Company registration number 09301357 (England and Wales)
VIRTUOSO EMEC LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
VIRTUOSO EMEC LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
VIRTUOSO EMEC LTD
STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Trade and other receivables
3
105,145
5,179
Cash and cash equivalents
32,808
73,294
137,953
78,473
Current liabilities
4
(41,698)
(10,815)
Net current assets
96,255
67,658
Equity
Called up share capital
5
10
10
Retained earnings
96,245
67,648
Total equity
96,255
67,658
The director of the company has elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 13 March 2024
Michael McCown
Director
Company registration number 09301357 (England and Wales)
VIRTUOSO EMEC LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information
Virtuoso EMEC Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Devonshire House, 1 Devonshire Street, London, W1W 5DR.
The principal activity is that of providing marketing related services to the travel industry.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The financial statements of the company are consolidated in the financial statements of Virtuoso, LTD., a company registered in the USA. These consolidated financial statements are available from its registered office, 777 Main Street, Suite 900, Fort Worth, TX 76102, USA.
1.2
Going concern
The accounts are prepared on the going concern basis as the director is confident of the continued support of the parent company to ensure that liabilities will be met as they fall due.true
1.3
Revenue
Turnover represents a management fee received from Virtuoso, LTD, the company's parent.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and includes cash in hand.
1.5
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. Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
VIRTUOSO EMEC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
There were no persons employed by the company during the current or comparative year.
3
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
105,145
5,179
4
Current liabilities
2023
2022
£
£
Trade payables
30,000
Corporation tax
6,698
5,815
Other payables
5,000
5,000
41,698
10,815
5
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary of 1p each
10
10
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
VIRTUOSO EMEC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
6
Audit report information
(Continued)
- 4 -
Senior Statutory Auditor:
Stephen Simou FCA
Statutory Auditor:
TC Group
Date of audit report:
13 March 2024
7
Related party transactions
The company has taken advantage of the exemption in section 33.1A of FRS 102 from the requirement to disclose 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.
8
Parent company
The company's ultimate parent company is Virtuoso, LTD, a company incorporated in the USA. Virtuoso, LTD's registered office is 777 Main Street, Suite 900, Fort Worth, TX 76102, USA.
The largest and smallest group of undertakings for which the group accounts have been drawn up is that headed by Virtuoso, LTD, and copies of those group accounts are available from its registered office.
The ultimate controlling party of the group is Matthew Upchurch by virtue of his shareholding.