Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312024-03-3102023-04-01falseFacilities Management0falsefalsefalse SC689485 2023-04-01 2024-03-31 SC689485 2022-04-01 2023-03-31 SC689485 2024-03-31 SC689485 2023-03-31 SC689485 2022-04-01 SC689485 c:Director1 2023-04-01 2024-03-31 SC689485 c:Director2 2023-04-01 2024-03-31 SC689485 c:RegisteredOffice 2023-04-01 2024-03-31 SC689485 c:Agent1 2023-04-01 2024-03-31 SC689485 d:PlantMachinery 2023-04-01 2024-03-31 SC689485 d:MotorVehicles 2023-04-01 2024-03-31 SC689485 d:FurnitureFittings 2023-04-01 2024-03-31 SC689485 d:OfficeEquipment 2023-04-01 2024-03-31 SC689485 d:CurrentFinancialInstruments 2024-03-31 SC689485 d:CurrentFinancialInstruments 2023-03-31 SC689485 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 SC689485 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 SC689485 d:ShareCapital 2023-04-01 2024-03-31 SC689485 d:ShareCapital 2024-03-31 SC689485 d:ShareCapital 2022-04-01 2023-03-31 SC689485 d:ShareCapital 2023-03-31 SC689485 d:ShareCapital 2022-04-01 SC689485 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 SC689485 d:RetainedEarningsAccumulatedLosses 2024-03-31 SC689485 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 SC689485 d:RetainedEarningsAccumulatedLosses 2023-03-31 SC689485 d:RetainedEarningsAccumulatedLosses 2022-04-01 SC689485 c:OrdinaryShareClass1 2023-04-01 2024-03-31 SC689485 c:OrdinaryShareClass1 2024-03-31 SC689485 c:OrdinaryShareClass1 2023-03-31 SC689485 c:FRS102 2023-04-01 2024-03-31 SC689485 c:Audited 2023-04-01 2024-03-31 SC689485 c:FullAccounts 2023-04-01 2024-03-31 SC689485 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC689485 d:Subsidiary1 2023-04-01 2024-03-31 SC689485 d:Subsidiary1 1 2023-04-01 2024-03-31 SC689485 d:Subsidiary2 2023-04-01 2024-03-31 SC689485 d:Subsidiary2 1 2023-04-01 2024-03-31 SC689485 d:Subsidiary3 2023-04-01 2024-03-31 SC689485 d:Subsidiary3 1 2023-04-01 2024-03-31 SC689485 d:Subsidiary4 2023-04-01 2024-03-31 SC689485 d:Subsidiary4 1 2023-04-01 2024-03-31 SC689485 d:Subsidiary5 2023-04-01 2024-03-31 SC689485 d:Subsidiary5 1 2023-04-01 2024-03-31 SC689485 d:Subsidiary6 2023-04-01 2024-03-31 SC689485 d:Subsidiary6 1 2023-04-01 2024-03-31 SC689485 d:Subsidiary7 2023-04-01 2024-03-31 SC689485 d:Subsidiary7 1 2023-04-01 2024-03-31 SC689485 c:Consolidated 2024-03-31 SC689485 c:ConsolidatedGroupCompanyAccounts 2023-04-01 2024-03-31 SC689485 2 2023-04-01 2024-03-31 SC689485 6 2023-04-01 2024-03-31 SC689485 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: SC689485









VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)









ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
 

COMPANY INFORMATION


Directors
Adrienne Mary Mcarthur Currie 
Grant James Currie 




Registered number
SC689485



Registered office
Scottish Enterprise Technology Park
Orion House

Bramah Avenue

East Kilbride

Scotland

G75 0RD




Independent auditors
Armstrong Watson Audit Limited
Chartered Accountants & Statutory Auditors

1st Floor 24 Blythswood Square

Glasgow

G2 4BG




Bankers
Royal Bank of Scotland
96 John Finnie Street

Kilmarnock

KA1 1NY





 
VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
 

CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Statement of Financial Position
10
Company Statement of Financial Position
11
Consolidated Statement of Changes in Equity
12 - 13
Company Statement of Changes in Equity
14 - 15
Consolidated Statement of Cash Flows
16 - 17
Consolidated Analysis of Net Debt
18
Notes to the Financial Statements
19 - 34


 
VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The Directors present their Strategic Report of the Group for the year ended 31 March 2024.
The principal activity of the Group in the period under review was the provision of Facilities Management
services to our clients. These clients are across a number of market sectors and our services can be categorised in the following groups;
Integrated Facilities Management
Technical Services
Soft Services
Refurbishment & Construction
Water Hygiene
Help Desk Service
Aerial Drone Surveys
Within each grouping we have an extensive range of highly qualified staff, leading technological solutions and
the ability to tailor these to the requirements of each client.

