Virtue Recruit Limited Filleted Accounts Cover
Virtue Recruit Limited
Company No. 13536990
Information for Filing with The Registrar
31 July 2024
Virtue Recruit Limited Directors Report Registrar
The Director presents her report and the accounts for the year ended 31 July 2024.
Principal activities
The principal activity of the company during the year under review was . other activities of employment placement agencies.
Director
The Director who served at any time during the year was as follows:
Nicola Brien
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
Nicola Brien
Director
29 October 2024
Virtue Recruit Limited Balance Sheet Registrar
at
31 July 2024
Company No.
13536990
Notes
2024
2023
£
£
Fixed assets
Tangible assets
4
236305
236305
Current assets
Debtors
5
10,041128
Cash at bank and in hand
3,75222,952
13,79323,080
Creditors: Amount falling due within one year
6
(1,125)
(7,210)
Net current assets
12,66815,870
Total assets less current liabilities
12,90416,175
Net assets
12,90416,175
Capital and reserves
Called up share capital
100100
Profit and loss account
8
12,80416,075
Total equity
12,90416,175
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
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.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 29 October 2024 and signed on its behalf by:
Nicola Brien
Director
29 October 2024
Virtue Recruit Limited Notes to the Accounts Registrar
for the year ended 31 July 2024
1
General information
Virtue Recruit Limited is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 13536990
Its registered office is:
C17 Kestrel Business Centre
Private Road 2
Colwick Industrial Estate
Notingham, UK
NG4 2JR
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Going concern
The financial statements have been prepared on the going concern basis. The director is not aware of any material threats to the ability of the company to continue as a going concern for the foreseeable future.
2
Accounting policies
Turnover
Turnover represents the fair value of the consideration receivable in respect of services provided during the year. Where the outcome of a transaction can be estimated reliably, revenue associated with the transaction is recognised in the income statement by reference to the stage of completion at the year end.
Intangible fixed assets
Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.
Research and development costs
Expenditure on research and development is written off in the year it is incurred unless it meets the criteria to allow it to be capitalised. Costs of research are always written off in the year in which they are incurred. Where development costs are recognised as an asset, they are amortised over the period expected to benefit from them. Amortisation of the capitalised costs begins once the developed product comes into use, typically at rate of 33.33% straight line.
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 profit and loss account 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 temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary 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.

Current or deferred tax for the year is recognised in profit or loss, except when they relate 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.
Freehold investment property
Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.

No depreciation is provided in respect of investment properties.
Investments
Unlisted investments (except those held as subsidiaries, associates or joint ventures) are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, any changes in fair value are recognised in profit and loss.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Foreign currencies
The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.
Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.
Leased assets
Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
Defined contribution pensions
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Financial instruments
Financial assets
Basic financial assets, including trade and other receivables and cash and bank balances, are recognised and carried forward at transaction price. Financial assets are derecognised when:
(a) The contractual rights to the cash flows from the asset expire or are settled;
(b) Substantially all the risks and rewards of the ownership of the asset are transferred to another party; or
(c) Control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other payables, and loans from third parties are initially recognised and carried forward at transaction price.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
The company has only financial assets and financial liabilities of a kind that qualify as a basic financial instruments. Basic financial instruments are recognised initially at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest rate method.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.
3
Employees
2024
2023
Number
Number
The average monthly number of employees (including directors) during the year was:
11
4
Tangible fixed assets
Fixtures, fittings and equipment
Total
£
£
Cost or revaluation
At 1 August 2023
345345
At 31 July 2024
345345
Depreciation
At 1 August 2023
4040
Charge for the year
6969
At 31 July 2024
109109
Net book values
At 31 July 2024
236236
At 31 July 2023
305
305
5
Debtors
2024
2023
£
£
Corporation tax recoverable
653-
Loans to directors
9,310-
Prepayments and accrued income
78128
10,041128
6
Creditors:
amounts falling due within one year
2024
2023
£
£
Taxes and social security
146
5,901
Loans from directors
-386
Accruals and deferred income
979923
1,1257,210
7
Share Capital
Share Capital of 100 fully paid up.
8
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
9
Related party transactions
During the year a loan to the director subsisted
The details are as follows:
2024
£
Balance at 1 August 2023
(386)
Amounts advanced
11,007
Amounts repaid
(1,312)
Balance at 31 July 2024
9,309
The balance is unsecured, free of interest and is repayable upon demand.
10
Dividends
2024
2023
£
£
Dividends for the period:
Dividends paid in the period
1,000
12,000
1,000
12,000
Dividends by type:
Equity dividends
1,00012,000
1,000
12,000
Virtue Recruit Limited1353699031 July 202401 August 2023false29 October 2024BTCSoftware AP Solution 2024 11.1.0311.1.03true135369902023-08-012024-07-31135369902024-07-31135369902023-07-3113536990core:WithinOneYear2024-07-3113536990core:WithinOneYear2023-07-3113536990core:ShareCapital2024-07-3113536990core:ShareCapital2023-07-3113536990core:RetainedEarningsAccumulatedLosses2024-07-3113536990core:RetainedEarningsAccumulatedLosses2023-07-3113536990countries:UnitedKingdom2023-08-012024-07-3113536990bus:RegisteredOffice2023-08-012024-07-31135369902022-08-012023-07-3113536990core:FurnitureFittingsToolsEquipment2023-08-01135369902023-08-0113536990core:FurnitureFittingsToolsEquipment2024-07-3113536990core:FurnitureFittingsToolsEquipment2023-08-012024-07-3113536990core:RetainedEarningsAccumulatedLosses2023-08-012024-07-3113536990bus:AllOrdinaryShares2023-08-012024-07-3113536990bus:SmallEntities2023-08-012024-07-3113536990bus:FullAccounts2023-08-012024-07-3113536990bus:AuditExempt-NoAccountantsReport2023-08-012024-07-3113536990bus:Director12023-08-012024-07-3113536990bus:PrivateLimitedCompanyLtd2023-08-012024-07-31iso4217:GBPxbrli:pure