vXtream Ltd 30/06/2024 iXBRL

Company registration number: 09648569

vXtream Ltd

Unaudited filleted abridged financial statements

30 June 2024

vXtream Ltd

Contents

Directors and other information

Accountants report

Statement of financial position

Statement of changes in equity

Notes to the financial statements

vXtream Ltd

Directors and other information


	Director	Mr Jonathan Obadia


	Company number	09648569


	Registered office	Suite 4, Stanmore Towers
		8-14 Church Road
		Stanmore
		Middlesex
		HA7 4AW


	Business address	260-266 Goswell Road
		London
		EC1V 7EB


	Accountants	Michael King & CO.
		Suite 4, Stanmore Towers
		8-14 Church Road
		Stanmore
		Middlesex
		HA7 4AW

vXtream Ltd

Chartered accountants report to the director on the preparation of the

unaudited statutory financial statements of vXtream Ltd

Year ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of vXtream Ltd for the year ended 30 June 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.

This report is made solely to the director of vXtream Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of vXtream Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than vXtream Ltd and its director as a body for our work or for this report.

It is your duty to ensure that vXtream Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of vXtream Ltd. You consider that vXtream Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of vXtream Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Michael King & CO.

Chartered Accountants

Suite 4, Stanmore Towers

8-14 Church Road

Stanmore

Middlesex

HA7 4AW

2 June 2025

vXtream Ltd

Statement of financial position

30 June 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Intangible assets	5	-		-
Tangible assets	6	104,532		145,474
Investments	7	76,705		73,878
		_______		_______
			181,237		219,352

Current assets
Debtors	8	1,122,622		756,602
Cash at bank and in hand		135,177		141,284
		_______		_______
		1,257,799		897,886
Creditors: amounts falling due
within one year	9	( 1,372,434)		( 837,821)
		_______		_______
Net current (liabilities)/assets			( 114,635)		60,065
			_______		_______
Total assets less current liabilities			66,602		279,417

Creditors: amounts falling due
after more than one year	10		( 38,075)		( 160,376)

Provisions for liabilities			( 26,133)		( 36,368)

			_______		_______
Net assets			2,394		82,673
			_______		_______

Capital and reserves
Called up share capital			1		1
Profit and loss account			2,393		82,672
			_______		_______
Shareholder funds			2,394		82,673
			_______		_______

For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.

All of the members have consented to the preparation of the abridged statement of comprehensive income for the current year ending 30 June 2024 in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements were approved by the board of directors and authorised for issue on 18 June 2025 , and are signed on behalf of the board by:

Mr Jonathan Obadia

Director

Company registration number: 09648569

vXtream Ltd

Statement of changes in equity

Year ended 30 June 2024

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 July 2022	1	67,627	67,628

Profit for the year		215,045	215,045
	_______	_______	_______
Total comprehensive income for the year	-	215,045	215,045

Dividends paid and payable		( 200,000)	( 200,000)
	_______	_______	_______
Total investments by and distributions to owners	-	( 200,000)	( 200,000)

	_______	_______	_______
At 30 June 2023 and 1 July 2023	1	82,672	82,673

Profit for the year		269,721	269,721
	_______	_______	_______
Total comprehensive income for the year	-	269,721	269,721

Dividends paid and payable		( 350,000)	( 350,000)
	_______	_______	_______
Total investments by and distributions to owners	-	( 350,000)	( 350,000)

	_______	_______	_______
At 30 June 2024	1	2,393	2,394
	_______	_______	_______

vXtream Ltd

Notes to the financial statements

Year ended 30 June 2024

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Suite 4, Stanmore Towers, 8-14 Church Road, Stanmore, Middlesex, HA7 4AW.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Exceptional items

Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Plant and machinery	-	20 %	straight line
Fittings fixtures and equipment	-	20 %	straight line
Seller records and IP	-	20 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2023: 7 ).

5. Intangible assets

	Other intangible assets	Total
	£	£
Cost
At 1 July 2023 and 30 June 2024	123,600	123,600
	_______	_______
Amortisation
At 1 July 2023 and 30 June 2024	123,600	123,600
	_______	_______
Carrying amount
At 30 June 2024	-	-
	_______	_______
At 30 June 2023	-	-
	_______	_______

6. Tangible assets

	Plant and machinery	Fixtures, fittings and equipment	Total
	£	£	£
Cost
At 1 July 2023	696,287	134,735	831,022
Additions	27,788	3,772	31,560
	_______	_______	_______
At 30 June 2024	724,075	138,507	862,582
	_______	_______	_______
Depreciation
At 1 July 2023	577,648	107,901	685,549
Charge for the year	58,392	14,109	72,501
	_______	_______	_______
At 30 June 2024	636,040	122,010	758,050
	_______	_______	_______
Carrying amount
At 30 June 2024	88,035	16,497	104,532
	_______	_______	_______
At 30 June 2023	118,639	26,834	145,473
	_______	_______	_______

7. Investments

	Other investments other than loans	Total
	£	£
Cost
At 1 July 2023	73,878	73,878
Additions	2,827	2,827
	_______	_______
At 30 June 2024	76,705	76,705
	_______	_______
Impairment
At 1 July 2023 and 30 June 2024	-	-
	_______	_______
Carrying amount
At 30 June 2024	76,705	76,705
	_______	_______
At 30 June 2023	73,878	73,878
	_______	_______

The investments comprise of Artwork. The director does not think the artwork increased in value by 30 June 2024.

8. Debtors

	2024	2023
	£	£
Trade debtors	190,326	177,429
Other debtors	932,296	579,173
	_______	_______
	1,122,622	756,602
	_______	_______

9. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	584,981	391,631
Corporation tax	411,764	194,763
Social security and other taxes	303,773	247,780
Other creditors	133,066	3,647
	_______	_______
	1,433,584	837,821
	_______	_______

10. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Other creditors	38,075	160,376
	_______	_______

11. Directors advances, credits and guarantees

	During the year the director entered into the following advances and credits with the company:

2024
		Balance brought forward	Advances /(credits) to the director	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr Jonathan Obadia	244,241	623,407	( 365,245)	502,403
		_______	_______	_______	_______

2023
		Balance brought forward	Advances /(credits) to the director	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr Jonathan Obadia	( 4,122)	448,675	( 200,312)	244,241
		_______	_______	_______	_______

12. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2024	2023	2024	2023
	£	£	£	£
Bruton Internet Limited	17,000	-	237,600	220,600
	_______	_______	_______	_______

Jonathan Obadia is the shareholder and director of vXtream LTD and Bruton Internet Limited. During the year Bruton Internet Limited did not provided any services to vXtream LTD. vXtream LTD loan remained at £237,600 to Bruton Internet Limited. No interest is charged on the loan.

13. Controlling party

Jonathan Obadia is the sole director and only shareholder of vXtream Limited.