Registered number
05055945
Virocom Limited
Unaudited Filleted Accounts
29 February 2024
Virocom Limited
Registered number: 05055945
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 1,406,929 745,500
Current assets
Stocks 39,064 42,586
Debtors 5 935,681 246,148
Cash at bank and in hand 41,829 180,175
1,016,574 468,909
Creditors: amounts falling due within one year 6 (539,898) (382,412)
Net current assets 476,676 86,497
Total assets less current liabilities 1,883,605 831,997
Creditors: amounts falling due after more than one year 7 (1,179,306) (801,541)
Provisions for liabilities (108,191) (869)
Net assets 596,108 29,587
Capital and reserves
Called up share capital 72 72
Revaluation reserve 9 555,266 -
Profit and loss account 40,770 29,515
Shareholder's funds 596,108 29,587
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P Bryon
Director
Approved by the board on 24 July 2024
Virocom Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
One-off payments for licences are amortised over their expected useful economic life of 4 years.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 0%
Plant and machinery 25% straight line
Fixtures, fittings, tools and equipment 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 17 18
3 Intangible fixed assets
Licences: £
Cost
At 1 March 2023 142,993
At 29 February 2024 142,993
Amortisation
At 1 March 2023 142,993
At 29 February 2024 142,993
Net book value
At 29 February 2024 -
Licences are written off in equal annual instalments over their estimated economic life of 4 years.
4 Tangible fixed assets
Land and buildings Plant and machinery Office equipment Total
£ £ £ £
Cost
At 1 March 2023 737,308 128,745 205,035 1,071,088
Additions - - 4,072 4,072
Surplus on revaluation 662,692 - - 662,692
At 29 February 2024 1,400,000 128,745 209,107 1,737,852
Depreciation
At 1 March 2023 - 128,745 196,843 325,588
Charge for the year - - 5,335 5,335
At 29 February 2024 - 128,745 202,178 330,923
Net book value
At 29 February 2024 1,400,000 - 6,929 1,406,929
At 28 February 2023 737,308 - 8,192 745,500
Revaluation: At the beginning of the year the company property was revalued to a market value determined by Colliers International Property Consultants Limited, professional valuers.
5 Debtors 2024 2023
£ £
Trade debtors 216,762 240,112
Other debtors 718,919 6,036
935,681 246,148
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 108,673 112,991
Trade creditors 203,791 128,442
Taxation and social security costs 141,153 115,691
Other creditors 86,281 25,288
539,898 382,412
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,179,306 801,541
8 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 24 567,671
Secured bank loans 1,092,979 616,259
Bank loans are secured by way of a legal charge over the freehold property, fixtures and fittings, plant and machinery owned by the company.
9 Revaluation reserve 2024 2023
£ £
Gain on revaluation of land and buildings 662,692 -
Deferred taxation arising on the revaluation of land and buildings (107,426) -
At 29 February 2024 555,266 -
10 Controlling party
Virocom Limited is a wholly owned subsidiary of Virocom Holdings Limited. The registered office and principal place of business of the parent company is 9 Hestia House, City Walk, London, UK, SE1 3ES.
11 Other information
Virocom Limited is a private company limited by shares and incorporated in England. Its registered office is 9 Hestia House, City Walk, London SE1 3ES.
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