VR Capital (UK) Limited
Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 08637807 (England and Wales)
VR Capital (UK) Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
VR Capital (UK) Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
1,275,000
935,000
Current assets
Debtors
5
18,245,680
17,258,283
Cash at bank and in hand
20,227
5,854
18,265,907
17,264,137
Creditors: amounts falling due within one year
6
(12,948)
(12,000)
Net current assets
18,252,959
17,252,137
Net assets
19,527,959
18,187,137
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
19,527,859
18,187,037
Total equity
19,527,959
18,187,137

The director of the company has elected not to include a copy of the profit and loss account 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 19 September 2024
E Du Toit
Director
Company Registration No. 08637807
VR Capital (UK) Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 2
1
Accounting policies
Company information

VR Capital (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP. The business address is Niddry Lodge, 51 Holland Street, London, W8 7JB.

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 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, which are those of VR Capital (UK) Limited as an individual entity, have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the fair value of profits or losses allocated from the company's interest in a limited liability partnership and is recognised when entitlement occurs through the allocation of profit by the Management Committee of that partnership. Fair value reflects the amounts expected to be received.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

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.

VR Capital (UK) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 3
1.6
Financial instruments

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans and other debtors receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors and other current creditors payable on demand are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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.

1.9
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.

VR Capital (UK) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 4
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.

 

The director does not consider there to be any key estimates or judgements applicable to the company.

3
Employees

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

2023
2022
Number
Number
Total
1
1
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1,275,000
935,000

The company is a designated member of VR Advisory Services (UK) LLP, a limited liability partnership incorporated in the UK. The company holds 85% of the capital of the limited liability partnership but under the terms of the partnership deed is not able to exercise dominant influence or control.

VR Capital (UK) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
4
Fixed asset investments
(Continued)
Page 5
Movements in fixed asset investments
Shares in associates
£
Cost or valuation
At 1 January 2023
935,000
Additions
340,000
At 31 December 2023
1,275,000
Carrying amount
At 31 December 2023
1,275,000
At 31 December 2022
935,000
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
328,456
693,104
Amounts owed by group undertakings
17,917,224
16,565,179
18,245,680
17,258,283
6
Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
12,948
12,000
7
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Profit allocation
2023
2022
£
£
Entities over which the entity has control, joint control or significant influence
1,666,368
617,026
VR Capital (UK) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
7
Related party transactions
(Continued)
Page 6

The company has taken advantage of the exemption from disclosing transactions with members within a wholly owned group.

 

No directors remuneration was payable by the company to the director during the year for their services to the company. The director, who is also director of other group companies, is remunerated elsewhere in the group.

8
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.

Senior Statutory Auditor:
Andrew Grieve
Statutory Auditor:
Moore Kingston Smith LLP
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