ACCOUNTS - Final Accounts preparation

VIRTU SCOUT LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2022-03-312022-03-315falsetruetrue2020-10-16No description of principal activityThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12957486 2020-10-15 12957486 2020-10-16 2022-03-31 12957486 1 2020-10-16 2022-03-31 12957486 2019-10-16 2020-10-15 12957486 2022-03-31 12957486 d:Director5 2020-10-16 2022-03-31 12957486 c:ComputerSoftware 2022-03-31 12957486 c:CurrentFinancialInstruments 2022-03-31 12957486 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 12957486 c:ShareCapital 2020-10-16 2022-03-31 12957486 c:ShareCapital 2022-03-31 12957486 c:RetainedEarningsAccumulatedLosses 2020-10-16 2022-03-31 12957486 c:RetainedEarningsAccumulatedLosses 2022-03-31 12957486 d:FRS102 2020-10-16 2022-03-31 12957486 d:AuditExempt-NoAccountantsReport 2020-10-16 2022-03-31 12957486 d:FullAccounts 2020-10-16 2022-03-31 12957486 d:PrivateLimitedCompanyLtd 2020-10-16 2022-03-31 12957486 c:ComputerSoftware c:ExternallyAcquiredIntangibleAssets 2020-10-16 2022-03-31 12957486 c:ComputerSoftware c:OwnedIntangibleAssets 2020-10-16 2022-03-31 iso4217:GBP xbrli:pure

Registered number: 12957486

VIRTU SCOUT LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2022

VIRTU SCOUT LIMITED

REGISTERED NUMBER: 12957486

BALANCE SHEET

AS AT 31 MARCH 2022

		2022
Note		£

Fixed assets
Intangible assets			19,444
Tangible assets			-

Creditors: amounts falling due within one year	5	(24,997)
Net current (liabilities)/assets			(24,997)
Total assets less current liabilities			(5,553)

Deferred tax			-
Net (liabilities)/assets			(5,553)

Capital and reserves
Called up share capital			1,000
Profit and loss account			(6,553)
			(5,553)

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 October 2022.

WJ Glover

Director

The notes on pages 3 to 5 form part of these financial statements.

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VIRTU SCOUT LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 MARCH 2022

	Called up share capital	Profit and loss account	Total equity
	£	£	£
Comprehensive income for the period
Loss for the period	-	(6,553)	(6,553)
Shares issued during the period	1,000	-	1,000
At 31 March 2022	1,000	(6,553)	(5,553)

The notes on pages 3 to 5 form part of these financial statements.

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VIRTU SCOUT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2022

1.	General information

Virtu Scout limited is a private company limited by shares, incorporated in England and Wales (registered number: 12957486). Its registered office is Unit B4 West 12 Studios, 2a Askew Cres, London, W12 9DP. The Company was incorporated on 16th October 2020 and commenced trading on 15th February 2021. The principal activity of the Company throughout the period was that of the provision of software.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The Company's functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

2.2

Going concern

As at 31 March 2022, the Company had an excess of liabilities over its assets amounting to £5,553. The ability of the Company to meet its liabilities as they fall due is reliant upon the future ability of the business to generate profit and cashflows from its trading activities.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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VIRTU SCOUT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2022

2.Accounting policies (continued)

2.4

Current and deferred taxation

Tax is recognised in the Statement of Income and Retained Earnings.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not yet reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties, and loans to and from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Employees

The average monthly number of employees, including directors, during the period was 5.

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VIRTU SCOUT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2022

4.	Intangible assets

		Computer software
		£
	Cost
	Additions	25,000
	At 31 March 2022	25,000
	Amortisation
	Charge for the period on owned assets	5,556
	At 31 March 2022	5,556
	Net book value
	At 31 March 2022	19,444

5.	Creditors: Amounts falling due within one year
		2022
		£

	Bank overdrafts	29
	Amounts owed to group undertakings	24,968
		24,997

6.	Controlling party

The ultimate holding company of Virtu Scout Limited is Paramex Ventures Limited whose registered office is Unit B4 West 12 Studios, 2a Askew Crescent, London, W12 9DP.

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