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REGISTERED NUMBER: 10107963 (England and Wales)
























FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

VERSILIA SOLUTIONS LIMITED

VERSILIA SOLUTIONS LIMITED (REGISTERED NUMBER: 10107963)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


VERSILIA SOLUTIONS LIMITED

COMPANY INFORMATION
For The Year Ended 31 March 2024







DIRECTORS: S J Steel
S J Guy
N A Jouques
C J M Ulbrich





SECRETARY: S J Steel





REGISTERED OFFICE: 1A Washington Street
Kingsthorpe
Northampton
Northamptonshire
NN2 6NL





REGISTERED NUMBER: 10107963 (England and Wales)





AUDITORS: TC Group
1 Rushmills
Bedford Road
Northampton
Northamptonshire
NN4 7YB

VERSILIA SOLUTIONS LIMITED (REGISTERED NUMBER: 10107963)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 263,835 113,118
Tangible assets 5 90,439 76,032
Investments 6 12,533 12,363
366,807 201,513

CURRENT ASSETS
Stocks 7 89,264 64,965
Debtors 8 11,891,178 3,260,871
Cash at bank 353,105 1,686,407
12,333,547 5,012,243
CREDITORS
Amounts falling due within one year 9 9,598,432 5,129,977
NET CURRENT ASSETS/(LIABILITIES) 2,735,115 (117,734 )
TOTAL ASSETS LESS CURRENT LIABILITIES 3,101,922 83,779

CREDITORS
Amounts falling due after more than one
year

10

(20,752

)

(30,747

)

PROVISIONS FOR LIABILITIES (87,587 ) -
NET ASSETS 2,993,583 53,032

CAPITAL AND RESERVES
Called up share capital 12 10 10
Share premium 4,999,995 4,999,995
Retained earnings (2,006,422 ) (4,946,973 )
SHAREHOLDERS' FUNDS 2,993,583 53,032

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2024 and were signed on its behalf by:





S J Steel - Director


VERSILIA SOLUTIONS LIMITED (REGISTERED NUMBER: 10107963)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2024


1. STATUTORY INFORMATION

Versilia Solutions Limited is a private company, limited by shares registered in England and Wales. The company's registered number and registered office address can be found on the General Information page. The business address is as follows:

1A Washington Street
Northampton
Northamptonshire
NN2 6NL

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no departures from that standard.

The Company's functional and presentational currency is GBP.

Significant judgements and estimates
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The directors do not consider that there are any estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

A deferred tax asset in respect of the future value of tax losses has been recognised in the financial statements on the basis of the assessment of future company profitability as supported by business plans and projections agreed by the directors, shareholders and business investors, and as supported by detailed review processes and procedures, including those conducted by independent third parties. The directors are satisfied that there is reasonable expectation of future contracts and revenues to support this position and that investment received by the business is sufficient to deliver the contracts and opportunities identified. The recoverability of any deferred tax asset is monitored, and will be assessed in future, on a continuing basis against the forecasts presented within the company business plan.

Should current expectations in relation to future contracts and their operation and profitability not occur within the estimated parameters assessed by the directors, the recoverability of the deferred tax asset maintained in the balance sheet will be at risk.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Computer software is being amortised evenly over its estimated useful life of three years.

VERSILIA SOLUTIONS LIMITED (REGISTERED NUMBER: 10107963)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

Tangible fixed assets are initially recorded at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Financial instruments
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless they are included in a hedging arrangement.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

There are branches of the entity where the functional currency is in Euros. These branches have been retranslated to be inline with the presentational currency of the rest of the entity.

VERSILIA SOLUTIONS LIMITED (REGISTERED NUMBER: 10107963)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 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.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company, as also supported by its parent company, has adequate resources and funding in place to continue in operational existence for the foreseeable future and pay its liabilities as they fall due. Furthermore, the directors have prepared detailed financial forecasts including cash flow forecasts, based on the results of these, and the support noted above, they consider the company retains sufficient working capital to continue trading for the foreseeable future. The directors consider that should there be requirement, they would make additional funds available in consultation with their principal investors.

The directors have considered the impact of the current economic environment in relation to their assessment of going concern and in their opinion have taken all reasonable steps to mitigate these factors. As at the point of authorising the accounts, and for the foreseeable future, the directors consider the going concern assumption to still be appropriate. The directors acknowledge that given the currently rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2023 - 18 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 April 2023 262,728
Additions 250,145
At 31 March 2024 512,873
AMORTISATION
At 1 April 2023 149,610
Amortisation for year 99,428
At 31 March 2024 249,038
NET BOOK VALUE
At 31 March 2024 263,835
At 31 March 2023 113,118

VERSILIA SOLUTIONS LIMITED (REGISTERED NUMBER: 10107963)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2023 7,725 264,687 272,412
Additions - 27,995 27,995
Disposals - (1,440 ) (1,440 )
Exchange differences - (2,771 ) (2,771 )
At 31 March 2024 7,725 288,471 296,196
DEPRECIATION
At 1 April 2023 7,725 188,655 196,380
Charge for year - 13,561 13,561
Eliminated on disposal - (1,440 ) (1,440 )
Exchange differences - (2,744 ) (2,744 )
At 31 March 2024 7,725 198,032 205,757
NET BOOK VALUE
At 31 March 2024 - 90,439 90,439
At 31 March 2023 - 76,032 76,032

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023 12,363
Additions 170
At 31 March 2024 12,533
NET BOOK VALUE
At 31 March 2024 12,533
At 31 March 2023 12,363

7. STOCKS
2024 2023
£    £   
Consumables 89,264 64,965

VERSILIA SOLUTIONS LIMITED (REGISTERED NUMBER: 10107963)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,290,647 717,080
Amounts owed by group undertakings 6,118,341 -
Other debtors 380,452 279,140
Deferred tax asset 271,203 1,303,770
VAT - 35,588
Prepayments and accrued income 1,830,535 925,293
11,891,178 3,260,871

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 11) 10,823 9,747
Trade creditors 3,636,449 874,775
Amounts owed to group undertakings 3,353,958 1,398,174
Social security and other taxes 60,686 37,734
VAT 32,587 -
Other creditors 87,927 64,280
Accruals and deferred income 2,416,002 2,745,267
9,598,432 5,129,977

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 11) 20,752 30,747

11. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,823 9,747

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,247 9,994

Amounts falling due between two and five years:
Bank loans - 2-5 years 10,505 20,753

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary £0.01 10 10

VERSILIA SOLUTIONS LIMITED (REGISTERED NUMBER: 10107963)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Emma Jones FCCA (Senior Statutory Auditor)
for and on behalf of TC Group

14. 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.

15. ULTIMATE CONTROLLING PARTY

The controlling party is Versilia Group Holdings Limited.

The directors are deemed to be the ultimate controlling party by virtue of their shareholdings in the parent company, Versilia Group Holdings Limited