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Registered number: 10237544










VIVE ARTS LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
VIVE ARTS LIMITED
REGISTERED NUMBER: 10237544

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

  

Intangible assets
 4 
56,376
59,336

  
56,376
59,336

Current assets
  

Debtors: amounts falling due within one year
 5 
56,630
103,917

Cash at bank and in hand
 6 
3,951,663
4,305,534

  
4,008,293
4,409,451

Creditors: amounts falling due within one year
 7 
(72,464)
(38,915)

Net current assets
  
 
 
3,935,829
 
 
4,370,536

Net assets
  
3,992,205
4,429,872


Capital and reserves
  

Called up share capital 
  
4,236,032
4,236,032

Profit and loss account
  
(243,827)
193,840

  
3,992,205
4,429,872


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

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: 




Wang, Hsiueh-Hong
Director

Date: 29 November 2023

The notes on pages 3 to 8 form part of these financial statements.

Page 1

 
VIVE ARTS LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
4,236,032
193,840
4,429,872



Loss for the year
-
(437,667)
(437,667)


At 31 December 2022
4,236,032
(243,827)
3,992,205



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2021
4,236,032
211,888
4,447,920



Loss for the year
-
(18,048)
(18,048)


At 31 December 2021
4,236,032
193,840
4,429,872


The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
VIVE ARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Vive Arts Limited is a private company limited by share capital, incorporated in England and Wales, registration number 10237544. The address of the registered office is Salamanca, Wellington Street, Slough, Berkshire, SL1 1YP. 

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 Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of IAS 7 Statement of Cash Flows
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

This information is included in the consolidated financial statements of HTC Corporation as at 31 December 2022 and these financial statements may be obtained from 88 Section 3, Zhongxing Road, Xindian District, New Taipei City, Taiwan, ROC.

 
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.

Page 3

 
VIVE ARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.3
Foreign currency translation (continued)

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'.

 
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:

Commissions
The Company receives comissions from acting as an agent on the sales of NFT artwork. Revenue is recognised as a stated percentage of amount billed to the customer when the artwork is delivered. 
Licensing fees and Royalties Contract
The Company enters into contracts with customers for the use of digital content on a non-exclusive basis for an agreed period of time. The revenue is recognised firstly against costs occurred to the Company to acquire the right to licence the content with any remaining amount recognised as revenue on a straight line basis over the life of the contract.

 
2.5

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.

Page 4

 
VIVE ARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.6

Intangible assets

Cryptocurrency assets are intially recognised at cost. The value of the assets are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period. 
Digital artworks are initially recognised at cost. After recognition, under the cost model, digital artworks are measured at cost less any accumulated amortisation and any accumulated impairment losses.  
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell, and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

 The estimated useful lives range as follows:

Digital artworks
-
10
years

 
2.7

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.

 
2.8

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. 

 
2.9

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

Page 5

 
VIVE ARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

3.


Employees

The average monthly number of employees, including the Directors, during the year was as follows:


        2022
        2021
            No.
            No.







Director
1
1



Staff
3
1

4
2

No renumeration was paid to directors (2021: £nil). 


4.


Intangible assets




Crypto Currency
Digital artwork
Total

£
£
£



Cost


At 1 January 2022
3,798
55,538
59,336


Additions
3,255
-
3,255



At 31 December 2022

7,053
55,538
62,591



Amortisation


Charge for the year on owned assets
-
6,215
6,215



At 31 December 2022

-
6,215
6,215



Net book value



At 31 December 2022
7,053
49,323
56,376



At 31 December 2021
3,798
55,538
59,336




Page 6

 
VIVE ARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Debtors: amounts falling due within one year

2022
2021
£
£


Trade debtors
31
13,570

Other debtors
51,545
18,869

Prepayments and accrued income
5,054
71,478

56,630
103,917



6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
3,951,663
4,305,534

Less: bank overdrafts
-
(54)

3,951,663
4,305,480



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank overdrafts
-
54

Trade creditors
28,469
-

Amounts owed to group undertakings
-
8,269

Other creditors
606
-

Accruals and deferred income
43,389
30,592

72,464
38,915



8.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £7,124 (2021 - £997) . Contributions totalling £Nil (2021 - £267) were payable to the fund at the balance sheet date and are included in creditors.

Page 7

 
VIVE ARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

9.


Related party transactions

The Company takes advantage of exemption in accordance with IAS 24 not to disclose transactions between wholly owned subsidiaries within the group. 


10.


Controlling party

The immediate parent of the company is HTC VIVE Tech (HK) Limited, a company incorporated in Hong Kong SAR. 
In the opinion of the directors, the ultimate parent and controlling company is HTC Corporation, a company incorporated in Taiwan, Republic of China. 
The smallest group of undertakings for which group accounts are drawn up and of which the company is a member is HTC VIVE Tech (HK) Limited, Hong Kong SAR, and the largest group of undertakings for which group accounts are drawn up and of which the company is a member is HTC Corporation, Taiwan, Republic of China. The financial statements of HTC Corporation can be obtained from 88 Section 3, Zhongxing Road, Xindian District, New Taipei City, Taiwan, ROC


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 29 November 2023 by Shilen Manek ACA, FCCA (Senior statutory auditor) on behalf of Simmons Gainsford LLP.

 
Page 8