Version Two Limited
Contents
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Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Registration number:
Version Two Limited
for the Year Ended 30 April 2025
Version Two Limited
Contents
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Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Version Two Limited
Company Information
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Directors |
G Clement P B Schnell T D Howie |
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Company secretary |
G Clement |
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Registered office |
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Accountants |
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Version Two Limited
(Registration number: 08988691)
Statement of Financial Position as at 30 April 2025
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Note |
2025 |
2024 |
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Non-current assets |
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Intangible assets |
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Property, plant and equipment |
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Current assets |
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Receivables |
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Cash at bank and in hand |
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Payables: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Payables: Amounts falling due after more than one year |
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Net liabilities |
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Equity |
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Called up share capital |
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Retained earnings |
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Shareholders' deficit |
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For the financial year ending 30 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Version Two Limited
(Registration number: 08988691)
Statement of Financial Position as at 30 April 2025 (continued)
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements of Version Two Limited were approved and authorised for issue by the
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Company secretary and director
Version Two Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2025
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General information |
Version Two Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.
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Accounting policies |
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.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following estimates have had the most significant effect on amounts recognised in the financial statements.
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(i) |
Intangible assets |
The company makes provision for amortisation of intangible assets; this provision requires estimates of the useful economic lives and residual values for the underlying assets. These estimates are based
on a variety of factors which may be uncertain. The carrying amount at the year end is £141,945 (2024 - £283,891).
Version Two Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2025 (continued)
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2 |
Accounting policies (continued) |
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Revenue is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when 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.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Property, plant and equipment
Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Computer equipment |
33% on cost |
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Furniture and fittings |
25% on cost |
Version Two Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2025 (continued)
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2 |
Accounting policies (continued) |
Intangible assets
Intangible assets are initially measured at cost. After recognition, intangible assets are measured at cost less any accumulated amortisation and accumulated impairment losses.
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Asset class |
Amortisation method and rate |
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Other intangible assets |
33% reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise bank current account and bank deposit account balances and are subject to an insignificant risk of change in value.
Receivables
Trade and other receivables that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.
Payables
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payables 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 and other payables that are payable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be paid. Those that are payable after more than one year or that constitute a financing transaction are recorded initially at transaction price and subsequently at amortised cost using the effective interest method.
Borrowings
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 income statement 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.
Version Two Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2025 (continued)
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2 |
Accounting policies (continued) |
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expenses when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Version Two Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2025 (continued)
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Taxation |
Tax charged/(credited) in the income statement
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2025 |
2024 |
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Current taxation |
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UK corporation tax adjustment to prior periods |
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( |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
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Tax receipt in the income statement |
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( |
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
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2025 |
2024 |
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Loss before tax |
( |
( |
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Corporation tax at standard rate |
( |
( |
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Tax increase (decrease) from effect of expenses not deductible in determining taxable profit or loss |
3,669 |
695 |
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Effect of tax losses |
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Deferred tax expense relating to changes in tax rates or laws |
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Tax decrease from effect of adjustment in research and development tax credit |
- |
( |
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Total tax credit |
- |
( |
Version Two Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2025 (continued)
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Intangible assets |
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Other intangible assets |
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Cost |
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At 1 May 2024 |
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At 30 April 2025 |
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Amortisation |
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At 1 May 2024 |
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Charge for the year |
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At 30 April 2025 |
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Carrying amount |
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At 30 April 2025 |
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At 30 April 2024 |
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Property, plant and equipment |
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Computer and other equipment |
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Cost |
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At 1 May 2024 |
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Additions |
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At 30 April 2025 |
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Depreciation |
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At 1 May 2024 |
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Charge for the year |
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At 30 April 2025 |
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Carrying amount |
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At 30 April 2025 |
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At 30 April 2024 |
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Version Two Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2025 (continued)
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Receivables |
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2025 |
2024 |
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Trade receivables |
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Other receivables |
- |
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Prepayments |
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Cash and cash equivalents |
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2025 |
2024 |
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Cash at bank |
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Payables |
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2025 |
2024 |
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Due within one year |
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Bank loans |
10,000 |
22,404 |
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Other loans |
84,620 |
142,025 |
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Trade payables |
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Social security and other taxes |
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Other payables |
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- |
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Accruals and deferred income |
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Due after one year |
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Bank loans |
833 |
11,667 |
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Other loans |
92,525 |
56,299 |
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Directors' current accounts |
27,884 |
3,570 |
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Other payables |
6,538 |
6,538 |
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Deferred income |
3,434 |
- |
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Version Two Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2025 (continued)
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Share capital |
Allotted, called up and fully paid shares
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2025 |
2024 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
The company has one class of share capital which carries no right to fixed income.
Reserves
The retained earnings reserve represents cumulative profits or losses net of dividends paid and other adjustments.
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Pension scheme |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company, in an independently-administered fund. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
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Related party transactions |
At 30 April 2025 G Clement, a director and shareholder, owed the company £nil (2024: £nil).
At 30 April 2025 the company owed P Schnell, a director and shareholder, £27,884 (2024: £3,570)
At 30 April 2025 the company owed £nil (2024: £nil) to T Howie, a director and shareholder.