IRIS Accounts Production v23.2.0.158 08143064 Board of Directors 1.1.22 31.12.22 31.12.22 0 0 false true true false false true true true true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure081430642021-12-31081430642022-12-31081430642022-01-012022-12-31081430642020-12-31081430642021-01-012021-12-31081430642021-12-3108143064ns16:EnglandWales2022-01-012022-12-3108143064ns15:PoundSterling2022-01-012022-12-3108143064ns11:Director12022-01-012022-12-3108143064ns11:PrivateLimitedCompanyLtd2022-01-012022-12-3108143064ns11:SmallEntities2022-01-012022-12-3108143064ns11:Audited2022-01-012022-12-3108143064ns11:SmallCompaniesRegimeForAccounts2022-01-012022-12-3108143064ns11:FullAccounts2022-01-012022-12-3108143064ns11:OrdinaryShareClass12022-01-012022-12-3108143064ns11:Director22022-01-012022-12-3108143064ns11:RegisteredOffice2022-01-012022-12-3108143064ns6:CurrentFinancialInstruments2022-12-3108143064ns6:CurrentFinancialInstruments2021-12-3108143064ns6:ShareCapital2022-12-3108143064ns6:ShareCapital2021-12-3108143064ns6:RetainedEarningsAccumulatedLosses2022-12-3108143064ns6:RetainedEarningsAccumulatedLosses2021-12-3108143064ns6:ShareCapital2020-12-3108143064ns6:RetainedEarningsAccumulatedLosses2020-12-3108143064ns6:RetainedEarningsAccumulatedLosses2021-01-012021-12-3108143064ns6:RetainedEarningsAccumulatedLosses2022-01-012022-12-3108143064ns6:CostValuationns6:UnlistedNon-exchangeTraded2021-12-3108143064ns6:UnlistedNon-exchangeTraded2022-12-3108143064ns6:UnlistedNon-exchangeTraded2021-12-3108143064ns6:WithinOneYearns6:CurrentFinancialInstruments2022-12-3108143064ns6:WithinOneYearns6:CurrentFinancialInstruments2021-12-3108143064ns6:CurrentFinancialInstruments2022-01-012022-12-3108143064ns11:OrdinaryShareClass12022-12-3108143064ns6:RetainedEarningsAccumulatedLosses2021-12-310814306412022-01-012022-12-31
REGISTERED NUMBER: 08143064 (England and Wales)










DIRECTORS' REPORT AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

VISTRA CORPORATE LAW LIMITED

VISTRA CORPORATE LAW LIMITED (REGISTERED NUMBER: 08143064)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022




Page

Company Information 1

Directors' Report 2

Independent Auditors' Report 4

Statement of Comprehensive Income 7

Statement of Financial Position 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


VISTRA CORPORATE LAW LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022







Directors: D J Farman
J A Burgoyne





Registered office: First Floor, Templeback
10 Templeback
Bristol
BS1 6FL





Registered number: 08143064 (England and Wales)





Independent auditors: Mazars LLP
Floor 5
Merck House
Seldown Lane
Poole
Dorset
BH15 1TW

VISTRA CORPORATE LAW LIMITED (REGISTERED NUMBER: 08143064)

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their report with the audited financial statements of the company for the year ended 31 December 2022.

Principal activity
The principal activity during the year was that of providing legal services.

Review of business
The company's revenue for the year was £1,382,682 (year end 31 December 2021: £2,157,269). The company made a loss of £55,205 (year ended 31 December 2021: restated profit of £282,081). The loss position in 2022 is not expected to continue into 2023 and was a result of a transfer onto a new ERP system from the 1st Jan 2022. The time spent by the Operational team overseeing the transition resulted in a reduction in time spent supporting client work, and therefore a drop in billable hours recorded. The net assets position remains positive and the current projection for 2023 revenue shows an expected recovery to the value in 2021.

Dividends
No interim dividend was paid during the course of the year (year ended 31 December 2021: £nil). The directors recommend that no final dividend be paid (year ended 31 December 2021: £nil).

