REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 January 2024 |
for |
VIRTUAL INSTRUMENTS LIMITED |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 January 2024 |
for |
VIRTUAL INSTRUMENTS LIMITED |
VIRTUAL INSTRUMENTS LIMITED (REGISTERED NUMBER: 06761297) |
Contents of the Financial Statements |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
VIRTUAL INSTRUMENTS LIMITED |
Company Information |
FOR THE YEAR ENDED 31 JANUARY 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditor |
Fairway House |
Links Business Park |
St Mellons |
Cardiff |
South Glamorgan |
CF3 OLT |
VIRTUAL INSTRUMENTS LIMITED (REGISTERED NUMBER: 06761297) |
Balance Sheet |
31 JANUARY 2024 |
2024 | 2023 |
as | restated |
Notes | £ | £ |
CURRENT ASSETS |
Debtors: amounts falling due within one year |
4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Other reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
VIRTUAL INSTRUMENTS LIMITED (REGISTERED NUMBER: 06761297) |
Notes to the Financial Statements |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | STATUTORY INFORMATION |
Virtual Instruments Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding |
discounts, rebates, value added tax and other sales taxes. |
The company recognises revenue from the provision of services to its parent company in the month in which the service is delivered, when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably and (d) it is probable that future economic benefits will flow to the entity. |
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, loans to related parties and investments in non-puttable |
ordinary shares. |
Basic financial assets and liabilities that are payable or receivable within one year, typically |
trade payables and receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
VIRTUAL INSTRUMENTS LIMITED (REGISTERED NUMBER: 06761297) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
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. |
VIRTUAL INSTRUMENTS LIMITED (REGISTERED NUMBER: 06761297) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
The directors have a reasonable expectation that the Company has adequate resources to |
continue in operational existence for a period of at least twelve months from the date of signing this report. |
The Company relies on the continued support from its parent company Virtual Instruments Corporation, which has confirmed that it will continue to provide this for the foreseeable |
future. On that basis, the directors continue to adopt the going concern basis of accounting |
in preparing the annual financial statements. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Creditors |
Short terms creditors are measured at the transaction price. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. |
Interest Receivable |
Interest income is recognised in profit or loss using the effective interest method. |
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. |
VIRTUAL INSTRUMENTS LIMITED (REGISTERED NUMBER: 06761297) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Share based payments |
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition. |
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme). |
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. |
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as | restated |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
Tax |
VAT |
Deferred tax asset |
Prepayments |
VIRTUAL INSTRUMENTS LIMITED (REGISTERED NUMBER: 06761297) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as | restated |
£ | £ |
Pension commitments | 3,017 | 7,322 |
Accrued expenses |
6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
7. | PENSION COMMITMENTS |
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £27,665 (2023 - £36,172). Contributions totalling £3,017 (2023 - £7,322) were payable to the fund at the reporting date and are included in creditors. |
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. |
9. | ULTIMATE CONTROLLING PARTY |
The company is a subsidiary undertaking of Virtual Instruments Corporation incorporated in Delaware, USA. |
The largest and smallest group in which the results of the company are consolidated is that headed by Virtual Instruments Corporation. The consolidated accounts of this company are available to the public and may be obtained from Virtana, 3790 El Camino Real, PMB 852, Palo Alto, CA 94306. No other group accounts include the results of the company. |
10. | SHARE-BASED PAYMENT TRANSACTIONS |
The company has taken the exemption provided in FRS 102 Section 1.12D not to disclose details of share-based payment arrangements concerning equity instruments of another group entity. |