Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falsetrue19No description of principal activity2023-01-0174trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12973683 2023-01-01 2023-12-31 12973683 2022-01-01 2022-12-31 12973683 2023-12-31 12973683 2022-12-31 12973683 c:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 12973683 c:RestatedAmount 2022-12-31 12973683 d:Director1 2023-01-01 2023-12-31 12973683 d:Director2 2023-01-01 2023-12-31 12973683 d:Director3 2023-01-01 2023-12-31 12973683 d:Director4 2023-01-01 2023-12-31 12973683 d:RegisteredOffice 2023-01-01 2023-12-31 12973683 c:PlantMachinery 2023-01-01 2023-12-31 12973683 c:PlantMachinery 2023-12-31 12973683 c:PlantMachinery 2022-12-31 12973683 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12973683 c:MotorVehicles 2023-01-01 2023-12-31 12973683 c:FurnitureFittings 2023-01-01 2023-12-31 12973683 c:FurnitureFittings 2023-12-31 12973683 c:FurnitureFittings 2022-12-31 12973683 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12973683 c:OfficeEquipment 2023-01-01 2023-12-31 12973683 c:OfficeEquipment 2023-12-31 12973683 c:OfficeEquipment 2022-12-31 12973683 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12973683 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12973683 c:CopyrightsPatentsTrademarksServiceOperatingRights 2023-01-01 2023-12-31 12973683 c:CopyrightsPatentsTrademarksServiceOperatingRights 2023-12-31 12973683 c:CopyrightsPatentsTrademarksServiceOperatingRights 2022-12-31 12973683 c:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 12973683 c:CurrentFinancialInstruments 2023-12-31 12973683 c:CurrentFinancialInstruments 2022-12-31 12973683 c:Non-currentFinancialInstruments 2023-12-31 12973683 c:Non-currentFinancialInstruments 2022-12-31 12973683 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 12973683 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 12973683 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 12973683 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 12973683 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-12-31 12973683 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2022-12-31 12973683 c:ShareCapital 2023-12-31 12973683 c:ShareCapital 2022-12-31 12973683 c:SharePremium 2023-12-31 12973683 c:SharePremium 2022-12-31 12973683 c:RetainedEarningsAccumulatedLosses 2023-12-31 12973683 c:RetainedEarningsAccumulatedLosses 2022-12-31 12973683 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-01-01 2023-12-31 12973683 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 12973683 d:OrdinaryShareClass1 2023-01-01 2023-12-31 12973683 d:OrdinaryShareClass1 2023-12-31 12973683 d:OrdinaryShareClass1 2022-12-31 12973683 d:FRS102 2023-01-01 2023-12-31 12973683 d:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 12973683 d:FullAccounts 2023-01-01 2023-12-31 12973683 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12973683 c:PlantMachinery c:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 12973683 c:PlantMachinery c:RestatedAmount 2022-12-31 12973683 c:FurnitureFittings c:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 12973683 c:FurnitureFittings c:RestatedAmount 2022-12-31 12973683 c:OfficeEquipment c:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 12973683 c:OfficeEquipment c:RestatedAmount 2022-12-31 12973683 c:ComputerSoftware 2023-01-01 2023-12-31 12973683 c:ComputerSoftware 2023-12-31 12973683 c:ComputerSoftware 2022-12-31 12973683 c:WithinOneYear 2023-12-31 12973683 c:WithinOneYear 2022-12-31 12973683 c:BetweenOneFiveYears 2023-12-31 12973683 c:BetweenOneFiveYears 2022-12-31 12973683 2 2023-01-01 2023-12-31 12973683 c:CopyrightsPatentsTrademarksServiceOperatingRights c:OwnedIntangibleAssets 2023-01-01 2023-12-31 12973683 c:ComputerSoftware c:OwnedIntangibleAssets 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12973683









VR ENTERTAINMENT LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
VR ENTERTAINMENT LTD
 
