Company registration number 01323564 (England and Wales)
VERSATILE CONTROLS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
VERSATILE CONTROLS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
VERSATILE CONTROLS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
170,079
208,753
Investments
4
4,421,594
3,876,940
4,591,673
4,085,693
Current assets
Stocks
450,044
532,617
Debtors
861,870
1,186,800
Cash at bank and in hand
3,152,101
1,967,869
4,464,015
3,687,286
Creditors: amounts falling due within one year
(685,725)
(535,656)
Net current assets
3,778,290
3,151,630
Total assets less current liabilities
8,369,963
7,237,323
Provisions for liabilities
(371,833)
(245,108)
Net assets
7,998,130
6,992,215
Capital and reserves
Called up share capital
6
4
4
Revaluation reserve
7
1,030,658
601,828
Other reserves
6
6
Profit and loss reserves
6,967,462
6,390,377
Total equity
7,998,130
6,992,215
VERSATILE CONTROLS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 2 -

For the financial year ended 30 June 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 of its financial statements for the year in question in accordance with section 476.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 19 March 2025 and are signed on its behalf by:
Mr J T Slim
Director
Company registration number 01323564 (England and Wales)
VERSATILE CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

Versatile Controls Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit M1, Innsworth Technology Park, Innsworth, Gloucester, Gloucestershire, England, GL3 1DL.

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.

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 as modified by the revaluation of certain assets. The principal accounting policies adopted are set out below.

1.2
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.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
10% on cost
Computers
15% on cost
Motor vehicles
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

VERSATILE CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
11
10
3
Tangible fixed assets
Total
£
Cost
At 1 July 2023
504,796
Additions
55,386
Disposals
(58,435)
At 30 June 2024
501,747
Depreciation and impairment
At 1 July 2023
296,043
Depreciation charged in the year
88,003
Eliminated in respect of disposals
(52,378)
At 30 June 2024
331,668
Carrying amount
At 30 June 2024
170,079
At 30 June 2023
208,753
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
4,421,594
3,876,940
VERSATILE CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
4
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 July 2023
3,876,940
Valuation changes
564,994
Management charges
(20,340)
At 30 June 2024
4,421,594
Carrying amount
At 30 June 2024
4,421,594
At 30 June 2023
3,876,940

Fixed asset investments were valued on an open market basis on 30 June 2024 by St James Place Wealth Management.

5
Secured debts

The bank holds a fixed and floating charge over the assets of the company with regard to deferred import duty.

6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
2
2
2
2
Ordinary B shares of £1 each
2
2
2
2
4
4
4
4
7
Revaluation reserve
2024
2023
£
£
At the beginning of the year
601,828
490,849
Investment revaluations
428,830
110,979
At the end of the year
1,030,658
601,828

At the year-end the market value of the fixed asset investments had increased from last year. This amount of unrealised gain is recorded initially in the Statement of Income and Retained Earnings and then transferred, net of a deferred tax provision, to the revaluation reserve from retained earnings.

2024-06-302023-07-01falsefalsefalse19 March 2025CCH SoftwareCCH Accounts Production 2024.310No description of principal activityMr J T SlimMr W N SlimMr J H Mower013235642023-07-012024-06-30013235642024-06-30013235642023-06-3001323564core:CurrentFinancialInstrumentscore:WithinOneYear2024-06-3001323564core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3001323564core:ShareCapital2024-06-3001323564core:ShareCapital2023-06-3001323564core:RevaluationReserve2024-06-3001323564core:RevaluationReserve2023-06-3001323564core:OtherMiscellaneousReserve2024-06-3001323564core:OtherMiscellaneousReserve2023-06-3001323564core:RetainedEarningsAccumulatedLosses2024-06-3001323564core:RetainedEarningsAccumulatedLosses2023-06-3001323564core:ShareCapitalOrdinaryShares2024-06-3001323564core:ShareCapitalOrdinaryShares2023-06-3001323564core:RevaluationReserve2023-06-3001323564core:RevaluationReserve2022-06-3001323564bus:Director12023-07-012024-06-3001323564core:FurnitureFittings2023-07-012024-06-3001323564core:ComputerEquipment2023-07-012024-06-3001323564core:MotorVehicles2023-07-012024-06-30013235642022-07-012023-06-30013235642023-06-3001323564bus:PrivateLimitedCompanyLtd2023-07-012024-06-3001323564bus:SmallCompaniesRegimeForAccounts2023-07-012024-06-3001323564bus:FRS1022023-07-012024-06-3001323564bus:AuditExemptWithAccountantsReport2023-07-012024-06-3001323564bus:Director22023-07-012024-06-3001323564bus:Director32023-07-012024-06-3001323564bus:FullAccounts2023-07-012024-06-30xbrli:purexbrli:sharesiso4217:GBP