General Information
THE VIRTUAL TRAINING TEAM LIMITED is a private company, limited by shares, registered in England and Wales, registration number 10565643, registration address CHURCH LANE FARMHOUSE CHURCH LANE, BRANDON GRANTHAM, NG32 2AP.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for gservices rendered, net of discounts and Value Added Tax.
Revenue from the sale 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.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Plant and Machinery |
20% Straight Line
|
| Fixtures and Fittings |
20% Straight Line
|
|
| 2. |
Average number of employees
Average number of employees during the year was 10 (2024 : 14).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Plant and Machinery |
|
Fixtures and Fittings |
|
Total |
| |
£ |
|
£ |
|
£ |
| At 01 June 2024 |
9,524 |
|
28,438 |
|
37,962 |
| Additions |
- |
|
499 |
|
499 |
| Disposals |
- |
|
- |
|
- |
| At 31 May 2025 |
9,524 |
|
28,937 |
|
38,461 |
| Depreciation |
| At 01 June 2024 |
7,502 |
|
14,859 |
|
22,361 |
| Charge for year |
1,904 |
|
5,382 |
|
7,286 |
| On disposals |
- |
|
- |
|
- |
| At 31 May 2025 |
9,406 |
|
20,241 |
|
29,647 |
| Net book values |
| Closing balance as at 31 May 2025 |
118 |
|
8,696 |
|
8,814 |
| Opening balance as at 01 June 2024 |
2,022 |
|
13,579 |
|
15,601 |
|
| 4. |
Debtors: amounts falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Debtors |
49,549 |
|
35,386 |
|
49,549 |
|
35,386 |
|
| 5. |
Creditors: amount falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Creditors |
10,320 |
|
10,428 |
| Corporation Tax |
54,460 |
|
33,440 |
| PAYE & Social Security |
4,790 |
|
8,301 |
| Accrued Expenses |
1,735 |
|
1,700 |
| Directors' Current Accounts |
76 |
|
572 |
| VAT control account |
48,616 |
|
27,309 |
|
119,997 |
|
81,750 |
|
| 6. |
Share Capital
Allotted, called up and fully paid
|
2025
£ |
|
2024
£ |
|
100
Class A shares of £1.00 each |
100 |
|
100 |
|
100 |
|
100 |
|
3
|