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Registered number: 09978721
Virtual Reach Ltd
Financial Statements
For the Period 1 March 2024 to 31 August 2024
Effective Accounting Solutions Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 09978721
31 August 2024 29 February 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 - 6,003
- 6,003
CURRENT ASSETS
Debtors 5 8,505 17,010
Cash at bank and in hand 212,083 218,757
220,588 235,767
Creditors: Amounts Falling Due Within One Year 6 (23,284 ) (41,200 )
NET CURRENT ASSETS (LIABILITIES) 197,304 194,567
TOTAL ASSETS LESS CURRENT LIABILITIES 197,304 200,570
PROVISIONS FOR LIABILITIES
Deferred Taxation - (1,141 )
NET ASSETS 197,304 199,429
CAPITAL AND RESERVES
Called up share capital 7 101 101
Profit and Loss Account 197,203 199,328
SHAREHOLDERS' FUNDS 197,304 199,429
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For the period ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Shahir Raja
Director
12 September 2024
The notes on pages 3 to 4 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Virtual Reach Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09978721 . The registered office is 85 Great Portland Street, First Floor, London, W1W 7LT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

The financial statements are prepared in Pounds Sterling as this is the functional currency and currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest £.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% on Cost
Fixtures & Fittings 25% on Cost
Computer Equipment 25% on Cost
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.5. Closure of Company
Due to the closure of the company these accounts have been prepared from 01 March 2024 to 31 August 2024. For this reason the comparative amounts presented are not entirely comparable.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 1 (2024: 1)
1 1
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 March 2024 3,283 2,576 8,179 14,038
Additions - - 304 304
Disposals (3,283 ) (2,576 ) - (5,859 )
As at 31 August 2024 - - 8,483 8,483
Depreciation
As at 1 March 2024 3,093 575 4,367 8,035
Disposals (3,093 ) (575 ) 4,116 448
As at 31 August 2024 - - 8,483 8,483
Net Book Value
As at 31 August 2024 - - - -
As at 1 March 2024 190 2,001 3,812 6,003
5. Debtors
31 August 2024 29 February 2024
£ £
Due within one year
Trade debtors 8,505 17,010
6. Creditors: Amounts Falling Due Within One Year
31 August 2024 29 February 2024
£ £
Corporation tax 13,380 29,612
Other taxes and social security - 333
VAT 9,904 11,255
23,284 41,200
7. Share Capital
31 August 2024 29 February 2024
£ £
Allotted, Called up and fully paid 101 101
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