Silverfin false false 31/05/2024 25/05/2023 31/05/2024 C Young 25/05/2023 22 May 2025 The principal activity of the Company during the financial was that of a bar. SC770643 2024-05-31 SC770643 bus:Director1 2024-05-31 SC770643 core:CurrentFinancialInstruments 2024-05-31 SC770643 core:ShareCapital 2024-05-31 SC770643 core:RetainedEarningsAccumulatedLosses 2024-05-31 SC770643 bus:OrdinaryShareClass1 2024-05-31 SC770643 2023-05-25 2024-05-31 SC770643 bus:FilletedAccounts 2023-05-25 2024-05-31 SC770643 bus:SmallEntities 2023-05-25 2024-05-31 SC770643 bus:AuditExemptWithAccountantsReport 2023-05-25 2024-05-31 SC770643 bus:PrivateLimitedCompanyLtd 2023-05-25 2024-05-31 SC770643 bus:Director1 2023-05-25 2024-05-31 SC770643 core:CurrentFinancialInstruments 2023-05-25 2024-05-31 SC770643 bus:OrdinaryShareClass1 2023-05-25 2024-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC770643 (Scotland)

VIRGINIA CORS LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD FROM 25 MAY 2023 TO 31 MAY 2024
PAGES FOR FILING WITH THE REGISTRAR

VIRGINIA CORS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 25 MAY 2023 TO 31 MAY 2024

Contents

VIRGINIA CORS LTD

BALANCE SHEET

AS AT 31 MAY 2024
VIRGINIA CORS LTD

BALANCE SHEET (continued)

AS AT 31 MAY 2024
Note 31.05.2024
£
Current assets
Stocks 3 5,452
Cash at bank and in hand 922
6,374
Creditors: amounts falling due within one year 4 ( 25,915)
Net current liabilities (19,541)
Total assets less current liabilities (19,541)
Net liabilities ( 19,541)
Capital and reserves
Called-up share capital 5 100
Profit and loss account ( 19,641 )
Total shareholders' deficit ( 19,541)

For the financial period ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Virginia Cors Ltd (registered number: SC770643) were approved and authorised for issue by the Director on 22 May 2025. They were signed on its behalf by:

C Young
Director
VIRGINIA CORS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 25 MAY 2023 TO 31 MAY 2024
VIRGINIA CORS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 25 MAY 2023 TO 31 MAY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Virginia Cors Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is C/O Johnston Carmichael, 227 West George Street, Glasgow, G2 2ND, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

Following incorporation of the Company on 25th May 2023, the reporting period length for the first financial period is from 25th March 2023 to 31st May 2024.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and are shown net of VAT.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include loans to related parties and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

Period from
25.05.2023 to
31.05.2024
Number
Monthly average number of persons employed by the Company during the period, including the director 9

3. Stocks

31.05.2024
£
Stocks 5,452

4. Creditors: amounts falling due within one year

31.05.2024
£
Trade creditors 15,182
Other taxation and social security 1,920
Other creditors 8,813
25,915

There are no amounts included above in respect of which any security has been given by the small entity.

5. Called-up share capital

31.05.2024
£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100

6. Related party transactions

Other related party transactions

31.05.2024
£
Amounts owed to key management personnel 1,654

These loans are interest free and have no fixed repayment terms