Business review
 
The Group is organised to support customer properties. Technical, operational and commercial services are
delivered directly to client properties and is therefore geographically spread around the UK.
Operations were started in new parts of the UK and new end sectors. This generated operational challenges, and an extensive business review was undertaken. This review identified loss making operations, which were stopped in the later part of the year. It also identified opportunities to increase pricing for the services being delivered to several large customers. These were also established towards the end of the year. Another outcome of the review was to identify significant opportunities for improving operational efficiencies and profitability.
The Group is focused on ensuring the highest standards of health and safety in our working environment and
monitors these closely in our management control systems. We have a similar focus on quality and maintain
investment in training to ensure that our technicians are qualified to the highest standard.
We also concentrate on the general financial strength from our activities and monitor performance using KPIs of
Gross profit margin, Operation profit Margin, Current Ratio and Return on assets.
                                           
 2024         2023          Measure
Gross profit margin                 47%          45%          Gross profit/turnover
Operating profit margin              2%           2%          Operating profit/turnover
Current Ratio                       0.95:1         0.90:1        Current assets/current liabilities
Return on assets                   127%        131%         Profit/(loss) after tax/fixed assets
 

Page 1

 
VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Principal risks and uncertainties
 
The principal risks and uncertainties affecting the business include the following:
 
Contraction of commercial rental market: The directors anticipate continuing churn in ownership of 
commercial rental properties and have organised the business to supply the services that are required to 
meet owners’ statutory obligations to keep their properties operational. This allows us to become experts 
in managing each building in their portfolios and ensure that we continue our contracts if ownership 
changes. The company is also expanding into other sectors such as industrial, leisure and educational 
properties.
 
Credit risk: The principal financial assets are trade debtors, other debtors, amounts owed by fellow group 
undertaking, and bank balances. The company’s credit risk is primarily attributable to its trade debtors 
and is managed through maintaining good customer relationships and the monitoring of credit levels and 
settlement periods. The company also utilises facilities from national and international credit rating 
agencies to ensure the certainty of our receivables. The amounts presented in the balance sheet are net 
of allowances for doubtful receivables.
 
Cash flow risk: In order to manage cash flow risk management carryout regular review of the working 
capital movements in order to minimise risk. The company also has access to a flexible funding 
agreement that provides accelerated terms for cash receipts from invoicing.
 
Contract risk: the company conducts significant elements of its business under customer contracts which 
include performance and other delivery conditions. The key to the management of contract risk is robust 
tendering procedures supported by effective operational management. Rigorous tender review processes
are in place across the company and tenders whose values and profiles are out with pre-set qualitative 
and quantitative parameters must be approved by the directors prior to issue.
 
Health and Safety: Health and Safety risks are continually assessed by group management. In the 
current year additional focus has been placed on developing a plan to ensure continuing improvement in 
Health and Safety management.
 
Environmental risks: the company places considerable emphasis upon environmental compliance in each
of its divisions and not only seeks to ensure ongoing compliance with relevant legislation but also strives 
to ensure that environmental best practice is incorporated into its key processes.
 
Commercial relationships: the company maintains strong relationships with each of its key customers and
has established credit control parameters. There is a rigorous control procedure for cash flow which 
includes regular review of collections and payments to minimise the risks to liquidity.
 
The effect of legislation or other regulatory activities: the company monitors forthcoming and current 
legislation regularly.


This report was approved by the board and signed on its behalf.



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

Date: 31 March 2025

Page 2

 
VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £98,674 (2023 - £197,342).



