VIRTUAL GROUP SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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
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Basis of preparation of financial statements
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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:
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.
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.
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