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Registered number: 14836557
VRX Motion Technologies Ltd
Unaudited ABRIDGED Financial Statements
For the Period 1 May 2023 to 31 May 2024
Contents
Page
Abridged Balance Sheet 1
Notes to the Abridged Financial Statements 2—4
Page 1
Abridged Balance Sheet
Registered number: 14836557
31 May 2024
Notes £ £
FIXED ASSETS
Intangible Assets 4 14,800
Tangible Assets 5 29,099
43,899
CURRENT ASSETS
Debtors 6 7,000
Cash at bank and in hand 1,000
8,000
NET CURRENT ASSETS (LIABILITIES) 8,000
TOTAL ASSETS LESS CURRENT LIABILITIES 51,899
Creditors: Amounts Falling Due After More Than One Year (10,661 )
NET ASSETS 41,238
CAPITAL AND RESERVES
Called up share capital 7 1
Other reserves 41,237
SHAREHOLDERS' FUNDS 41,238
For the period ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 May 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr Courell Watson
Director
06/05/2025
The notes on pages 2 to 4 form part of these financial statements.
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Page 2
Notes to the Abridged Financial Statements
1. General Information
VRX Motion Technologies Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 14836557 . The registered office is 128 City Road, , London, EC1V 2NX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets comprise software licences, branding assets, a customer database, and domain names that were gifted to the company by the director during the period. These are recognised at fair value at the date of contribution.
The assets are amortised to the profit and loss account over their estimated useful lives as follows:
- VR simulation software licence: 5 years (straight-line)
- Trademark and branding: 5 years (straight-line)
- Customer database: 3 years (straight-line)
- Domain names: Not amortised, but subject to annual impairment review
There have been no changes to the methods of amortisation during the period.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20%
Computer Equipment 20%
3. Average Number of Employees
Average number of employees, including directors, during the period was: 2
2
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4. Intangible Assets
Total
£
Cost
As at 1 May 2023 14,800
As at 31 May 2024 14,800
Net Book Value
As at 31 May 2024 14,800
As at 1 May 2023 14,800
£6,000- VR Simulation Software
£5,000-VR Trademark & Branding
£1,000-  Customer Database
£2,800 Domain Names
The intangible assets recorded by VRX Ltd comprise a collection of items that have been formally gifted to the company by its director. These assets include: 
  • A proprietary VR racing simulation software platform, originally developed under a previously owned business and now fully owned by VRX Ltd. The company continues to enhance and develop this platform, which is expected to increase in value in line with the growing market demand for advanced racing simulation technology.  
  • A suite of commercial software licences, secured through long-standing professional relationships. These licences, which would otherwise require purchase at full retail value, have been transferred to the company without consideration.
  • A registered trademark and associated branding for a specialist VR gaming brand, which also includes a customer database of over 5,000 contacts, built from prior commercial activity.  
  • A portfolio of premium domain names linked to cryptocurrency and emerging technology businesses (VR, simulation). Some of these domains were originally acquired prior to the Covid-19 pandemic and have since increased in market value due to the global expansion of the crypto and blockchain industries. 
  • The valuation of these assets has been reviewed and agreed upon by the board of directors, as formally documented in the Board Resolution: Capital Contribution and Asset Recognition. 
5. Tangible Assets
Total
£
Cost
As at 1 May 2023 29,099
As at 31 May 2024 29,099
Net Book Value
As at 31 May 2024 29,099
As at 1 May 2023 29,099
The tangible fixed assets recognised by VRX Motion Technologies comprise specialist simulator and gaming equipment with a total fair value of £29,099
These assets were acquired through a combination of sources: 
  • A portion of the equipment was transferred from a previously operated company, now dissolved, in which the director held ownership.  
  • Additional items were gifted directly by the director.  
  • Some assets were obtained through collaborative joint ventures and then gifted to the company. 
...CONTINUED
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5. Tangible Assets - continued
All assets were transferred to VRX Motion Technologies Ltd without consideration and have been recognised at fair value at the date of contribution. The company has assessed the condition and expected useful life of each asset and will apply appropriate depreciation methods in accordance with its fixed asset accounting policy. Depreciation begins in the next accounting period. 
The asset contribution has been formally acknowledged and approved by the board of directors, as documented in the Board Resolution: Capital Contribution and Asset Recognition. 
Within this Fixed Asset figure is a portion of  assets (purchased) totalling £4099. These assets were purchased using directors’ loan that contribute to the £29,099 fixed asset list
6. Debtors
31 May 2024
£
Due after more than one year
VRX Motion technologies has entered into a 12-month simulator rental agreement with a private client, under which the client has been invoiced in full and agreed to pay in instalments over the 12 month duration of the contract. Although the full amount has been invoiced, income will be recognised on a deferred basis, in accordance with FRS 102 revenue recognition principles. Revenue will be apportioned and recognised over the term of the rental agreement, reflecting the delivery of services and use of the asset. This approach ensures that income is matched to the period in which the related service is provided, providing a fair and accurate view of company performance. There may also be interest on late payments, as well as additional repair and maintenance charges, which will be invoiced at the end of the rental term.
7. Share Capital
31 May 2024
£
Allotted, Called up and fully paid 1
8. Reserves
Capital Contribution Reserve
During the period, the director made a capital contribution to the company in the form of both tangible and intangible assets. These contributions were made without consideration and totalled £41237.00
The assets were transferred to the company as a gift and are reflected in the accounts under fixed assets. This has been recognised in accordance with FRS 102 Section 1A.
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