INCEPTION VR (UK) LTD
Director: B. Arbel
G. Levy
Registered office: 5.2 Central House
1 Ballards Lane
N3 1LQ
Registered No: 10033802 (England & Wales)
Annual report and financial statements
For the period of 18 months ended 30 June 2024
page
Statement of financial position 1
Notes to the financial statements 2-5
INCEPTION VR (UK) LTD
Statement of financial position as at 30 June 2024
30.06.2024 31.12.2022
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)
Net current assets 49,915 30,160
Total assets less liabilities £ 49,915 £ 32,993
Capital and Reserve
30.06.2024 31.12.2022
£ £ £
Called up share capital 7 10,000 10,000
Capital fund 149,162 149,162
Profit and loss account (109,247) (126,169)
Shareholders' fund £ 49,915 £ 32,993
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.
_________________________
B. Arbel
Director
Company number: 10033802 13 March 2025
INCEPTION VR (UK) LTD
Notes to the financial statements - 30 June 2024
1. Company Information
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.
The company is a wholly owned subsidiary of Inception VR Inc, a company registered in the USA.
2. Accounting Policies
2.1 Basis of preparation of financial statements
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.
The financial statements are presented in sterling (£).
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.
2.2 Financial instruments
The company has chosen to adapt the sections 11 & 12 of FRS 102 in respect of financial instruments:
(i) Financial assets
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.
(ii) Financial liabilities
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.
2.3 Going concern
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.
No changes are required in the amounts and classifications of the assets and liabilities.
INCEPTION VR (UK) LTD
Notes to the financial statements - 30 June 2024
2.4 Turnover
Turnover represents net invoiced services, excluding VAT.
2.5 Revenue Recognition
Revenue is measured at the fair value of the consideration received or receivable and represents the amounts receivable for services rendered during the year.
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.
2.6 Tangible fixed assets
Plant & equipment
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:
Equipment - 25% straight line.
2.7 Debtors
Short term debtors that includes trade and other receivables are measured at transaction price, less any impairment.
2.8 Creditors
Basic financial liabilities including trade and other payable, amounts owed to group companies are measured at transaction price.
2.9 Current & deferred taxation
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.
Provision for deferred taxation is set off against debit balance of deferred taxation.
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.
2.10 Foreign currencies
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.
INCEPTION VR (UK) LTD
Notes to the financial statements - 30 June 2024
2.11 Employee benefits
The company provides a range of benefits to employees, including paid holiday arrangements and defined contribution pension plans.
(i) Short term benefits
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.
(ii) Defined contribution pension plans
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.
(iii) Share based payments
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.
3. Employees period ended
30.06.2024 2022
Average number of employees 1 1
Number of paid directors Nil Nil
4. Tangible fixed assets
Plant & equipment
Equipment Total
£ £
Cost:
At 1 January 2023 3,000 3,000
Additions 3,999 3,999
At 30 June 2024 6,999 6,999
Depreciation:
At 1 January 2023 167 167
Charge for the Year 3,832 3,832
Disposals 3,000 3,000
At 30 June 2024 6,999 6,999
Net Book Value:
At 30 June 2024 - 0
At 31 December 2022 2,833 2,833
INCEPTION VR (UK) LTD
Notes to the financial statements - 30 June 2024
5. Debtors
30.06.2024 31.12.2022
£ £
Trade Debtors 126 2,574
VAT 1,500 1,409
Other debtors 22 0
Group company 817,278 401,421
Employee 1,546 0
Prepayments 0 509
820,472 405,913
6. Creditors: amounts falling due
within one year 30.06.2024 31.12.2022
£ £
Trade creditors 2,840 7,396
Parent company 734,757 263,151
Corporation tax 4,868 3,249
Pension 0 370
Accruals and deferred revenue 81,372 215,788
823,837 489,954
7. Share Capital
30.06.2024 31.12.2022
£ £
Allotted, called up and fully paid:
1,000,000 ordinary shares at £0.01 10,000 10,000
8. Related Party Transactions
Control
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.
Inception VR Inc is the smallest and largest group to prepare consolidated accounts that can be obtained from its registered office.
Transactions
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.
9. Commitment
The company does not have any annual commitment as at 30 June 2024.
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