Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302024-09-30true2023-10-01falseOther information technology service activities4638falsefalse 05044896 2023-10-01 2024-09-30 05044896 2022-10-01 2023-09-30 05044896 2024-09-30 05044896 2023-09-30 05044896 2022-10-01 05044896 c:Director3 2023-10-01 2024-09-30 05044896 d:MotorVehicles 2023-10-01 2024-09-30 05044896 d:MotorVehicles 2024-09-30 05044896 d:MotorVehicles 2023-09-30 05044896 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 05044896 d:FurnitureFittings 2023-10-01 2024-09-30 05044896 d:FurnitureFittings 2024-09-30 05044896 d:FurnitureFittings 2023-09-30 05044896 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 05044896 d:ComputerEquipment 2023-10-01 2024-09-30 05044896 d:ComputerEquipment 2024-09-30 05044896 d:ComputerEquipment 2023-09-30 05044896 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 05044896 d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 05044896 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-10-01 2024-09-30 05044896 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-09-30 05044896 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-09-30 05044896 d:CurrentFinancialInstruments 2024-09-30 05044896 d:CurrentFinancialInstruments 2023-09-30 05044896 d:Non-currentFinancialInstruments 2024-09-30 05044896 d:Non-currentFinancialInstruments 2023-09-30 05044896 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 05044896 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 05044896 d:Non-currentFinancialInstruments d:AfterOneYear 2024-09-30 05044896 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 05044896 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-09-30 05044896 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-09-30 05044896 d:ShareCapital 2024-09-30 05044896 d:ShareCapital 2023-09-30 05044896 d:SharePremium 2023-10-01 2024-09-30 05044896 d:SharePremium 2024-09-30 05044896 d:SharePremium 2023-09-30 05044896 d:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 05044896 d:RetainedEarningsAccumulatedLosses 2024-09-30 05044896 d:RetainedEarningsAccumulatedLosses 2023-09-30 05044896 d:AcceleratedTaxDepreciationDeferredTax 2024-09-30 05044896 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 05044896 d:TaxLossesCarry-forwardsDeferredTax 2024-09-30 05044896 d:TaxLossesCarry-forwardsDeferredTax 2023-09-30 05044896 c:OrdinaryShareClass1 2023-10-01 2024-09-30 05044896 c:OrdinaryShareClass1 2024-09-30 05044896 c:OrdinaryShareClass1 2023-09-30 05044896 c:FRS102 2023-10-01 2024-09-30 05044896 c:Audited 2023-10-01 2024-09-30 05044896 c:FullAccounts 2023-10-01 2024-09-30 05044896 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 05044896 d:WithinOneYear 2024-09-30 05044896 d:WithinOneYear 2023-09-30 05044896 d:BetweenOneFiveYears 2024-09-30 05044896 d:BetweenOneFiveYears 2023-09-30 05044896 d:MoreThanFiveYears 2024-09-30 05044896 d:MoreThanFiveYears 2023-09-30 05044896 c:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 05044896 2 2023-10-01 2024-09-30 05044896 e:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 05044896









VERY PC LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
VERY PC LIMITED
REGISTERED NUMBER: 05044896

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Notes
£
£

FIXED ASSETS
  

Intangible assets
 5 
-
-

Tangible assets
 6 
84,561
60,920

  
84,561
60,920

CURRENT ASSETS
  

Stocks
 7 
1,619,838
1,674,649

Debtors: amounts falling due within one year
 8 
2,087,227
1,984,186

Cash at bank and in hand
  
370,748
646,288

  
4,077,813
4,305,123

Creditors: amounts falling due within one year
 9 
(3,171,692)
(2,889,050)

NET CURRENT ASSETS
  
 
 
906,121
 
 
1,416,073

TOTAL ASSETS LESS CURRENT LIABILITIES
  
990,682
1,476,993

Creditors: amounts falling due after more than one year
 10 
(24,242)
(120,240)

PROVISION FOR LIABILITIES
  

Deferred tax
 12 
-
(14,200)

