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Registered number: 06057779
Virtual Sales Team Limited
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 06057779
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 16,628 21,028
16,628 21,028
CURRENT ASSETS
Debtors 5 231,091 291,929
Cash at bank and in hand 37,264 61,127
268,355 353,056
Creditors: Amounts Falling Due Within One Year 6 (217,150 ) (292,469 )
NET CURRENT ASSETS (LIABILITIES) 51,205 60,587
TOTAL ASSETS LESS CURRENT LIABILITIES 67,833 81,615
Creditors: Amounts Falling Due After More Than One Year 7 (21,459 ) (70,521 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (218 ) (1,080 )
NET ASSETS 46,156 10,014
CAPITAL AND RESERVES
Called up share capital 8 10 10
Share premium account 9,999 9,999
Profit and Loss Account 36,147 5
SHAREHOLDERS' FUNDS 46,156 10,014
Page 1
Page 2
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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr A P Smart
Director
20 January 2025
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Virtual Sales Team Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06057779 . The registered office is First Floor Sterling House, Outrams Wharf, Little Eaton, Derbyshire, DE21 5EL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 10% straight line
Motor Vehicles 25% reducing balance
Fixtures & Fittings 20% reducing balance
Computer Equipment 25% straight line
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 32 (2023: 27)
32 27
Page 3
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4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 20,490 18,212 21,403 60,105
Additions - 346 2,597 2,943
As at 31 March 2024 20,490 18,558 24,000 63,048
Depreciation
As at 1 April 2023 10,545 14,177 14,355 39,077
Provided during the period 2,486 838 4,019 7,343
As at 31 March 2024 13,031 15,015 18,374 46,420
Net Book Value
As at 31 March 2024 7,459 3,543 5,626 16,628
As at 1 April 2023 9,945 4,035 7,048 21,028
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 71,226 124,668
Prepayments and accrued income 14,946 22,341
Other debtors 144,919 144,920
231,091 291,929
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 19,910 50,762
Bank loans and overdrafts 63,128 65,766
Corporation tax 64,959 46,726
Other taxes and social security 39,893 56,411
Other creditors 11,763 34,262
Accruals and deferred income 17,497 38,542
217,150 292,469
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 21,459 70,521
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10 10
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