REGISTERED NUMBER: |
Director's Report and |
Unaudited Financial Statements for the Year Ended 31st December 2023 |
for |
Viola Leasing Management UK Limited |
REGISTERED NUMBER: |
Director's Report and |
Unaudited Financial Statements for the Year Ended 31st December 2023 |
for |
Viola Leasing Management UK Limited |
Viola Leasing Management UK Limited (Registered number: 08698143) |
Contents of the Financial Statements |
for the year ended 31st December 2023 |
Page |
Company Information | 1 |
Director's Report | 2 |
Statement of Income and Retained Earnings | 3 |
Statement of Financial Position | 4 |
Notes to the Financial Statements | 5 |
Viola Leasing Management UK Limited |
Company Information |
for the year ended 31st December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Viola Leasing Management UK Limited (Registered number: 08698143) |
Director's Report |
for the year ended 31st December 2023 |
The director presents his report with the financial statements of the company for the year ended 31st December 2023. |
DIRECTOR |
GOING CONCERN |
The directors have considered the appropriateness of adopting the going concern basis in preparation of these financial statements. Having considered the risks and uncertainties to which the company is subject, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least twelve months from the date of approval of the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Viola Leasing Management UK Limited (Registered number: 08698143) |
Statement of Income and |
Retained Earnings |
for the year ended 31st December 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
164,438 | 261,403 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
PROFIT BEFORE TAXATION |
Tax on profit |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year |
RETAINED EARNINGS AT END OF YEAR |
Viola Leasing Management UK Limited (Registered number: 08698143) |
Statement of Financial Position |
31st December 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Investments | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
The financial statements were approved by the director and authorised for issue on |
Viola Leasing Management UK Limited (Registered number: 08698143) |
Notes to the Financial Statements |
for the year ended 31st December 2023 |
1. | STATUTORY INFORMATION |
Viola Leasing Management UK Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company’s accounting policies, which are described in note 2, the directors are required to make judgments, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Critical judgments in applying the Company’s accounting policies |
The following are the critical judgments, apart from those involving estimations (which are dealt with separately below), that the directors have made in the process of applying the company’s accounting policies and that have the most significant effect on the amounts recognised in financial statements. |
Amounts owed by group companies and loans receivable |
The company has loan balances receivable from a group company, and a non group company, which are repayable on demand. In reviewing the need for impairment, the directors review the financial position of the borrower and the status of any interest and capital payments due. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable excluding value added tax, and is recognised in the period in which services are provided to the customer. |
Software |
Software was acquired at book value from a fellow group subsidiary where it had an expected life of 5 years from commissioning. Amortisation has been charged in equal monthly instalments over the remaining 10 months expected life at the transfer date of 30 November 2023. |
Viola Leasing Management UK Limited (Registered number: 08698143) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Recognition |
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. The financial assets and liabilities of the company consist wholly of basic financial instruments. |
Initial measurement |
All financial assets and liabilities are initially measured at transaction price (including transaction costs), and subsequently carried at amortised cost. |
Subsequent measurement |
Receivables are subsequently measured at amortised cost using the effective interest rate method. Discounting has not been applied to receivables as they are repayable on demand or on term agreements. |
Trade payables are subsequently measured at amortised cost using the effective interest method unless payment is due within one year or less, in which case they are measured at the undiscounted amount of cash or other consideration expected to be paid. |
Derecognition of financial assets and liabilities |
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the company, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. |
Taxation |
Current tax is provided at amount expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Software amortisation |
Viola Leasing Management UK Limited (Registered number: 08698143) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
Additions |
At 31st December 2023 |
AMORTISATION |
Charge for year |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Owed by group companies |
Other debtors |
7. | CURRENT ASSET INVESTMENTS |
2023 | 2022 |
£ | £ |
Loans receivable |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Owed to group companies |
Taxation and social security |
9. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Viola Leasing Management UK Limited (Registered number: 08698143) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
10. | ULTIMATE CONTROLLING PARTY |
The controlling party is Ms L F Strawson. |
The company's immediate parent company is |
Consolidated financial statements are not prepared as the group qualifies for the small group exemption from |
preparing group accounts. |
The registered office of Magical Numbers Limited is located at: |
PO Box 141, |
La Tonnelle House, |
Les Banques, |
St Sampson, |
Guernsey, |
GY1 3HS |