Company registration number 11623330 (England and Wales)
VONDER UK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
VONDER UK LIMITED
COMPANY INFORMATION
Director
R N Konadu
(Appointed 30 October 2024)
Company number
11623330
Registered office
61 Welbeck Street
London
England
W1G 9XD
Accountants
Grunberg & Co Ltd
5 Technology Park
Colindeep Lane
Colindale
London
United Kingdom
NW9 6BX
VONDER UK LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
VONDER UK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
400,000
500,000
Tangible assets
4
78,731
195,104
478,731
695,104
Current assets
Debtors
5
1,886,143
1,510,205
Cash at bank and in hand
329,339
182,939
2,215,482
1,693,144
Creditors: amounts falling due within one year
6
(4,718,134)
(4,945,429)
Net current liabilities
(2,502,652)
(3,252,285)
Total assets less current liabilities
(2,023,921)
(2,557,181)
Creditors: amounts falling due after more than one year
7
(7,560,237)
(4,979,649)
Net liabilities
(9,584,158)
(7,536,830)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(9,584,258)
(7,536,930)
Total equity
(9,584,158)
(7,536,830)

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

VONDER UK LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 November 2024 and are signed on its behalf by:
R N Konadu
Director
Company registration number 11623330 (England and Wales)
VONDER UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Vonder UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 61 Welbeck Street, London, England, W1G 9XD.

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

The financial statements have been prepared on a going concern basis, as the director is of the opinion that the other companies in the group will provide financial support, for a period of at least twelve months from the approval date of these accounts.true

1.3
Turnover

Turnover represents rental income receivable on the subletting of leased properties together with management fees receivable from properties under management.

 

Turnover is measured at the fair value of the rental income received or receivable on a calendar basis.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Development costs in relation to the Vonder App are capitalised as an intangible asset on the basis that they have met the applicable recognition criteria.

 

Development costs will be amortised once the asset comes into use.

Development costs
16.67% Straight line
1.5
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 or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
33.33% Straight line
Computers
33.33% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

VONDER UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
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.

1.8
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 statement of financial position 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 include debtors and cash and bank balances, 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, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

VONDER UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Employees

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

2023
2022
Number
Number
Total
23
38
3
Intangible fixed assets
Other
£
Cost
At 1 January 2023 and 31 December 2023
600,000
Amortisation and impairment
At 1 January 2023
100,000
Amortisation charged for the year
100,000
At 31 December 2023
200,000
Carrying amount
At 31 December 2023
400,000
At 31 December 2022
500,000
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2023
381,247
48,094
429,341
Additions
26,159
1,961
28,120
At 31 December 2023
407,406
50,055
457,461
Depreciation and impairment
At 1 January 2023
214,570
19,667
234,237
Depreciation charged in the year
129,407
15,086
144,493
At 31 December 2023
343,977
34,753
378,730
Carrying amount
At 31 December 2023
63,429
15,302
78,731
At 31 December 2022
166,677
28,427
195,104
VONDER UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
544,689
402,049
Tenancy deposits held
1,055,106
981,634
Other debtors
62,026
28,492
Prepayments and accrued income
168,646
70,041
1,830,467
1,482,216
2023
2022
Amounts falling due after more than one year:
£
£
Amounts due from related parties
55,676
27,989
Total debtors
1,886,143
1,510,205
6
Creditors: amounts falling due within one year
2023
2022
£
£
Secured tenancy deposits
1,250,691
1,267,318
Trade creditors
1,475,397
1,040,725
Taxation and social security
150,094
117,040
Accruals and deferred income
1,841,952
2,520,346
4,718,134
4,945,429
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other borrowings
1,868,762
226,856
Amounts owed to related parties
5,691,475
4,752,793
7,560,237
4,979,649
VONDER UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
13,221,576
21,250,542
9
Related party transactions

Included in debtors and creditors are amounts that are interest free and repayable on demand, owed from and to related companies in which the shareholders hold a material interest.

 

The balances are as follows;

 

Amounts due from related parties:     £55,676        (2022: £27,989)

Amounts due to related parties:     £1,683,075     (2022: £460,007)

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