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Company Registration Number SC712949























VIRTUAL GROUP SERVICES LIMITED (FORMERLY VIRTUAL INVESTMENT LIMITED)





UNAUDITED
DIRECTORS REPORT AND AUDITED FINANCIAL STATEMENTS





FOR THE YEAR ENDED 31 MARCH 2024























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VIRTUAL GROUP SERVICES LIMITED
REGISTERED NUMBER: SC712949

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
Unaudited
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
228,066
100

  
228,066
100

Creditors: amounts falling due within one year
 5 
(106,074)
-

Net current assets
  
 
 
121,992
 
 
100

Total assets less current liabilities
  
121,992
100

  

Net assets
  
121,992
100


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
121,892
-

  
121,992
100


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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Grant James Currie
Director

Date: 31 March 2025

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 
VIRTUAL GROUP SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Virtual Group Services Ltd is a private company, limited by shares, registered in Scotland. The company's registered number is SC712949 and the registered office address and principle place of business is Scottish Enterprise Technology Park Orion House, Bramah Avenue, East Kilbride, Scotland, G75 0RD.
The financial statements are presented in pound sterling, rounded to the nearest pound, as this is the currency of the primary economic environment in which the company operates.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

In preparing these financial statements, the Director has given careful consideration to the current and anticipated future solvency of the Company and it's ability to continue as a going concern for the foreseeable future. The Directors have prepared the financial statements on a going concern basis.
Virtual FM Limited, a fellow group company has confirmed that, for at least 12 months from the date of signing the accounts, it will make available such funds as are needed by Virtual Group Services Limited to meet its third party liabilities as they fall due. In addition, Virtual FM Limited will not seek repayment of any amounts currently due to Virtual FM Limited if this would prevent Virtual Group Services Limited from meeting its third party obligations as they fall due.
Based on the above, the director’s believe it remains appropriate to prepare the financial statements on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide management services to fellow group entities is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 2

 
VIRTUAL GROUP SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


4.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
227,966
-

Other debtors
100
100

228,066
100



5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
1,881
-

Other taxation and social security
100,943
-

Accruals and deferred income
3,250
-

106,074
-


Page 3

 
VIRTUAL GROUP SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Share capital

2024
2023
£
£
Allotted, called up and partly paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



7.


Related party transactions

As at 31 March 2024, Virtual Group Services Ltd was owed £227,966 (2023: £Nil) by associated companies. The amounts are unsecured, interest-free and repayable on demand.


8.


Controlling party

Virtual Group Services Limited is a wholly owned subsidiary of Virtual Group Holdings Limited, a company registered in Scotland. Its registered office is Scottish Enterprise Technology Park, Orion House, Bramah Avenue, East Kilbride, Scotland, G75 0RD.
The largest and smallest group that prepares consolidated financial statements including the company is that headed by Virtual Group Holdings Limited. Copies of the consolidated financial statements may be obtained from Companies House and the registered address.
The ultimate controlling party is Grant James Currie and Adrienne Mary Mcarthur Currie.


9.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 31 March 2025 by Martin Johnston CA (Senior Statutory Auditor) on behalf of Armstrong Watson Audit Limited.


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