Viola Clause Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 10128290 (England and Wales)

Unaudited Financial Statements for the Year Ended 31st March 2023

for

VIOLA CLAUSE LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Miss C Huelin

REGISTERED OFFICE:

41 St Thomas's Road

Chorley

Lancashire

PR7 1JE

REGISTERED NUMBER:

10128290 (England and Wales)

ACCOUNTANTS:

Abrams Ashton - Chorley Limited

Chartered Certified Accountants

41 St Thomas's Road

Chorley

Lancashire

PR7 1JE

FIXED ASSETS

Tangible assets

4

1,463

2,142

CURRENT ASSETS

Debtors

5

244

20,012

Cash at bank

76,633

136,113

76,877

156,125

CREDITORS

Amounts falling due within one year

6

50,500

138,758

NET CURRENT ASSETS

26,377

17,367

TOTAL ASSETS LESS CURRENT LIABILITIES

27,840

19,509

PROVISIONS FOR LIABILITIES

334

463

NET ASSETS

27,506

19,046

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

27,505

19,045

27,506

19,046

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 director and authorised for issue on 22nd December 2023 and were signed by:

Miss C Huelin - Director

1.	STATUTORY INFORMATION

Viola Clause Ltd 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.

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable and represents amounts received for services rendered, stated net of discounts.

Revenue is recognised when services have been delivered to customers.

Tangible fixed assets

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

Office equipment

-

20% on 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.

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, loans to common controlled companies and cash and bank balances, are initially measured at transaction price including transaction costs. They 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.

Other financial assets

All the company's financial assets fall to be classified as basic financial assets under Section 11 of FRS 102 and the company therefore holds no other financial assets.

Basic financial liabilities

Basic financial liabilities, including creditors, 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 receipts 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.

Other financial liabilities

All the companies financial liabilities fall to be classified as basic financial liabilities under Section 11 of FRS 102 and the company therefore has no other financial instruments.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Office

equipment

£

COST

At 1st April 2022

and 31st March 2023

4,729

DEPRECIATION

At 1st April 2022

2,587

Charge for year

679

At 31st March 2023

3,266

NET BOOK VALUE

At 31st March 2023

1,463

At 31st March 2022

2,142

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

-

20,012

VAT

244

-

244

20,012

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade creditors

33

1,253

Tax

2,748

35,841

VAT

-

6,809

Directors' current accounts

47,069

93,705

Accruals and deferred income

650

1,150

50,500

138,758

7.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date, the company owed £47,069 (2022 £93,705) to its director. No interest was charged on this loan and it is repayable on demand.

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Miss C Huelin.