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Company No: 15280985 (England and Wales)

VIRESCIT CONSULTING LIMITED

Unaudited Financial Statements
For the financial period from 13 November 2023 to 30 November 2024
Pages for filing with the registrar

VIRESCIT CONSULTING LIMITED

Unaudited Financial Statements

For the financial period from 13 November 2023 to 30 November 2024

Contents

VIRESCIT CONSULTING LIMITED

BALANCE SHEET

As at 30 November 2024
VIRESCIT CONSULTING LIMITED

BALANCE SHEET (continued)

As at 30 November 2024
Note 30.11.2024
£
Fixed assets
Tangible assets 3 3,919
3,919
Current assets
Debtors 4 4,118
Cash at bank and in hand 13,097
17,215
Creditors: amounts falling due within one year 5 ( 8,614)
Net current assets 8,601
Total assets less current liabilities 12,520
Net assets 12,520
Capital and reserves
Called-up share capital 6 100
Profit and loss account 12,420
Total shareholder's funds 12,520

For the financial period ending 30 November 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Virescit Consulting Limited (registered number: 15280985) were approved and authorised for issue by the Director on 24 March 2025. They were signed on its behalf by:

Mr R J Burnet
Director
VIRESCIT CONSULTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 13 November 2023 to 30 November 2024
VIRESCIT CONSULTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 13 November 2023 to 30 November 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Virescit Consulting Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sigma House Oak View Close, Edginswell Park, Torquay, TQ2 7FF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

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

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings 5 years straight line
Office equipment 5 years straight line
Computer equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

Period from
13.11.2023 to
30.11.2024
Number
Monthly average number of persons employed by the Company during the period, including the director 1

3. Tangible assets

Fixtures and fittings Office equipment Computer equipment Total
£ £ £ £
Cost
At 13 November 2023 0 0 0 0
Additions 2,350 515 2,034 4,899
At 30 November 2024 2,350 515 2,034 4,899
Accumulated depreciation
At 13 November 2023 0 0 0 0
Charge for the financial period 470 103 407 980
At 30 November 2024 470 103 407 980
Net book value
At 30 November 2024 1,880 412 1,627 3,919

4. Debtors

30.11.2024
£
Amounts owed by director 3,160
VAT recoverable 958
4,118

5. Creditors: amounts falling due within one year

30.11.2024
£
Accruals 1,650
Deferred tax liability 745
Taxation and social security 6,182
Other creditors 37
8,614

6. Called-up share capital

30.11.2024
£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100

7. Related party transactions

Transactions with the entity's director

During the period, the director had advances of £42,310 and made repayments back to the company of £39,150. The balance owed to the company at the period end was £3,160.

Interest was not charged on the above balance due to the balance not exceeding £10,000 during the period.

8. Incorporation

The company incorporated on 13 November 2023. Therefore, there are no comparatives.