Company registration number 11623330 (England and Wales)
VONDER UK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
VONDER UK LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
VONDER UK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
500,000
600,000
Tangible assets
4
195,104
276,334
695,104
876,334
Current assets
Debtors
5
1,510,205
43,775
Cash at bank and in hand
182,939
1,402,990
1,693,144
1,446,765
Creditors: amounts falling due within one year
6
(4,945,429)
(2,540,471)
Net current liabilities
(3,252,285)
(1,093,706)
Total assets less current liabilities
(2,557,181)
(217,372)
Creditors: amounts falling due after more than one year
7
(4,979,649)
(4,549,339)
Net liabilities
(7,536,830)
(4,766,711)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(7,536,930)
(4,766,811)
Total equity
(7,536,830)
(4,766,711)
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
VONDER UK LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 29 September 2023
A Lawe-Lavrut
Director
Company registration number 11623330 (England and Wales)
VONDER UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
Vonder UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 61 Welbeck Street, London, England, W1G 9XD.
1.1
Accounting convention
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 amounts 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.
1.2
Going concern
The financial statements have been prepared on a going concern basis, as the director is of the opinion that the other companies in the group will provide financial support, for a period of at least twelve months from the approval date of these accounts.true
1.3
Turnover
Turnover represents rental income receivable on the subletting of leased properties together with management fees receivable from properties under management.
Turnover is measured at the fair value of the rental income received or receivable on a calendar basis.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Development costs in relation to the Vonder App are capitalised as an intangible asset on the basis that they have met the applicable recognition criteria.
Development costs will be amortised once the asset comes into use.
Development costs
16.67% Straight line
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
33.33% Straight line
Computers
33.33% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
VONDER UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position 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 and cash and bank balances, are initially measured at transaction price including transaction costs and 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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments 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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
VONDER UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
38
30
3
Intangible fixed assets
Other
£
Cost
At 1 January 2022 and 31 December 2022
600,000
Amortisation and impairment
At 1 January 2022
Amortisation charged for the year
100,000
At 31 December 2022
100,000
Carrying amount
At 31 December 2022
500,000
At 31 December 2021
600,000
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2022
343,225
32,347
375,572
Additions
38,022
15,747
53,769
At 31 December 2022
381,247
48,094
429,341
Depreciation and impairment
At 1 January 2022
94,343
4,895
99,238
Depreciation charged in the year
120,227
14,772
134,999
At 31 December 2022
214,570
19,667
234,237
Carrying amount
At 31 December 2022
166,677
28,427
195,104
At 31 December 2021
248,882
27,452
276,334
VONDER UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
402,049
37,316
Tenancy deposits held
981,634
Other debtors
28,492
Prepayments and accrued income
70,041
1,701
1,482,216
39,017
2022
2021
Amounts falling due after more than one year:
£
£
Amounts due from related parties
27,989
4,758
Total debtors
1,510,205
43,775
6
Creditors: amounts falling due within one year
2022
2021
£
£
Secured tenancy deposits
1,267,318
21,501
Trade creditors
1,040,725
386,438
Taxation and social security
117,040
31,181
Other creditors
120,486
Accruals and deferred income
2,520,346
1,980,865
4,945,429
2,540,471
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other borrowings
226,856
Amounts owed to related parties
4,752,793
4,549,339
4,979,649
4,549,339
VONDER UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
21,250,542
29,801,523
9
Related party transactions
Included in debtors and creditors are amounts that are interest free and repayable on demand, owed from and to related companies in which the shareholders hold a material interest.
The balances are as follows;
Amounts due from related parties: £27,989 (2021: £4,758)
Amounts due to related parties: £460,007 (2021: £227,126)