Directors

The directors who served during the year were:

Adrienne Mary Mcarthur Currie 
Grant James Currie 

Future developments

The Directors aim to maintain the management policies which have resulted in the Group profitability and growth in recent years.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 3

 
VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsArmstrong Watson Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





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

Date: 31 March 2025

Page 4

 
VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
 

Opinion


We have audited the financial statements of Virtual Group Holdings Limited (Formerly Virtual Services Group Limited) (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED) (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED) (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
 
 • the engagement partner ensured that the engagement team collectively had the appropriate     competence, capabilities and knowledge of the Company to identify or recognise non-compliance with    applicable laws and regulations. 
 • we identified the laws and regulations applicable to the company through discussions with directors and   other management and review of appropriate industry knowledge. Key laws and regulations we identified   during the audit were the UK Companies Act 2006 and tax legislation, UK employment legislation and UK   health and safety legislation;
 • we assessed the extent of compliance with the laws and regulations identified above by making     enquiries of management and
 • identified laws and regulations were communicated within the audit team regularly and the team     remained alert to instances of non-compliance throughout the audit.
 
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
 • making enquiries of management as to where they considered there was susceptibility to fraud, their    knowledge of actual, suspected and alleged fraud; and
 • considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and    regulations.
To address the risk of fraud through management bias and override of controls, we:
  • performed analytical procedures as a risk assessment tool to identify any unusual or unexpected    relationships;
 • tested journal entries recorded on the Company’s finance system to identify unusual transactions that    may indicate override of controls;
 • reviewed key judgements and estimates for any evidence of management bias.
 • reviewed the application of accounting policies with focus on those with heightened estimation     uncertainty.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
 • agreeing financial statement disclosures to underlying supporting documentation and
 • enquiring of management to identify actual and potential litigation and claims.



 
Page 7

 
VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED) (CONTINUED)


Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Other matters 
 

Comparative information in the financial statements is derived from the company's prior period financial
statements which were not audited in respect of two subsidiaries.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Martin Johnston CA (Senior Statutory Auditor)
  
for and on behalf of
Armstrong Watson Audit Limited
 
Chartered Accountants & Statutory Auditors
  
Glasgow

31 March 2025
Page 8

 
VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
11,165,752
13,224,469

Cost of sales
  
(5,961,951)
(7,251,715)

Gross profit
  
5,203,801
5,972,754

Administrative expenses
  
(5,035,288)
(5,664,801)

Other operating income
 5 
-
3,872

Other operating charges
  
-
(400)

Operating profit
 6 
168,513
311,425

Interest receivable and similar income
 10 
305
220

Interest payable and similar expenses
 11 
(70,493)
(40,268)

Profit before taxation
  
98,325
271,377

Tax on profit
 12 
349
(74,035)

Profit for the financial year
  
98,674
197,342

  

Total comprehensive income for the year
  
98,674
197,342

Profit for the year attributable to:
  

Owners of the parent Company
  
98,674
197,342

  
98,674
197,342

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
98,674
197,342

  
98,674
197,342

The notes on pages 19 to 34 form part of these financial statements.

Page 9

 
VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
REGISTERED NUMBER: SC689485

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
-
3,703

Tangible assets
 14 
77,404
146,624

  
77,404
150,327

Current assets
  

Debtors: amounts falling due within one year
 16 
2,173,357
2,571,433

Cash at bank and in hand
 17 
46,130
72,304

  
2,219,487
2,643,737

Creditors: amounts falling due within one year
 18 
(2,347,655)
(2,935,793)

Net current liabilities
  
 
 
(128,168)
 
 
(292,056)

Total assets less current liabilities
  
(50,764)
(141,729)

Provisions for liabilities
  

Deferred taxation
 20 
(14,713)
(22,422)

  
 
 
(14,713)
 
 
(22,422)

Net liabilities
  
(65,477)
(164,151)


Capital and reserves
  

Called up share capital 
 21 
500
500

Profit and loss account
 22 
(65,977)
(164,651)

  
(65,477)
(164,151)


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 19 to 34 form part of these financial statements.

Page 10

 
VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
REGISTERED NUMBER: SC689485

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 15 
700
700

  
700
700

Current assets
  

Debtors: amounts falling due within one year
 16 
216,392
-

  
216,392
-

Creditors: amounts falling due within one year
 18 
(217,672)
(1,280)

Net current liabilities
  
 
 
(1,280)
 
 
(1,280)

Total assets less current liabilities
  
(580)
(580)

  

  

Net liabilities
  
(580)
(580)


Capital and reserves
  

Called up share capital 
 21 
500
500

Profit and loss account brought forward
  
(1,080)
-

Profit/(loss) for the year
  
-
(1,080)

Profit and loss account carried forward
  
(1,080)
(1,080)

  
(580)
(580)


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 19 to 34 form part of these financial statements.