The total distribution of dividends for the year ended 31 December 2022 will be £nil (year ended 31 December 2021: £nil).

Events since the end of the year
Information relating to events since the end of the year is given in the notes to the financial statements.

Directors
The directors shown below have held office during the whole of the year from 1 January 2022 to the date of this report.

D J Farman
J A Burgoyne

A Young ceased to be director after 31 December 2022.

Going Concern
The financial statements have been prepared on a going concern basis.

The directors consider that with the company being in a net asset position and with forecasted future growth, that the company has sufficient resources to meet all current liabilities as they fall due and have reasonable expectations that the company has adequate resources to continue in operation existence for at least twelve months from the date of signing the statutory accounts.

Additionally, the company has received a letter from Vistra Group Holdings (BVI) II Limited, the parent of the largest group for which consolidated financial statements are prepared, confirming continued financial support for at least twelve months from the date of signing the statutory accounts. The directors are satisfied that Vistra Group Holdings (BVI) II Limited has sufficient resources available to provide this support.

For these reasons, the directors continue to adopt the going concern basis in preparing these financial statements.

Qualifying Third Party Indemnity Provision
The company maintains insurance for the directors in respect of their duties as officers of the company during the financial year and at the date of approval of the financial statements.

Statement of directors' responsibilities
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102), 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

VISTRA CORPORATE LAW LIMITED (REGISTERED NUMBER: 08143064)

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

Statement of directors' responsibilities - continued

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- 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.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors
Mazars LLP have expressed their willingness to continue in office as Auditors and a resolution to appoint them as auditors of the company will be put to the Board of Directors in a forthcoming board meeting.

Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

On behalf of the board:





D J Farman - Director


17 November 2023

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
VISTRA CORPORATE LAW LIMITED

Opinion
We have audited the financial statements of Vistra Corporate Law Limited (the 'company') for the year ended 31 December 2022 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its loss for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
VISTRA CORPORATE LAW LIMITED


Responsibilities of Directors
As explained more fully in the directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

- Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
- Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
- Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
- Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006.

In addition, we evaluated the directors' and management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to: posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, revenue recognition (which we pinpointed to the cut-off assertions) and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:
- Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
- Gaining an understanding of the internal controls established to mitigate risks related to fraud;
- Discussing amongst the engagement team the risks of fraud; and
- Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.










INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
VISTRA CORPORATE LAW LIMITED




Use of the audit report

This report is made solely to the company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body for our audit work, for this report, or for the opinions we have formed.




Stephen Mills (Senior Statutory Auditor)
for and on behalf of Mazars LLP
Floor 5
Merck House
Seldown Lane
Poole
Dorset
BH15 1TW

22 November 2023

VISTRA CORPORATE LAW LIMITED (REGISTERED NUMBER: 08143064)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
Notes £    £   

TURNOVER 1,382,682 2,157,269

Cost of sales (913,986 ) (1,171,500 )
GROSS PROFIT 468,696 985,769

Distribution costs - (1,701 )
Administrative expenses (652,310 ) (829,587 )
OPERATING (LOSS)/PROFIT 5 (183,614 ) 154,481

Interest receivable and similar income 130,233 127,600
(LOSS)/PROFIT BEFORE TAXATION (53,381 ) 282,081

Tax on (loss)/profit 6 (1,824 ) -
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(55,205

)

282,081

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE (LOSS)/INCOME
FOR THE YEAR

(55,205

)

282,081

VISTRA CORPORATE LAW LIMITED (REGISTERED NUMBER: 08143064)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2022

2022 2021
Notes £    £   
FIXED ASSETS
Investments 8 4 4

CURRENT ASSETS
Debtors 9 4,753,297 3,861,160
Cash at bank 540,608 203,488
5,293,905 4,064,648
CREDITORS
Amounts falling due within one year 10 (2,265,684 ) (981,222 )
NET CURRENT ASSETS 3,028,221 3,083,426
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,028,225

3,083,430

CAPITAL AND RESERVES
Called up share capital 11 1 1
Retained earnings 12 3,028,224 3,083,429
SHAREHOLDERS' FUNDS 3,028,225 3,083,430

