Company registration number 08175148 (England and Wales)
VS Alliance Limited
Financial Statements
For the year ended
31 December 2023
Pages for filing with registrar
VS Alliance Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
VS Alliance Limited
Statement Of Financial Position
As at 31 December 2023
- 1 -
2023
2022
Notes
€
€
€
€
Fixed assets
Investments
5
278,687
1,430,014
Current assets
Debtors
6
5,319,932
5,465,316
Cash at bank and in hand
6,286,770
8,462,546
11,606,702
13,927,862
Creditors: amounts falling due within one year
7
(25,014)
(38,478)
Net current assets
11,581,688
13,889,384
Net assets
11,860,375
15,319,398
Capital and reserves
Called up share capital
9,204,052
9,204,052
Profit and loss reserves
2,656,323
6,115,346
Total equity
11,860,375
15,319,398
The notes on pages 2 to 4 form part of these financial statements.
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 29 August 2024 and are signed on its behalf by:
L. Binge
Director
Company registration number 08175148 (England and Wales)
VS Alliance Limited
Notes To The Financial Statements
For the year ended 31 December 2023
- 2 -
1
General information
VS Alliance Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dixcart House, Addlestone Road, Bourne Business Park, Addlestone, Surrey, KT15 2LE.
2
Accounting policies
2.1
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 euros, 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 company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
2.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.
2.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
2.4
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial assets
Basic financial assets, which include debtors 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. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price and subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
VS Alliance Limited
Notes To The Financial Statements (Continued)
For the year ended 31 December 2023
2
Accounting policies
(Continued)
- 3 -
2.5
Foreign exchange
Transactions in currencies other euros 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.
3
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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.
4
Employees
There were no employees in the current and preceding years.
5
Fixed asset investments
2023
2022
€
€
Shares in group undertakings and participating interests
278,687
1,430,014
Movements in fixed asset investments
Shares in subsidiaries
€
Cost or valuation
At 1 January 2023 & 31 December 2023
36,310,047
Impairment
At 1 January 2023
34,880,033
Impairment losses
1,151,327
At 31 December 2023
36,031,360
Carrying amount
At 31 December 2023
278,687
At 31 December 2022
1,430,014
VS Alliance Limited
Notes To The Financial Statements (Continued)
For the year ended 31 December 2023
- 4 -
6
Debtors
2023
2022
Amounts falling due within one year:
€
€
Amounts owed by group undertakings
5,319,932
5,089,383
Other debtors
375,933
5,319,932
5,465,316
7
Creditors: amounts falling due within one year
2023
2022
€
€
Bank loans and overdrafts
16
Trade creditors
12,876
19,119
Amounts owed to group undertakings
5,623
5,623
Other creditors
6,499
13,736
25,014
38,478
8
Events after the reporting date
On 8 March 2024 the company carried out a capital reduction cancelling 5,319,932 ordinary shares of €1 each.
On 26 April 2024 the company carried out a capital reduction cancelling 3,880,000 ordinary shares of €1 each.
9
Parent company
The company is controlled by its parent company Hagrid Holdings Inc., incorporated in Nevis, with registered office at Fort Charles, Charlestown, Nevis, St Kitts and Nevis.