Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-31No description of principal activity2021-01-01false33truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09923012 2021-01-01 2021-12-31 09923012 2020-01-01 2020-12-31 09923012 2021-12-31 09923012 2020-12-31 09923012 c:Director2 2021-01-01 2021-12-31 09923012 d:ComputerEquipment 2021-01-01 2021-12-31 09923012 d:ComputerEquipment 2021-12-31 09923012 d:ComputerEquipment 2020-12-31 09923012 d:CurrentFinancialInstruments 2021-12-31 09923012 d:CurrentFinancialInstruments 2020-12-31 09923012 d:Non-currentFinancialInstruments 2021-12-31 09923012 d:Non-currentFinancialInstruments 2020-12-31 09923012 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 09923012 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 09923012 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 09923012 d:Non-currentFinancialInstruments d:AfterOneYear 2020-12-31 09923012 d:ShareCapital 2021-12-31 09923012 d:ShareCapital 2020-12-31 09923012 d:SharePremium 2021-12-31 09923012 d:SharePremium 2020-12-31 09923012 d:RetainedEarningsAccumulatedLosses 2021-12-31 09923012 d:RetainedEarningsAccumulatedLosses 2020-12-31 09923012 c:OrdinaryShareClass2 2021-01-01 2021-12-31 09923012 c:OrdinaryShareClass2 2021-12-31 09923012 c:OrdinaryShareClass2 2020-12-31 09923012 c:OrdinaryShareClass3 2021-01-01 2021-12-31 09923012 c:OrdinaryShareClass3 2021-12-31 09923012 c:OrdinaryShareClass3 2020-12-31 09923012 c:FRS102 2021-01-01 2021-12-31 09923012 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 09923012 c:FullAccounts 2021-01-01 2021-12-31 09923012 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 09923012 d:Subsidiary5 2021-01-01 2021-12-31 09923012 d:Subsidiary5 1 2021-01-01 2021-12-31 09923012 2 2021-01-01 2021-12-31 09923012 6 2021-01-01 2021-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 09923012










VIRTUALLY LIVE HOLDING LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

 
VIRTUALLY LIVE HOLDING LIMITED
 

CONTENTS



Page
Statement of financial position
 
1 - 2
Notes to the financial statements
 
3 - 7


 
VIRTUALLY LIVE HOLDING LIMITED
REGISTERED NUMBER:09923012

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021

2021
2020
Note

Fixed assets
  

Investments
 5 
7,737,992
7,737,992

Current assets
  

Debtors: amounts falling due within one year
 6 
10,845,024
10,601,386

Bank and cash balances
  
18,965
45,620

  
10,863,989
10,647,006

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(3,200)
(3,200)

Net current assets
  
 
 
10,860,789
 
 
10,643,806

Total assets less current liabilities
  
18,598,781
18,381,798

Creditors: amounts falling due after more than one year
 8 
(25,910,845)
(22,803,552)

  

Net liabilities
  
(7,312,064)
(4,421,754)


Capital and reserves
  

Called up share capital 
 9 
3,820,172
3,820,172

Share premium account
  
4,453,354
4,453,354

Profit and loss account
  
(15,585,590)
(12,695,280)

  
(7,312,064)
(4,421,754)


Page 1

 
VIRTUALLY LIVE HOLDING LIMITED
REGISTERED NUMBER:09923012
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2021

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 comprehensive income 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 30 August 2022.






R W Fanconi
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
VIRTUALLY LIVE HOLDING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

The Company's legal form is a limited liability company registered in England and Wales. The Company's  principal place of business and registered office address is at 6th Floor, One London Wall, London, EC2Y 5EB. 
The principal activity of the Company is that of a holding 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 is a holding company, whereby its subsidiary holds IP rights for exploitation, which is being explored. The business is funded by the financial support of the Company's shareholders. The directors are satisfied that the Company will continue to meet its working capital requirements and settle its liabilities as the parents' companies will continue to support the company.  Accordingly, they have continued to adopt the going concern basis. 

 
2.3

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.4

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. 

Depreciation is provided on the following basis:

Computer equipment
-
33.33% straight-line

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

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.

Page 3

 
VIRTUALLY LIVE HOLDING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institution.

 
2.8

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, other third parties and loans from related parties and investments in non-puttable ordinary shares.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the Statement of Financial Position date.

 
2.9

Creditors

Short term creditors are measured at the transaction price.

 
2.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is the Euro .

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.

 
2.11

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.

 
2.12

Interest income

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


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2020 - 3).

Page 4

 
VIRTUALLY LIVE HOLDING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

4.


Tangible fixed assets





Computer equipment




Cost 


At 1 January 2021
3,298



At 31 December 2021

3,298



Depreciation


At 1 January 2021
3,298



At 31 December 2021

3,298



Net book value



At 31 December 2021
-



At 31 December 2020
-

Page 5

 
VIRTUALLY LIVE HOLDING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

5.


Fixed asset investments





Investments in subsidiary companies




Cost


At 1 January 2021
7,737,992



At 31 December 2021

7,737,992






Net book value



At 31 December 2021
7,737,992



At 31 December 2020
7,737,992


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

  Virtually Live (Switzerland) GmbH
  Beustweg 12, 8032 Zurich, Switzerland
  Software development, market research and exploitation of IP right and trade marks
Ordinary
100%


6.


Debtors

2021
2020


Amounts owed by group undertakings
10,844,975
10,601,300

Prepayments
49
86

10,845,024
10,601,386



7.


Creditors: Amounts falling due within one year

2021
2020

Accruals
3,200
3,200


Page 6

 
VIRTUALLY LIVE HOLDING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

8.


Creditors: Amounts falling due after more than one year

2021
2020

Shareholders' loans
25,910,845
22,803,552


The Shareholders' loans are unsecured with a conversion right. 


9.


Share capital

2021
2020
Allotted, called up and fully paid



2,843,170 (2020 - 2,843,170) Preference shares of £1.00 each
3,236,963
3,236,963
526,315 (2020 - 526,315) Ordinary shares of £1.00 each
583,209
583,209

3,820,172

3,820,172



10.


Related party transactions

The Company has taken advantage of the exemption Under FRS102 33.1A Related Party Disclosures not to disclose transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.


11.


Controlling party

The Company is controlled by VL Media Asset Investment Limited, a company registered in the British Virgin Islands.

 
Page 7