Company registration number SC125513 (Scotland)
VYSUS (GB) LIMITED
DIRECTOR'S REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
VYSUS (GB) LIMITED
COMPANY INFORMATION
Director
D Clark
Company number
SC125513
Registered office
Proserv House, Prospect Road
Arnhall Business Park
Westhill
Aberdeen
Scotland
AB32 6FJ
VYSUS (GB) LIMITED
CONTENTS
Page
Director's report
1 - 2
Director's responsibilities statement
3
Strategic report
4 - 5
Profit and loss account
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 18
VYSUS (GB) LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The director presents his annual report and financial statements for the year ended 31 December 2022.

Principal activities

The principal activity of the company continued to be that of the provision of engineering and consultancy services to the oil and gas industry and it also provides support services to other group companies.

Results and dividends

Commentary on the results for the period can be found in the strategic report. The director does not recommend a dividend (2021: none).

 

Going concern

While the company has net liabilities, another group company, Vysus Group Holdings Limited, has agreed to provide support until Vysus (GB) Limited is able to repay those amounts.

 

This support will be provided for a period of at least 12 months from the date of approval of these financial statements.

 

With this support, the director believes Vysus (GB) Limited is able to meet its liabilities as they fall due and the director continues to adopt the going concern basis in preparing the accounts.

 

Future developments

The director does not foresee any material change in the nature of the business or trading results.

 

Events since the balance sheet date

There have been no significant events affecting the company since the year end.

 

Divestment

In December 2022, Vysus Group Holdings divested its Wells businesses, prior to this divestment, ownership of Vysus (GB) Limited was transferred from Senergy Oil and Gas Limited to Vysus Holdings (UK) Limited.

 

Branches

The company has branches, as defined in section 1046(3) of the Companies Act 2006, which are outside the UK.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

D Clark
Employment of disabled persons

Vysus (GB) Limited strives to be an equal opportunities employer.

 

Full consideration is given to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a disabled person.

 

Where existing employees become disabled, it is company policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.

Parent and ultimate parent

The ultimate parent is Inspirit Vysus Holdings Limited, a company registered in England and Wales. The immediate parent at the balance sheet date is Vysus Holdings UK Limited, a company registered in Scotland.

- 1 -
VYSUS (GB) LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Approved by the board and signed on its behalf by:
D CLARK
D Clark
Director
28 February 2024
- 2 -
VYSUS (GB) LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

- 3 -
VYSUS (GB) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The director presents the strategic report for the year ended 31 December 2022.

Business review

The principal activity of the company is the provision of engineering and consultancy services to the oil and gas industry and it also provides support services to the other Group companies.

 

Turnover for the year £1.2 million (14 months to 31 December 2021: £1.4 million) shows a decrease from the previous period, mainly due to the effect of the shorter accounting period.

 

The loss for the period, after taxation, amounted to £1.9 million (14 months to 31 December 2021: loss of £3.2 million).

 

This report should be read in conjunction with the Group Strategic Report, which is incorporated by reference into these statutory accounts. The Group Strategic Report, prepared for Vysus Group Holdings Limited for the same financial period, provides additional insights into the overall strategy, key risks, and performance of the entire group.

Section 172 statement

The director recognises that the UK Companies Act requires directors to act in a way that promotes the success of the company for the benefit of shareholders as a whole and in doing so have regard (amongst other matters) to:

 

 

The director has had regard to those factors with respect to each decision made.

Principal risks and uncertainties

In the opinion of the director, the principal risks and uncertainties facing the company relate to uncertainty in global energy markets. The risk is managed through systematic and thorough analysis of the market and opportunities, tracking of pipeline and business development activity, and active management of the cost base.

 

The principal strategic risks of the company are:

 

The principal operational and compliance risks of the company are:

- 4 -
VYSUS (GB) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Financial risk management

Vysus (GB) Limited is exposed to foreign exchange risk due to contracts with customers that are not in Pounds Sterling, the risk is mitigated by ensuring as far as possible that the contract revenue and cost are in the same currency.

 

Vysus (GB) Limited performs assessments on the creditworthiness of new clients, and where appropriate assigns credit limits to clients' accounts.

