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VIQ Solutions (UK) Limited
























Financial statements



For the year ended 31 December 2022



Registered number: 12962130

 
VIQ Solutions (UK) Limited - Registered number: 12962130

Statement of financial position
As at 31 December 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,844
-

Investments
 5 
1,263,011
1,263,011

  
1,266,855
1,263,011

Current assets
  

Debtors: amounts falling due within one year
 6 
71,377
-

Cash at bank and in hand
  
16,376
-

  
87,753
-

Creditors: amounts falling due within one year
 7 
(1,605,563)
(1,263,009)

Net current liabilities
  
 
 
(1,517,810)
 
 
(1,263,009)

Total assets less current liabilities
  
(250,955)
2

  

Net (liabilities)/assets
  
(250,955)
2


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
(250,957)
-

  
(250,955)
2


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 on 7 February 2024.




A Edwards
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
VIQ Solutions (UK) Limited

 
Notes to the financial statements
For the year ended 31 December 2022

1.


General information

The company is a private company limited by shares and registered in England & Wales. The company registration number is 12962130. The registered office address is 5th Floor, 10 Finsbury Square, London, EC2A 1AF and its principal place of business is 24-28 High Street, Hythe, England, CT21 5AT.

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 ('FRS 102'), the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Going concern

At the reporting date, the company has a liability due to a group entity of £1.5m. Excluding this amount, the
company is in a strong net asset position. However the company has made a loss during the period, therefore, the directors have concluded that there is a material uncertainty in relation to going concern.
The company is therefore reliant on support from its parent company and the wider group. It has received
assurance from its parent company that it will continue to give financial support to the company for a period
of at least twelve months from the date of approval of these financial statements. However, the group is also
in a net liability position, therefore, there is a risk that this financial support mentioned above may not be
forthcoming. The availability of the support is uncertain, and if this is support is not available, the going
concern basis used in preparing the company's financial statements may be invalid and adjustments would
have to be made should this basis not continue to be appropriate.

 
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 2

 
VIQ Solutions (UK) Limited

Notes to the financial statements
For the year ended 31 December 2022

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:

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.

 
2.5

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.

 
2.6

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:

Computer 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.

  
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.8

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.

Page 3

 
VIQ Solutions (UK) Limited

Notes to the financial statements
For the year ended 31 December 2022

2.Accounting policies (continued)

 
2.9

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2021 -0).


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


Additions
5,306



At 31 December 2022

5,306



Depreciation


Charge for the year
1,462



At 31 December 2022

1,462



Net book value



At 31 December 2022
3,844



At 31 December 2021
-

Page 4

 
VIQ Solutions (UK) Limited

 
Notes to the financial statements
For the year ended 31 December 2022

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2022
1,263,011



At 31 December 2022
1,263,011





6.


Debtors

2022
2021
£
£


Trade debtors
41,839
-

Amounts owed by group undertakings
24,369
-

Other debtors
2,222
-

Prepayments and accrued income
2,947
-

71,377
-



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
14,213
-

Amounts owed to group undertakings
1,560,139
1,263,009

Other taxation and social security
7,152
-

Other creditors
11,665
-

Accruals and deferred income
12,394
-

1,605,563
1,263,009



8.


Controlling party

The smallest group which prepares consolidated financial statements including VIQ Solutions (UK) Limited is VIQ
Solutions, Inc. The registered office address is 5915 Airport Road, Suite 700 Mississauga, Ontatio, Canada, L4V 1T1.

Page 5

 
VIQ Solutions (UK) Limited

 
Notes to the financial statements
For the year ended 31 December 2022

9.


Auditor's information

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

In their report, the auditor emphasised the following matter without qualifying their report:
We draw attention to note 2.2 in the financial statements, which indicates that the entity is loss making and in net liability position. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

The audit report was signed on 7 February 2024 by Jonathan West (Senior statutory auditor) on behalf of Buzzacott LLP.

Page 6