Company registration number 09360361 (England and Wales)
VIRITOPIA LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
VIRITOPIA LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
VIRITOPIA LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
3,205
5,618
Tangible assets
4
1,185,782
1,376,486
Investments
5
21,242
1,210,229
1,382,104
Current assets
Stocks
514,273
848,346
Debtors
6
2,232,319
1,027,491
Cash at bank and in hand
1,460,159
965,467
4,206,751
2,841,304
Creditors: amounts falling due within one year
7
(2,532,048)
(1,589,911)
Net current assets
1,674,703
1,251,393
Total assets less current liabilities
2,884,932
2,633,497
Creditors: amounts falling due after more than one year
8
(485,032)
(525,485)
Provisions for liabilities
(66,570)
(78,814)
Net assets
2,333,330
2,029,198
Capital and reserves
Called up share capital
750
750
Capital redemption reserve
260
260
Profit and loss reserves
2,332,320
2,028,188
Total equity
2,333,330
2,029,198
VIRITOPIA LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 7 May 2025 and are signed on its behalf by:
Mr R Silcock
Director
Company registration number 09360361 (England and Wales)
VIRITOPIA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Viritopia Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Aldingbourne Nurseries, Church Road, Aldingbourne, Chichester, PO20 3TU.
During the financial year 2024, the company changed its name from ANS Group Global Ltd to Viritopia Ltd. The change of name was approved by the board of directors and became effective on 30.01.2024.
This change of name does not affect the company's ownership, legal status, or operations. All rights and obligations of the company, as well as contracts, agreements, and other legal relationships entered into by the company under its former name, remain unchanged and continue under the new name, Viritopia Ltd.
The change of name is deemed to be a continuation of the same entity and has been reflected in the financial statements for the year ended Dec 23. All references to the company's name in these financial statements have been updated to reflect the new name.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
VIRITOPIA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents & licences
25% Straight-line
Development costs
25% Straight-line
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
10% Straight-line on buildings
Leasehold land and buildings
10% Straight-line
Plant and equipment
25% Straight-line
Fixtures and fittings
25% Straight-line
Computers
33% Straight-line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply.
VIRITOPIA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
1.12
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
VIRITOPIA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.17
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
46
47
3
Intangible fixed assets
Goodwill
Patents & licences
Development costs
Total
£
£
£
£
Cost
At 1 January 2024 and 31 December 2024
562,619
2,050
9,650
574,319
Amortisation and impairment
At 1 January 2024
562,619
2,050
4,032
568,701
Amortisation charged for the year
2,413
2,413
At 31 December 2024
562,619
2,050
6,445
571,114
Carrying amount
At 31 December 2024
3,205
3,205
At 31 December 2023
5,618
5,618
VIRITOPIA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
4
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
£
Cost
At 1 January 2024
1,032,071
71,566
520,836
66,503
101,208
1,792,184
Additions
39,368
15,891
55,259
Disposals
(56,950)
(5,500)
(62,450)
At 31 December 2024
1,032,071
71,566
503,254
66,503
111,599
1,784,993
Depreciation and impairment
At 1 January 2024
38,019
66,438
172,632
64,798
73,811
415,698
Depreciation charged in the year
83,210
2,102
123,933
928
11,712
221,885
Eliminated in respect of disposals
(36,672)
(1,700)
(38,372)
At 31 December 2024
121,229
68,540
259,893
65,726
83,823
599,211
Carrying amount
At 31 December 2024
910,842
3,026
243,361
777
27,776
1,185,782
At 31 December 2023
994,052
5,128
348,204
1,705
27,397
1,376,486
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
21,242
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
-
Additions
21,242
At 31 December 2024
21,242
Carrying amount
At 31 December 2024
21,242
At 31 December 2023
-
VIRITOPIA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,279,742
749,664
Amounts owed by group undertakings
605
Other debtors
948,658
277,827
2,229,005
1,027,491
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
3,314
Total debtors
2,232,319
1,027,491
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
44,101
37,896
Trade creditors
496,959
448,479
Amounts owed to group undertakings
869,900
469,900
Taxation and social security
377,912
45,864
Other creditors
743,176
587,772
2,532,048
1,589,911
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
485,032
525,485
9
Related party transactions
Included within other debtors due within one year are loans to directors and shareholders totalling £663,838 (2023: £135,945). No interest has been charged on the loans.
Included within creditors is an amount owed to parent company £ 869,900 ( 2023 : £ 469,900)