NET ASSETS
  
966,440
1,342,553


CAPITAL AND RESERVES
  

Called up share capital 
 13 
14,135
14,135

Share premium account
 14 
428,195
428,195

Profit and loss account
 14 
524,110
900,223

SHAREHOLDERS' FUNDS
  
966,440
1,342,553


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
VERY PC LIMITED
REGISTERED NUMBER: 05044896
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The financial statements were approved and authorised for issue by the Board of Directors and were signed on its behalf by: 




A J Hopton
Director

Date: 24 June 2025

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
VERY PC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


GENERAL INFORMATION

Very PC Limited (the "Company") is a private company limited by shares and incorporated in England and Wales. Its registered office is Unit 5 Parkwood Business Park, 75 Parkwood Road, Sheffield, South Yorkshire S3 8AL.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The Directors have adopted the going concern basis in preparing the financial statements. In assessing whether the going concern assumption is appropriate, the Directors have taken into account all relevant information about the current status of the business operations and its liquidity.
Based on their review the Directors have a reasonable expectation that the Company will continue to have sufficient funds to meet its liabilities as they fall due for at least 12 months from the date of approval of these financial statements. This expectation is arrived at following consideration of the future development, performance, cash flows and financial position along with the current and forecast liquidity. The Directors monitor the cash position of the Company regularly, taking account of the current trading, they consider that the assumptions made are appropriate and are satisfied that the Company is a going concern.

Page 3

 
VERY PC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.3

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in Other Comprehensive Income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within either 'Interest Receivable' or 'Interest Payable'. All other foreign exchange gains and losses are presented in profit or loss within 'Administrative Expenses'.

 
2.4

TURNOVER

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
VERY PC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

DEFINED CONTRIBUTION PENSION SCHEME

The Company operates a defined contribution pension scheme for its employees. A defined contribution pension scheme is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in Other Creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as Other Comprehensive Income or to an item recognised directly in equity is also recognised in Other Comprehensive Income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 5

 
VERY PC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.10

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
2
years

 
2.11

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
10%
reducing balance
Computer equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 6

 
VERY PC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.13

DEBTORS

Short-term debtors are measured at transaction price, less any impairment.

 
2.14

CREDITORS

Short-term creditors are measured at the transaction price.

 
2.15

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Page 7

 
VERY PC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may be different from these estimates.
Information about assumptions and estimation uncertainties that have significant risk of resulting in material adjustment within the next financial year are included below. Critical judgements that management has made in the process of applying accounting policies disclosed herein and that have a significant effect on the amounts recognised in the financial statements relate to the following:
Useful economic lives of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually based on industry knowledge and historical useful economic lives of previously owned tangible fixed assets. In making this assessment, management has taken into consideration industry conditions, the expected use period and the resale market for second hand assets.
Valuation of stocks
Stocks are held at the lower of cost and net realisable value. The Directors review the net realisable value of finished goods at each reporting date, and make provisions where they consider this to be lower than cost or where there is slow moving or obsolete stock.
Recoverability of trade debtors
A provision for bad and doubtful debts is made where it is identified that a trade debtor may not be recoverable in full by the Company. The bad and doubtful debt provision is made on a specific basis against customer balances where they are not considered recoverable based upon payment history and aging profile.
Recognition of deferred tax assets
At 30 September 2024, the Company had tax losses and other short term timing differences amounting to approximately £0.2m which are available for offset against future taxable profits. A deferred tax asset of £0.06m has not been recognised as the Directors consider that it is uncertain that these tax losses would be utilised in the foreseeable future.


4.


EMPLOYEES

The average monthly number of employees, including the Directors, during the year was 46 (2023 - 38).

Page 8

 
VERY PC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


INTANGIBLE ASSETS




Development expenditure

£





At 1 October 2023
131,704


Disposals
(131,704)



At 30 September 2024

-





At 1 October 2023
131,704


On disposals
(131,704)



At 30 September 2024

-



NET BOOK VALUE



At 30 September 2024
-



At 30 September 2023
-



Page 9

 
VERY PC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


TANGIBLE FIXED ASSETS





Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£



COST


At 1 October 2023
19,447
29,588
50,197
99,232


Additions
-
18,067
20,606
38,673


Disposals
-
(355)
-
(355)



At 30 September 2024

19,447
47,300
70,803
137,550



DEPRECIATION


At 1 October 2023
17,053
6,764
14,495
38,312


Charge for the year
598
3,122
10,957
14,677



At 30 September 2024

17,651
9,886
25,452
52,989



NET BOOK VALUE



At 30 September 2024
1,796
37,414
45,351
84,561



At 30 September 2023
2,394
22,824
35,702
60,920


7.