Page 11

 
VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£

At 1 April 2023
500
(164,651)
(164,151)
(164,151)


Comprehensive income for the year

Profit for the year

-
98,674
98,674
98,674


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
98,674
98,674
98,674


Total transactions with owners
-
-
-
-


At 31 March 2024
500
(65,977)
(65,477)
(65,477)


The notes on pages 19 to 34 form part of these financial statements.

Page 12

 
VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£

At 1 April 2022
500
(361,993)
(361,493)
(361,493)


Comprehensive income for the year

Profit for the year

-
197,342
197,342
197,342


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
197,342
197,342
197,342


Total transactions with owners
-
-
-
-


At 31 March 2023
500
(164,651)
(164,151)
(164,151)


The notes on pages 19 to 34 form part of these financial statements.

Page 13

 
VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2023
500
(1,080)
(580)


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
-
-


Total transactions with owners
-
-
-


At 31 March 2024
500
(1,080)
(580)


The notes on pages 19 to 34 form part of these financial statements.

Page 14

 
VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2022
500
-
500


Comprehensive income for the year

Loss for the year

-
(1,080)
(1,080)


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
(1,080)
(1,080)


Total transactions with owners
-
-
-


At 31 March 2023
500
(1,080)
(580)


The notes on pages 19 to 34 form part of these financial statements.

Page 15

 
VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
98,674
197,342

Adjustments for:

Amortisation of intangible assets
3,703
5,463

Depreciation of tangible assets
94,129
120,887

Government grants
-
(3,872)

Interest paid
70,493
40,280

Interest received
(305)
(220)

Taxation charge
(349)
74,035

Decrease/(increase) in debtors
398,078
(523,535)

(Decrease)/increase in creditors
(542,735)
198,454

Corporation tax (paid)/received
(52,765)
-

Net cash generated from operating activities

68,923
108,834


Cash flows from investing activities

Purchase of intangible fixed assets
-
(2,700)

Purchase of tangible fixed assets
(24,909)
(47,316)

Government grants received
-
3,872

Interest received
305
220

HP interest paid
-
(285)

Net cash from investing activities

(24,604)
(46,209)
Page 16

 
VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of finance leases
-
(2,187)

Interest paid
(70,493)
(39,983)

Net cash used in financing activities
(70,493)
(42,170)

Net (decrease)/increase in cash and cash equivalents
(26,174)
20,455

Cash and cash equivalents at beginning of year
72,304
51,849

Cash and cash equivalents at the end of year
46,130
72,304


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
46,130
72,304

46,130
72,304


The notes on pages 19 to 34 form part of these financial statements.

Page 17

 
VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

72,304

(26,174)

46,130

Debt due within 1 year

(12,100)

208

(11,892)


60,204
(25,966)
34,238

The notes on pages 19 to 34 form part of these financial statements.

Page 18

 
VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
 

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

1.


General information

Virtual Group Holdings Limited is a private company, limited by shares, registered in Scotland. The company's registered number is SC689485 and registered office address is Scottish Enterprise Technology Park, Orion House, Bramah Avenue, East Kilbride, Scotland, G75 0RD.
The principal activity of the company is that of a holding company.
The principal activity of the Group for the year under review is that of the provision of a wide range of on-site support services to private organisations across the United Kingdom.
These financial statements have been prepared in pound sterling, rounded to the nearest pound, as this is the currency of the primary economic environment in which the Group and 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

  
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 19

 
VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
 

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

2.Accounting policies (continued)

 
2.3

Going concern

In preparing these financial statements the Directors have given careful consideration to current and
anticipated future solvency requirements of the Group and its ability to continue as a going
concern for at least twelve months from the date of issue of these financial statements. 
The Directors have prepared these financial statements on a going concern basis, notwithstanding
net liabilities of £65,477 (2023 - £164,151) as at 31 March 2024 and a profit for the 12 month period then ended of £98,674 (2023 - £197,342).
The Directors have undertaken a detailed forecasting review of the Group's current and future
contractual and reactive work orders. As a result of this exercise the Director's anticipate that
significant cost savings will be realised in future periods. This coupled with improved pricing on new
and renegotiated current contracts, will lead to significant improvements in the Group's working
capital. Currently available cash & credit facilities are more than sufficient to meet the Group's current
and forecast obligations as they fall due, without the need for additional financing to be secured.
Based on the above, the Directors believe that at the date of issue of these financial statements that
it remains appropriate to prepare the financial statements on a going concern basis.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 services 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 Group 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.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

