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evirtualFD Ltd

(formerly EVIRTUALFD (LEE TURNER) LTD)

Registered Number
08032239
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

evirtualFD Ltd
Company Information
for the year from 1 April 2023 to 31 March 2024

Director

Lee M Turner

Company Secretary

Lee M Turner

Registered Address

Grosvenor House
St. Pauls Square
Birmingham
B3 1RB

Registered Number

08032239 (England and Wales)
evirtualFD Ltd
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets311
Tangible assets42,8222,086
2,8232,087
Current assets
Debtors552,51557,143
Cash at bank and on hand24,87946,177
77,394103,320
Creditors amounts falling due within one year6(31,926)(41,755)
Net current assets (liabilities)45,46861,565
Total assets less current liabilities48,29163,652
Creditors amounts falling due after one year7(30,399)(36,279)
Provisions for liabilities8(536)(566)
Net assets17,35626,807
Capital and reserves
Called up share capital1,3331,333
Profit and loss account16,02325,474
Shareholders' funds17,35626,807
The financial statements were approved and authorised for issue by the Director on 27 December 2024, and are signed on its behalf by:
Lee M Turner
Director
Registered Company No. 08032239
evirtualFD Ltd
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made. Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows: Asset class - Goodwill Amortisation method and rate - 10% Straight line
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Office Equipment25
2.Average number of employees

20242023
Average number of employees during the year33
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 April 2316,31516,315
At 31 March 2416,31516,315
Amortisation and impairment
At 01 April 2316,31416,314
At 31 March 2416,31416,314
Net book value
At 31 March 2411
At 31 March 2311
4.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 April 238,3938,393
Additions1,6761,676
At 31 March 2410,06910,069
Depreciation and impairment
At 01 April 236,3076,307
Charge for year940940
At 31 March 247,2477,247
Net book value
At 31 March 242,8222,822
At 31 March 232,0862,086
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables26,71931,161
Amounts owed by associates and joint ventures / participating interests25,59624,190
Prepayments and accrued income2001,792
Total52,51557,143
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables1,005608
Bank borrowings and overdrafts5,9305,930
Taxation and social security24,08634,146
Other creditors268265
Accrued liabilities and deferred income637806
Total31,92641,755
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Bank Borrowings due in one year relate to a Bounce Back Loan which is denominated in sterling with a nominal interest rate of 2.5%, with the final instalment being due on 7 June 2030. The amount due in one year at the year end was £5,880 (2023 - £5,880). This loan is guaranteed by the Government.
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts30,39936,279
Total30,39936,279
Bank Borrowings due after one year relate to a Bounce Back Loan which is denominated in sterling with a nominal interest rate of 2.5%, with the final instalment being due on 7 June 2030. The amount due after one year at the year end was £30,399 (2023 - £36,279). This loan is guaranteed by the Government.
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)536566
Total536566
9.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
Lee M Turner24,19041,39639,99025,596
24,19041,39639,99025,596
These loans were advanced to assist the Director in carrying out his duties and are unsecured, interest free and will be repaid within nine months of the year end.