Company registration number SC580433 (Scotland)
THE VIRGA GROUP LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
THE VIRGA GROUP LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
THE VIRGA GROUP LTD
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
100
200
Current assets
Debtors
5
404,000
455,800
Cash at bank and in hand
578
590
404,578
456,390
Creditors: amounts falling due within one year
6
(13,171)
Net current assets
404,578
443,219
Net assets
404,678
443,419
Capital and reserves
Called up share capital
144
144
Share premium account
403,176
403,176
Profit and loss reserves
1,358
40,099
Total equity
404,678
443,419
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 23 January 2025 and are signed on its behalf by:
J R A Lucas
Mr J R A Lucas
Director
Company Registration No. SC580433
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THE VIRGA GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
Company information
The Virga Group Ltd is a private company limited by shares incorporated in Scotland. The registered office is Alba Innovation Centre, Rosebank, Livingston, West Lothian, Scotland, EH54 7GA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
THE VIRGA GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
1.6
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2023 - 4).
3
Fixed asset investments
2024
2023
£
£
Investments
100
200
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 May 2023 & 30 April 2024
200
Impairment
At 1 May 2023
-
Disposals
100
At 30 April 2024
100
Carrying amount
At 30 April 2024
100
At 30 April 2023
200
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THE VIRGA GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
4
Subsidiaries
Details of the company's subsidiaries at 30 April 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
CirrusHQ Ltd
Scotland
Information technology service activities
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
£
CirrusHQ Ltd
597,134
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
404,000
455,800
6
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
13,071
Other creditors
100
13,171
7
Related party transactions
The company has taken advantage of the exemptions within FRS102 section 1AC.35 (Related Party Disclosure) which allows exemption from the disclosure of related party transactions with other group companies.
During the year, the company made advances to the directors of £118,500 and received credits of £157,229, resulting in amounts due to the company at the year end of £Nil (2023 - £38,729).
There are no repayment terms, the loan is unsecured and interest is charged at 2-2.25%. Interest charged during the year was £Nil (2023 - £1,359).
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