Page 20

 
VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
 

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

2.Accounting policies (continued)

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 21

 
VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
 

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

2.Accounting policies (continued)

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Computer software
-
3
years

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
33%
Motor vehicles
-
20%
Fixtures and fittings
-
10%
Office equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.14

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.

Page 22

 
VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
 

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

2.Accounting policies (continued)

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

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.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in non-puttable ordinary shares.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of these financial statements requires management to make judgments, estimates and
assumptions that affect the application of policies and reported amounts of assets and liabilities, income
and expenses.
Judgments and estimates are continually evaluated and are based on historical experiences and other
factors, including expectations of future events that are believed to be reasonable under the
circumstances.
The group and company makes estimates and assumptions concerning the future. The resulting
accounting estimates will, by definition, seldom equal the related actual results.
There no key sources of estimation uncertainty in applying accounting policies in the financial statements.

Page 23

 
VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
 

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

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Rendering of services
11,165,752
13,224,469

11,165,752
13,224,469


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
11,165,752
13,224,469

11,165,752
13,224,469



5.


Other operating income

2024
2023
£
£

Government grants receivable
-
3,872

-
3,872



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
60,685
34,857


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
2,500
1,500

Fees payable to Company's auditors for the audit of subisidary companies
30,750
24,000

Fees payable to Company's auditors for non-audit services
17,530
15,825

Page 24

 
VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
 

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

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
3,635,907
4,225,746

Social security costs
-
6,057

Cost of defined contribution scheme
74,424
69,181

3,710,331
4,300,984


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
171
221

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL)
Page 25

 
VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
 

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

9.


Directors' remuneration




During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.


10.


Interest receivable

2024
2023
£
£


Other interest receivable
305
220

305
220


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
62,466
39,718

Finance leases and hire purchase contracts
-
285

Other interest payable
8,027
265

70,493
40,268


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
6,751
-

Adjustments in respect of previous periods
609
(609)


7,360
(609)


Total current tax
7,360
(609)

Deferred tax


Origination and reversal of timing differences
(7,709)
74,644

Total deferred tax
(7,709)
74,644


Tax on profit
(349)
74,035
Page 26

 
VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 19%) as set out below:

2024
2023
£
£


Profit on ordinary activities before tax
98,325
271,377


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
24,581
74,644

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
14,521
-

Adjustments to tax charge in respect of prior periods
609
-

Short-term timing difference leading to an increase (decrease) in taxation
-
11,168

Other timing differences leading to an increase (decrease) in taxation
-
(11,777)

Other differences leading to an increase (decrease) in the tax charge
(39,746)
-

Marginal relief
(314)
-

Total tax charge for the year
(349)
74,035


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 27

 
VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
 

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

13.


Intangible assets

Group and Company





Computer software

£



Cost


At 1 April 2023
17,880



At 31 March 2024

17,880



Amortisation


At 1 April 2023
14,177


Charge for the year on owned assets
3,703



At 31 March 2024

17,880



Net book value



At 31 March 2024
-



At 31 March 2023
3,703



All of the Group's intangible fixed assets are held in companies other than the Parent Company.

Page 28

 
VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
 

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

14.


