Registration number:
The Virtual Group Limited
for the Period from 1 April 2023 to 30 September 2024
The Virtual Group Limited
Contents
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Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
The Virtual Group Limited
Company Information
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Director |
Mr D R Evans |
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Company secretary |
B P Evans |
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Registered office |
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Accountants |
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The Virtual Group Limited
(Registration number: 03097337)
Statement of Financial Position as at 30 September 2024
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Note |
2024 |
2023 |
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Non-current assets |
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Property, plant and equipment |
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Current assets |
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Receivables |
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Cash at bank and in hand |
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Payables: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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Payables: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Equity |
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Called up share capital |
1,000 |
1,000 |
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Revaluation reserve |
121,189 |
121,189 |
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Retained earnings |
261,636 |
274,735 |
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Shareholders' funds |
383,825 |
396,924 |
For the financial period ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
The Virtual Group Limited
(Registration number: 03097337)
Statement of Financial Position as at 30 September 2024 (continued)
The financial statements of The Virtual Group Limited were approved and authorised for issue by the
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Director
The Virtual Group Limited
Notes to the Financial Statements
for the Period from 1 April 2023 to 30 September 2024
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General information |
The Virtual Group 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.
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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
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 pounds sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pounds sterling (£).
Judgements and key sources of estimation uncertainties
There are no critical judgements or key sources of estimation uncertainty made by the director in the process of applying the company's accounting policies which have the most significant effect on the amounts recognised in the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Company’s activities net of value added tax, rebates and discounts.
The Company recognises revenue when the amount of revenue can be reliably measured, and it is probable that future economic benefits will flow to the entity. Marketing revenue is recognised in the year in which that marketing is substantially run.
The Virtual Group Limited
Notes to the Financial Statements
for the Period from 1 April 2023 to 30 September 2024 (continued)
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2 |
Accounting policies (continued) |
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 corporation 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 on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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.
Property, plant and equipment
Freehold Property is stated in non-current assets at its latest valuation plus subsequent additions at cost. Surpluses and deficits arising on valuation are taken directly to the revaluation reserve as unrealised gains or losses.
Plant and equipment are stated in non-current assets at their 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.
Land and buildings - Land has an indefinite life and therefore is not depreciated. No depreciation is provided on the freehold building as the expected residual values were sufficiently high and that the expected useful economic life of the asset is very long and as such the resulting depreciation charge would be immaterial and also there is no diminution in value.
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:
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Asset class |
Depreciation method and rate |
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Equipment, fixtures and fittings |
15% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and held at bank.
The Virtual Group Limited
Notes to the Financial Statements
for the Period from 1 April 2023 to 30 September 2024 (continued)
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2 |
Accounting policies (continued) |
Trade receivables
Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade 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.
Trade payables
Trade payables 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 payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in the income statement in the period it arises.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
The Virtual Group Limited
Notes to the Financial Statements
for the Period from 1 April 2023 to 30 September 2024 (continued)
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2 |
Accounting policies (continued) |
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.
Financial instruments
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Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
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Taxation |
Tax charged/(credited) in the income statement
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2024 |
2023 |
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Current taxation |
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UK corporation tax |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
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Tax expense in the income statement |
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The tax on profit before tax for the period is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
The Virtual Group Limited
Notes to the Financial Statements
for the Period from 1 April 2023 to 30 September 2024 (continued)
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4 |
Taxation (continued) |
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2024 |
2023 |
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Profit before tax |
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Corporation tax at standard rate |
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Deferred tax credit relating to changes in tax rates or laws |
- |
( |
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Total tax charge |
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Deferred tax
Deferred tax assets and liabilities
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2023 |
Asset |
Liability |
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Accelerated capital allowances |
819 |
814 |
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Revaluation of property |
13,351 |
13,351 |
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Property, plant and equipment |
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Land and buildings |
Equipment, fixtures and fittings |
Total |
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Cost or valuation |
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At 1 April 2023 |
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Additions |
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At 30 September 2024 |
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Depreciation |
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At 1 April 2023 |
- |
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Charge for the period |
- |
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At 30 September 2024 |
- |
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Carrying amount |
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At 30 September 2024 |
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At 31 March 2023 |
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The director considered that the fair value of the freehold property at 30 September 2024 was £412,818 (2023 - £334,212).
The Virtual Group Limited
Notes to the Financial Statements
for the Period from 1 April 2023 to 30 September 2024 (continued)
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Receivables |
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2024 |
2023 |
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Trade receivables |
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Payables |
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade payables |
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Social security and other taxes |
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Other payables |
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Accruals |
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Income tax liability |
3,125 |
7,207 |
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Due after one year |
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Loans and borrowings |
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The government has guaranteed 100% of the bank borrowings through its bounce back loan scheme with a 12-month capital repayment holiday and a fixed interest rate of 2.5%. The loan term is 6 years.
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Provisions for liabilities |
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Deferred tax |
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At 1 April 2023 |
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Additional provisions |
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At 30 September 2024 |
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The Virtual Group Limited
Notes to the Financial Statements
for the Period from 1 April 2023 to 30 September 2024 (continued)
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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1,000 |
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1,000 |
The company has one class of share capital which carries no right to fixed income.
Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.
The revaluation reserve represents cumulative revaluation gains net of deferred tax liabilities on the revaluation of property, plant and equipment.