 
COMPANY INFORMATION


Directors
E A Kenny 
A D Scanlon 
E R Wilkinson 
J S Wilmot-Sitwell 




Registered number
12973683



Registered office
Sandbox Vr
101 Museum Street

London

England

WC1A 1PB




Accountants
Donald Reid Limited
Chartered Accountants

18a/20 King Street

Maidenhead

Berkshire

SL6 1EF





 
VR ENTERTAINMENT LTD
 

CONTENTS



Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 14


 
VR ENTERTAINMENT LTD
REGISTERED NUMBER: 12973683

BALANCE SHEET
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
318,324
462,383

Tangible assets
 5 
4,108,638
1,993,687

  
4,426,962
2,456,070

Current assets
  

Stocks
 6 
241,867
117,422

Debtors: amounts falling due after more than one year
 7 
415,743
-

Debtors: amounts falling due within one year
 7 
340,920
294,562

Cash at bank and in hand
 8 
172,720
56,979

  
1,171,250
468,963

Creditors: amounts falling due within one year
 9 
(1,921,368)
(567,702)

Net current liabilities
  
 
 
(750,118)
 
 
(98,739)

Total assets less current liabilities
  
3,676,844
2,357,331

Creditors: amounts falling due after more than one year
 10 
(1,047,153)
(206,575)

Provisions for liabilities
  

Other provisions
 12 
(129,543)
-

  
 
 
(129,543)
 
 
-

Net assets
  
2,500,148
2,150,756


Capital and reserves
  

Called up share capital 
 13 
6
5

Share premium account
  
4,032,957
2,372,170

Profit and loss account
  
(1,532,815)
(221,419)

  
2,500,148
2,150,756


Page 1

 
VR ENTERTAINMENT LTD
REGISTERED NUMBER: 12973683
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 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 income and retained earnings 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 on 5 April 2024.




A D Scanlon
Director

The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
VR ENTERTAINMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

VR Entertainment Ltd is a private company limited by shares. The company was incorporated in the United Kingdom and registered in Engalnd and Wales. The registration number is 12973683. The registered address is Sandbox Vr, 101 Museum Street, London, England, WC1A 1PB.

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

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The directors have performed a going concern assessment for a period of 12 months from the date of approval of these financial statements which indicate that the company will have sufficient funding from its balance sheet reserves and its creditors. As a result the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.

 
2.4

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 income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
VR ENTERTAINMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured 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; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Interest income

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

 
2.8

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.

Page 4

 
VR ENTERTAINMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Borrowing costs

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

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

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.

 The estimated useful lives range as follows:

Trademarks
-
10
years
Computer Software
-
10
years

 
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:

Plant and machinery
-
20.00%
Leasehold Property
-
6.67%
VR & Bar Equipment
-
20.00%
/ 33.33%

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

 
VR ENTERTAINMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

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.

 
2.15

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.

 
2.16

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.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet 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.
Page 6

 
VR ENTERTAINMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)


Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Page 7

 
VR ENTERTAINMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 74 (2022 - 19).

Page 8

 
VR ENTERTAINMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Trademarks
Computer software
Total

£
£
£



Cost


At 1 January 2023
499,712
7,000
506,712


Transfer between classes
(109,878)
-
(109,878)



At 31 December 2023

389,834
7,000
396,834



Amortisation


At 1 January 2023
43,221
1,108
44,329


Charge for the year on owned assets
38,984
700
39,684


Transfer between classes
(5,503)
-
(5,503)



At 31 December 2023

76,702
1,808
78,510



Net book value



At 31 December 2023
313,132
5,192
318,324



At 31 December 2022
456,491
5,892
462,383



Page 9

 
VR ENTERTAINMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Leasehold Property
VR & Bar Equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023 (as previously stated)
393,029
1,736,333
59,898
2,189,260


Prior Year Adjustment
5,027
-
-
5,027


At 1 January 2023 (as restated)
398,056
1,736,333
59,898
2,194,287


Additions
-
1,334,599
1,084,370
2,418,969


Transfers between classes
(282,404)
109,878
282,404
109,878



At 31 December 2023

115,652
3,180,810
1,426,672
4,723,134



Depreciation


At 1 January 2023 (as previously stated)
64,886
156,816
9,953
231,655


Prior Year Adjustment
(31,055)
-
-
(31,055)


At 1 January 2023 (as restated)
33,831
156,816
9,953
200,600


Charge for the year on owned assets
40,640
169,083
198,670
408,393


Transfers between classes
(33,831)
5,503
33,831
5,503



At 31 December 2023

40,640
331,402
242,454
614,496



Net book value



At 31 December 2023
75,012
2,849,408
1,184,218
4,108,638



At 31 December 2022 (as restated)
364,225
1,579,517
49,945
1,993,687


6.


