Registered number: 09923012
VIRTUALLY LIVE HOLDING LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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VIRTUALLY LIVE HOLDING LIMITED
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CONTENTS
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Statement of financial position
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Notes to the financial statements
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VIRTUALLY LIVE HOLDING LIMITED
REGISTERED NUMBER:09923012
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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VIRTUALLY LIVE HOLDING LIMITED
REGISTERED NUMBER:09923012
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 October 2024.
The notes on pages 3 to 6 form part of these financial statements.
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VIRTUALLY LIVE HOLDING LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Company's legal form is a private limited liability company registered in England and Wales. The Company's principal place of business and registered office address is at 6th Floor, One London Wall, London, EC2Y 5EB.
The principal activity of the Company is that of an intermediate holding company
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
The Company's subsidiary held IP rights for exploitation which proved unsuccessful and the directors have decided to liquidate the subsidiary by the end of the year. The directors have sought options for disposing of the software developed by the subsidiary but no prospective buyers have been identified and accordingly their assessment is that neither the carrying value of the investment or the amounts receivable from the subsidiary company will prove recoverable and these have been fully impaired.
The directors are satisfied that the parent company will continue to support the Company to enable it to continue to meet its working capital requirements and settle its liabilities as they fall due for at least twelve months from the date of approval of these financial statements. Accordingly, they have continued to adopt the going concern basis.
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Exemption from preparing consolidated financial statements
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The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
Investments in subsidiaries are measured at cost less accumulated impairment.
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VIRTUALLY LIVE HOLDING LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment. Loans 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.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institution.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, other third parties and loans from related parties and investments in non-puttable ordinary shares.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the Statement of Financial Position date.
Short term creditors are measured at the transaction price.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is the Euro .
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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VIRTUALLY LIVE HOLDING LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Interest income is recognised in profit or loss using the effective interest method.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
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The average monthly number of employees, including directors, during the year was 3 (2022 - 3).
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Investments in subsidiary companies
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VIRTUALLY LIVE HOLDING LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Amounts owed by group companies
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Creditors: Amounts falling due within one year
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Creditors: Amounts falling due after more than one year
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Amounts owed to shareholders
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The convertible loan due to shareholders was provided with interest at 12% per annum and is repayable on 31 December 2026. The loan is unsecured with a conversion right.
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Allotted, called up and fully paid
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2,843,170 (2022 - 2,843,170) Preference shares of £1.00 each
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526,315 (2022 - 526,315) Ordinary shares of £1.00 each
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Related party transactions
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The Company has taken advantage of the exemption Under FRS102 33.1A Related Party Disclosures not to disclose transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.
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The Company is controlled by VL Media Asset Investment Limited, a company registered in the British Virgin Islands.
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