2023-01-012023-12-312023-12-31false11512819ARUVR 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ARUVR LIMITED

Registered Number
11512819
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

ARUVR LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

DOWNING, Ian
FURNARI, Francesco
MONCALVO, Marco
WIRSZYCZ, Robert Michael
SYMVAN CAPITAL LIMITED

Registered Address

Unit 1 Alexander Charles House
Station Passage
London
E18 1JL

Registered Number

11512819 (England and Wales)
ARUVR LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets345,26535,674
Tangible assets46,93310,048
Investments58,6108,610
60,80854,332
Current assets
Stocks65,4955,495
Debtors239,219329,497
Cash at bank and on hand368,0421,008,000
612,7561,342,992
Creditors amounts falling due within one year7(472,195)(377,546)
Net current assets (liabilities)140,561965,446
Total assets less current liabilities201,3691,019,778
Creditors amounts falling due after one year8(19,958)(26,670)
Net assets181,411993,108
Capital and reserves
Called up share capital1818
Share premium2,916,3422,864,841
Profit and loss account(2,734,949)(1,871,751)
Shareholders' funds181,411993,108
The financial statements were approved and authorised for issue by the Board of Directors on 16 February 2024, and are signed on its behalf by:
FURNARI, Francesco
Director
Registered Company No. 11512819
ARUVR LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
ARUVR Limited is a private company, limited by shares, registered in England and Wales, registration number 11512819. The registered office is Unit 1 Alexander Charles House, Station Passage, London, E18 1JL, UK
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts. Basis of preparation The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets. Presentation currency The accounts are presented in £ sterling. Tangible fixed assets and depreciation Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives: Fixtures & fittings 3 Computer equipment 3 Intangible fixed assets Intangible fixed assets (including purchased ISO certificate, trade mark and patents) are included at cost less accumulated amortisation.
Turnover policy
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Research and development
All research costs are expensed. Costs related to the development of products are capitalised when they meet the criteria stated in FRS 102, Section 18 Intangible assets other than Goodwill. All other development expenditure is recognised as an expense in the period in which it is incurred.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.Average number of employees

20232022
Average number of employees during the year1211
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 January 2342,89542,895
Additions17,20517,205
At 31 December 2360,10060,100
Amortisation and impairment
At 01 January 237,2217,221
Charge for year7,6147,614
At 31 December 2314,83514,835
Net book value
At 31 December 2345,26545,265
At 31 December 2235,67435,674
4.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 January 2318,66318,663
Additions2,7732,773
At 31 December 2321,43621,436
Depreciation and impairment
At 01 January 238,6158,615
Charge for year5,8885,888
At 31 December 2314,50314,503
Net book value
At 31 December 236,9336,933
At 31 December 2210,04810,048
5.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 January 238,6108,610
At 31 December 238,6108,610
Net book value
At 31 December 238,6108,610
At 31 December 228,6108,610

Notes

1Investments in group undertakings and participating interests
6.Stocks

2023

2022

££
Other stocks5,4955,495
Total5,4955,495
7.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables79,72755,100
Accrued liabilities and deferred income392,468322,446
Total472,195377,546
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
8.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts19,95826,670
Total19,95826,670
9.Related party transactions
ARUVR Limited (formerly VRtuoso Limited) owns 100% of ARUVR SRL (formerly VRtuoso SRL). ARUVR SRL (formerly VRtuoso SRL) pay salaries to two of its directors and recharges to ARUVR Limited (formerly VRtuoso Limited).