Company registration number 05037921 (England and Wales)
VIRTUS VALIDATIONS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
VIRTUS VALIDATIONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
VIRTUS VALIDATIONS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
6
84,286
78,845
Cash at bank and in hand
83,503
27,725
167,789
106,570
Creditors: amounts falling due within one year
7
(225,568)
(265,350)
Net current liabilities
(57,779)
(158,780)
Capital and reserves
Called up share capital
8
105
105
Capital redemption reserve
95
95
Profit and loss reserves
(57,979)
(158,980)
Total equity
(57,779)
(158,780)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 2 September 2024 and are signed on its behalf by:
T Owen
J G Estebanez
Director
Director
Company registration number 05037921 (England and Wales)
VIRTUS VALIDATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Virtus Validations Limited is a private company limited by shares incorporated in England and Wales. The registered office is 66 High Street, Aylesbury, HP20 1SE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Virtus Validations Limited is a subsidiary of MAGroup Limited and the results are included in the consolidated financial statements of that company which are available from 66 High Street, Aylesbury, HP20 1SE.
1.2
Turnover
Turnover represents fees receivable for property claims validation and surveying services for insurance companies and their intermediaries is exclusive of Value Added Tax.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office equipment
20% or 33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.
VIRTUS VALIDATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
VIRTUS VALIDATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
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 current and future periods.
There are no estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.
3
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
10,535
9,545
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
5
VIRTUS VALIDATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Tangible fixed assets
Office equipment
£
Cost
At 1 January 2023 and 31 December 2023
9,481
Depreciation and impairment
At 1 January 2023 and 31 December 2023
9,481
Carrying amount
At 31 December 2023
At 31 December 2022
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
74,071
45,204
Other debtors
1,676
74,071
46,880
Deferred tax asset
10,215
15,052
84,286
61,932
VIRTUS VALIDATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Debtors
(Continued)
- 6 -
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
16,913
Total debtors
84,286
78,845
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
57,116
41,307
Amounts owed to group undertakings
145,252
206,379
Other creditors
23,200
17,664
225,568
265,350
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
95 B ordinary shares of £1 each
95
95
10 C ordinary shares of £1 each
10
10
105
105
All shares rank pari passu.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
James Simmonds
Statutory Auditor:
UHY Hacker Young
Date of audit report:
2 September 2024
VIRTUS VALIDATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
10
Related party transactions
The company is a wholly owned subsidiary of MAGroup Limited. As the parent produces consolidated financial statements the company has taken advantage of the exemption not to disclose transactions with other wholly owned group companies.
During the year the company made purchases (including recharges) of nil (2022: Nil) from group companies with minority interests.
As at the year end nil (2022: Nil) was owed to group companies with minority interests.
11
Parent company
The immediate and ultimate parent company is MAGroup Limited, a company incorporated in England and Wales.
The ultimate controlling party is P Hayman who owns a majority of the shares in MAGroup Limited.
The name of the smallest and largest group into which the company is consolidated is MAGroup Limited.