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Registered number: 08960860
Viraltrend Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 08960860
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 3,506 -
Tangible Assets 5 31,054 41,471
34,560 41,471
CURRENT ASSETS
Debtors 6 103,929 315,266
Cash at bank and in hand 1,855,658 1,468,585
1,959,587 1,783,851
Creditors: Amounts Falling Due Within One Year 7 (107,979 ) (242,930 )
NET CURRENT ASSETS (LIABILITIES) 1,851,608 1,540,921
TOTAL ASSETS LESS CURRENT LIABILITIES 1,886,168 1,582,392
PROVISIONS FOR LIABILITIES
Deferred Taxation (23,909 ) (7,880 )
NET ASSETS 1,862,259 1,574,512
CAPITAL AND RESERVES
Called up share capital 8 1 1
Income Statement 1,862,258 1,574,511
SHAREHOLDERS' FUNDS 1,862,259 1,574,512
Page 1
Page 2
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 Income Statement.
On behalf of the board
J Harris
Director
15 October 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Viraltrend Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08960860 . The registered office is 15 Furzehall Avenue, Fareham, Hampshire, PO16 8UD.
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.
Presentation currency
The accounts are presented in £ sterling.
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 - Other Intangible
Other intangible assets are rights to a numberplate for advertising. It is amortised to income statement over its estimated economic life of 10 years.
2.4. 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:
Motor Vehicles 25% Reducing balance
Computer Equipment 25% Reducing balance
2.5. 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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3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Intangible Assets
Other
£
Cost
As at 1 April 2023 -
Additions 3,825
As at 31 March 2024 3,825
Amortisation
As at 1 April 2023 -
Provided during the period 319
As at 31 March 2024 319
Net Book Value
As at 31 March 2024 3,506
As at 1 April 2023 -
5. Tangible Assets
Motor Vehicles Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 64,484 11,366 75,850
As at 31 March 2024 64,484 11,366 75,850
Depreciation
As at 1 April 2023 27,744 6,635 34,379
Provided during the period 9,185 1,232 10,417
As at 31 March 2024 36,929 7,867 44,796
Net Book Value
As at 31 March 2024 27,555 3,499 31,054
As at 1 April 2023 36,740 4,731 41,471
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 5,992 318,016
Other debtors 97,937 (2,750)
103,929 315,266
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Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,752 30,535
Other creditors - 146
Taxation and social security 106,227 212,249
107,979 242,930
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans owed by directors to the company at the year-end: £2,494.11
At the prior year-end, the company owed its directors a sum of £145.94
The above loan is unsecured, interest free and repayable on demand.
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