Virtual Technology Cluster Group Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 09075478 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

VIRTUAL TECHNOLOGY CLUSTER GROUP LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Sir K A Olisa

Mrs A Stevens

Ms J M Munday

REGISTERED OFFICE:

10 London Mews

London

LONDON

W2 1HY

REGISTERED NUMBER:

09075478 (England and Wales)

ACCOUNTANTS:

Stein Richards

Chartered Accountants

10 London Mews

Paddington

LONDON

W2 1HY

CURRENT ASSETS

Debtors

5

60,697

66,931

Cash at bank

3,211

1,331

63,908

68,262

CREDITORS

Amounts falling due within one year

6

365,566

369,272

NET CURRENT LIABILITIES

(301,658

)

(301,010

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(301,658

)

(301,010

)

CAPITAL AND RESERVES

Called up share capital

301

Share premium

912,754

Retained earnings

(1,214,713

)

(1,214,065

)

SHAREHOLDERS' FUNDS

(301,658

)

(301,010

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

Sir K A Olisa - Director

1.	STATUTORY INFORMATION

Virtual Technology Cluster Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

At the balance sheet date the company has a net deficit. The directors consider the going concern basis for preparing the financial statements to be appropriate based on the continued support of its creditors.

Turnover

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% straight line

Computer equipment

-

25% straight line

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

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.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors, trade creditors and other debtors.

The basic financial instruments are initially recognised at transaction price and subsequently carried at amortised cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

COST

At 1 January 2024

and 31 December 2024

7,307

3,353

10,660

DEPRECIATION

At 1 January 2024

and 31 December 2024

7,307

3,353

10,660

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Other debtors

60,697

66,931

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade creditors

12,000

12,001

Other creditors

353,566

357,271

365,566

369,272

7.	RELATED PARTY DISCLOSURES

Directors

As at 31 December 2024 £57,500 (2023: £57,500) was owed to the Directors. No interest is charged on these loans and the loans are repayable on demand.

Owners holding a participating interest

During the year an entity which holds a participating interest in the company, recharged the company expenses totalling £4,443 (2023 £34,610) and a credit was made against recharge expenses of £6,148. As at 31 December 2024 the company owed the entity £161,965 (2023 £163,670).This balance is repayable on demand.

As at 31 December 2024 the company was owed £60,000 (2023 £60,000) from another entity with a participating interest in the company. This balance is repayable on demand and no interest is being charged on this loan.