Valamis Learning UK Limited

Contents
	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Valamis Learning UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04414764 . The registered office is Unit 9 Cirencester Office Park, Tetbury Road, Cirencester, GL7 6JJ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The company is dependent on the support of its parent company to continue as a going concern. Confirmation of this support has been provided and the directors consider it appropiate to prepare the accounts on a going concern basis

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are Patents and Licences. It is amortised to profit and loss account over its estimated economic life of four years.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor Vehicles	20% Reducing Balance
Fixtures & Fittings	10% Reducing Balance
Computer Equipment	25% Reducing Balance

2.6. Leases

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

2.7. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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Valamis Learning UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2022

2.8. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

2.9. Pensions

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.

2.10. Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. Average Number of Employees

Average number of employees, including directors, during the year was as follows: 11 (2021: 12)

4. Intangible Assets

	Other
	£
Cost
As at 1 January 2022	25,000
Disposals	(25,000 )

As at 31 December 2022	-

Amortisation
As at 1 January 2022	25,000
Disposals	(25,000 )

As at 31 December 2022	-

Net Book Value
As at 31 December 2022	-

As at 1 January 2022	-

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Valamis Learning UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2022

5. Tangible Assets

	SCORM Software	Motor Vehicles	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 January 2022	17,072	55,000	19,992	32,031	124,095
Additions	-	-	-	18,641	18,641

As at 31 December 2022	17,072	55,000	19,992	50,672	142,736

Depreciation
As at 1 January 2022	17,072	38,479	11,338	28,369	95,258
Provided during the period	-	3,305	865	3,430	7,600

As at 31 December 2022	17,072	41,784	12,203	31,799	102,858

Net Book Value
As at 31 December 2022	-	13,216	7,789	18,873	39,878

As at 1 January 2022	-	16,521	8,654	3,662	28,837

6. Debtors

	31 December 2022	31 December 2021
	£	£
Due within one year
Trade debtors	165,530	97,652
Other debtors	8,335	58,907
Amounts owed by group undertakings	39,049	57,033

	212,914	213,592

7. Creditors: Amounts Falling Due Within One Year

	31 December 2022	31 December 2021
	£	£
Net obligations under finance leases	7,007	7,007
Trade creditors	79,102	19,697
Other taxes and social security	84,479	27,170
Accruals and deferred income	315,892	222,112

	486,480	275,986

8. Creditors: Amounts Falling Due After More Than One Year

	31 December 2022	31 December 2021
	£	£
Net obligations under finance leases	5,839	12,847

	5,839	12,847

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Valamis Learning UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2022

9. Obligations Under Finance Leases

	31 December 2022	31 December 2021
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	7,007	7,007
Later than one year and not later than five years	5,839	12,847

	12,846	19,854

	12,846	19,854

10. Share Capital

	31 December 2022	31 December 2021
	£	£
Allotted, Called up and fully paid	75	75

11. Ultimate Controlling Party

The company's immediate parent is The Valamis Group OY, incorporated in Finland

These financial statements are available upon request from Koskikatu 7 A, 4th Floor, 80100, Joensuu, Finland. This is the largest and smallest group for which consolidated financial statements are prepared.

12. Audit Information

The auditors report on the account of Valamis Learning UK Limited for the year ended 31 December 2022 was unqualified

The auditor's report was signed by David Wheeler (Senior Statutory Auditor) for and on behalf of Bourner Bullock , Statutory Auditor

Bourner Bullock

114 St Martin’s Lane

Covent Garden

London

WC2N 4BE

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		31 December 2022		31 December 2021
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	5		39,878		28,837

			39,878		28,837
CURRENT ASSETS
Debtors	6	212,914		213,592
Cash at bank and in hand		10,565		20,474

		223,479		234,066
Creditors: Amounts Falling Due Within One Year	7	(486,480 )		(275,986 )

NET CURRENT ASSETS (LIABILITIES)			(263,001 )		(41,920 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(223,123 )		(13,083 )

Creditors: Amounts Falling Due After More Than One Year	8		(5,839 )		(12,847 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(9,969 )		-

NET LIABILITIES			(238,931 )		(25,930 )

CAPITAL AND RESERVES
Called up share capital	10		75		75
Share premium account			18,974		18,974
Capital redemption reserve			51		51
Profit and Loss Account			(258,031 )		(45,030 )

SHAREHOLDERS' FUNDS			(238,931)		(25,930)