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2021-10-22
Sage Accounts Production 21.0 - FRS102_2021
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2022-10-31
13697347
2022-10-31
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2022-10-31
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1
2021-10-22
2022-10-31
Voxgen UK Limited
Filleted accounts
31 October 2022
Company registration number:
13697347
Voxgen UK Limited
Directors and other information
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Directors |
J R Waterfield |
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Company number |
13697347 |
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Registered office |
71-75 Shelton Street |
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Covent Garden |
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London |
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WC2H 9JQ |
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Auditor |
Cox Hinkins Audit Services Limited |
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The Old Dairy |
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12 Stephen Road |
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Headington |
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Oxford |
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OX3 9AY |
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Voxgen UK Limited
Directors responsibilities statement
Period ended 31st October 2022
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
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select suitable accounting policies and then apply them consistently;
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make judgments and accounting estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Voxgen UK Limited
Balance sheet
31st October 2022
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31/10/22 |
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Note |
£ |
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£ |
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Fixed assets |
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Intangible assets |
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5 |
3,597,300 |
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Tangible assets |
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6 |
8,443 |
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_______ |
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3,605,743 |
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Current assets |
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Debtors |
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7 |
178,699 |
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Cash at bank and in hand |
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30,996 |
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_______ |
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209,695 |
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Creditors: amounts falling due |
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within one year |
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8 |
(
145,216) |
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_______ |
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Net current assets |
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64,479 |
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_______ |
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Net assets |
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3,670,222 |
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_______ |
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Capital and reserves |
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Called up share capital |
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9 |
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4,000,001 |
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Profit and loss account |
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(
329,779) |
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_______ |
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Shareholder funds |
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3,670,222 |
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_______ |
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit & loss account has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
19 October 2023
, and are signed on behalf of the board by:
J R Waterfield
Director
Company registration number:
13697347
Voxgen UK Limited
Notes to the financial statements
Period ended 31st October 2022
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ. The company was incorporated on 22nd October 2021 and its principal activity during the period was the development of telecom software.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The principal accounting policies are set out below. The financial statements are prepared in sterling which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
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Goodwill |
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straight line basis over 10 years |
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If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
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Computer equipment |
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Straight line basis over 3 years |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities. The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties. Financial assets that are measured at cost and amortised and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
8
5.
Intangible assets
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Goodwill |
Total |
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£ |
£ |
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Cost |
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At 22nd October 2021 |
- |
- |
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Additions |
3,997,000 |
3,997,000 |
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_______ |
_______ |
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At 31st October 2022 |
3,997,000 |
3,997,000 |
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_______ |
_______ |
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Amortisation |
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At 22nd October 2021 |
- |
- |
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Charge for the period |
399,700 |
399,700 |
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_______ |
_______ |
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At 31st October 2022 |
399,700 |
399,700 |
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_______ |
_______ |
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Carrying amount |
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At 31st October 2022 |
3,597,300 |
3,597,300 |
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_______ |
_______ |
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6.
Tangible assets
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Computer equipment |
Total |
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£ |
£ |
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Cost |
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At 22nd October 2021 |
- |
- |
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Additions |
10,340 |
10,340 |
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_______ |
_______ |
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At 31st October 2022 |
10,340 |
10,340 |
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_______ |
_______ |
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Depreciation |
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At 22nd October 2021 |
- |
- |
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Charge for the period |
1,897 |
1,897 |
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_______ |
_______ |
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At 31st October 2022 |
1,897 |
1,897 |
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_______ |
_______ |
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Carrying amount |
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At 31st October 2022 |
8,443 |
8,443 |
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_______ |
_______ |
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7.
Debtors
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31/10/22 |
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£ |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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167,670 |
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Other debtors |
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11,029 |
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_______ |
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178,699 |
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_______ |
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8.
Creditors: amounts falling due within one year
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31/10/22 |
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£ |
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Trade creditors |
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39,187 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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50,672 |
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Corporation tax |
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11,100 |
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Social security and other taxes |
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23,954 |
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Other creditors |
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20,303 |
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_______ |
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145,216 |
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_______ |
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9.
Called up share capital
Issued, called up and fully paid
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31/10/22 |
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No |
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£ |
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Ordinary shares of £
1.00 each |
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4,000,001 |
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4,000,001 |
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_______ |
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_______ |
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The company issued 1 ordinary £1 share on incorporation and a further 4,000,000 ordinary £1 shares on 5 November 2021.
10.
Summary audit opinion
The auditor's report for the period dated
19 October 2023
was unqualified.
The senior statutory auditor was
Rodney Mark Morgan
for and on behalf of
Cox Hinkins Audit Services Limited
11.
Controlling party
The ultimate parent undertaking of the company is WTI Holdings LLC, a company incorporated in the United States of America, which owns 100% of the issued share capital. The registered address of WTI Holdings LLC is 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808, USA.