Vertical Financial Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Airport House, Suite 43-45 Purley Way, Croydon, Surrey, CR0 0XZ.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts , on the basis that the group of which this is the parent qualifies as a small group . The financial statements present information about the company as an individual entity and not about its group .
A t the time of approving the financial statements , t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The company has estimated losses of £6,011 (201 7 - £ 6,011 ) available for carry forward against future trading profits.
Details of the company's subsidiaries at 30 June 2018 are as follows:
The directors consider the carrying amounts of current liabilities approximate to their fair values.
OneSavings Bank plc holds 7,000 warrants, each of which entitles the holder to subscribe for one share in Vertical Financial Services Ltd on the terms and conditions set out in the instrument dated 1st March 2016 which has been signed by both parties. Each warrant entitles the holder the right to purchase 1 ordinary share at a price of £20.
During the period 450 warrants were granted to the directors of the company.
Each warrant entitles the holder the right to purchase 1 ordinary share at a price of £225 on or before 30 June 2020 otherwise the warrant will lapse.
During the period 4926 warrants were granted to the holders of June 2022 loan notes.
Each warrant entitles the holder the right to purchase 1 ordinary share at a price of £200 on or before 30 June 2022 otherwise the warrant will lapse.
During the year the company issued 3150 ordinary 1p shares at a premium of £199.99 per share.
During the year 150 Growth A shares of 1p and 230 Growth B shares of 1p were cancelled.
During the year 100 Growth B shares of 1p were issued at their nominal value.
At the balance sheet date included in debtors are amounts due from the subsidiaries of Vertical Financial Services Ltd as detailed below:
VFS Legal Ltd - £ 895,735 (201 7 - £700,000)
Virtual Business Operation Services Ltd - £1, 295 , 688 (201 7 - £ 1,055,125 ).
Vertical Financial Services Ltd as a parent company is exempt from producing consolidated group financial statements as they qualify as small as set out in section 383 of the Act. The parent and the group are considered eligible for the exemption as determined by reference to sections 384 and 399(2A) of the Act.
Both loans to VFS Legal Ltd and Virtual Business Operation Services Ltd are repayable on demand and no interest is charged on the outstanding amounts. However the directors have confirmed that there are no plans to call in the outstanding balances in the foreseeable future.