money where material.

A contingent liability is disclosed where the existence of the obligation will only be confirmed by future events, or where the amount of the obligation cannot be measured with reasonable reliability. Contingent assets are not recognised but are disclosed where an inflow of economic benefits is probable.

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.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investment with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowing in current liabilities.


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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

V360 Systems Ltd (Registered number: SC393422)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. AUDITORS' REMUNERATION
Period
1.3.22
Year Ended to
31.12.23 31.12.22
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

2,000

-
Total audit fees 2,000 -

Auditors' remuneration for non audit work 500 -
Total non-audit fees 500 -
Total fees payable 2,500 -

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 January 2023 299,640 114,810 15,704 430,154
Disposals (299,640 ) (114,810 ) (15,704 ) (430,154 )
At 31 December 2023 - - - -
DEPRECIATION
At 1 January 2023 94,000 114,810 15,704 224,514
Eliminated on disposal (94,000 ) (114,810 ) (15,704 ) (224,514 )
At 31 December 2023 - - - -
NET BOOK VALUE
At 31 December 2023 - - - -
At 31 December 2022 205,640 - - 205,640

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 14,136 88,087
Amounts owed by group undertakings 35,873 -
Other debtors 143 5,000
50,152 93,087

V360 Systems Ltd (Registered number: SC393422)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts - 168,015
Trade creditors 3,717 16,475
Taxation and social security 12,944 12,110
Other creditors 43,437 129,760
60,098 326,360

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Brian Meldrum CA (Senior Statutory Auditor)
for and on behalf of The Kelvin Partnership Ltd

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At year end, the Director, Mr R Dempster was due from the company an amount of £36,936 (2022:£116,936) in the form of Directors Loan.

This amount is interest free and repayable on demand.

10. RELATED PARTY DISCLOSURES

The company is a wholly owed subsidiary of the Prime Trading Group (UK) Limited and has taken advantage of exemption conferred by section 33 of FRS 102 "Related Party Disclosures" not to disclose transactions with Prime Trading Group (UK) Limited or other wholly owned subsidiaries within the group.

V360 Systems Ltd was due from Bricklane Consultants Ltd, which is a related entity that is not a part of the trading group, a sum of £14,136 which is included in Trade Debtors.

During the year, V360 Systems Ltd invoiced Select Solutions Ltd which is a related entity that is not a part of the trading group, an amount of £12,640 for exchange of goods and services.

11. ULTIMATE CONTROLLING PARTY

The directors regard Prime Trading Group (UK) Ltd. as the company's ultimate parent company.

The only company within the Prime Trading Group (UK) Ltd for which group financial statements are drawn up and of which the company is a member is Prime Trading Group (UK) Ltd. Copies of the group financial statements can be obtained from its registered office at 15 Alban Park, Hatfield, St. Albans, United Kingdom,
AL4 0JJ.