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REGISTERED NUMBER: 05672642















Virtue Technologies Limited

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 April 2024






Virtue Technologies Limited (Registered number: 05672642)






Contents of the Financial Statements
for the year ended 30 April 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


Virtue Technologies Limited

Company Information
for the year ended 30 April 2024







DIRECTORS: PE Lawson
SPR Steele





SECRETARY: Ms GE Haythornthwaite





REGISTERED OFFICE: Chadwick House Maple View
Maple View
White Moss Business Park
Skelmersdale
Lancashire
WN8 9TD





REGISTERED NUMBER: 05672642





AUDITORS: McMillan & Co LLP
Chartered Accountants and
Statutory Auditor
28 Eaton Avenue
Matrix Office Park
Buckshaw Village
Chorley
Lancashire
PR7 7NA

Virtue Technologies Limited (Registered number: 05672642)

Strategic Report
for the year ended 30 April 2024

The directors present their strategic report for the year ended 30 April 2024.

REVIEW OF BUSINESS
Virtue Technologies Limited provides leading IT solutions to schools, colleges and universities in the UK. The company works closely with schools to understand their needs to deliver bespoke IT solutions that enhance teaching and learning. The range of IT services provided includes connectivity platforms, productivity tools, solutions products, cyber security and enhanced support services.

The company has seen another year of growth with turnover of £13.2m (FY 2023: £12.1m). The growth has come from increasing connectivity platform contracts, connect the classroom initiative and technical solution products.

KPIs
The following Key Performance Indicators (KPIs) are used to monitor the success of the business:

FY 2024 FY 2023

Turnover Growth (%) 9.1 42.3
Gross Profit (%) 17.6 15.8
Operating Profit (%) 2.3 1.5
Debtor Days 49.0 63.3


PRINCIPAL RISKS AND UNCERTAINTIES
The directors have identified the following principal risks and uncertainties affecting the company:

Recruitment and retention
Both recruitment and retention continue to be a challenge in the business growth plan due to increase in salaries in certain roles being significantly above inflation. It is mitigated by a strong and innovative people team, working hard to recruit and retain with new initiatives.

Competition
The competition continues to evolve driven by a larger number of companies taking external investment or being acquired. Short term risk of competitors loss leading on large contracts to increase recurring revenue prior to a sale. This has been mitigated by extensive benchmarking and review of service levels and pricing.

Development and performance
Business systems continue to be invested in with development in operations and finance systems to ensure the company has future ready systems to support growth and drive efficiency.

ON BEHALF OF THE BOARD:





PE Lawson - Director


18 October 2024

Virtue Technologies Limited (Registered number: 05672642)

Report of the Directors
for the year ended 30 April 2024

The directors present their report with the financial statements of the company for the year ended 30 April 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of installation and support of ICT equipment.

DIVIDENDS
During the year the company paid a dividend of £202,500 (2023: £182,500).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

PE Lawson
SPR Steele

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, McMillan & Co LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





PE Lawson - Director


18 October 2024

Report of the Independent Auditors to the Members of
Virtue Technologies Limited

Opinion
We have audited the financial statements of Virtue Technologies Limited (the 'company') for the year ended 30 April 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Virtue Technologies Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Virtue Technologies Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:


- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships; and
- tested journal entries to identify unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Virtue Technologies Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Neil Mcmillan FCA (Senior Statutory Auditor)
for and on behalf of McMillan & Co LLP
Chartered Accountants and
Statutory Auditor

18 October 2024

Virtue Technologies Limited (Registered number: 05672642)

Income Statement
for the year ended 30 April 2024

2024 2023
Notes £ £

TURNOVER 13,192,579 12,096,906

Cost of sales 10,874,145 10,188,837
GROSS PROFIT 2,318,434 1,908,069

Administrative expenses 2,008,919 1,726,836
OPERATING PROFIT 4 309,515 181,233

Impairment of investment in
subsidiary 5 - (190,002 )
Inter company creditor waived 5 - 174,644
309,515 165,875


Interest payable and similar expenses 6 24,400 21,790
PROFIT BEFORE TAXATION 285,115 144,085

Tax on profit 7 87,642 37,579
PROFIT FOR THE FINANCIAL YEAR 197,473 106,506

Virtue Technologies Limited (Registered number: 05672642)

