COMPANY REGISTRATION NUMBER:
NI612590
VIROGEN LTD
UNAUDITED FILLETED FINANCIAL STATEMENTS
31 December 2023
Virogen Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Virogen Ltd
Directors and other information
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Director |
Mr Daniel Hegarty |
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Company number |
NI612590 |
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Registered office |
ASM (M) Ltd |
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The Diamond Centre |
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Market Stree |
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Magherafelt |
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BT45 6ED |
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Accountants |
PFS Accountants and Auditors Ltd |
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122 Main Street |
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Dungiven |
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Derry |
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BT47 4LG |
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Virogen Ltd
Report to the director on the preparation of the
unaudited statutory financial statements of Virogen Ltd
Period ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Virogen Ltd for the period ended 31 December 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the director of Virogen Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Virogen Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Virogen Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Virogen Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Virogen Ltd. You consider that Virogen Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Virogen Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
PFS Accountants and Auditors Ltd
Chartered Certified Accountants
122 Main Street
Dungiven
Derry
BT47 4LG
1 July 2024
Virogen Ltd
Statement of financial position
31 December 2023
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31/12/23 |
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31/12/22 |
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Note |
£ |
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£ |
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£ |
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£ |
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Current assets |
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Stocks |
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127,137 |
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62,025 |
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Debtors |
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4 |
225,332 |
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207,958 |
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Cash at bank and in hand |
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247,591 |
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433,326 |
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_______ |
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_______ |
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600,060 |
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703,309 |
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Creditors: amounts falling due |
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within one year |
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5 |
(
137,453) |
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(
259,741) |
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_______ |
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_______ |
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Net current assets |
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462,607 |
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443,568 |
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_______ |
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Total assets less current liabilities |
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462,607 |
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443,568 |
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_______ |
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Net assets |
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462,607 |
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443,568 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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10 |
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10 |
Profit and loss account |
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462,597 |
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443,558 |
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_______ |
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_______ |
Shareholders funds |
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462,607 |
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443,568 |
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_______ |
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_______ |
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For the period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
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The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
01 July 2024
, and are signed on behalf of the board by:
Mr Daniel Hegarty
Director
Company registration number:
NI612590
Virogen Ltd
Notes to the financial statements
Period ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is ASM (M) Ltd, The Diamond Centre, Market Stree, Magherafelt, BT45 6ED.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
4.
Debtors
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31/12/23 |
31/12/22 |
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£ |
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Trade debtors |
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181,939 |
203,639 |
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Other debtors |
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43,393 |
4,319 |
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_______ |
_______ |
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225,332 |
207,958 |
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_______ |
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5.
Creditors: amounts falling due within one year
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31/12/23 |
31/12/22 |
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£ |
£ |
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Trade creditors |
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3,522 |
233,214 |
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Corporation tax |
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15,575 |
24,332 |
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Social security and other taxes |
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8,616 |
95 |
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Other creditors |
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109,740 |
2,100 |
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137,453 |
259,741 |
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_______ |
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6.
Directors advances, credits and guarantees
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During the period the director entered into the following advances and credits with the company: |
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Period ended 31/12/23 |
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Balance brought forward |
Advances /(credits) to the director |
Balance o/standing |
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£ |
£ |
£ |
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Mr Daniel Hegarty |
4,309 |
41,000 |
45,309 |
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Year ended 31/12/22 |
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Balance brought forward |
Advances /(credits) to the director |
Balance o/standing |
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£ |
£ |
£ |
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Mr Daniel Hegarty |
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4,309 |
4,309 |
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_______ |
_______ |
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