IRIS Accounts Production v24.3.0.553 SC538826 Board of Directors 1.3.23 29.2.24 29.2.24 0 0 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC5388262023-02-28SC5388262024-02-29SC5388262023-03-012024-02-29SC5388262022-02-28SC5388262022-03-012023-02-28SC5388262023-02-28SC538826ns15:Scotland2023-03-012024-02-29SC538826ns14:PoundSterling2023-03-012024-02-29SC538826ns10:Director12023-03-012024-02-29SC538826ns10:PrivateLimitedCompanyLtd2023-03-012024-02-29SC538826ns10:SmallEntities2023-03-012024-02-29SC538826ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-29SC538826ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-29SC538826ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-29SC538826ns10:FullAccounts2023-03-012024-02-29SC53882612023-03-012024-02-29SC538826ns10:Director22023-03-012024-02-29SC538826ns10:RegisteredOffice2023-03-012024-02-29SC538826ns5:CurrentFinancialInstruments2024-02-29SC538826ns5:CurrentFinancialInstruments2023-02-28SC538826ns5:ShareCapital2024-02-29SC538826ns5:ShareCapital2023-02-28SC538826ns5:RetainedEarningsAccumulatedLosses2024-02-29SC538826ns5:RetainedEarningsAccumulatedLosses2023-02-28SC538826ns5:PatentsTrademarksLicencesConcessionsSimilar2023-03-012024-02-29SC538826ns5:ComputerEquipment2023-03-012024-02-29SC538826ns5:PatentsTrademarksLicencesConcessionsSimilar2023-02-28SC538826ns5:ComputerSoftware2023-02-28SC538826ns5:ComputerSoftware2023-03-012024-02-29SC538826ns5:PatentsTrademarksLicencesConcessionsSimilar2024-02-29SC538826ns5:ComputerSoftware2024-02-29SC538826ns5:PatentsTrademarksLicencesConcessionsSimilar2023-02-28SC538826ns5:ComputerSoftware2023-02-28SC538826ns5:ComputerEquipment2023-02-28SC538826ns5:ComputerEquipment2024-02-29SC538826ns5:ComputerEquipment2023-02-28SC538826ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-29SC538826ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-28
REGISTERED NUMBER: SC538826 (Scotland)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

VR-CHITECT LIMITED

VR-CHITECT LIMITED (REGISTERED NUMBER: SC538826)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


VR-CHITECT LIMITED

COMPANY INFORMATION
for the year ended 29 February 2024







DIRECTORS: L P Benzies
P D Johnston





REGISTERED OFFICE: Q Court
3 Quality Street
Edinburgh
EH4 5BP





REGISTERED NUMBER: SC538826 (Scotland)





ACCOUNTANTS: Haines Watts
Business Advisors and Accountants
Q Court
3 Quality Street
Edinburgh
EH4 5BP

VR-CHITECT LIMITED (REGISTERED NUMBER: SC538826)

BALANCE SHEET
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 78,798 81,930
Tangible assets 5 - -
78,798 81,930

CURRENT ASSETS
Debtors 6 38,164 44,134

CREDITORS
Amounts falling due within one year 7 297,503 293,691
NET CURRENT LIABILITIES (259,339 ) (249,557 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(180,541

)

(167,627

)

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (180,542 ) (167,628 )
(180,541 ) (167,627 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:



P D Johnston - Director


VR-CHITECT LIMITED (REGISTERED NUMBER: SC538826)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 29 February 2024

1. STATUTORY INFORMATION

Vr-Chitect Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

At the period end the company had net liabilities of £180,541 (2023 - £167,627). The company continues to be supported by related parties who provide funding for operations. The operational funding support is expected to continue for a period of at least one year after the date of signing the financial statements.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and trademarks are being amortised evenly over their estimated useful life of 7 years.

Computer software was amortised evenly over its useful life of 3 years.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Computer equipment - 20% per annum on cost

The carrying values of tangible fixed assets are reviewed for impairment on an annual basis.

FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Short-term debt instruments, including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

VR-CHITECT LIMITED (REGISTERED NUMBER: SC538826)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024

2. ACCOUNTING POLICIES - continued

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. INTANGIBLE FIXED ASSETS
Patents
and Computer
trademarks software Totals
£    £    £   
COST
At 1 March 2023 94,285 80,985 175,270
Additions 3,553 - 3,553
At 29 February 2024 97,838 80,985 178,823
AMORTISATION
At 1 March 2023 12,355 80,985 93,340
Amortisation for year 6,685 - 6,685
At 29 February 2024 19,040 80,985 100,025
NET BOOK VALUE
At 29 February 2024 78,798 - 78,798
At 28 February 2023 81,930 - 81,930

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 March 2023
and 29 February 2024 2,586
DEPRECIATION
At 1 March 2023
and 29 February 2024 2,586
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 -

VR-CHITECT LIMITED (REGISTERED NUMBER: SC538826)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 38,164 44,134

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors - 31,303
Amounts owed to group undertakings 294,737 259,073
Other creditors 2,766 3,315
297,503 293,691

8. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The ultimate parent company is Calex Group Limited, whose registered office is at Q Court, 3 Quality Street, Edinburgh, EH4 5BP.