Virtus Consult Midlands Ltd
Virtus Consult Midlands Ltd
Registered number: 06006274
Financial Statements
For The Year Ended
30 June 2021
Virtus Consult Midlands Ltd
Financial Statements
For The Year Ended
30 June 2021
Financial Statements
| Contents | |
| Page | |
|---|---|
| Statement of Financial Position | 1—2 |
| Notes to the Financial Statements | 3—5 |
Virtus Consult Midlands Ltd
Statement of Financial Position
As at
30 June 2021
Statement of Financial Position
Registered number:
06006274
For the year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2021 | 2020 as restated |
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 6 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 7 |
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| Capital redemption reserve |
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| Income Statement |
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| SHAREHOLDERS' FUNDS | 22,656 | 19,771 | |||
Page 1
Virtus Consult Midlands Ltd
Statement of Financial Position (continued)
As at
30 June 2021
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
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Director
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
Virtus Consult Midlands Ltd
Notes to the Financial Statements
For The Year Ended
30 June 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Fixtures & Fittings |
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| Computer Equipment |
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1.4.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
1.5.
Government Grant
Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income statement over the useful life of the asset concerned.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 18 (2020: 18)
Page 3
Virtus Consult Midlands Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2021
3.
Tangible Assets
| Fixtures & Fittings | Computer Equipment | Total | |
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| £ | £ | £ | |
| Cost | |||
| As at
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| Additions |
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| Depreciation | |||
| As at
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| Provided during the period |
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| Net Book Value | |||
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4.
Debtors
| 2021 | 2020 as restated |
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Amounts owed by participating interests | 24,081 | 24,098 | |
| Other debtors | 43,358 | 40,726 | |
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5.
Creditors: Amounts Falling Due Within One Year
| 2021 | 2020 as restated |
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| £ | £ | ||
| Trade creditors |
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| Other creditors | 177,827 | 28,216 | |
| Taxation and social security | 208,606 | 276,211 | |
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6.
Creditors: Amounts Falling Due After More Than One Year
| 2021 | 2020 as restated |
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| £ | £ | ||
| Bank loans |
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Page 4
Virtus Consult Midlands Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2021
8.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at
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Amounts advanced | Amounts repaid | Amounts written off | As at
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|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Mr Andrew Ogilvie |
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The above loan is unsecured, interest free and repayable on demand.
9.
Related Party Transactions
Included in other debtors is an amount of £24,081 (2020: £24,081) owed from Virtus Consult North Ltd, a company in which Mr T Hartle, Mr C Howard and Mr A Ogilvie are directors.
Included in other creditors is an amount of £151,343 (2020: £Nil) owed to Virtus Consult Midland Ltd, a company in which Mr T Hartle, Mr C Howard and Mr A Ogilvie are directors.
10.
General Information
Virtus Consult Midlands Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
06006274
. The registered office is 15 Mallard Way, Pride Park, Derby, Derbyshire, DE24 8GX.
Page 5