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 17 November 2023 and were signed on its behalf by:





D J Farman - Director


VISTRA CORPORATE LAW LIMITED (REGISTERED NUMBER: 08143064)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 January 2021 1 2,801,348 2,801,349

Changes in equity
Total comprehensive income - 282,081 282,081
Balance at 31 December 2021 1 3,083,429 3,083,430

Changes in equity
Total comprehensive loss - (55,205 ) (55,205 )
Balance at 31 December 2022 1 3,028,224 3,028,225

VISTRA CORPORATE LAW LIMITED (REGISTERED NUMBER: 08143064)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1. STATUTORY INFORMATION

Vistra Corporate Law Limited is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The Company's functional and presentational currency is pounds sterling (GBP) and the financial statements have been rounded to the nearest pound (£).

2. ACCOUNTING POLICIES

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

Going concern
The financial statements have been prepared on a going concern basis.

The directors consider that with the company being in a net asset position and with forecasted future growth, that the company has sufficient resources to meet all current liabilities as they fall due and have reasonable expectations that the company has adequate resources to continue in operational existence for at least twelve months from the date of signing the statutory accounts.

Additionally, the Company has received a letter from Vistra Group Holdings (BVI) II Limited, the parent of the largest group for which consolidated financial statements are prepared, confirming continued financial support for at least twelve months from the date of signing the statutory accounts. The directors are satisfied that Vistra Group Holdings (BVI) II Limited has sufficient resources available to provide this support.

For these reasons, the directors continue to adopt the going concern basis in preparing these financial statements.

The preparation of financial statements in conformity with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies.

Preparation of consolidated financial statements
The financial statements contain information about Vistra Corporate Law Limited as an individual company and do not contain consolidated financial information as the parent of a group.

As a wholly owned subsidiary of its parent undertaking, the company has taken an exemption under s400 of the Companies Act 2006 from preparing consolidated financial statements.

Thevelia Holdings Limited is the ultimate parent Company. Vistra Group Holdings (BVI) II Limited is the parent undertaking of the largest of the group undertakings to consolidate these financial statements as at 31 December 2022. The consolidated Financial Statements of Vistra Group Holding (BVI) II Limited can be obtained at Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands.

Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Revenue recognition
Revenue is recognised to the extent that it is possible that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of service
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with stage of completion of the contract when all the following conditions are satisfied:

- The amount the revenue can be measure reliably
- It is probable that the Company will receive the consideration due under the contract
- The stage of completion of the contract at the end of the reporting period can be measured reliably.

VISTRA CORPORATE LAW LIMITED (REGISTERED NUMBER: 08143064)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt the Sections 11 and 12 of FRS102 in respect of financial instruments.

(i) Financial assets
Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, 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.

(ii) Financial liabilities
Basic financial liabilities, including trade and other payables and loans from fellow group companies, 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 receipts discounted at a market rate of interest.

Foreign currencies
The Company financial statements are presented in pound sterling.

The Company's functional and presentation currency is the pound sterling.

Foreign currency transactions are translated to sterling at the rate of exchange ruling on the day of the transaction. Profits and losses on foreign exchange are dealt with in the Statement of Comprehensive Income.

At each period end foreign currency monetary items are translated using the closing rate.

Pension costs and other post-retirement benefits
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.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand and deposits held at call with banks.

Current taxation
The tax expense for the year compromises current tax. Tax is recognised in the income statement. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or subsequently enacted by the reporting date.

Provisions and contingencies
(1) Provisions
Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Provision is not made for future operating losses.

(2) Contingencies
Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will not be confirmed by the occupancy or non-occurrence of uncertain future events not wholly with the Company's control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow is remote.

Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable.

Significant Judgements and Critical Estimates
When preparing the financial statements, management makes a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses. Management considers there to be no significant judgements or critical estimates in the preparation of the financial statements.

VISTRA CORPORATE LAW LIMITED (REGISTERED NUMBER: 08143064)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

3. EMPLOYEES AND DIRECTORS

The average monthly number of employees during the year was as follows;
31/12/2231/12/21
NumberNumber
Sales, administration and fee earners1414

The company makes contributions to a number of defined contribution personal pension plans held for the benefit of individual employees.

