Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31No description of principal activityfalse2022-04-0155falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06418987 2022-04-01 2023-03-31 06418987 2021-04-01 2022-03-31 06418987 2023-03-31 06418987 2022-03-31 06418987 c:Director2 2022-04-01 2023-03-31 06418987 d:OfficeEquipment 2022-04-01 2023-03-31 06418987 d:OfficeEquipment 2023-03-31 06418987 d:OfficeEquipment 2022-03-31 06418987 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 06418987 d:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 06418987 d:PatentsTrademarksLicencesConcessionsSimilar 2022-03-31 06418987 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 06418987 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-31 06418987 d:CurrentFinancialInstruments 2023-03-31 06418987 d:CurrentFinancialInstruments 2022-03-31 06418987 d:Non-currentFinancialInstruments 2023-03-31 06418987 d:Non-currentFinancialInstruments 2022-03-31 06418987 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 06418987 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 06418987 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 06418987 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 06418987 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 06418987 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 06418987 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 06418987 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 06418987 d:ShareCapital 2023-03-31 06418987 d:ShareCapital 2022-03-31 06418987 d:RetainedEarningsAccumulatedLosses 2023-03-31 06418987 d:RetainedEarningsAccumulatedLosses 2022-03-31 06418987 c:OrdinaryShareClass1 2022-04-01 2023-03-31 06418987 c:OrdinaryShareClass1 2023-03-31 06418987 c:OrdinaryShareClass1 2022-03-31 06418987 c:FRS102 2022-04-01 2023-03-31 06418987 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 06418987 c:FullAccounts 2022-04-01 2023-03-31 06418987 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06418987 2 2022-04-01 2023-03-31 06418987 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2022-04-01 2023-03-31 06418987 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2022-04-01 2023-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 06418987









VST GLOBAL LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
VST GLOBAL LTD
REGISTERED NUMBER: 06418987

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
6,558
7,038

Tangible assets
 5 
849
2,091

  
7,407
9,129

Current assets
  

Debtors: amounts falling due within one year
 6 
89,425
3,947

Cash at bank and in hand
 7 
2,454
-

  
91,879
3,947

Creditors: amounts falling due within one year
 8 
(1,796,245)
(1,597,799)

Net current liabilities
  
 
 
(1,704,366)
 
 
(1,593,852)

Total assets less current liabilities
  
(1,696,959)
(1,584,723)

Creditors: amounts falling due after more than one year
 9 
(33,735)
(39,059)

  

Net liabilities
  
(1,730,694)
(1,623,782)


Capital and reserves
  

Called up share capital 
 11 
250
250

Profit and loss account
  
(1,730,944)
(1,624,032)

  
(1,730,694)
(1,623,782)


Page 1

 
VST GLOBAL LTD
REGISTERED NUMBER: 06418987
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

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 by: 




D Jones
Director

Date: 27 November 2023

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
VST GLOBAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

The entity is a private company limited by shares, incorporated in England and Wales (registered number: 06418987). The registered office is 1 Woodfield Road, Welwyn Garden City, Hertfordshire, AL7 1JQ.      
                                                                                                                                                                     The principal activity of the company continued to be that of the manufacture of electrical appliances and mobile applications.

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 has net current liabilities of £1,704,366 and total net liabilities of £1,730,694 at the balance sheet date. The financial statements have been prepared on a going concern basis as the directors' father, N Jones, has indicated his willingness and ability to support the company in order that it is able to meet its working capital requirements for at least one year from the date of approval of the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
VST GLOBAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable 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 discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Interest income

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

 
2.7

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.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
VST GLOBAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Development costs

Research and development expenditure is capitalised when it meets the following conditions:
                                                                                                                                                                   (i) It is technically feasible to complete the development so that the product will be available for sale;
(ii) It is intended that the product will be sold or used when developed;
(iii) The company is able to use or sell the product;
(iv) The product will generate probable future economic benefits;
(v) Adequate resources exist so that product development can be completed;
(vi) Expenditure attributable to research and development can be measured reliably.
                                                                                                                                                                 Expenditure that is not capitalised is recognised as an expense in the period in which is it incurred.

 
2.12

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, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
VST GLOBAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.13

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.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).

Page 6

 
VST GLOBAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Intangible assets




Patents
Development expenditure
Total

£
£
£



Cost


At 1 April 2022
54,336
13,000
67,336



At 31 March 2023

54,336
13,000
67,336



Amortisation


At 1 April 2022
47,298
12,999
60,297


Charge for the year on owned assets
481
-
481



At 31 March 2023

47,779
12,999
60,778



Net book value



At 31 March 2023
6,557
1
6,558



At 31 March 2022
7,037
1
7,038



Page 7

 
VST GLOBAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 April 2022
27,952



At 31 March 2023

27,952



Depreciation


At 1 April 2022
25,861


Charge for the year on owned assets
1,242



At 31 March 2023

27,103



Net book value



At 31 March 2023
849



At 31 March 2022
2,091


6.


Debtors

2023
2022
£
£


Other debtors
86,676
-

Prepayments and accrued income
2,749
3,947

89,425
3,947



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,454
-

Less: bank overdrafts
-
(2,939)

2,454
(2,939)


Page 8

 
VST GLOBAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
2,939

Bank loans
9,695
4,812

Trade creditors
215,217
52,025

Other taxation and social security
82,429
48,146

Other creditors
1,415,024
1,428,423

Accruals and deferred income
73,880
61,454

1,796,245
1,597,799



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
33,735
39,059

33,735
39,059


Page 9

 
VST GLOBAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
9,695
4,812


9,695
4,812

Amounts due within 1-2 years

Bank loans
9,940
9,806


9,940
9,806

Amounts falling due 2-5 years

Bank loans
23,794
29,253


23,794
29,253


43,429
43,871



11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



250 (2022 - 250) ordinary shares of £1.00 each
250
250



12.


Related party transactions

During the year the company paid credits totalling £200,441 from N Jones, father of the directors K Jones and D Jones. As at 31 March 2023, N J Jones was owed £1,051,253 by the company (2022: £1,251,694). The loan is unsecured, interest free and repayable on demand.

 
Page 10