Other Comprehensive Income
for the year ended 30 April 2024

2024 2023
Notes £ £

PROFIT FOR THE YEAR 197,473 106,506


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

197,473

106,506

Virtue Technologies Limited (Registered number: 05672642)

Balance Sheet
30 April 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible assets 9 507,786 512,557
Tangible assets 10 131,361 189,442
Investments 11 - -
639,147 701,999

CURRENT ASSETS
Stocks 12 35,622 72,076
Debtors 13 2,910,475 3,148,737
Cash at bank and in hand 330,750 46,807
3,276,847 3,267,620
CREDITORS
Amounts falling due within one year 14 3,396,760 3,409,478
NET CURRENT LIABILITIES (119,913 ) (141,858 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

519,234

560,141

CREDITORS
Amounts falling due after more than one
year

15

-

(35,250

)

PROVISIONS FOR LIABILITIES 17 (33,605 ) (34,235 )
NET ASSETS 485,629 490,656

CAPITAL AND RESERVES
Called up share capital 18 1,000 1,000
Retained earnings 19 484,629 489,656
SHAREHOLDERS' FUNDS 485,629 490,656

The financial statements were approved by the Board of Directors and authorised for issue on 18 October 2024 and were signed on its behalf by:





PE Lawson - Director


Virtue Technologies Limited (Registered number: 05672642)

Statement of Changes in Equity
for the year ended 30 April 2024

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 May 2022 1,000 565,650 566,650

Changes in equity
Dividends - (182,500 ) (182,500 )
Total comprehensive income - 106,506 106,506
Balance at 30 April 2023 1,000 489,656 490,656

Changes in equity
Dividends - (202,500 ) (202,500 )
Total comprehensive income - 197,473 197,473
Balance at 30 April 2024 1,000 484,629 485,629

Virtue Technologies Limited (Registered number: 05672642)

Cash Flow Statement
for the year ended 30 April 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 669,063 224,444
Interest paid (24,400 ) (21,790 )
Tax paid (44,199 ) (12,931 )
Net cash from operating activities 600,464 189,723

Cash flows from investing activities
Purchase of intangible fixed assets (67,023 ) (19,000 )
Purchase of tangible fixed assets (35,760 ) (52,843 )
Sale of tangible fixed assets 12,537 -
Net cash from investing activities (90,246 ) (71,843 )

Cash flows from financing activities
Amount introduced by directors 20,000 168,389
Amount withdrawn by directors (43,775 ) (151,529 )
Equity dividends paid (202,500 ) (182,500 )
Net cash from financing activities (226,275 ) (165,640 )

Increase/(decrease) in cash and cash equivalents 283,943 (47,760 )
Cash and cash equivalents at
beginning of year

2

46,807

94,567

Cash and cash equivalents at end of
year

2

330,750

46,807

Virtue Technologies Limited (Registered number: 05672642)

Notes to the Cash Flow Statement
for the year ended 30 April 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£ £
Profit before taxation 285,115 144,085
Depreciation charges 153,141 142,252
Profit on disposal of fixed assets (44 ) -
Impairment of investment - 190,002
Finance costs 24,400 21,790
462,612 498,129
Decrease in stocks 36,454 376,500
Decrease/(increase) in trade and other debtors 238,262 (1,218,127 )
(Decrease)/increase in trade and other creditors (68,265 ) 567,942
Cash generated from operations 669,063 224,444

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30/4/24 1/5/23
£ £
Cash and cash equivalents 330,750 46,807
Year ended 30 April 2023
30/4/23 1/5/22
£ £
Cash and cash equivalents 46,807 94,567


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/5/23 Cash flow At 30/4/24
£ £ £
Net cash
Cash at bank and in hand 46,807 283,943 330,750
46,807 283,943 330,750
Total 46,807 283,943 330,750

Virtue Technologies Limited (Registered number: 05672642)

Notes to the Financial Statements
for the year ended 30 April 2024

1. STATUTORY INFORMATION

Virtue Technologies Limited is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
The financial statements are prepared on a going concern basis which the directors believe to be appropriate. The directors prepare annual forecasts for the business which are regularly reviewed and reforecast, and the company is in a strong financial position.

