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REGISTERED NUMBER: 10458174 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

VIRSAE UK LIMITED

VIRSAE UK LIMITED (REGISTERED NUMBER: 10458174)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


VIRSAE UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: A G Jayne
I D McCarthy





REGISTERED OFFICE: 10 John Street
London
WC1N 2EB





REGISTERED NUMBER: 10458174 (England and Wales)





ACCOUNTANTS: Oury Clark Chartered Accountants
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

VIRSAE UK LIMITED (REGISTERED NUMBER: 10458174)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £   
CURRENT ASSETS
Debtors 5 550,633 382,885
Cash at bank 79,964 95,644
630,597 478,529
CREDITORS
Amounts falling due within one year 6 509,916 387,839
NET CURRENT ASSETS 120,681 90,690
TOTAL ASSETS LESS CURRENT
LIABILITIES

120,681

90,690

CAPITAL AND RESERVES
Called up share capital 7 100 100
Other reserves 121,083 -
Retained earnings (502 ) 90,590
SHAREHOLDERS' FUNDS 120,681 90,690

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Board of Directors and authorised for issue on 27 March 2025 and were signed on its behalf by:




A G Jayne - Director


VIRSAE UK LIMITED (REGISTERED NUMBER: 10458174)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Virsae UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months and one day from the date these financial statements were signed. Accordingly they continue to adopt the going concern basis in preparing the financial statements.

Related party exemption
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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is recognised over the period that the service is provided to the client. Creditors includes deferred revenue that relates to future periods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - Straight line over 3 years

Tangible fixed assets are initially measured at cost.

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.

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.

VIRSAE UK LIMITED (REGISTERED NUMBER: 10458174)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

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.

Basic financial instruments
Basic Financial Instruments as covered by Section 11 of FRS 102 (Section 1A) are measured at amortised cost. The company does not have any Other Financial Instrument as covered by Section 12 of FRS 102 (Section 1A).

Share-based payments
Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for the rendering of services.

The cost of equity-settled transactions is measured at the exercise price of the options being a best estimate of fair value as determined by the Board on such a basis as it deems appropriate and applied consistently with respect to all options (see note 9).

The cost of equity-settled transactions is recognised as an expense with a corresponding increase in the
equity over the vesting period. The cumulative charge to profit or loss is calculated based on the
grant date exercise price of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 8,302
DEPRECIATION
At 1 April 2023
and 31 March 2024 8,302
NET BOOK VALUE
At 31 March 2024 -

VIRSAE UK LIMITED (REGISTERED NUMBER: 10458174)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 340,184 248,631
Amounts owed by group undertakings 144,846 122,278
Other debtors 65,603 11,976
550,633 382,885

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 13,735 6,434
Taxation and social security 82,413 78,533
Other creditors & accruals 413,768 302,872
509,916 387,839

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
100 Ordinary £1 100 100

8. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.

9. SHARE-BASED PAYMENT TRANSACTIONS

At the period end the company has equity-settled share based payment options with its employees. The equity offered is that of the parent company Virsae Group Limited.

The options vest on the vesting dates which are described in the share option scheme deed.

During the period 20,000 options with an exercise price of NZ$1.35 were granted to employees of the UK entity for shares in the parent company.

During the period no options were exercised, cancelled or forfeited.

At the end of the period, 19,866 options were outstanding with a weighted average exercise price of NZ$
1.35.

During the period, the charge for the year relating to options is £121,083 (2023: £nil). The expense was
recognised with a corresponding credit to equity.

As there has been no formal valuation of the share options, the directors have used the exercise price to calculate the charge for the year, considering it the best estimate of the fair value of the share options.

VIRSAE UK LIMITED (REGISTERED NUMBER: 10458174)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. PARENT UNDERTAKING

The immediate parent undertaking is Virsae Group Limited, a company incorporated in New Zealand.