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Registered number: 05033662
Virtual Viewing Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05033662
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investments 5 2 2
2 2
CURRENT ASSETS
Stocks 6 557,275 486,525
Debtors 7 97,485 114,366
Cash at bank and in hand 16,713 12,776
671,473 613,667
Creditors: Amounts Falling Due Within One Year 8 (263,198 ) (338,085 )
NET CURRENT ASSETS (LIABILITIES) 408,275 275,582
TOTAL ASSETS LESS CURRENT LIABILITIES 408,277 275,584
Creditors: Amounts Falling Due After More Than One Year 9 (67,709 ) (171,007 )
NET ASSETS 340,568 104,577
CAPITAL AND RESERVES
Called up share capital 10 102 102
Profit and Loss Account 340,466 104,475
SHAREHOLDERS' FUNDS 340,568 104,577
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For the year ending 31 March 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 S Bailey
Director
26 September 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Virtual Viewing Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05033662 . The registered office is Seebeck House 1 Seebeck Place, Knowlhill, Milton Keynes, Buckinghamshire, MK5 8FR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. 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 years 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 assets reflect 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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2.7. Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 4)
1 4
4. Intangible Assets
Goodwill Development Costs Total
£ £ £
Cost
As at 1 April 2023 25,000 327,082 352,082
As at 31 March 2024 25,000 327,082 352,082
Amortisation
As at 1 April 2023 25,000 327,082 352,082
As at 31 March 2024 25,000 327,082 352,082
Net Book Value
As at 31 March 2024 - - -
As at 1 April 2023 - - -
5. Investments
Unlisted
£
Cost
As at 1 April 2023 2
As at 31 March 2024 2
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 2
As at 1 April 2023 2
6. Stocks
2024 2023
£ £
Work in progress 557,275 486,525
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 51,131 49,736
Other debtors 46,354 64,630
97,485 114,366
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 3,548 16,888
Bank loans and overdrafts 71,737 95,281
Other loans 50,000 50,000
Other creditors 124,188 159,811
Taxation and social security 13,725 16,105
263,198 338,085
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 9,375 66,840
Other loans 58,334 104,167
67,709 171,007
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 102 102
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