Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31No description of principal activitytruetrue2023-01-013false3The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 09923012 2023-01-01 2023-12-31 09923012 2022-01-01 2022-12-31 09923012 2023-12-31 09923012 2022-12-31 09923012 c:Director2 2023-01-01 2023-12-31 09923012 d:ComputerEquipment 2023-01-01 2023-12-31 09923012 d:CurrentFinancialInstruments 2023-12-31 09923012 d:CurrentFinancialInstruments 2022-12-31 09923012 d:Non-currentFinancialInstruments 2023-12-31 09923012 d:Non-currentFinancialInstruments 2022-12-31 09923012 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 09923012 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 09923012 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 09923012 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 09923012 d:ShareCapital 2023-12-31 09923012 d:ShareCapital 2022-12-31 09923012 d:SharePremium 2023-12-31 09923012 d:SharePremium 2022-12-31 09923012 d:RetainedEarningsAccumulatedLosses 2023-12-31 09923012 d:RetainedEarningsAccumulatedLosses 2022-12-31 09923012 c:OrdinaryShareClass2 2023-01-01 2023-12-31 09923012 c:OrdinaryShareClass2 2023-12-31 09923012 c:OrdinaryShareClass2 2022-12-31 09923012 c:OrdinaryShareClass3 2023-01-01 2023-12-31 09923012 c:OrdinaryShareClass3 2023-12-31 09923012 c:OrdinaryShareClass3 2022-12-31 09923012 c:FRS102 2023-01-01 2023-12-31 09923012 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 09923012 c:FullAccounts 2023-01-01 2023-12-31 09923012 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09923012 2 2023-01-01 2023-12-31 09923012 4 2023-01-01 2023-12-31 09923012 6 2023-01-01 2023-12-31 09923012 e:Euro 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 09923012














VIRTUALLY LIVE HOLDING LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
VIRTUALLY LIVE HOLDING LIMITED
 

CONTENTS



Page
Statement of financial position
 
 
1 - 2
Notes to the financial statements
 
 
3 - 6


 
VIRTUALLY LIVE HOLDING LIMITED
REGISTERED NUMBER:09923012

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note

Fixed assets
  

Investments
 4 
-
7,737,992

Current assets
  

Debtors: amounts falling due within one year
 5 
-
10,890,456

Cash at bank and in hand
  
1,247
3,422

  
1,247
10,893,878

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(3,199)
(3,200)

Net current (liabilities)/assets
  
 
 
(1,952)
 
 
10,890,678

Total assets less current liabilities
  
(1,952)
18,628,670

Creditors: amounts falling due after more than one year
 7 
(32,982,504)
(29,220,577)

  

Net liabilities
  
(32,984,456)
(10,591,907)


Capital and reserves
  

Called up share capital 
 8 
3,820,172
3,820,172

Share premium account
  
4,453,354
4,453,354

Profit and loss account
  
(41,257,982)
(18,865,433)

  
(32,984,456)
(10,591,907)


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.

Page 1

 
VIRTUALLY LIVE HOLDING LIMITED
REGISTERED NUMBER:09923012
    
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.




R W Fanconi
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
VIRTUALLY LIVE HOLDING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Going concern

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. 

 
2.3

Exemption from preparing consolidated financial statements

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.

 
2.4

Tangible fixed assets

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:

Computer equipment
-
33.33% straight-line

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 3

 
VIRTUALLY LIVE HOLDING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Debtors

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.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institution.

  
2.8

Financial instruments

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.

 
2.9

Creditors

Short term creditors are measured at the transaction price.

 
2.10

Foreign currency translation

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.

 
2.11

Finance costs

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.

Page 4

 
VIRTUALLY LIVE HOLDING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.13

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).


4.


Fixed asset investments





Investments in subsidiary companies




Cost


At 1 January 2023
7,737,992



At 31 December 2023

7,737,992



Impairment


Charge for the period
7,737,992



At 31 December 2023

7,737,992



Net book value



At 31 December 2023
-



At 31 December 2022
7,737,992

Page 5

 
VIRTUALLY LIVE HOLDING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022


Amounts owed by group companies
-
10,890,456



6.


Creditors: Amounts falling due within one year

2023
2022

Accruals
3,199
3,200



7.


Creditors: Amounts falling due after more than one year

2023
2022

Amounts owed to shareholders
32,982,504
29,220,577


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. 


8.


Share capital

2023
2022
Allotted, called up and fully paid



2,843,170 (2022 - 2,843,170) Preference shares of £1.00 each
3,236,963
3,236,963
526,315 (2022 - 526,315) Ordinary shares of £1.00 each
583,209
583,209

3,820,172

3,820,172



9.


Related party transactions

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.


10.


Controlling party

The Company is controlled by VL Media Asset Investment Limited, a company registered in the British Virgin Islands.

Page 6