On behalf of the board

D CLARK
D Clark
Director
28 February 2024
- 5 -
VYSUS (GB) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
Year ended
1 November 2020
31 December
to 31 December
2022
2021
as restated*
Notes
£'000
£'000
Turnover
4
1,194
1,372
Cost of sales
(1,187)
(1,447)
Gross profit/(loss)
7
(75)
Other operating income
18
11,149
11,642
Administrative expenses
(13,048)
(14,685)
Operating loss
5
(1,892)
(3,118)
Interest payable and similar expenses
7
(6)
(3)
Loss before taxation
(1,898)
(3,121)
Tax on loss
8
-
(113)
Loss for the financial year
(1,898)
(3,234)
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2022
Year ended
1 November 2020
31 December
to 31 December
2022
2021
£'000
£'000
Loss for the financial year
(1,898)
(3,234)
Currency translation differences on overseas branches
(128)
5
Total comprehensive loss
(2,026)
(3,229)

The notes on pages 9 to 18 form part of these financial statements.

*The restatement of the prior period is explained in detail in note 18.
- 6 -
VYSUS (GB) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
2022
2021
Notes
£'000
£'000
£'000
£'000
Fixed assets
Tangible assets
9
1
6
Current assets
Debtors
10
11,026
11,879
Cash at bank and in hand
430
557
11,456
12,436
Creditors: amounts falling due within one year
11
(40,893)
(39,852)
Net current liabilities
(29,437)
(27,416)
Total assets less current liabilities
(29,436)
(27,410)
Provisions for liabilities
12
(72)
(72)
Net liabilities
(29,508)
(27,482)
Capital and reserves
Called up share capital
13
19
19
Share premium account
13
62
62
Other reserves
13
10
10
Profit and loss reserves
(29,599)
(27,573)
Total equity
(29,508)
(27,482)

The notes on pages 9 to 18 form part of these financial statements.

 

For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 479A of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 financial statements were approved and signed by the director and authorised for issue on 28 February 2024
D CLARK
D Clark
Director
Company Registration No. SC125513
- 7 -
VYSUS (GB) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
£'000
£'000
£'000
£'000
£'000
Balance at 1 November 2020
19
62
10
(24,344)
(24,253)
Period ended 31 December 2021:
Loss and total comprehensive income for the period
-
-
-
(3,234)
(3,234)
Currency translation differences on overseas branches
-
-
-
5
5
Balance at 31 December 2021
19
62
10
(27,573)
(27,482)
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
-
(1,898)
(1,898)
Currency translation differences on overseas branches
-
-
-
(128)
(128)
Balance at 31 December 2022
19
62
10
(29,599)
(29,508)

The notes on pages 9 to 18 form part of these financial statements.

- 8 -
VYSUS (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
Company information

Vysus (GB) Limited is a private company limited by shares incorporated in Scotland. The registered office is Proserv House, Prospect Road, Arnhall Business Park, Westhill, Aberdeen, Scotland, AB32 6FJ.

1.1
Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council.

 

Whilst the company has a deficit of liabilities over assets, another group company, Vysus Group Holdings Limited, has agreed to provide support until Vysus (GB) Limited is in a position to repay those amounts. This support will be provided for a period of at least 12 months from the date of approval of these financial statements. With this support, the director believes Vysus (GB) Limited is able to meet its liabilities as they fall due and the director continues to adopt the going concern basis in preparing the accounts.

 

The functional currency of the reporting entity is considered to be pounds sterling because that is the currency of the primary economic environment in which the company operates. The branch of the company has its own functional currency reflective of the economic environment in which they operate. These financial statements are also presented in pounds sterling and all values are rounded to the nearest thousand pounds (£000), except where otherwise indicated.

 

Vysus (GB) Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it. Exemptions have been taken in relation to financial instruments, intra­ group transactions, presentation of a cash flow statement and remuneration of key management personnel and related party transactions.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

While the company has net liabilities, another group company, Vysus Group Holdings Limited, has agreed to provide support until Vysus (GB) Limited is able to repay those amounts. This support will be provided for a period of at least 12 months from the date of approval of these financial statements. With this support, the director believes Vysus (GB) Limited is able to meet its liabilities as they fall due and the director continues to adopt the going concern basis in preparing the accounts.true

1.3
Turnover

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 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 the following conditions are satisfied:    

 

- 9 -
VYSUS (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

- 10 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
5 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company only enters into basic financial transactions that result in the recognition of the financial assets and liabilities like trade and other debtors and creditors. These are measured at amortised cost and assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit and loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit and loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

VYSUS (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
Other financial liabilities
- 11 -

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Equity instruments

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

VYSUS (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
1.9
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

Termination benefits are recognised immediately as an expense when the company is committed to terminate the employment of an employee or to provide termination benefits.

1.11
Foreign exchange

Foreign currencies are dealt with as follows:                                

1.12

Pension

The company contributes to 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 the profit and loss account 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.