Stocks

As restated
2023
2022
£
£

Consumables
20,074
7,500

Finished goods and goods for resale
221,793
109,922

241,867
117,422


Page 10

 
VR ENTERTAINMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
415,743
-

415,743
-


As restated
2023
2022
£
£

Due within one year

Amounts owed by group undertakings
238,265
-

Other debtors
35,993
294,562

Prepayments and accrued income
66,662
-

340,920
294,562



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
172,720
56,979

172,720
56,979



9.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Other loans
407,500
-

Trade creditors
522,609
-

Other taxation and social security
339,898
145,867

Obligations under finance lease and hire purchase contracts
145,100
103,880

Other creditors
174,882
221,614

Accruals and deferred income
331,379
96,341

1,921,368
567,702


Page 11

 
VR ENTERTAINMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
388,585
206,575

Net obligations under finance leases and hire purchase contracts
385,680
-

Accruals and deferred income
272,888
-

1,047,153
206,575



11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Other loans
407,500
-


407,500
-

Amounts falling due 1-2 years

Other loans
388,585
206,575


388,585
206,575



796,085
206,575



12.


Provisions


Dilapidations

£





Fair value of dilapidations provision
116,963


Unwind of discount
12,580



At 31 December 2023
129,543

A provision has been recognised in relation to the fair value of reinstatement costs the company expects to pay to restore the leasehold property to its original condition at the end of the lease term.

Page 12

 
VR ENTERTAINMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,224,066 (2022 - 1,081,650) Ordinary shares of £0.000005 each
6.120330
5.408250


During the year 142,416 Ordinary shares were issued with a total consideration of £1,660,788.


14.


Prior year adjustment

The comparatives have been restated in order to correct prior period errors as follows:
 
1.To accrue for costs previously unrecorded in the prior year. This has led to an increase in creditors due within one year of £87,591 and an increase in administrative expenses of the same amount.
2.To release prepayments incorrectly recognised to the profit and loss account. This has led to a decrease in debtors due within one year in 2022 of £18,452 and an increase in administrative expenses of the same amount. 
3.To reclassify assets incorrectly capitalised as fixed assets to stock. This has led to a decrease in fixed assets of £79,570, an increase in stock of £109,922 and a decrease in administrative expenses of £30,352 relating to depreciation charged on the assets.
4.To recognise assets which had been incorrectly disposed of. This has led to an increase in fixed assets of £115,652, an increase in creditors due within 1 year of £103,880 and a decrease in administrative expenses of £11,772.

These adjustments have led to an increase for the losses in 2022 of £63,919 and a corresponding increase in the retained losses brought forward. 

The directors have made these restatements to better enable the financial statements to show a true and fair view.


15.


Pension commitments

The Company operates a defined contribution pension scheme for the benefit of the employees. The assets of the scheme are administered by an independent pensions provider. Pension payments recognised as an expense during the period amount to £17,997 (2022: £4,770). Contributions totalling £14,253 (2022: £8,317) were payable to the fund at the balance sheet date and are included in creditors.

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VR ENTERTAINMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

As restated
2023
2022
£
£


Not later than 1 year
578,618
300,493

Later than 1 year and not later than 5 years
2,466,746
1,420,364

3,045,364
1,720,857


17.


Related party transactions

At the year, end included in other debtors is £238,265 (2022: £Nil) owed to the company by group undertakings.

At the year end, included in other creditors due within one year is £25,000 (2022: £152,332) owed by the company to the drectors. Within other creditors due within more than one year is £170,010 (2022: £Nil) owed by the company to a director.


18.


First time adoption of FRS 102

The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

 
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