5 9 Virtual AI Limited 10594827 false 2024-04-01 2025-03-31 2025-03-31 The principal activity of the company is to provide AI services to automate business processes. Digita Accounts Production Advanced 6.30.9574.0 true 10594827 2024-04-01 2025-03-31 10594827 2025-03-31 10594827 core:RetainedEarningsAccumulatedLosses 2025-03-31 10594827 core:ShareCapital 2025-03-31 10594827 core:SharePremium 2025-03-31 10594827 core:CurrentFinancialInstruments 2025-03-31 10594827 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 10594827 core:Non-currentFinancialInstruments 2025-03-31 10594827 core:Non-currentFinancialInstruments core:AfterOneYear 2025-03-31 10594827 core:FurnitureFittingsToolsEquipment 2025-03-31 10594827 bus:SmallEntities 2024-04-01 2025-03-31 10594827 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 10594827 bus:FilletedAccounts 2024-04-01 2025-03-31 10594827 bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 10594827 bus:RegisteredOffice 2024-04-01 2025-03-31 10594827 bus:Director1 2024-04-01 2025-03-31 10594827 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 10594827 core:FurnitureFittingsToolsEquipment 2024-04-01 2025-03-31 10594827 countries:EnglandWales 2024-04-01 2025-03-31 10594827 2024-03-31 10594827 core:FurnitureFittingsToolsEquipment 2024-03-31 10594827 2023-04-01 2024-03-31 10594827 2024-03-31 10594827 core:RetainedEarningsAccumulatedLosses 2024-03-31 10594827 core:ShareCapital 2024-03-31 10594827 core:SharePremium 2024-03-31 10594827 core:CurrentFinancialInstruments 2024-03-31 10594827 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 10594827 core:Non-currentFinancialInstruments 2024-03-31 10594827 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 10594827 core:FurnitureFittingsToolsEquipment 2024-03-31 xbrli:pure iso4217:GBP

Registration number: 10594827

Virtual AI Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2025

 

Virtual AI Limited

(Registration number: 10594827)
Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

4,464

4,413

Current assets

 

Debtors

5

175,451

168,149

Cash at bank and in hand

 

5,925

249,697

 

181,376

417,846

Creditors: Amounts falling due within one year

6

(264,850)

(388,096)

Net current (liabilities)/assets

 

(83,474)

29,750

Total assets less current liabilities

 

(79,010)

34,163

Creditors: Amounts falling due after more than one year

6

(1,667)

(11,666)

Provisions for liabilities

(1,116)

(1,103)

Net (liabilities)/assets

 

(81,793)

21,394

Capital and reserves

 

Called up share capital

1,026

1,140

Share premium reserve

15,089

81,863

Retained earnings

(97,908)

(61,609)

Shareholders' (deficit)/funds

 

(81,793)

21,394

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and 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 Profit and Loss Account.

 

Virtual AI Limited

(Registration number: 10594827)
Balance Sheet as at 31 March 2025

Approved and authorised by the director on 20 May 2025
 

.........................................
Mr I D Whitfield
Director

 

Virtual AI Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
24 Oakwood
Berkhamsted
Hertfordshire
HP4 3NQ
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Judgements

The company may be required to make estimates and assumptions concerning the future. These estimates and judgements are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The resulting accounting estimates will, by definition, seldom equal the related actual results. The principal areas where judgement was exercised are as follows:

i) Tangible fixed assets: the directors annually assess both the residual value of these assets and the expected useful life of such assets based on experience.

ii) Recoverability of trade debtors: the directors annually assess whether a bad debt provision is required for any bad or doubtful debtor balances.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
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.

 

Virtual AI Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors 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 debtors 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.

 

Virtual AI Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Trade creditors 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 profit and loss account 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 expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2024 - 9).

 

Virtual AI Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2024

14,351

14,351

Additions

1,539

1,539

At 31 March 2025

15,890

15,890

Depreciation

At 1 April 2024

9,938

9,938

Charge for the year

1,488

1,488

At 31 March 2025

11,426

11,426

Carrying amount

At 31 March 2025

4,464

4,464

At 31 March 2024

4,413

4,413

5

Debtors

Current

Note

2025
£

2024
£

Trade debtors

 

140,382

98,575

Amounts owed by related parties

-

66,365

Prepayments

 

-

3,209

Other debtors

 

35,069

-

   

175,451

168,149

 

Virtual AI Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

6

Creditors

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

7

23,500

10,000

Trade creditors

 

6,777

7,154

Taxation and social security

 

35,466

63,453

Accruals and deferred income

 

159,031

307,489

Other creditors

 

40,076

-

 

264,850

388,096

7

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

1,667

11,666

Current loans and borrowings

2025
£

2024
£

Bank borrowings

10,000

10,000

Other borrowings

13,500

-

23,500

10,000