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REGISTERED NUMBER: 07060562 (England and Wales)












Unaudited Financial Statements

for the Year Ended 30 April 2024

for

Versantus IT Services Limited

Versantus IT Services Limited (Registered number: 07060562)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Versantus IT Services Limited

Company Information
for the Year Ended 30 April 2024







Director: N E Roberts





Registered office: Frieze Farmhouse
Woodstock Road
Wolvercote
Oxford
OX2 8JX





Registered number: 07060562 (England and Wales)





Accountants: Crowthers Chartered Accountants
15 St Georges Road
Cheltenham
Gloucestershire
GL50 3DT

Versantus IT Services Limited (Registered number: 07060562)

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 25,889 39,503

CURRENT ASSETS
Debtors 5 402,685 319,984
Cash at bank 414,160 457,824
816,845 777,808
CREDITORS
Amounts falling due within one year 6 445,883 274,417
NET CURRENT ASSETS 370,962 503,391
TOTAL ASSETS LESS CURRENT
LIABILITIES

396,851

542,894

CREDITORS
Amounts falling due after more than one
year

7

-

(22,216

)

PROVISIONS FOR LIABILITIES (4,919 ) (7,506 )
NET ASSETS 391,932 513,172

CAPITAL AND RESERVES
Called up share capital 8 1 1
Retained earnings 391,931 513,171
SHAREHOLDERS' FUNDS 391,932 513,172

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Versantus IT Services Limited (Registered number: 07060562)

Balance Sheet - continued
30 April 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 July 2024 and were signed by:





N E Roberts - Director


Versantus IT Services Limited (Registered number: 07060562)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Versantus IT Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs which are directly attributable in bringing the asset to its location and condition so that it is capable of operating in the manner intended by management.

Depreciation is provided on all tangible fixed assets at rates which are calculated to write off the cost, less estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), of each asset on a systematic basis over its expected useful life as follows:

Motor vehicles - 25% reducing balance
Fixtures and fittings - 33% straight line
Computer equipment - 33% straight line

Versantus IT Services Limited (Registered number: 07060562)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

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.

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 payment ts 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Versantus IT Services Limited (Registered number: 07060562)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2023 - 24 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
Cost
At 1 May 2023 150,145
Additions 83
At 30 April 2024 150,228
Depreciation
At 1 May 2023 110,642
Charge for year 13,697
At 30 April 2024 124,339
Net book value
At 30 April 2024 25,889
At 30 April 2023 39,503

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 262,921 207,294
Other debtors 139,764 112,690
402,685 319,984

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 18,742 45,567
Taxation and social security 124,543 132,920
Other creditors 302,598 95,930
445,883 274,417

Versantus IT Services Limited (Registered number: 07060562)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other creditors - 22,216

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary £1 1 1

9. OTHER FINANCIAL COMMITMENTS

As at the year end the company had financial commitments not reflected on the balance sheet of £20,882 (2023: £54,350).

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
N E Roberts
Balance outstanding at start of year - -
Amounts advanced 360 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 360 -

The above loan is interest free, unsecured and repayable on demand. The balance has been included within other debtors.

11. CONTINGENT ASSET

As at the year end the company has withheld research and development expenditure credit of £3,253 (2023: £3,253) which can be used against future tax liabilities.

However it is not know with sufficient certainty as to whether the company will be able to utilise this in the immediate future due to the tax losses brought forward. As such the withheld tax is only disclosed as a contingent asset.