Company registration number 01021543 (England and Wales)
VIRSONS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
PAGES FOR FILING WITH REGISTRAR
VIRSONS LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
VIRSONS LTD
BALANCE SHEET
AS AT 30 APRIL 2025
30 April 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investment property
4
5,200,000
5,200,000
Investments
5
1,241
1,241
5,201,241
5,201,241
Current assets
Debtors
6
699
162,614
Investments
7
2,860,449
2,850,011
Cash at bank and in hand
690,218
707,484
3,551,366
3,720,109
Creditors: amounts falling due within one year
8
(159,228)
(345,893)
Net current assets
3,392,138
3,374,216
Total assets less current liabilities
8,593,379
8,575,457
Provisions for liabilities
(727,460)
(727,460)
Net assets
7,865,919
7,847,997
Capital and reserves
Called up share capital
80,000
80,000
Fair value reserve
9
3,161,525
3,161,525
Profit and loss reserves
4,624,394
4,606,472
Total equity
7,865,919
7,847,997
VIRSONS LTD
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2025
30 April 2025
- 2 -

For the financial year ended 30 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 22 January 2026 and are signed on its behalf by:
R J Virani
Director
Company registration number 01021543 (England and Wales)
VIRSONS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2025
- 3 -
Share capital
Fair value reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2023
80,000
3,161,525
4,590,791
7,832,316
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
295,681
295,681
Dividends
-
-
(280,000)
(280,000)
Balance at 30 April 2024
80,000
3,161,525
4,606,472
7,847,997
Year ended 30 April 2025:
Profit and total comprehensive income
-
-
117,922
117,922
Dividends
-
-
(100,000)
(100,000)
Balance at 30 April 2025
80,000
3,161,525
4,624,394
7,865,919
VIRSONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
- 4 -
1
Accounting policies
Company information

Virsons Ltd is a private company limited by shares incorporated in England and Wales. The registered is 2nd Floor, Regis House, 45 King William Street, London, EC4R 9AN and its principal place of business is 23 Cosgrove Way, Luton, Bedfordshire, LU1 1XL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have considered trading up to the date of signing these financial statements and to date revenues have proved resilient. true

The directors have also considered the certainty of future cash flows in light of rising inflation for 2025/2026.

A t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Investment properties

Investment property is carried at fair value and any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

1.4
Fixed asset investments

Fixed asset investments, except for investments in unincorporated joint ventures, are stated at cost, unless in the opinion of the directors, there has been a permanent diminution in value, in which case an appropriate adjustment is made.

Unincorporated joint ventures are stated at market value and other current asset investments are stated at the lower of cost and net realisable value.

Listed current investments are stated at market value and other current asset investments are stated at the lower of cost and net realisable value.

VIRSONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 5 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

VIRSONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Employee benefits

The company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans.

(i) Short term benefits

Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received

(ii) Annual bonus plan

The company operates an annual bonus plan for employees. An expense is recognised in the profit and loss when the company has a legal or constructive obligation to make payments under the bonus plan as a result of past events and a reliable estimate of the obligation can be made

1.8
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.10

Current asset investments

Fixed asset investments, except for investments in unincorporated joint ventures, are stated at cost, unless in the opinion of the directors, there has been a permanent diminution in value, in which case an appropriate adjustment is made.

Unincorporated joint ventures are stated at market value and other current asset investments are stated at the lower of cost and net realisable value.

Listed current investments are stated at market value and other current asset investments are stated at the lower of cost and net realisable value.

VIRSONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 7 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of investment property

The company uses valuations performed by the directors for the basis of the fair value of its investment properties. The investment property valuation as at 30 April 2025, reflect matters such as tenure and tenancy details, prevailing market yields and comparable market transactions.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
7
8
4
Investment property
2025
£
Fair value
At 1 May 2024 and 30 April 2025
5,200,000

Investment properties are valued at the year end by the board of directors at open market value, taking account of rental yield. Any surplus/deficit is recognised in the profit and loss account.

Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have been approximately £1,347,761 (2024 - £1,347,761).

5
Fixed asset investments
2025
2024
£
£
Other investments other than loans
1,241
1,241
VIRSONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 8 -
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Corporation tax recoverable
-
0
156,265
Other debtors
699
6,349
699
162,614
7
Current asset investments
2025
2024
£
£
Other investments
2,860,449
2,850,011

The historical cost value of the current asset investments is £2,551,016 (2024: £2,651,828)

8
Creditors: amounts falling due within one year
2025
2024
£
£
Amounts owed to group undertakings
128,575
308,575
Corporation tax
3,159
1,458
Other creditors
27,494
35,860
159,228
345,893
9
Fair value reserve
2025
2024
£
£
At the beginning and end of the year
3,161,525
3,161,525
10
Financial commitments, guarantees and contingent liabilities

The company operates under a cross guarantee and debenture dated 22 September 2020 given by Virsons Ltd, Rapport Holdings Limited and Rapport Home Furnishings Limited.

11
Related party transactions

The company has taken the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12
Parent company
VIRSONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
12
Parent company
(Continued)
- 9 -

The ultimate controlling company is Rapport Holdings Limited, a company incorporated in the United Kingdom and its registered office is 2nd Floor, Regis House, 45 King William Street, London, EC4R 9AN.

The ultimate controlling company is under the control of its directors, by virtue of their beneficial interest in the issued share capital of the company.

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