Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31false2023-04-01falseNo description of principal activity45trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 06418987 2023-04-01 2024-03-31 06418987 2022-04-01 2023-03-31 06418987 2024-03-31 06418987 2023-03-31 06418987 c:Director2 2023-04-01 2024-03-31 06418987 d:OfficeEquipment 2023-04-01 2024-03-31 06418987 d:OfficeEquipment 2024-03-31 06418987 d:OfficeEquipment 2023-03-31 06418987 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06418987 d:PatentsTrademarksLicencesConcessionsSimilar 2024-03-31 06418987 d:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 06418987 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 06418987 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 06418987 d:CurrentFinancialInstruments 2024-03-31 06418987 d:CurrentFinancialInstruments 2023-03-31 06418987 d:Non-currentFinancialInstruments 2024-03-31 06418987 d:Non-currentFinancialInstruments 2023-03-31 06418987 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 06418987 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 06418987 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 06418987 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 06418987 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 06418987 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 06418987 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 06418987 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 06418987 d:ShareCapital 2024-03-31 06418987 d:ShareCapital 2023-03-31 06418987 d:RetainedEarningsAccumulatedLosses 2024-03-31 06418987 d:RetainedEarningsAccumulatedLosses 2023-03-31 06418987 c:OrdinaryShareClass1 2023-04-01 2024-03-31 06418987 c:OrdinaryShareClass1 2024-03-31 06418987 c:OrdinaryShareClass1 2023-03-31 06418987 c:FRS102 2023-04-01 2024-03-31 06418987 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 06418987 c:FullAccounts 2023-04-01 2024-03-31 06418987 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06418987 2 2023-04-01 2024-03-31 06418987 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-04-01 2024-03-31 06418987 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-04-01 2024-03-31 06418987 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 06418987









VST GLOBAL LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
VST GLOBAL LTD
REGISTERED NUMBER: 06418987

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
6,076
6,558

Tangible assets
 5 
-
849

  
6,076
7,407

Current assets
  

Debtors: amounts falling due within one year
 6 
11,769
89,425

Cash at bank and in hand
 7 
-
2,454

  
11,769
91,879

Creditors: amounts falling due within one year
 8 
(1,191,264)
(1,796,245)

Net current liabilities
  
 
 
(1,179,495)
 
 
(1,704,366)

Total assets less current liabilities
  
(1,173,419)
(1,696,959)

Creditors: amounts falling due after more than one year
 9 
(28,064)
(33,735)

  

Net liabilities
  
(1,201,483)
(1,730,694)


Capital and reserves
  

Called up share capital 
 11 
250
250

Profit and loss account
  
(1,201,733)
(1,730,944)

  
(1,201,483)
(1,730,694)


Page 1

 
VST GLOBAL LTD
REGISTERED NUMBER: 06418987
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D Jones
Director

Date: 31 March 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
VST GLOBAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The entity is a private company limited by shares, incorporated in England and Wales (registered number: 06418987). The registered office is 1 Woodfield Road, Welwyn Garden City, Hertfordshire, AL7 1JQ.      
                                                                                                                                                                     The principal activity of the company continued to be that of the manufacture of electrical appliances and mobile applications.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The directors are satisfied that the company remains a going concern due to ongoing discussions with key creditors and the ability to generate income through intellectual property assignment agreements. The directors are actively exploring further opportunities to strengthen the company’s financial position. The company has total net liabilities of £1,730,694 at the balance sheet date.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
VST GLOBAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

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.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
VST GLOBAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Development costs

Research and development expenditure is capitalised when it meets the following conditions:
                                                                                                                                                                   (i) It is technically feasible to complete the development so that the product will be available for sale;
(ii) It is intended that the product will be sold or used when developed;
(iii) The company is able to use or sell the product;
(iv) The product will generate probable future economic benefits;
(v) Adequate resources exist so that product development can be completed;
(vi) Expenditure attributable to research and development can be measured reliably.
                                                                                                                                                                 Expenditure that is not capitalised is recognised as an expense in the period in which is it incurred.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
VST GLOBAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees




The average monthly number of employees, including directors, during the year was 4 (2023 - 5).

Page 6

 
VST GLOBAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Intangible assets




Patents
Development expenditure
Total

£
£
£



Cost


At 1 April 2023
54,336
13,000
67,336



At 31 March 2024

54,336
13,000
67,336



Amortisation


At 1 April 2023
47,780
12,999
60,779


Charge for the year on owned assets
481
-
481



At 31 March 2024

48,261
12,999
61,260



Net book value



At 31 March 2024
6,075
1
6,076



At 31 March 2023
6,556
1
6,557



Page 7

 
VST GLOBAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Office equipment

£





At 1 April 2023
27,952


Disposals
(27,952)



At 31 March 2024

-





At 1 April 2023
27,103


Charge for the year on owned assets
849


Disposals
(27,952)



At 31 March 2024

-



Net book value



At 31 March 2024
-



At 31 March 2023
849


6.


Debtors

2024
2023
£
£


Trade debtors
2,323
-

Other debtors
9,446
86,676

Prepayments and accrued income
-
2,749

11,769
89,425


Page 8

 
VST GLOBAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
-
2,454

Less: bank overdrafts
(2,915)
-

(2,915)
2,454



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
2,915
-

Bank loans
9,835
9,695

Trade creditors
88,819
215,217

Other taxation and social security
133,984
82,429

Other creditors
952,711
1,415,024

Accruals and deferred income
3,000
73,880

1,191,264
1,796,245



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
28,064
33,735

28,064
33,735


Page 9

 
VST GLOBAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
9,835
9,695


9,835
9,695

Amounts due within 1-2 years

Bank loans
10,084
9,940


10,084
9,940

Amounts falling due 2-5 years

Bank loans
17,980
23,794


17,980
23,794


37,899
43,429



11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



250 (2023 - 250) ordinary shares of £1.00 each
250
250



12.


Related party transactions

As at 31 March 2024, N Jones was owed £924,525 by the company (2023: £1,051,253). N Jones is the father of two of the directors of the company. The loan is unsecured, interest free and repayable on demand.

 
Page 10