Company Registration No. 07373678 (England and Wales)
VCFinance Ltd
Unaudited filleted accounts
for the year ended 31 March 2024
VCFinance Ltd
Unaudited filleted accounts
Contents
VCFinance Ltd
Company Information
for the year ended 31 March 2024
Directors
Christopher Neil Evans
Victoria Gardner
Company Number
07373678 (England and Wales)
Registered Office
2d Fulwood Park
Liverpool
L17 5AG
Accountants
Node Finance Ltd
Stone House
Fulwood Park
Liverpool
L17 5AG
VCFinance Ltd
Statement of financial position
as at 31 March 2024
Cash at bank and in hand
227
48,563
Creditors: amounts falling due within one year
(24,490)
(11,668)
Net current (liabilities)/assets
(18,275)
83,118
Total assets less current liabilities
(18,275)
83,118
Creditors: amounts falling due after more than one year
(26,410)
(32,900)
Provisions for liabilities
Other provisions
-
(41,984)
Net (liabilities)/assets
(44,685)
8,234
Called up share capital
2
2
Profit and loss account
(44,687)
8,232
Shareholders' funds
(44,685)
8,234
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. 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 Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 17 January 2025 and were signed on its behalf by
Christopher Neil Evans
Director
Company Registration No. 07373678
VCFinance Ltd
Notes to the Accounts
for the year ended 31 March 2024
VCFinance Ltd is a private company, limited by shares, registered in England and Wales, registration number 07373678. The registered office is 2d Fulwood Park, Liverpool, L17 5AG. The company is in the process of being wound up.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities, however, as the company has ceased trading the accounts the entity is not a going concern.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
THE COMPANY IS NO LONGER A GOING CONCERN
The Company generates revenues from activities with a closed group of related party companies. It has also provided secured loans to these same related party companies. Its own ability to fund these activities beyond its carrying reserves has been provided by its shareholder Christopher Neil Evans.
Its primary source of income from both accounting related management services plus interest on secured lending to entitles generated substantially all its income and profitability. Following a downturn in trading and a shareholder’s dispute in “Tokyo Digital Group” (then named Tokyo.uk Team Ltd, now TokGrp Ltd – CRN 09938882), the Company (along with its supporting shareholder) supported a takeover of the Group. Its Group was restructured and its principal trading entity Tokyo Digital Ltd (now TD2023 Realisations Ltd – CRN 10958626) ceased trading and its directors sought to wind down the company solvently. VC Finance Ltd continued to support this activity advancing funds for restructuring. However, events unfolded with unanticipated liabilities crystalising including those relating to lease cars held by a prior director of the Company plus irrecoverable debts. It is expected that its principal trading .partner TD2023 Realisations Ltd will imminently enter creditors voluntary liquidation, this is in part due to VC Finance Ltd withdrawing further financial support.
In the prior period significant provision were made within the financial statements and it was stated that the recoverability of debts owed may give rise to the question of going concern. The company has not been able to recover these debts and itsself is now insolvent and has ceased trading.
The Company has begun winding up its affairs and has closed its bank account post period 07 October 2024.
VCFinance Ltd
Notes to the Accounts
for the year ended 31 March 2024
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 April 2023
4,786
238
5,024
At 31 March 2024
4,786
238
5,024
At 1 April 2023
4,786
238
5,024
At 31 March 2024
4,786
238
5,024
Amounts falling due within one year
Amounts falling due after more than one year
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
6,977
6,720
Amounts owed to group undertakings and other participating interests
-
2,900
Loans from directors
17,513
2,048
SECURITY GIVEN - CHARGE CODE 0737 3678 0001
During the year a directors loan of £17,513 (2023: £2,048) was provided to the Company by C N Evans, the amount is secured by way of a fixed and floating charge debenture created on 07 October 2014. Mr Evans is not currently charging interest on this loan. This amount makes up part of Creditors due within one year.
7
Creditors: amounts falling due after more than one year
2024
2023
The Directors have confirmed that there are no contingent liabilities requiring disclosure in this period or the prior period.
VCFinance Ltd
Notes to the Accounts
for the year ended 31 March 2024
9
Transactions with related parties
During the year a loan of £5,988 (2023: £4,100) was provided to TD2023 Realisations Ltd (CRN 10958626) this amount sits in Other Debtors < 1 year, this is a related party company by virtue of common Directorship and Shareholding of C N Evans.
During the year a directors loan of £17,513 (2023: £2,048) was provided to the Company by C N Evans, the amount is secured by way of a fixed and floating charge debenture created on 07 October 2014. Mr Evans is not currently charging interest on this loan. This amount makes up part of Creditors due within one year.
10
Post balance sheet events
The Directors acknowledged that the company could no longer continue trading on 7th October 2024 and ceased its trade. The Directors now acting with regards to S172.3 CA2006 - i.e. in the creditors interests rather than the members.
11
Average number of employees
During the year the average number of employees was 2 (2023: 3).