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Company registration number: 12733284
VGather Limited
Unaudited filleted financial statements
31 March 2024
VGather Limited
Contents
Directors and other information
Directors report
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
VGather Limited
Directors and other information
Directors Majid Al-Kader
Jason Holt
Douglas O'Neill
Ghassan Sultan
Company number 12733284
Registered office 14th Floor
33 Cavendish Square
London
W1G 0PW
Accountant Jenner Accountants Limited
1 South House
Bond Avenue
Milton Keynes
Buckinghamshire
MK1 1SW
VGather Limited
Directors report
Year ended 31 March 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2024.
Directors
The directors who served the company during the year were as follows:
Majid Al-Kader
Jason Holt
Douglas O'Neill
Ghassan Sultan
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 04 December 2024 and signed on behalf of the board by:
Majid Al-Kader
Director
VGather Limited
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of VGather Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of VGather Limited for the year ended 31 March 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of VGather Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of VGather Limited and state those matters that we have agreed to state to the board of directors of VGather Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than VGather Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that VGather Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of VGather Limited. You consider that VGather Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of VGather Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Jenner Accountants Limited
Chartered Accountants
1 South House
Bond Avenue
Milton Keynes
Buckinghamshire
MK1 1SW
4 December 2024
VGather Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 346 388
Tangible assets 6 860 1,784
_______ _______
1,206 2,172
Current assets
Debtors 7 22,894 14,903
Cash at bank and in hand 120,899 67,221
_______ _______
143,793 82,124
Creditors: amounts falling due
within one year 8 ( 87,950) ( 63,123)
_______ _______
Net current assets 55,843 19,001
_______ _______
Total assets less current liabilities 57,049 21,173
_______ _______
Net assets 57,049 21,173
_______ _______
Capital and reserves
Called up share capital 132,022 132,022
Share premium account 465,898 465,898
Profit and loss account ( 540,871) ( 576,747)
_______ _______
Shareholders funds 57,049 21,173
_______ _______
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.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 04 December 2024 , and are signed on behalf of the board by:
Majid Al-Kader
Director
Company registration number: 12733284
VGather Limited
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Share premium account Profit and loss account Total
£ £ £ £
At 1 April 2022 118,265 229,655 ( 361,544) ( 13,624)
Profit/(loss) for the year ( 215,203) ( 215,203)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 215,203) ( 215,203)
Issue of shares 13,757 236,243 250,000
_______ _______ _______ _______
Total investments by and distributions to owners 13,757 236,243 - 250,000
_______ _______ _______ _______
At 31 March 2023 and 1 April 2023 132,022 465,898 ( 576,747) 21,173
Profit/(loss) for the year 35,876 35,876
_______ _______ _______ _______
Total comprehensive income for the year - - 35,876 35,876
_______ _______ _______ _______
At 31 March 2024 132,022 465,898 ( 540,871) 57,049
_______ _______ _______ _______
VGather Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to Nil (2023: 2 ).
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 48,365 75,393
Social security costs 5,548 7,643
Other pension costs 1,142 1,040
_______ _______
55,055 84,076
_______ _______
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 April 2023 and 31 March 2024 420 420
_______ _______
Amortisation
At 1 April 2023 and 31 March 2024 74 74
_______ _______
Carrying amount
At 31 March 2024 346 346
_______ _______
At 31 March 2023 346 346
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 April 2023 and 31 March 2024 2,775 2,775
_______ _______
Depreciation
At 1 April 2023 991 991
Charge for the year 924 924
_______ _______
At 31 March 2024 1,915 1,915
_______ _______
Carrying amount
At 31 March 2024 860 860
_______ _______
At 31 March 2023 1,784 1,784
_______ _______
7. Debtors
2024 2023
£ £
Trade debtors 21,840 6,000
Other debtors 1,054 8,903
_______ _______
22,894 14,903
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 4,360 1,720
Social security and other taxes 22,394 -
Other creditors 61,196 61,403
_______ _______
87,950 63,123
_______ _______