Versilia Group Holdings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09844164 (England and Wales)

VERSILIA GROUP HOLDINGS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

5

DIRECTORS:

S J Guy

N A Jouques

S J Steel

C J M Ulbrich

A Davis

J Syrotiuk

SECRETARY:

S J Steel

REGISTERED OFFICE:

1 Rushmills

Bedford Road

Northampton

Northamptonshire

NN4 7YB

REGISTERED NUMBER:

09844164 (England and Wales)

AUDITORS:

Fortus Audit LLP

1 Rushmills

Northampton

Northamptonshire

NN4 7YB

FIXED ASSETS

Investments

4

125

125

CURRENT ASSETS

Debtors

5

52,696

90,288

Cash at bank

131,687

304,574

184,383

394,862

CREDITORS

Amounts falling due within one year

6

161,148

302,349

NET CURRENT ASSETS

23,235

92,513

TOTAL ASSETS LESS CURRENT LIABILITIES

23,360

92,638

CAPITAL AND RESERVES

Called up share capital

7

264

264

Retained earnings

23,096

92,374

SHAREHOLDERS' FUNDS

23,360

92,638

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 5 November 2020 and were signed on its behalf by:

S J Steel - Director

1.	STATUTORY INFORMATION

Versilia Group Holdings 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.

There were no departures from that standard.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments

Investments in subsidiaries are held at cost less impairment.

Going concern

The directors have considered the impact of COVID-19 in relation to their assessment of going concern and in their opinion have taken all reasonable steps to mitigate these factors. As at the point of authorising the accounts, and for the foreseeable future, the directors consider the going concern assumption to still be appropriate. The directors acknowledge that given the currently rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2019 - 4 ) .

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2019

and 31 March 2020

125

NET BOOK VALUE

At 31 March 2020

125

At 31 March 2019

125

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Amounts owed by group undertakings

40,121

-

Tax

12,575

-

Prepayments and accrued income

-

90,288

52,696

90,288

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

21,013

-

Tax

-

14,496

VAT

17,783

54,622

Other creditors

9,000

-

Directors' current accounts

18,755

24,231

Accrued expenses

94,597

209,000

161,148

302,349

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

1

Ordinary A

£1

1

1

1

Ordinary B

£1

1

1

1

Ordinary C

£1

1

1

1

Ordinary D

£1

1

1

13,000

Ordinary shares

1p

130

130

13,000

Preferred Ordinary

1p

130

130

264

264

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Benjamin Young FCA (Senior Statutory Auditor)

for and on behalf of Fortus Audit LLP

9.	RELATED PARTY DISCLOSURES

The company has taken advantage of 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.

Management charges and other consultancy fees of £673,900 (2019: £628,612) were receivable from Versilia Solutions Limited during the period, of which £nil (2019: £90,288) was outstanding at the year end.

10.	ULTIMATE CONTROLLING PARTY

The directors are the ultimate controlling party by virtue of their shareholdings.