Company Registration No. 06838732 (England and Wales)
VESTED EMEA LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
VESTED EMEA LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
VESTED EMEA LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
116,258
51,285
Current assets
Debtors
4
2,261,594
1,550,406
Cash at bank and in hand
214,528
382,120
2,476,122
1,932,526
Creditors: amounts falling due within one year
5
(791,872)
(662,562)
Net current assets
1,684,250
1,269,964
Total assets less current liabilities
1,800,508
1,321,249
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
1,800,507
1,321,248
Total equity
1,800,508
1,321,249
The directors of the company have 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 by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
S Rosenstein
Director
Company Registration No. 06838732
VESTED EMEA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Vested EMEA Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.
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.
1.2
Going concern
At the time of approving the financial statements, the directors have considered the entity's own resources and trading activity, as well as its reliance on its parent company in order to continue trading. The parent company has sufficient cash resources and have confirmed that it will continue to support the entity for at least 12 months from the date of approval of the financial statements. Accordingly, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statementstrue based on the continued support from its parent company.
1.3
Turnover
Turnover from external services is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.
Other forms of turnover include turnover which is generated through recharging costs to its parent company and is recognised as the services are provided.
Turnover represents the invoiced value of services provided net of VAT.
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.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over the life of the lease
Plant and machinery
33% Reducing balance
Fixtures and fittings
25% Reducing balance
VESTED EMEA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
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 recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which includes debtors, cash and bank balances, and loans from fellow group companies, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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.
Basic financial liabilities
Basic financial liabilities, which includes creditors, 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.
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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
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.
1.7
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.
VESTED EMEA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Share-based payments
The company and its parent company have implemented a cash-settled Equity Participation Plan for the purchase of their Phantom Stock. The incentive scheme commits each company to pay certain employees a cash amount equal to the value of the shares in the event of merger or consolidation of the company with or into another entity, or any reorganisation, recapitalisation or like transaction or series of related transactions having substantially equivalent effect or purpose (exit event). Each Participant shall be paid their percentage of the net sale proceeds when they are made to the entity or its parent company subject to the condition that, at the time of such payment, they are a full-time employee of the company or the company's successor. The parent company has the right to settle the Participant's percentage of the net sale proceeds in securities or non-cash consideration if the consideration is made in this form. The right to continue as a member of the scheme is forfeited with the termination of the individuals' employment. The likelihood of the vesting and realisation conditions will be considered regarding the accounting treatment.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to expense on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.11
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
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
14
14
VESTED EMEA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2023
47,847
2,095
3,744
53,686
Additions
71,725
2,306
74,031
At 31 December 2023
119,572
4,401
3,744
127,717
Depreciation and impairment
At 1 January 2023
1,232
1,169
2,401
Depreciation charged in the year
7,841
573
644
9,058
At 31 December 2023
7,841
1,805
1,813
11,459
Carrying amount
At 31 December 2023
111,731
2,596
1,931
116,258
At 31 December 2022
47,847
863
2,575
51,285
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
446,134
214,718
Other debtors
1,722,993
1,274,245
Prepayments and accrued income
92,467
61,443
2,261,594
1,550,406
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
40,410
96,373
Corporation tax
140,623
73,116
Other taxation and social security
182,001
165,160
Other creditors
14,435
8,395
Accruals and deferred income
414,403
319,518
791,872
662,562
VESTED EMEA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Share-based payment transactions
Group share-based payments
Regarding the parent company, a total of 0.3 share options were granted in prior years, no share options were cancelled in the period and 0.3 shares options were granted in the period. There were a total of 6 (2022 - 3) individuals who were members of the options scheme at the year end with 3 new members joining the scheme in the period. As per FRS102, at the year end, no liability or expense has been recognised in relation to this scheme, as management cannot determine as probable the existence of an exit event.
Regarding the company, a total of 5.6 share options were granted in prior years, no share options were cancelled in the period and 0.6 shares options were granted in the period. There were a total of 9 (2022 - 3) individuals who were members of the options scheme at the year end with 6 new members joining the scheme in the period. As per FRS102, at the year end, no liability or expense has been recognised in relation to this scheme, as management cannot determine as probable the existence of an exit event.
7
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.
The senior statutory auditor was Katherine Montgomery.
The auditor was HW Fisher LLP.
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
300,326
388,838
9
Capital commitments
Amounts contracted for but not provided in the financial statements:
2023
2022
£
£
Leasehold improvements
-
42,681
10
Ultimate controlling party
The company is a wholly owned subsidiary of Vested European Ventures Limited, a company incorporated in the United Kingdom. Its registered address is Acre House, 11/15 William Road, London, United Kingdom, NW1 3ER.
Its ultimate parent company is Vested, LLC whose registered address is 114 East 25th Street, New York, New York 10010, United States. Vested, LLC is the largest and smallest group within which the subsidiary belongs and for group financial statements are prepared. Group financial statements are not publicly available.