- 12 -
VYSUS (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.                                    

 

Recoverability of aged trade receivables        

Judgement is required in evaluating the likelihood of collection of customer debt after revenue has been recognised. This evaluation requires estimates to be made including the level of provision to be made for amounts with uncertain recovery profiles. Provisions are based on historical trends in the percentage of debts which are not recovered, or on more detailed reviews of individually significant balances. To the extent that actual recovery experience differs significantly from the historical trends of the company or from the assumptions on recovery following the detailed reviews of individually significant balances, the income and expenditure account of the company in future years may be materially affected.

 

The doubtful debt provision comprises of the general provision, being the total of all unpaid invoices over 150 days old, plus the specific provision for any invoices less than 150 days for which there is doubt about recovery (e.g client in financial difficulty).

                                    

Provisions

Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

3
Ownership of share capital

At the balance sheet date the issued share capital was held by Vysus Holdings (UK) Limited, a company registered in Scotland.

4
Turnover

 

Turnover is attributable to providing engineering and technical consulting services to the oil and gas industry. All income is recorded net of VAT and similar sales taxes. A geographical analysis of turnover is not included as the director considers it would be seriously prejudicial to the interests of the company.

5
Operating loss
2022
2021
Operating loss for the year is stated after charging/(crediting):
£'000
£'000
Foreign exchange loss
259
204
Depreciation of owned tangible fixed assets
1
2
Movement in bad and doubtful debts
(27)
(328)
Operating lease rentals - other equipment
1
9
Operating lease rentals - leasehold properties
(2)
115
- 13 -
VYSUS (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
52
47

Their aggregate remuneration comprised:

2022
2021
£'000
£'000
Wages and salaries
3,465
4,050
Social security costs
315
213
Pension costs
294
259
4,074
4,522

There are no unpaid pension contributions outstanding as at 31 December 2022 (2021: £nil).

 

The remuneration of the director is borne by another group entity; the director receives no remuneration in his role as director of the company (2021: £nil). The director is not included within the average employee numbers above.

7
Interest payable and similar expenses
2022
2021
£'000
£'000
Interest payable and similar expenses includes the following:
Factoring charges
6
3
- 14 -
VYSUS (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
8
Taxation
2022
2021
£'000
£'000
Current tax
UK corporation tax on profits for the current period
-
113

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2022
2021
£'000
£'000
Loss before taxation
(1,898)
(3,121)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
(361)
(593)
Group relief surrendered for nil consideration
22
32
Unprovided timing differences
-
561
Foreign taxes
-
3
Prior period adjustments
-
110
Expenses not deductible for tax purposes
1
-
Remeasurement of deferred tax for changes in tax rates
(105)
-
Movement in deferred tax not recognised
443
-
Taxation charge for the year
-
113
Taxation charge in the financial statements
-
113

Deferred tax liabilities on short-term timing differences are recognised whenever the treatment for tax purposes has enabled deductions to be taken in advance of the financial statements. Deferred tax assets on short-term timing differences and any losses have not been recognised unless the asset is expected to be recovered in the foreseeable future. Deferred tax assets not recognised amount to £2.7m (2021: £2.6m). Unrecognised assets will potentially become recoverable against future profits.

- 15 -
VYSUS (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
9
Tangible fixed assets
Computer equipment
£'000
Cost
At 1 January 2022
13
Disposals
(6)
At 31 December 2022
7
Depreciation and impairment
At 1 January 2022
7
Depreciation charged in the year
1
Eliminated in respect of disposals
(2)
At 31 December 2022
6
Carrying amount
At 31 December 2022
1
At 31 December 2021
6
10
Debtors
2022
2021
Amounts falling due within one year:
£'000
£'000
Trade debtors
40
44
Amounts owed by group undertakings
10,552
11,483
Other debtors
162
69
Prepayments and accrued income
272
283
11,026
11,879
11
Creditors: amounts falling due within one year
2022
2021
£'000
£'000
Trade creditors
136
2,021
Amounts owed to undertakings in which the company has a participating interest
38,838
36,366
Taxation and social security
516
734
Other creditors
261
52
Accruals and deferred income
1,142
679
40,893
39,852
- 16 -
VYSUS (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
12
Provisions for liabilities
2022
2021
£'000
£'000
72
72
Property dilapidations
72
72

The provisions are maintained to meet contractual obligations to perform restoration on leasehold properties on exit.

Movements on provisions:
Total
£'000
At 1 January 2022 and 31 December 2022
72
At 31 December 2022
72
13
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary shares of 10p each
194,692
194,690
19
19

The company has one class of ordinary share which carries no right to fixed income.

