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COMPANY REGISTRATION NUMBER: 09170329
VIQU Limited
Filleted Unaudited Financial Statements
31 December 2023
VIQU Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
212,616
196,205
Current assets
Debtors
6
2,744,533
4,431,532
Cash at bank and in hand
1,108,689
385,122
------------
------------
3,853,222
4,816,654
Creditors: amounts falling due within one year
7
2,014,500
2,567,499
------------
------------
Net current assets
1,838,722
2,249,155
------------
------------
Total assets less current liabilities
2,051,338
2,445,360
Provisions
20,360
14,405
------------
------------
Net assets
2,030,978
2,430,955
------------
------------
Capital and reserves
Called up share capital
8
1,000
1,000
Capital redemption reserve
9
45
45
Profit and loss account
9
2,029,933
2,429,910
------------
------------
Shareholders funds
2,030,978
2,430,955
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
VIQU Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 5 March 2024 , and are signed on behalf of the board by:
Mr M Collingwood
Director
Company registration number: 09170329
VIQU Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camomile House, 6 Embassy Drive, Birmingham, B15 1TP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102 Section 1A. As such, advantage has been taken of the following disclosure exemptions available: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no significant areas of judgement or estimate included in these accounts. Accounting estimates include depreciation, prepayments and accruals.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property improvements
-
10% straight line
Plant and machinery
-
20% straight line
Fixtures and fittings
-
20% straight line
Equipment
-
33% straight line
Website
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
The company recognises a deferred tax asset for all tax losses brought forward that it considers will be used on future taxable profits.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 29 (2022: 30 ).
5. Tangible assets
Property improvements
Plant and machinery
Fixtures and fittings
Equipment
Website
Total
£
£
£
£
£
£
Cost
At 1 Jan 2023
156,539
2,700
50,088
42,735
8,665
260,727
Additions
29,779
21,380
1,182
924
1,236
54,501
---------
--------
--------
--------
-------
---------
At 31 Dec 2023
186,318
24,080
51,270
43,659
9,901
315,228
---------
--------
--------
--------
-------
---------
Depreciation
At 1 Jan 2023
11,332
527
20,748
23,250
8,665
64,522
Charge for the year
18,029
3,391
7,412
9,121
137
38,090
---------
--------
--------
--------
-------
---------
At 31 Dec 2023
29,361
3,918
28,160
32,371
8,802
102,612
---------
--------
--------
--------
-------
---------
Carrying amount
At 31 Dec 2023
156,957
20,162
23,110
11,288
1,099
212,616
---------
--------
--------
--------
-------
---------
At 31 Dec 2022
145,207
2,173
29,340
19,485
196,205
---------
--------
--------
--------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
1,551,407
2,771,806
Prepayments and accrued income
767,693
1,180,897
Director's loan account
117,310
150,185
Other debtors
308,123
328,644
------------
------------
2,744,533
4,431,532
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
580,716
Trade creditors
772,138
543,317
Accruals and deferred income
661,951
690,625
Corporation tax
379,931
418,436
Social security and other taxes
195,851
334,405
Other creditors
4,629
------------
------------
2,014,500
2,567,499
------------
------------
The bank overdrafts are secured by a bank debenture incorporating a fixed and floating charge over the assets of the company and by a guarantee given by the related party company Assern Properties Limited.
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
A Ordinary shares of £ 1 each
859
859
B Ordinary shares of £ 1 each
100
100
100
100
C Ordinary shares of £ 1 each
30
30
30
30
D Ordinary shares of £ 1 each
10
10
10
10
Z Ordinary shares of £ 1 each
1
1
860
860
-------
-------
-------
-------
1,000
1,000
1,000
1,000
-------
-------
-------
-------
During the financial year 859 Z ordinary shares were reclassified to A ordinary shares.
9. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Capital redemption reserve - This reserve holds the value of the 45 shares redeemed on 11 October 2021.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
2,000
24,001
Later than 1 year and not later than 5 years
2,000
-------
--------
2,000
26,001
-------
--------
11. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr M Collingwood
150,185
28,607
( 61,482)
117,310
---------
--------
--------
---------
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr M Collingwood
280,777
( 130,592)
150,185
---------
---------
----
---------
12. Related party transactions
The directors are also directors of Assern Properties Limited, a company registered in England and Wales. VIQU Limited rent their premises from that company at a charge for this period of £52,800 (2022: £49,750) and at the balance sheet date owed that company £Nil (2022: £Nil). The company recharged expenses incurred on behalf of Assern Properties Limited totalling -£19,907 (2022: £78,475) and at the balance sheet date was owed £138,599 (2022: £158,506). The directors are also directors of Matthew Collingwood Limited, a company registered in England and Wales. VIQU paid costs totalling £200 (2022: £8,375) on behalf of Matt Collingwood Limited and at the balance sheet date was owed £8,575 (2022: £8,375).