Year Ended
Registration number:
VitalSource Technologies Limited
Balance Sheet
31 December 2023
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Capital contribution reserve |
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Profit and loss account |
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Shareholders' funds |
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These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 07901489
VitalSource Technologies Limited
Notes to the Financial Statements
Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
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 £.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The ultimate parent company, Vital Topco LP, a company based in the USA, has provided financial support to the company during the year to ensure that it has been able to meet its liabilities. The parent company has confirmed that it will continue to offer this support for at least the next twelve months.
Furthermore, the directors have considered the company’s revenue streams and have reviewed the level of core overhead costs of the business, to determine if there is sufficient working capital to meet these requirements, for a period of at least twelve months from the date of approval of these financial statements. Following this review, based on the information available to date, and in light of the above parental support, the directors are satisfied that the company has sufficient working capital to meet these requirements and, accordingly, the directors continue to adopt the going concern basis of presentation.
VitalSource Technologies Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable in relation to sales and support commissions from the company's immediate parent undertaking, in respect of the sales and support of digital content in the UK, Europe, and Asia Pacific regions. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
VitalSource Technologies Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Debtors |
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2022 |
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Amounts owed by group undertakings |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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2022 |
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Due within one year |
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Other creditors |
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Outstanding defined contribution pension costs |
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VitalSource Technologies Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
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2022 |
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Not later than one year |
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Later than one year and not later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Audit report |
Parent and ultimate parent undertaking |
The ultimate parent is Vital Topco, LP (a portfolio company of funds affiliated with Francisco Partners Management, L.P.), an entity incorporated in the USA.
The most senior parent entity producing publicly available financial statements is