Registration number: 05719533

Virtual (Torquay) Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 9

Virtual (Torquay) Limited

Company Information

Directors

Mr Matthew Forward Mr Graham Forward

Registered office

Timberlands Teignmouth Road Maidencombe Devon TQ1 4SB

Accountants

Neil Wilson & Co Chartered Accountants Bank Chambers 260-262 Union Street Torquay Devon TQ2 5QU

Virtual (Torquay) Limited

(Registration number: 05719533)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	8,250	9,000
Tangible assets	5	28,506	32,654
		36,756	41,654
Current assets
Debtors	6	-	62,500
Creditors: Amounts falling due within one year	7	(313,786)	(140,458)
Net current liabilities		(313,786)	(77,958)
Net liabilities		(277,030)	(36,304)
Capital and reserves
Called up share capital	8	5	5
Retained earnings		(277,035)	(36,309)
Shareholders' deficit		(277,030)	(36,304)

For the financial year ending 31 December 2024 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 September 2025 and signed on its behalf by:
 

......................................... Mr Graham Forward Director

Virtual (Torquay) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Timberlands
Teignmouth Road
Maidencombe
Devon
TQ1 4SB

These financial statements were authorised for issue by the Board on 10 September 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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:

Virtual (Torquay) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Asset class	Depreciation method and rate
Buildings	10% reducing balance
Plant and machinery	15% reducing balance
Office equipment	25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	5% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors 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 debtors 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 creditors

Trade creditors 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 creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Virtual (Torquay) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 1).

Virtual (Torquay) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 January 2024	30,000	30,000
At 31 December 2024	30,000	30,000
Amortisation
At 1 January 2024	21,000	21,000
Amortisation charge	750	750
At 31 December 2024	21,750	21,750
Carrying amount
At 31 December 2024	8,250	8,250
At 31 December 2023	9,000	9,000

5	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Other tangible assets £	Total £
Cost or valuation
At 1 January 2024	83,650	923	261,489	346,062
At 31 December 2024	83,650	923	261,489	346,062
Depreciation
At 1 January 2024	68,595	906	243,907	313,408
Charge for the year	1,506	5	2,637	4,148
At 31 December 2024	70,101	911	246,544	317,556
Carrying amount
At 31 December 2024	13,549	12	14,945	28,506
At 31 December 2023	15,055	17	17,582	32,654

Included within the net book value of land and buildings above is £13,549 (2023 - £15,055) in respect of freehold land and buildings.
 

Virtual (Torquay) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Debtors

Current	2024 £	2023 £
Trade debtors	(1,300)	(1,300)
Prepayments	-	62,500
Other debtors	1,300	1,300
	-	62,500

Virtual (Torquay) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	9	312,498	124,920
Taxation and social security		125	125
Accruals and deferred income		1,163	15,413
		313,786	140,458

8	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary of £1 each	5	5	5	5

9	Loans and borrowings

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	-	62,500
Other borrowings	312,498	62,420
	312,498	124,920

10	Related party transactions

Transactions with directors

2024	At 1 January 2024 £	Other payments made to company by director £	At 31 December 2024 £
Mr Graham Forward
Loan from director	(62,420)	(250,078)	(312,498)

Virtual (Torquay) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

2023	At 1 January 2023 £	Advances to director £	At 31 December 2023 £
Mr Graham Forward
Loan from director	(64,204)	1,784	(62,420)