4. DIRECTORS' EMOLUMENTS

31/12/22 31/12/21
£ £
Directors Emoluments 160,186 153,846
Contributions to money purchase pension schemes 8,744 11,102

During the year retirement benefits were accruing to 1 director (2021 - 1) in respect of defined contribution pension schemes.

The value of the Company's contribution paid to a defined contribution pension scheme in respect of the highest paid director amounted to £8,744 (2021 - £11,102).

The emoluments of two (year ended 31 December 2021: one) directors were paid by other group companies. They received no emoluments in respect of their services to Vistra Corporate Law Limited (year ended 31 December 2021: one).

5. OPERATING (LOSS)/PROFIT

The operating profit is stated after charging/(crediting):
31/12/2231/12/21
££
Fees payable to the company's auditors - Audit of statutory financial statements12,7508,500
Bad debts41,81721,387

6. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
2022 2021
£    £   
Current tax:
Foreign tax 1,824 -
Tax on (loss)/profit 1,824 -

UK corporation tax has been charged at 19% (2021 - 19%).

VISTRA CORPORATE LAW LIMITED (REGISTERED NUMBER: 08143064)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2022 2021
£    £   
(Loss)/profit before tax (53,381 ) 282,081
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 19%
(2021 - 19%)

(10,142

)

53,595

Effects of:
Surrender of losses for nil tax payment 10,188 (53,539 )
Deferred tax not provided (46 ) (56 )
Withholding tax not recovered 1,824 -
Total tax charge 1,824 -

7. PRIOR YEAR ADJUSTMENT

The company received recharges from another Vistra group company in the year that relate to the prior year (2021: £189,862). Due to the material value this expense, the 2021 financial statements have been restated.

8. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
Cost
At 1 January 2022
and 31 December 2022 4
Net book value
At 31 December 2022 4
At 31 December 2021 4

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 629,968 693,052
Amounts owed by group undertakings 3,958,432 3,144,695
Prepayments and accrued income 164,897 23,413
4,753,297 3,861,160

All debtors fall due within one year.

Amounts owed by fellow group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

VISTRA CORPORATE LAW LIMITED (REGISTERED NUMBER: 08143064)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 12,512 -
Amounts owed to group undertakings 1,970,140 865,326
Social security and other taxes 148,955 32,929
Other creditors 6,513 71,735
Accruals and deferred income 127,564 11,232
2,265,684 981,222

Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
1 Ordinary £1 1 1

12. RESERVES
Retained
earnings
£   

At 1 January 2022 3,083,429
Deficit for the year (55,205 )
At 31 December 2022 3,028,224

13. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

14. POST BALANCE SHEET EVENTS

On February 13, 2023, the Group's shareholders entered into a sale and purchase agreement pursuant to which the Group merged with Tricor Group ("Tricor"), another entity within the BPEA-EQT portfolio group. The transaction completed on 27th July 2023, and Thevelia Limited, an entity within Tricor, acquired 100% of the shares in Vistra Group Holdings (BVI) III Limited.

15. ULTIMATE CONTROLLING PARTY

The immediate parent of Vistra Corporate Law Limited is Vistra Limited (formally Jordans Limited), a company incorporated in the United Kingdom and registered in England and Wales at Temple Back, First Floor, 10 Templeback, Bristol, BS1 6FL, England.

The ultimate controlling parent company is Thevelia Holdings Limited, a company incorporated and registered at C/O Vistra (Cayman) Limited, P.O. Box 31119, Grand Pavilion, Hibiscus Way, 802 West Bay Road, George Town, KY1-1205, Cayman Islands.

The largest and smallest of the group undertakings to consolidate these financial statements as at 31 December 2022 is Vistra Group Holding (BVI) II Limited, a subsidiary of Vistra Group Holding (BVI) III Limited. The consolidated financial statements of Thevelia Holdings Limited can be obtained from Vistra Holdings (UK) Ltd, 3rd Floor, 11-12 St James's Square, London, United Kingdom, SW1Y 4LB.