STOCKS

2024
2023
£
£

Work in progress
74,355
5,049

Components and finished goods
1,545,483
1,669,600

1,619,838
1,674,649


Page 10

 
VERY PC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


DEBTORS

2024
2023
£
£


Trade debtors
1,829,469
1,781,054

Amounts owed by immediate parent undertaking
117,974
121,841

Corporation Tax receivable
19,889
-

Other debtors
2,557
-

Prepayments and accrued income
117,338
81,291

2,087,227
1,984,186


Amounts owed by the immediate parent undertaking are unsecured, interest free and repayable on demand.


9.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Bank loans (see note 11)
95,998
102,346

Trade creditors
2,048,334
2,071,868

Corporation tax payable
-
19,975

Other taxation and social security
709,160
502,912

Other creditors
208,017
82,643

Accruals and deferred income
110,183
109,306

3,171,692
2,889,050


Other creditors include contributions of £14,280 (2023 - £5,405) payable to the Company's defined contribution pension scheme at the balance sheet date.
Other creditors includes an invoice discounting facility amouting to £154,822 (2023 - £71,896) which is secured by a charge  over  the  Company's  trade debtors,  as  disclosed  in  note  8.


10.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Bank loans (see note 11)
24,242
120,240


Page 11

 
VERY PC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11.


LOANS


Analysis of the maturity of loans is given below:


2024
2023
£
£

Bank loans falling due within one year
95,998
102,346

Bank loans falling due after more than one year
24,242
120,240

120,240
222,586


Bank loans include two Coronavirus Business Interruption Loan Scheme (CBILS), which were originally drawn down in July 2020 and incurred no fees or interest payable in the first 12 months. After this 12 month period, interest is charged at 8.90% per annum on one loan and interest is charged at 1.78% per annum over the Bank of England base rate on the other loan.
The loans are secured by an unlimited debenture over the assets of the Company.


12.


DEFERRED TAXATION




2024
2023


£

£






At beginning of year
14,200
6,781


(Credit)/charge to profit or loss
(14,200)
7,419



AT END OF YEAR
-
14,200

The deferred tax liability comprises:

2024
2023
£
£


Accelerated capital allowances
-
14,910

Other short term timing differences
-
(710)

-
14,200

At 30 September 2024, the Company had tax losses and other short term timing differences amounting to approximately £0.2m which are available for offset against future taxable profits. A deferred tax asset of £0.06m has not been recognised as the Directors consider that it is uncertain that these tax losses would be utilised in the foreseeable future.

Page 12

 
VERY PC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



14,135 (2023 - 14,135) Ordinary shares of £1 each
14,135
14,135



14.


RESERVES

Share Premium Account

The Share Premium Account includes any premiums received on the issue of share capital. Any transaction costs associated with the issuing of shares are deducted from the share premium.

Profit and Loss Account

The Profit and Loss Account reserve represents the accumulated profits and losses, less dividends paid.


15.


COMMITMENTS UNDER OPERATING LEASES

At 30 September 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Within 1 year
153,035
18,116

Between 2 to 5 years
556,061
6,815

Later than 5 years
823,333
-

1,532,429
24,931


16.


CONTROLLING PARTY

The immediate and ultimate parent undertaking is Very Innovative Group Limited, a company incorporated in England and Wales.
 
The ultimate controlling party is A J Hopton by virtue of his majority shareholding in Very Innovative Group Limited.


17.


AUDITOR'S INFORMATION

The auditor's report on the financial statements for the year ended 30 September 2024 was unqualified.

The audit report was signed on 24 June 2025 by Adam Smith (Senior Statutory Auditor) on behalf of Peters Elworthy & Moore.

 
Page 13