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Registration number: 08988691

Version Two Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Version Two Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Version Two Limited

Company Information

Directors

G Clement

P B Schnell

T D Howie

Company secretary

G Clement

Registered office

19 Salatin House
Cedar Road
Sutton
Surrey
SM2 5DA

Accountants

Shaw Gibbs Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Version Two Limited

(Registration number: 08988691)
Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Non-current assets

 

Intangible assets

5

283,891

425,837

Property, plant and equipment

6

5,710

1,662

 

289,601

427,499

Current assets

 

Receivables

7

214,527

111,182

Cash at bank and in hand

 

18

64,045

 

214,545

175,227

Payables: Amounts falling due within one year

9

(852,490)

(654,772)

Net current liabilities

 

(637,945)

(479,545)

Total assets less current liabilities

 

(348,344)

(52,046)

Payables: Amounts falling due after more than one year

9

(78,074)

(137,809)

Provisions for liabilities

-

(316)

Net liabilities

 

(426,418)

(190,171)

Equity

 

Called up share capital

10

100

100

Retained earnings

(426,518)

(190,271)

Shareholders' deficit

 

(426,418)

(190,171)

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Version Two Limited

(Registration number: 08988691)
Statement of Financial Position as at 30 April 2024 (continued)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income statement.

The financial statements of Version Two Limited were approved and authorised for issue by the Board on 24 April 2025 and signed on its behalf by:
 

.........................................

G Clement
Company secretary and director

 

Version Two Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024

1

General information

Version Two Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following estimates have had the most significant effect on amounts recognised in the financial statements.

(i)

Intangible assets

The company makes provision for amortisation of intangible assets; this provision requires estimates of the useful economic lives and residual values for the underlying assets. These estimates are based
on a variety of factors which may be uncertain. The carrying amount at the year end is £283,891 (2023 - £425,837).

 

Version Two Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Revenue is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

33% on cost

Furniture and fittings

25% on cost

Intangible assets

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

Asset class

Amortisation method and rate

Other intangible assets

33% reducing balance

 

Version Two Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise bank current account and bank deposit account balances and are subject to an insignificant risk of change in value.

Receivables

Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the
impairment of trade receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Payables

Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Payables are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expenses when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Version Two Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest rate method.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 7).

4

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Current taxation

UK corporation tax adjustment to prior periods

(29,013)

-

Deferred taxation

Arising from origination and reversal of timing differences

255

40

Tax (receipt)/expense in the income statement

(28,758)

40

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Loss before tax

(265,005)

(151,504)

Corporation tax at standard rate

(66,251)

(28,786)

Tax increase (decrease) from effect of expenses not deductible in determining taxable profit or loss

695

-

Effect of tax losses

65,140

28,826

Deferred tax expense relating to changes in tax rates or laws

100

-

Tax decrease from effect of adjustment in research and development tax credit

(28,442)

-

Total tax (credit)/charge

(28,758)

40

 

Version Two Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024 (continued)

5

Intangible assets

Other intangible assets
 £

Cost

At 1 May 2023

1,903,753

At 30 April 2024

1,903,753

Amortisation

At 1 May 2023

1,477,916

Charge for the year

141,946

At 30 April 2024

1,619,862

Carrying amount

At 30 April 2024

283,891

At 30 April 2023

425,837

6

Property, plant and equipment

Computer and other equipment
£

Cost

At 1 May 2023

9,586

Additions

7,588

At 30 April 2024

17,174

Depreciation

At 1 May 2023

7,924

Charge for the year

3,540

At 30 April 2024

11,464

Carrying amount

At 30 April 2024

5,710

At 30 April 2023

1,662

 

Version Two Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024 (continued)

7

Receivables

2024
£

2023
£

Trade receivables

209,251

109,302

Other receivables

493

-

Prepayments

4,783

1,880

214,527

111,182

8

Cash and cash equivalents

2024
£

2023
£

Cash at bank

18

64,045

9

Payables

2024
£

2023
£

Due within one year

Bank loans and overdrafts

22,404

9,167

Other loans

142,025

68,418

Trade payables

107,203

61,247

Social security and other taxes

75,173

135,467

Accruals

505,685

380,473

852,490

654,772

Due after one year

Bank loans

11,667

21,667

Other loans

56,299

99,197

Directors' current accounts

3,570

10,407

Other payables

6,538

6,538

78,074

137,809

 

Version Two Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024 (continued)

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £0.01 each

10,000

100

10,000

100

       

The company has one class of share capital which carries no right to fixed income.

Reserves
The retained earnings reserve represents cumulative profits or losses net of dividends paid and other adjustments.

11

Pension scheme

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company, in an independently-administered fund. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £5,730 (2023 - £4,952). There were no outstanding pension contributions at the year end (2023 - £0).

12

Related party transactions

At 30 April 2024 G Clement, a director and shareholder, owed the company £nil (2023: £nil).

At 30 April 2024 the company owed P Schnell, a director and shareholder, £3,570 (2023: £10,407)

At 30 April 2024 the company owed £nil (2023: £nil) to T Howie, a director and shareholder.