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REGISTERED NUMBER: NI662666 (Northern Ireland)















Financial Statements for the Year Ended 31 December 2023

for

VITU INTERNATIONAL LTD

VITU INTERNATIONAL LTD (REGISTERED NUMBER: NI662666)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


VITU INTERNATIONAL LTD

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: D Armstrong





REGISTERED OFFICE: 30 Monaghan Street
Newry
BT35 6AA





REGISTERED NUMBER: NI662666 (Northern Ireland)





AUDITORS: Byrd Link Audit & Accountancy Services Limited
Honeybourne Place
Jessop Avenue
Cheltenham
Gloucestershire
GL50 3SH

VITU INTERNATIONAL LTD (REGISTERED NUMBER: NI662666)

Balance Sheet
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 333 -

CURRENT ASSETS
Debtors: amounts falling due within
one year

5

17,662

11,101
Cash at bank 7,173 11,744
24,835 22,845
CREDITORS
Amounts falling due within one year 6 579,406 597,070
NET CURRENT LIABILITIES (554,571 ) (574,225 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(554,238

)

(574,225

)

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings (554,338 ) (574,325 )
SHAREHOLDERS' FUNDS (554,238 ) (574,225 )

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 January 2025 and were signed by:





D Armstrong - Director


VITU INTERNATIONAL LTD (REGISTERED NUMBER: NI662666)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Vitu International Ltd is a private company, limited by shares , registered in Northern Ireland. 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.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office equipment - 5 to 6 years straight line

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 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.


VITU INTERNATIONAL LTD (REGISTERED NUMBER: NI662666)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


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 plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

Going concern
The director has sought and received response from the parent company that financial support will be forthcoming for the next 12 months. On this basis, the director continues 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.

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.

Creditors
Short term creditors are measured at the transaction price.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 3 ) .

VITU INTERNATIONAL LTD (REGISTERED NUMBER: NI662666)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
Additions 1,506
At 31 December 2023 1,506
DEPRECIATION
Charge for year 1,173
At 31 December 2023 1,173
NET BOOK VALUE
At 31 December 2023 333

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
VAT 9,524 3,171
Prepayments 8,138 7,930
17,662 11,101

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 4,566 8,064
Amounts owed to group undertakings 560,028 563,764
Accrued expenses 14,812 25,242
579,406 597,070

7. LEASING AGREEMENTS

The company had no commitments under non-cancellable operating leases at the reporting date.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary 1 100 100

VITU INTERNATIONAL LTD (REGISTERED NUMBER: NI662666)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Russel Byrd FCA (Senior Statutory Auditor)
for and on behalf of Byrd Link Audit & Accountancy Services Limited

10. 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 £11,158 (2022: £5,124).

Contributions totalling £1,887 (2022: £2,302) were payable to the fund at the reporting date.

11. 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.

12. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Motor Vehicle Software Corporation, a company incorporated in the United States of America.

The smallest group in which the results of the company are consolidated is that headed by Motor Vehicle Software Corporation, with its registered office at 29901 Agoura Road, Agoura Hills, California 91301, United States of America.