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Registration number: 11334778

Victory Consultants Ltd

Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Victory Consultants Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Victory Consultants Ltd

(Registration number: 11334778)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,320

3,962

Current assets

 

Debtors

5

29,605

27,069

Cash at bank and in hand

 

6

3,797

 

29,611

30,866

Creditors: Amounts falling due within one year

6

(27,095)

(26,031)

Net current assets

 

2,516

4,835

Total assets less current liabilities

 

4,836

8,797

Creditors: Amounts falling due after more than one year

6

(3,880)

(7,592)

Provisions for liabilities

(580)

(833)

Net assets

 

376

372

Capital and reserves

 

Called up share capital

100

100

Retained earnings

276

272

Shareholders' funds

 

376

372

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 16 January 2025
 

 

Victory Consultants Ltd

(Registration number: 11334778)
Balance Sheet as at 30 April 2024

.........................................
N G P Howe
Director

 

Victory Consultants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Hedges Green Road
Quendon
Saffron Walden
CB11 3XF
England

These financial statements were authorised for issue by the director on 16 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of discounts. Accrued income is required in debtors when amounts received after the year end, relate to the year end period.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Victory Consultants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Victory Consultants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Victory Consultants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

8,171

8,171

Additions

244

244

At 30 April 2024

8,415

8,415

Depreciation

At 1 May 2023

4,209

4,209

Charge for the year

1,886

1,886

At 30 April 2024

6,095

6,095

Carrying amount

At 30 April 2024

2,320

2,320

At 30 April 2023

3,962

3,962

5

Debtors

Current

2024
£

2023
£

Trade debtors

7,507

5,189

Other debtors

22,098

21,880

 

29,605

27,069

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

3,859

3,500

Taxation and social security

 

20,955

19,860

Accruals and deferred income

 

2,281

2,671

 

27,095

26,031

 

Victory Consultants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

3,880

7,592

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

8

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £515.00 (2023 - £568.00) per ordinary share

 

51,500

 

56,800

         
 

Victory Consultants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Related party transactions

At the balance sheet date the director, N Howe, owed the company £16,633 (2023: £16,414). There is interest being charged at 2.25%.

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

3,880

7,592

Current loans and borrowings

2024
£

2023
£

Bank borrowings

3,413

3,500

Bank overdrafts

446

-

3,859

3,500

The company has a Bounce Back Loan Scheme (BBLS) which is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy. The loan was from Lloyds Bank Plc.

The bank overdraft is unsecured.