ACCOUNTS - Final Accounts

VORA MANAGEMENT LIMITED - Company Information

Caseware UK (AP4) 2020.0.247 2020.0.247 2021-03-312021-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.42020-04-01false5truetrue 03420267 2020-04-01 2021-03-31 03420267 2019-04-01 2020-03-31 03420267 2021-03-31 03420267 2020-03-31 03420267 2019-04-01 03420267 c:Director1 2020-04-01 2021-03-31 03420267 c:Director2 2020-04-01 2021-03-31 03420267 d:FurnitureFittings 2020-04-01 2021-03-31 03420267 d:FurnitureFittings 2021-03-31 03420267 d:FurnitureFittings 2020-03-31 03420267 d:FurnitureFittings d:OwnedOrFreeholdAssets 2020-04-01 2021-03-31 03420267 d:ComputerEquipment 2020-04-01 2021-03-31 03420267 d:ComputerEquipment 2021-03-31 03420267 d:ComputerEquipment 2020-03-31 03420267 d:ComputerEquipment d:OwnedOrFreeholdAssets 2020-04-01 2021-03-31 03420267 d:OwnedOrFreeholdAssets 2020-04-01 2021-03-31 03420267 d:CurrentFinancialInstruments 2021-03-31 03420267 d:CurrentFinancialInstruments 2020-03-31 03420267 d:Non-currentFinancialInstruments 2021-03-31 03420267 d:Non-currentFinancialInstruments 2020-03-31 03420267 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 03420267 d:CurrentFinancialInstruments d:WithinOneYear 2020-03-31 03420267 d:Non-currentFinancialInstruments d:AfterOneYear 2021-03-31 03420267 d:Non-currentFinancialInstruments d:AfterOneYear 2020-03-31 03420267 d:ShareCapital 2021-03-31 03420267 d:ShareCapital 2020-03-31 03420267 d:RetainedEarningsAccumulatedLosses 2021-03-31 03420267 d:RetainedEarningsAccumulatedLosses 2020-03-31 03420267 c:OrdinaryShareClass1 2020-04-01 2021-03-31 03420267 c:OrdinaryShareClass1 2021-03-31 03420267 c:FRS102 2020-04-01 2021-03-31 03420267 c:AuditExempt-NoAccountantsReport 2020-04-01 2021-03-31 03420267 c:FullAccounts 2020-04-01 2021-03-31 03420267 c:PrivateLimitedCompanyLtd 2020-04-01 2021-03-31 03420267 2 2020-04-01 2021-03-31 03420267 d:AcceleratedTaxDepreciationDeferredTax 2021-03-31 03420267 d:AcceleratedTaxDepreciationDeferredTax 2020-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03420267

VORA MANAGEMENT LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2021

VORA MANAGEMENT LIMITED

CONTENTS

	Page
Balance Sheet	1
Notes to the Financial Statements	2 - 7

VORA MANAGEMENT LIMITED

REGISTERED NUMBER: 03420267

BALANCE SHEET

AS AT 31 MARCH 2021

		2021		2020
Note		£		£

Fixed assets
Tangible assets	4		307		152
Current assets
Debtors: amounts falling due within one year	5	28,678		13,528
Cash at bank		43,372		12,329
		72,050		25,857
Creditors: amounts falling due within one year	6	(21,820)		(13,721)
Net current assets			50,230		12,136
Total assets less current liabilities			50,537		12,288
Creditors: amounts falling due after more than one year	7		(15,833)		-
Deferred tax			(58)		(29)
Net assets			34,646		12,259

Capital and reserves
Called up share capital	9	2	2
Profit and loss account		34,644	12,257
		34,646	12,259

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 year 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 27 January 2022.

U S Vora	S R Vora
Director	Director

The notes on pages 2 to 7 form part of these financial statements.

Page 1

VORA MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1.	General information

Vora Management Limited is a private company limited by shares, incorporated in England and Wales. The address of the registered office is 3rd Floor, 24 Old Bond Street, London, W1S 4BH.
The financial statements are presented in pounds sterling (£) which is the functional currency of the company.

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 following principal accounting policies have been applied:

2.2

Going concern

The company has continued to be affected by restrictions imposed by the UK Government's
response to the COVID-19 pandemic. While the company itself has been able to maintain operations its various clients have seen some impact from the response dependent upon their own business sector and circumstances.
However, given the company’s stable position before the pandemic, the directors consider that the
resources available to the company will be sufficient for it to be able to continue as a going concern
with normal operations, meeting its own obligations, during the restrictions and as the restrictions are lifted.

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Page 2

VORA MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2.Accounting policies (continued)

2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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 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.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

VORA MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2.Accounting policies (continued)

2.9

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Fixtures, fittings and equipment	-	25%	straight-line
				Computer equipment	-

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.10

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.12

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.13

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

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, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Page 4

VORA MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2.Accounting policies (continued)

2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 5 (2020 - 4).

4.	Tangible fixed assets

	Fixtures and fittings	Computer equipment	Total
	£	£	£
Cost
At 1 April 2020	32,084	-	32,084
Additions	-	360	360
At 31 March 2021	32,084	360	32,444
Depreciation
At 1 April 2020	31,932	-	31,932
Charge for the year on owned assets	152	53	205
At 31 March 2021	32,084	53	32,137
Net book value
At 31 March 2021	-	307	307
At 31 March 2020	152	-	152

Debtors

					2021	2020
					£	£


Trade debtors	1,250	1,250
Other debtors	27,428	12,278
	28,678	13,528

Page 5

VORA MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

6.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Bank loan	3,093	-
Trade creditors	-	750
Corporation tax	5,720	1,570
Other taxation and social security	2,895	4,685
Other creditors	7,232	3,834
Accruals and deferred income	2,880	2,882
	21,820	13,721

7.	Creditors: Amounts falling due after more than one year
		2021	2020
		£	£

Bank loan	15,833	-
	15,833	-

Secured loans
The aggregate amount of creditor for which security has been given amounted to £18,926 (2020 - £Nil) and is supported by a guarantee from the UK Government to the bank under the Bounce Back Loan Scheme.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
	2021	2020
	£	£

Repayable by instalments

633

8.	Deferred taxation

Page 6

VORA MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

8.Deferred taxation (continued)

	2021	2020
	£	£

At beginning of year	(29)	(448)
Charged to profit or loss	(29)	419
At end of year	(58)	(29)

The provision for deferred taxation is made up as follows:
	2021	2020
	£	£

Accelerated capital allowances

(58)

(29)

9.	Share capital
		2021	2020
		£	£

Allotted, called up and fully paid

2 Ordinary shares of £1 each	2	2

10.	Related party transactions
	The balance due to the directors at the balance sheet date was £2,150 (2020 - £150).

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