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Registered number: 04414764
Valamis Learning UK Limited
Financial Statements
For The Year Ended 31 December 2023
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04414764
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 15,850 39,878
15,850 39,878
CURRENT ASSETS
Debtors 5 368,033 212,914
Cash at bank and in hand 37,507 10,565
405,540 223,479
Creditors: Amounts Falling Due Within One Year 6 (665,763 ) (486,480 )
NET CURRENT ASSETS (LIABILITIES) (260,223 ) (263,001 )
TOTAL ASSETS LESS CURRENT LIABILITIES (244,373 ) (223,123 )
Creditors: Amounts Falling Due After More Than One Year 7 (15,000 ) (5,839 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,962 ) (9,969 )
NET LIABILITIES (263,335 ) (238,931 )
CAPITAL AND RESERVES
Called up share capital 9 75 75
Share premium account 18,974 18,974
Capital redemption reserve 51 51
Profit and Loss Account (282,435 ) (258,031 )
SHAREHOLDERS' FUNDS (263,335) (238,931)
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These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Jussi Hurskainen
Director
18/11/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Valamis Learning UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04414764 . The registered office is 1 Cottesbrooke Park, Heartlands Business Park, Daventry, Northamptonshire, NN11 8YL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have considered the going concern position of the company taking into account the net loss for the year of £24,404, net liabilities of £263,335 and net current liabilities of £260,223 as at 31 December 2023.
The company’s financial statements have been prepared on a going concern basis on the grounds that the parent company Valamis Oy intends and is capable of taking all necessary measures related to the continuity of operations and the realization of subsidiary receivables.
The company's management and group are currently managing profitability by controlling costs. The company aims to grow its existing and new customer base. Additionally, the company has received 325,000 euros from Business Finland in October 2024, and one million euros loan from Finnvera in November 2024. The loan will be paid in two tranches, first 0,5 million euros was received in November 2024, the second is expected to be received during Q1 2025.  
The directors confirm the following plans as future actions to ensure that the company can continue its operations and that the going concern assumption applies to the financial statements. However, there is a material uncertainty related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern and, therefore, that it may be unable to realise all its assets and discharge its liabilities in the normal course of business. Should the company be unable to continue as a going concern, adjustments would be required to reclassify long term assets and liabilities to short term, to write current assets down to their realisable values and provide for any further liabilities that may arise.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 20% Reducing Balance
Fixtures & Fittings 10% Reducing Balance
Computer Equipment 25% Reducing Balance
2.5. Leasing and Hire Purchase Contracts
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2022: 11)
13 11
4. Tangible Assets
SCORM Engine Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 17,072 55,000 19,992 50,672 142,736
Additions - - - 3,400 3,400
Disposals - (55,000 ) (19,992 ) (27,294 ) (102,286 )
As at 31 December 2023 17,072 - - 26,778 43,850
Depreciation
As at 1 January 2023 17,072 41,784 12,203 31,799 102,858
Provided during the period - 2,202 195 5,266 7,663
Disposals - (43,986 ) (12,398 ) (26,137 ) (82,521 )
As at 31 December 2023 17,072 - - 10,928 28,000
Net Book Value
As at 31 December 2023 - - - 15,850 15,850
As at 1 January 2023 - 13,216 7,789 18,873 39,878
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5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 258,629 165,530
Prepayments and accrued income 43,858 8,250
Other debtors 2,520 85
Amounts owed by group undertakings 63,026 39,049
368,033 212,914
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts - 7,007
Trade creditors 75,437 79,102
Other taxes and social security 21,892 36,178
VAT 98,805 48,301
Accruals and deferred income 469,629 315,892
665,763 486,480
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts - 5,839
Amounts owed to group undertakings 15,000 -
15,000 5,839
8. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 7,007
Later than one year and not later than five years - 5,839
- 12,846
- 12,846
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 75 75
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10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 3,720 14,880
3,720 14,880
The 2022 figures for future minimum lease payments under non-cancellable operating lease have been restated. 
11. Ultimate Controlling Party
The company's immediate parent is The Valamis Group OY, incorporated in Finland
These financial statements are available upon request from Koskikatu 7 A, 4th Floor, 80100, Joensuu, Finland. This is the largest and smallest group for which consolidated financial statements are prepared. 
12. Audit Information
The auditors report on the account of Valamis Learning UK Limited for the year ended 31 December 2023 was unqualified
The auditors emphasised the following matter without qualifying their report:
  • the disclosures in relation to going concern and loans and borrowings.
The auditor's report was signed by David Wheeler (Senior Statutory Auditor) for and on behalf of Bourner Bullock Chartered Accountants , Statutory Auditor
Bourner Bullock Chartered Accountants
114 St Martin’s Lane
Covent Garden
London
WC2N 4BE
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