3 false false false false false false false false false false true false false false false false false No description of principal activity 2024-10-01 Sage Accounts Production Advanced 2023 - FRS102_2023 3,712 2,235 1,237 3,472 240 1,477 xbrli:pure xbrli:shares iso4217:GBP 14345202 2024-10-01 2025-03-31 14345202 2025-03-31 14345202 2024-09-30 14345202 2023-10-01 2024-09-30 14345202 2024-09-30 14345202 2023-09-30 14345202 bus:LeadAgentIfApplicable 2024-10-01 2025-03-31 14345202 bus:Director1 2024-10-01 2025-03-31 14345202 core:WithinOneYear 2025-03-31 14345202 core:WithinOneYear 2024-09-30 14345202 core:ShareCapital 2025-03-31 14345202 core:ShareCapital 2024-09-30 14345202 core:RetainedEarningsAccumulatedLosses 2025-03-31 14345202 core:RetainedEarningsAccumulatedLosses 2024-09-30 14345202 bus:SmallEntities 2024-10-01 2025-03-31 14345202 bus:AuditExemptWithAccountantsReport 2024-10-01 2025-03-31 14345202 bus:SmallCompaniesRegimeForAccounts 2024-10-01 2025-03-31 14345202 bus:PrivateLimitedCompanyLtd 2024-10-01 2025-03-31 14345202 bus:FullAccounts 2024-10-01 2025-03-31 14345202 core:ComputerEquipment 2024-10-01 2025-03-31 14345202 core:ComputerEquipment 2025-03-31 14345202 core:ComputerEquipment 2024-09-30
COMPANY REGISTRATION NUMBER: 14345202
Virtus Management Limited
Filleted Unaudited Financial Statements
31 March 2025
Virtus Management Limited
Financial Statements
Period from 1 October 2024 to 31 March 2025
Contents
Page
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements
1
Statement of Financial Position
2
Notes to the Financial Statements
4
Virtus Management Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Virtus Management Limited
Period from 1 October 2024 to 31 March 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Virtus Management Limited for the period ended 31 March 2025, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Virtus Management Limited, as a body, in accordance with the terms of our engagement letter dated 11 October 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Virtus Management Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Virtus Management Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Virtus Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Virtus Management Limited. You consider that Virtus Management Limited is exempt from the statutory audit requirement for the period. We have not been instructed to carry out an audit or a review of the financial statements of Virtus Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
WYATT & CO Chartered accountants
125 Main Street Garforth Leeds LS25 1AF
13 May 2025
Virtus Management Limited
Statement of Financial Position
31 March 2025
31 Mar 25
30 Sep 24
Note
£
£
Fixed Assets
Tangible assets
5
240
1,477
Current Assets
Debtors
6
505
17,629
Cash at bank and in hand
24,803
87,280
---------
-----------
25,308
104,909
Creditors: amounts falling due within one year
7
1,828
68,597
---------
-----------
Net Current Assets
23,480
36,312
---------
---------
Total Assets Less Current Liabilities
23,720
37,789
---------
---------
Net Assets
23,720
37,789
---------
---------
Capital and Reserves
Called up share capital
66
66
Profit and loss account
23,654
37,723
---------
---------
Shareholders Funds
23,720
37,789
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 31 March 2025 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 financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Virtus Management Limited
Statement of Financial Position (continued)
31 March 2025
These financial statements were approved by the board of directors and authorised for issue on 13 May 2025 , and are signed on behalf of the board by:
Mr J Eason
Director
Company registration number: 14345202
Virtus Management Limited
Notes to the Financial Statements
Period from 1 October 2024 to 31 March 2025
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8 Fletchers Way, Allerton Bywater, Castleford, WF10 2FL.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee Numbers
The average number of persons employed by the company during the period amounted to 3 (2024: 3 ).
5. Tangible Assets
Equipment
£
Cost
At 1 October 2024 and 31 March 2025
3,712
--------
Depreciation
At 1 October 2024
2,235
Charge for the period
1,237
--------
At 31 March 2025
3,472
--------
Carrying amount
At 31 March 2025
240
--------
At 30 September 2024
1,477
--------
6. Debtors
31 Mar 25
30 Sep 24
£
£
Trade debtors
17,380
Other debtors
505
249
-----
---------
505
17,629
-----
---------
7. Creditors: amounts falling due within one year
31 Mar 25
30 Sep 24
£
£
Corporation tax
53,664
Social security and other taxes
11,443
Other creditors
1,828
3,490
--------
---------
1,828
68,597
--------
---------
8. Directors' Advances, Credits and Guarantees
During the year the directors provided a loan to the company with a combined year end balance of £244 (2024: £3,490). The loan is interest free and repayable upon demand.