Preparation of consolidated financial statements
The financial statements contain information about Virtue Technologies Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is recognised at the fair value of consideration received or receivable for goods and services provided in the normal course of business and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Sales and costs are matched on a monthly basis, customers are only invoiced when all costs have been received and installation is complete. Support contracts are billed annually in advance and the revenue is deferred over the year in order to provide a better spread against the support wages costs.

Revenue from sale of goods is recognised when the significant risk and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of the revenue can be measured reliably, it is probable the economic benefits associated with the transaction will flow to the entity and costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue relating to services which are performed by anindeterminate number of acts over a specified period of time are recognised on a straight-line basis over the specified period, with a full year being recognised in the year of inception.

Goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated amortisation loss. Goodwill is considered to have a finite life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purpose of impairment testing, goodwill is allocated to cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated to are tested for impairment atleast annually, or more frequently when there is an indication that the unit maybe impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of the unit.

Virtue Technologies Limited (Registered number: 05672642)

Notes to the Financial Statements - continued
for the year ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website are being amortised evenly over their estimated useful life of three years.

IT Infrastructure is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 20% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Investments in subsidiaries
Investments in subsidiaries are initially measured at costs and subsequently measured at cost less accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses are recognised immediately to profit and loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Basic financial assets, which include debtors, prepayments and bank balances, are initially measured at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the asset is measured at the present value of the future receipts discounted at a market rate of interest. Basic financial liabilities, which include creditors, accruals, bank loans and group borrowings, are initially recognised at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the liability is measured at the present value of the future obligations discounted at a market rate of interest.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Virtue Technologies Limited (Registered number: 05672642)

Notes to the Financial Statements - continued
for the year ended 30 April 2024

2. ACCOUNTING POLICIES - continued

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits
The cost of short term employee benefits are recognised as a liability and an expenses, unless those costs are required to be recognised as part of the costs of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS
2024 2023
£ £
Wages and salaries 2,214,583 1,978,621
Social security costs 205,471 201,428
Other pension costs 62,739 157,661
2,482,793 2,337,710

The average number of employees during the year was as follows:
2024 2023

Directors 2 2
Senior management 4 4
Sales and administrative 26 26
Engineers 37 36
69 68

2024 2023
£ £
Directors' remuneration 19,000 20,530
Directors' pension contributions to money purchase schemes 16,000 100,000

Virtue Technologies Limited (Registered number: 05672642)

Notes to the Financial Statements - continued
for the year ended 30 April 2024

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£ £
Other operating leases 44,144 38,335
Depreciation - owned assets 81,348 79,511
Profit on disposal of fixed assets (44 ) -
Goodwill amortisation 55,693 59,383
Website amortisation 6,327 3,358
IT Infrastructure amortisation 9,774 -
Auditors' remuneration 19,397 -

5. EXCEPTIONAL ITEMS
2024 2023
£ £
Impairment of investment in
subsidiary - (190,002 )
Inter company creditor waived - 174,644
- (15,358 )

The subsidiary trade and net assets were transferred to the company over the previous 2 accounting periods, resulting in consecutive impairments being recognised to the cost of the investment in the subsidiary. The residual intercompany balance between the two entities was waived during the year.

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£ £
Loan 24,000 20,662
Other interest costs 400 1,128
24,400 21,790

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£ £
Current tax:
UK corporation tax 88,272 44,199

Deferred tax (630 ) (6,620 )
Tax on profit 87,642 37,579

Virtue Technologies Limited (Registered number: 05672642)

Notes to the Financial Statements - continued
for the year ended 30 April 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£ £
Profit before tax 285,115 144,085
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19.500%)

71,279

28,097

Effects of:
Expenses not deductible for tax purposes 16,973 10,864
Group relief - (1,481 )
Timing differences (610 ) 99
Total tax charge 87,642 37,579

8. DIVIDENDS

A dividend of £202,500 (2023: £182,500) was paid in the year.

