REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2023 |
for |
Voly Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2023 |
for |
Voly Limited |
Voly Limited (Registered number: 10412388) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
Voly Limited (Registered number: 10412388) |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( | ) | ( | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( | ) | ( | ) |
PROVISIONS FOR LIABILITIES | 8 |
NET LIABILITIES | ( | ) | ( | ) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | 10 | ( | ) | ( | ) |
SHAREHOLDERS' FUNDS | ( | ) | ( | ) |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Voly Limited (Registered number: 10412388) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Voly Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets consists of Intellectual property which is measured at cost and being amortised over ten years. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer & office equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
Voly Limited (Registered number: 10412388) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Development |
costs |
£ |
COST |
Additions |
At 31 March 2023 |
AMORTISATION |
Amortisation for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
Voly Limited (Registered number: 10412388) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures | Computer |
and | & office |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 8,888 | 6,909 |
Voly Limited (Registered number: 10412388) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
8. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Charge to Profit and Loss Account during year |
Balance at 31 March 2023 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
10. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2022 | ( | ) |
Deficit for the year | ( | ) |
At 31 March 2023 | ( | ) |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of Thompson Wright Limited |
12. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Voly Limited (Registered number: 10412388) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
13. | RELATED PARTY DISCLOSURES |
2023 | 2022 |
£ | £ |
Amounts due from related parties at the balance sheet date: | 710,558 | 225,808 |
Amounts due to related parties at the balance sheet date: | 3,756,237 | 2,597,251 |
Above balances are shown in note 8 and 9 under amounts owed to/by group undertakings. |
Management charges paid to related parties during the year: | 250,000 | 250,000 |
Management charges received from related parties during the year: | 180,000 | - |
14. | PRIOR YEAR UNAUDITED |
In the previous accounting period, the directors of the company took advantage of audit exemption under s477 of the Companies Act. Therefore the prior period financial statements were not subject to audit. |
15. | GOING CONCERN |
The financial statements have been prepared on a going concern basis notwithstanding the deficit in net assets. The company incurred a net loss of £352,623 during the year ended 31 March 2023. The directors have prepared forecasts for the next two years and these forecasts demonstrate that the company will be a going concern for that period given the continued support of the shareholders, the expectation to make profits in the year to 31 March 2025, the positive cash generation and cash balances held by the company during that period. The directors' are confident that they have access to additional funding from the ultimate shareholders. The directors are satisfied that the shareholders are prepared to continue to support the development of the company for the next twelve month period from when these financial statements are approved. |
16. | ULTIMATE CONTROLLING PARTY |
The company is a wholly owned subsidiary of Voly Group Limited, a company incorporated in England and registered at Spring Court, Spring Road, Hale, Cheshire WA14 2UQ. |
The ultimate controlling party is Voly Holdco Limited, registered no:68747, a company formed in Guernsey by virtue of its majority shareholding 50.04%. |