 

The share premium reserve relates to premium arising on issue of equity shares, net of issue expenses.

 

The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.

14
Contingent liabilities

There are no capital commitments as at 31 December 2022 (2021: none) and 1 low-value bank guarantee of 9,000 USD (2021: none).

 

Vysus (GB) Limited is not committed to making payments under non-cancellable operating leases (2021: none).

15
Events after the reporting date

There have been no significant events affecting the company since the period end.

- 17 -
VYSUS (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
16
Related party transactions

Related party transactions entered into during the periods presented were made solely with members of the consolidated group of which Vysus (GB) Limited is a part. Details of these transactions and related party balances can be found in the consolidated accounts of Vysus Group Holdings Limited.true

17
Ultimate parent

The ultimate parent is Inspirit Vysus Holdings Limited, a company registered in England and Wales. The immediate parent is Vysus Holdings (UK) Limited , a company registered in Scotland, whose registered office is Proserv House, Prospect Road, Arnhall Business Park, Westhill, Aberdeen, AB32 6FJ.

 

These financial statements are included in the consolidated financial statements of Vysus Group Holdings Limited, whose audited financial statements are available from its registered office at Suite C, 105 Piccadilly, London, United Kingdom, W1J 7NJ.

 

The parent of the smallest group for which consolidated accounts are prepared of which this company is a part is Vysus Group Holdings Limited, a company registered in England and Wales. The financial statements of Vysus Group Holdings Limited are available from the above address.

18
Prior period adjustment

Support services charges receivable in the year of £11,149k (2021: £11,642k) have been reclassified under other operating income. These were previously included in administrative expenses.

Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in loss for the previous financial period:
2021
£'000
Adjustments to prior year
Increase in Other operating income
11,642
Decrease in Administrative expenses
(11,642)
Total adjustments
-
Loss as previously reported
(3,229)
Loss as adjusted before transition adjustments
(3,229)
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2022-12-312022-01-01falseCCH SoftwareCCH Accounts Production 2023.300D ClarkGeoffrey Megginsonfalsethe company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.xprepared in accordance with the provisions applicable to companies subject to the small companies regime.2024-02-28classSC1255132022-01-012022-12-31SC125513bus:Director12022-01-012022-12-31SC125513bus:CompanySecretary12022-01-012022-12-31SC125513bus:RegisteredOffice2022-01-012022-12-31SC1255132022-12-31SC1255132020-11-012021-12-31SC125513dpl:Item12022-01-012022-12-31SC125513dpl:Item12020-11-012021-12-31SC125513core:RetainedEarningsAccumulatedLosses2020-11-012021-12-31SC125513core:RetainedEarningsAccumulatedLosses2022-01-012022-12-31SC1255132021-12-31SC125513core:ComputerEquipment2022-12-31SC125513core:ComputerEquipment2021-12-31SC125513core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-31SC125513core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-31SC125513core:ShareCapital2022-12-31SC125513core:ShareCapital2021-12-31SC125513core:SharePremium2022-12-31SC125513core:SharePremium2021-12-31SC125513core:OtherMiscellaneousReserve2022-12-31SC125513core:OtherMiscellaneousReserve2021-12-31SC125513core:RetainedEarningsAccumulatedLosses2022-12-31SC125513core:RetainedEarningsAccumulatedLosses2021-12-31SC125513core:ShareCapital2020-10-31SC125513core:SharePremium2020-10-31SC125513core:OtherMiscellaneousReserve2020-10-31SC125513core:RetainedEarningsAccumulatedLosses2020-10-31SC1255132020-10-31SC125513core:ComputerEquipment2022-01-012022-12-31SC125513core:UKTax2020-11-012021-12-31SC12551312022-01-012022-12-31SC12551312020-11-012021-12-31SC12551322020-11-012021-12-31SC12551332020-11-012021-12-31SC12551342020-11-012021-12-31SC12551352022-01-012022-12-31SC12551362022-01-012022-12-31SC12551372022-01-012022-12-31SC125513core:ComputerEquipment2021-12-31SC12551312022-01-012022-12-31SC125513core:IncreaseDecreaseDueToTransitionFromPreviousStandarddpl:Item12022-01-012022-12-31SC125513bus:PrivateLimitedCompanyLtd2022-01-012022-12-31SC125513bus:MediumEntities2022-01-012022-12-31SC125513bus:AuditExempt-NoAccountantsReport2022-01-012022-12-31SC125513bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP