INCEPTION VR (UK) LTD |
Statement of financial position as at 30 June 2024 |
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|
|
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30.06.2024 |
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31.12.2022 |
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Notes |
|
£ |
£ |
|
£ |
|
Fixed Assets |
4 |
|
|
0 |
|
2,833 |
|
Current assets |
Debtors |
5 |
|
820,472 |
|
|
405,913 |
Cash at Bank and in hand |
|
|
53,280 |
|
|
114,201 |
|
|
|
873,752 |
|
|
520,114 |
Creditors: amounts falling due |
within one year |
6 |
|
(823,837) |
|
|
(489,954) |
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|
|
|
|
|
|
Net current assets |
|
|
|
49,915 |
|
30,160 |
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|
|
|
|
|
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Total assets less liabilities |
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£ 49,915 |
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£ 32,993 |
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|
|
|
|
|
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Capital and Reserve |
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|
|
30.06.2024 |
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31.12.2022 |
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|
£ |
£ |
|
£ |
|
Called up share capital |
7 |
|
10,000 |
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|
10,000 |
Capital fund |
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|
149,162 |
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|
149,162 |
Profit and loss account |
|
|
(109,247) |
|
|
(126,169) |
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|
|
|
|
|
|
Shareholders' fund |
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|
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£ 49,915 |
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£ 32,993 |
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|
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For the period ending 30 June 2024 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies. |
The members have not required the company to obtain an audit in accordance with Section 476 of the Companies Act 2006. |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts. |
The financial statements have been prepared in accordance with special provision of Part 15 of the Companies Act 2006 relating to small companies and with the provisions of FRS 102 Section 1A Small Entities. |
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_________________________ |
B. Arbel |
Director |
Company number: 10033802 |
13 March 2025 |
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INCEPTION VR (UK) LTD |
Notes to the financial statements - 30 June 2024 |
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1. |
Company Information |
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Inception VR (UK) Ltd was incorporated on 1.3.2016. The company is a private limited company incorporated and domiciled in England & Wales. The address of its registered office is 5.2 Central House, 1 Balalrds Lane, N3 1LQ. |
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The company is a wholly owned subsidiary of Inception VR Inc, a company registered in the USA. |
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2. |
Accounting Policies |
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2.1 |
Basis of preparation of financial statements |
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The financial statements have been prepared on a going concern basis, under historical cost convention and in accordance with the provisions of FRS 102 Section 1A small entities and the Companies Act 2006. |
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The financial statements are presented in sterling (£). |
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The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
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2.2 |
Financial instruments |
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The company has chosen to adapt the sections 11 & 12 of FRS 102 in respect of financial instruments: |
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(i) Financial assets |
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Basic financial assets including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at present value of the future receipts discounted at the market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method and are assess for objective evidence of impairment at the end of each reporting period. |
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(ii) Financial liabilities |
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Basic financial liabilities including trade and other payable are initially recognised at transaction price unless arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts discounted at a market value of interest debt instruments are subsequently carried at amortised costs using the effective interest rate method. |
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2.3 |
Going concern |
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The company ceased its trading activities and will become dormant in the coming months, therefore the financial statements are not prepared under going concern basis. |
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No changes are required in the amounts and classifications of the assets and liabilities. |
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INCEPTION VR (UK) LTD |
Notes to the financial statements - 30 June 2024 |
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2.4 |
Turnover |
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Turnover represents net invoiced services, excluding VAT. |
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2.5 |
Revenue Recognition |
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Revenue is measured at the fair value of the consideration received or receivable and represents the amounts receivable for services rendered during the year. |
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Revenue received from services to the group is measured at the fair value of the consideration and represents the amounts receivable for services rendered during the year. |
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2.6 |
Tangible fixed assets |
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Plant & equipment |
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Fixed assets are disclosed at cost less impairment charge. Depreciation is provided at the following annual rates in order to write off the assets over their estimated useful lives: |
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Equipment |
- 25% straight line. |
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2.7 |
Debtors |
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Short term debtors that includes trade and other receivables are measured at transaction price, less any impairment. |
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2.8 |
Creditors |
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Basic financial liabilities including trade and other payable, amounts owed to group companies are measured at transaction price. |
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2.9 |
Current & deferred taxation |
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Deferred taxation is provided using the liability method to take into account timing from the inclusion of items of expenditure in taxation computations in periods that differ from those differences arising in which they are included in the financial statements to the extent that it is probably that an or assets will crystallize in the future. |
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Provision for deferred taxation is set off against debit balance of deferred taxation. |
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The current income tax charged is calculated on the basis of the tax rate and laws that have been enacted or substantially enacted by the reporting date in the countries where the company operated and generates income. |
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2.10 |
Foreign currencies |
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Assets and liabilities in foreign currencies are translated into Sterling at the rate of exchange ruling at the Balance Sheet date. Transaction in Foreign currencies are translated into Sterling at the rate of exchange ruling at the date of the transaction. |
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INCEPTION VR (UK) LTD |
Notes to the financial statements - 30 June 2024 |
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2.11 |
Employee benefits |
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The company provides a range of benefits to employees, including paid holiday arrangements and defined contribution pension plans. |
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(i) Short term benefits |
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Short term benefits, including holiday pay and other similar non-monetary benefits are recognised as an expense in the period in which the service is received. |
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(ii) Defined contribution pension plans |
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The company operated a defined contribution plan for its employees. A defined contribution plan is 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 when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. |
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(iii) Share based payments |
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The company participates in a share based payment arrangement established by its ultimate parent company. The company recognises the share based payment expense based on the relative remuneration cost of the relevant employees. The corresponding credit is recognised as a component of equity. |
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3. |
Employees |
period ended |
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30.06.2024 |
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2022 |
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Average number of employees |
1 |
|
1 |
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Number of paid directors |
Nil |
Nil |
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4. |
Tangible fixed assets |
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Plant & equipment |
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Equipment |
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Total |
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|
£ |
|
£ |
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Cost: |
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At 1 January 2023 |
3,000 |
|
3,000 |
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Additions |
3,999 |
|
3,999 |
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At 30 June 2024 |
6,999 |
|
6,999 |
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|
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Depreciation: |
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At 1 January 2023 |
167 |
|
167 |
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Charge for the Year |
3,832 |
|
3,832 |
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Disposals |
3,000 |
|
3,000 |
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At 30 June 2024 |
6,999 |
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6,999 |
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|
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Net Book Value: |
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At 30 June 2024 |
- |
|
0 |
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At 31 December 2022 |
2,833 |
|
2,833 |
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INCEPTION VR (UK) LTD |
|
Notes to the financial statements - 30 June 2024 |
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5. |
Debtors |
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|
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|
30.06.2024 |
|
31.12.2022 |
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£ |
|
£ |
|
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Trade Debtors |
126 |
|
2,574 |
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VAT |
1,500 |
|
1,409 |
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Other debtors |
22 |
|
0 |
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Group company |
817,278 |
|
401,421 |
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Employee |
1,546 |
|
0 |
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Prepayments |
0 |
|
509 |
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|
|
|
|
|
820,472 |
|
405,913 |
|
|
|
|
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6. |
Creditors: amounts falling due |
|
within one year |
30.06.2024 |
|
31.12.2022 |
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|
|
|
|
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£ |
|
£ |
|
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Trade creditors |
2,840 |
|
7,396 |
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Parent company |
734,757 |
|
263,151 |
|
Corporation tax |
4,868 |
|
3,249 |
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Pension |
0 |
|
370 |
|
Accruals and deferred revenue |
81,372 |
|
215,788 |
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|
|
|
|
|
823,837 |
|
489,954 |
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7. |
Share Capital |
|
|
|
|
|
|
30.06.2024 |
|
31.12.2022 |
|
|
|
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|
£ |
|
£ |
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Allotted, called up and fully paid: |
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1,000,000 ordinary shares at £0.01 |
10,000 |
|
10,000 |
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8. |
Related Party Transactions |
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Control |
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The company is a wholly owned subsidiary of Inception VR Inc, a foreign limited company registered in the USA whose address is: 245 5th Avenue, New York NY 10016. |
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Inception VR Inc is the smallest and largest group to prepare consolidated accounts that can be obtained from its registered office. |
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Transactions |
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The company is exempt from disclosing transactions with related parties that are wholly owned within the same group in accordance with FRS 102 Section 33(1)A. |
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9. |
Commitment |
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The company does not have any annual commitment as at 30 June 2024. |