Tangible fixed assets

Group






Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
231,351
62,909
19,772
115,891
429,923


Additions
816
-
5,431
18,662
24,909



At 31 March 2024

232,167
62,909
25,203
134,553
454,832



Depreciation


At 1 April 2023
169,312
32,865
6,412
74,710
283,299


Charge for the year on owned assets
45,948
15,584
2,521
30,076
94,129



At 31 March 2024

215,260
48,449
8,933
104,786
377,428



Net book value



At 31 March 2024
16,907
14,460
16,270
29,767
77,404



At 31 March 2023
62,040
30,044
13,359
41,181
146,624


15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
700



At 31 March 2024
700




Page 29

 
VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
 

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

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Virtual FM Limited
Scottish Enterprise Technology Park Orion House, Bramah Avenue, East Kilbride, Scotland, G75 0RD
Ordinary
100%
Ignite Consultancy Services Limited
Scottish Enterprise Technology Park Orion House, Bramah Avenue, East Kilbride, Scotland, G75 0RD
Ordinary
100%
Virtual Water Services Limited
Scottish Enterprise Technology Park Orion House, Bramah Avenue, East Kilbride, Scotland, G75 0RD
Ordinary
100%
Virtual Fire and Security Services Limited
Scottish Enterprise Technology Park Orion House, Bramah Avenue, East Kilbride, Scotland, G75 0RD
Ordinary
100%
Virtual Group Services Limited
Scottish Enterprise Technology Park Orion House, Bramah Avenue, East Kilbride, Scotland, G75 0RD
Ordinary
100%
Virtual Technical Sevices Limited
Scottish Enterprise Technology Park Orion House, Bramah Avenue, East Kilbride, Scotland, G75 0RD
Ordinary
100%
Virtual Facilities Services Limited
Scottish Enterprise Technology Park Orion House, Bramah Avenue, East Kilbride, Scotland, G75 0RD
Ordinary
100%

Page 30

 
VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 March 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Virtual FM Limited
(16,714)
(8,282)

Ignite Consultancy Services Limited
(18,708)
(1,215)

Virtual Water Services Limited
(150,263)
(13,815)

Virtual Fire and Security Services Limited
100
-

Virtual Group Services Limited
121,992
121,892

Virtual Technical Sevices Limited
100
-

Virtual Facilities Services Limited
197
97


16.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
1,630,622
1,733,636
-
-

Other debtors
292,729
305,854
216,392
-

Prepayments and accrued income
250,006
531,943
-
-

2,173,357
2,571,433
216,392
-



17.


Cash and cash equivalents

Group
Group
2024
2023
£
£

Cash at bank and in hand
46,130
72,304

46,130
72,304


Page 31

 
VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
 

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

18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
808,670
1,128,400
-
-

Amounts owed to group undertakings
-
-
217,672
-

Corporation tax
25,722
71,126
-
-

Other taxation and social security
447,185
461,930
-
-

Other creditors
625,039
690,848
-
200

Accruals and deferred income
441,039
583,489
-
1,080

2,347,655
2,935,793
217,672
1,280



19.


Financial instruments

Group
Group
2024
2023
£
£

Financial assets

Financial assets measured at fair value through profit or loss
46,130
72,304




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


20.


Deferred taxation


Group



2024


£






At beginning of year
(22,422)


Charged to profit or loss
7,709



At end of year
(14,713)

Page 32

 
VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
20.Deferred taxation (continued)

Company


2024






At end of year
-
The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
(16,055)
52,222

Tax losses carried forward
-
(74,644)

Short term timing differences
1,342
-

(14,713)
(22,422)


21.


Share capital

2024
2023
£
£
Allotted, called up and partly paid



500 (2023 - 500) Ordinary shares of £1.00 each
500
500



22.


Reserves

Profit and loss account

The profit and loss account includes current and prior period retained profits and losses.


23.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the company in an independently administered fund. The pension cost charge
represents contributions payable by the company to the fund and amounted to £74,424 (2023 - £66,361)
Contributions totalling £11,892 (2023 - £11,900) were payable to the fund at the reporting date and are
included in creditors.

Page 33

 
VIRTUAL GROUP HOLDINGS LIMITED (FORMERLY VIRTUAL SERVICES GROUP LIMITED)
 

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

24.


Commitments under operating leases

At 31 March 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
91,991
101,875

Later than 1 year and not later than 5 years
176,204
47,481

268,195
149,356

25.


Transactions with directors

During the period advances of £Nil and repayments of £Nil were made to/by the Director of the Group.
At the balance sheet date the Director of the Group owed £216,392 (2023: £216,592) to the Group.
No interest is charged on outstanding balances and there are no repayment terms.


26.


Related party transactions

The company has taken advantage of the exemption, under the terms of Financial Reporting 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.


27.


Controlling party

At the balance sheet date the ultimate controlling parties were Grant James Currie & Adrienne Mary Mcarthur Currie.


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