9. INTANGIBLE FIXED ASSETS
IT
Goodwill Website Infrastructure Totals
£ £ £ £
COST
At 1 May 2023 573,378 19,000 - 592,378
Additions - - 67,023 67,023
At 30 April 2024 573,378 19,000 67,023 659,401
AMORTISATION
At 1 May 2023 76,463 3,358 - 79,821
Amortisation for year 55,693 6,327 9,774 71,794
At 30 April 2024 132,156 9,685 9,774 151,615
NET BOOK VALUE
At 30 April 2024 441,222 9,315 57,249 507,786
At 30 April 2023 496,915 15,642 - 512,557

Virtue Technologies Limited (Registered number: 05672642)

Notes to the Financial Statements - continued
for the year ended 30 April 2024

10. TANGIBLE FIXED ASSETS
Fixtures
Short and Motor Computer
leasehold fittings vehicles equipment Totals
£ £ £ £ £
COST
At 1 May 2023 64,438 25,937 124,783 169,320 384,478
Additions - - 18,500 17,260 35,760
Disposals - (4,031 ) (17,430 ) (54,752 ) (76,213 )
At 30 April 2024 64,438 21,906 125,853 131,828 344,025
DEPRECIATION
At 1 May 2023 28,971 11,433 52,437 102,195 195,036
Charge for year 12,887 3,530 32,080 32,851 81,348
Eliminated on disposal - (4,031 ) (4,974 ) (54,715 ) (63,720 )
At 30 April 2024 41,858 10,932 79,543 80,331 212,664
NET BOOK VALUE
At 30 April 2024 22,580 10,974 46,310 51,497 131,361
At 30 April 2023 35,467 14,504 72,346 67,125 189,442

11. FIXED ASSET INVESTMENTS

The company's investments at the Balance Sheet date in the share capital of companies include the following:

KPMS Commercial Limited
Registered office: Suite 34 Batley Business Park, Technology Drive, WF17 6ER
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£ £
Loss for the year - (178,678 )

12. STOCKS
2024 2023
£ £
Finished goods 35,622 72,076

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 2,125,382 2,523,118
Other debtors 27,916 3,769
Prepayments and accrued income 757,177 621,850
2,910,475 3,148,737

Virtue Technologies Limited (Registered number: 05672642)

Notes to the Financial Statements - continued
for the year ended 30 April 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 1,119,636 1,332,720
Corporation tax 88,272 44,199
Social security and other taxes 52,669 54,566
VAT 254,905 187,317
Other creditors 714,655 760,105
Related party creditor - 19,336
Directors' current accounts 144,614 168,389
Accruals and deferred income 1,022,009 842,846
3,396,760 3,409,478

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Other creditors - 35,250

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year 119,928 115,592
Between one and five years 348,548 203,275
In more than five years 98,250 -
566,726 318,867

17. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax
Other timing differences (630 ) -
Deferred tax 34,235 34,235
33,605 34,235

Deferred tax
£
Balance at 1 May 2023 34,235
Credit to Income Statement during year (630 )
Balance at 30 April 2024 33,605

Virtue Technologies Limited (Registered number: 05672642)

Notes to the Financial Statements - continued
for the year ended 30 April 2024

18. CALLED UP SHARE CAPITAL

Alloted, issued and fully paid:

Allotted
Number

Class

Nominal value

2024£

2023£
66,650 A 0.01 667 667
15,350 B 0.01 153 153
6,500 C 0.01 65 65
6,500 D 0.01 65 65
2,500 E 0.01 25 25
2,500 F 0.01 25 25
1,000 1,000


19. RESERVES
Retained
earnings
£

At 1 May 2023 489,656
Profit for the year 197,473
Dividends (202,500 )
At 30 April 2024 484,629

20. RELATED PARTY DISCLOSURES

Other related parties

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.

The company is related to InVentry Holdings Limited due to common control.

During the year the company made sales of £582,854 (2023: £775,855), purchases of £1,017,841 (2023: £1,149,921) and paid interest of £24,000 (2023: £20,662).

At the end of the year the company was due £94,392 (2023: £54,355) and owed £349,066 (2023; £426,324). These balances are included on the relevant trade ledgers. There was a further loan balance due of £600,000 (2023: £600,000), which is included in other creditors.

The company is related to Trustees of the Talbot & Muir SIPP Re Lawson, Lawson & Steele due to it being a pension scheme of the directors. The company paid rent of £72,201 (2023: £Nil) to the pension scheme.

21. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is PE Lawson.