REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2024 |
for |
VUW. AI LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2024 |
for |
VUW. AI LIMITED |
VUW. AI LIMITED (Registered number: 13497980) |
Contents of the Financial Statements |
for the Year Ended 31 December 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
VUW. AI LIMITED |
Company Information |
for the Year Ended 31 December 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
130A Darkes Lane |
Potters Bar |
Hertfordshire |
EN6 1AF |
VUW. AI LIMITED (Registered number: 13497980) |
Balance Sheet |
31 December 2024 |
31.12.24 | 31.12.23 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | 11 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
VUW. AI LIMITED (Registered number: 13497980) |
Balance Sheet - continued |
31 December 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
VUW. AI LIMITED (Registered number: 13497980) |
Notes to the Financial Statements |
for the Year Ended 31 December 2024 |
1. | STATUTORY INFORMATION |
VUW. AI LIMITED is a |
2. | ACCOUNTING POLICIES |
Accounting convention |
The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest GBP £. |
The principal accounting policies adopted are set out below, |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. |
The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The startup costs were expected. The company continues to enjoy the backing of the investor and has confidence in the business's long-term prospects. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
The directors will continue to provide financial support to the company as necessary. In addition the company has potential investors who are willing to invest in the business plans going foreword. |
The Directors have considered the appropriateness of preparing the financial statements on a going concern basis. The Company has incurred a further loss during the financial year, consistent with expectations for an MGA in its early-stage growth phase. Such losses are typical in the sector as businesses invest heavily in IT infrastructure, talent, and market positioning before achieving break-even. |
Despite the continued losses, the Company has made substantial progress in building market traction, securing new distribution channels, and capacity in order to achieve its year one gross written premium target. Management expects the business to begin generating revenue within the next six months and to reach profitability within the next 12 months, based on current pipeline visibility and underwriting projections. On the latest assumptions the business secured £1 million of additional funding. |
The Directors have reviewed forecasts and cash flow projections and are satisfied that the Company has adequate financial resources to continue operating for the foreseeable future. Accordingly, they consider it appropriate to adopt the going concern basis in preparing these financial statements. |
Tangible fixed assets |
Computer equipment | - |
VUW. AI LIMITED (Registered number: 13497980) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
VUW. AI LIMITED (Registered number: 13497980) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities. |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 January 2024 |
and 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
VUW. AI LIMITED (Registered number: 13497980) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Rent Deposit | 3,500 | 3,500 |
VAT |
Deferred tax asset |
Accelerated capital allowances |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Bank loans and overdrafts (see note 8) |
Social security and other taxes |
Net wages control | - | 814 |
Other trade creditors |
Other short term loan | 50,000 | 50,000 |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Other creditors |
The amount included as other creditors falling due more than one year, as shown above represents the total amounts the owed to its directors. These amounts accurately reflects the total amount owed to the directors since the date of the company's incorporation. |
These are lend to the company interest free and without any other repayment terms attached to these. |
The directors will not consider requesting a repayment of these loans back to them over the next 12 months or until the company becomes profitable. |
8. | LOANS |
An analysis of the maturity of loans is given below: |
31.12.24 | 31.12.23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
9. | DEFERRED TAX |
£ |
Balance at 1 January 2024 | ( |
) |
Provided during year |
Balance at 31 December 2024 | ( |
) |
VUW. AI LIMITED (Registered number: 13497980) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.24 | 31.12.23 |
value: | £ | £ |
Ordinary | £1.00 | 10,000 | 10,000 |
Ordinary | £1.00 | 526 | 526 |
Ordinary | £1.00 | 554 | 554 |
11,080 | 11,080 |
On incorporation, in order to establish its capital structure, the company issued 10,000 Ordinary shares at a nominal value of £1 per share. |
Subsequent to this, on 1 November 2021 the company issued 526 Ordinary shares at a price of £380.23 per share. On 1 November 2022 the company issued 554 Ordinary shares at a price of £1,806.05 per share. Both these share issues were undertaken in order to provide the company with further investment. |
11. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2024 | ( |
) |
Deficit for the year | ( |
) |
At 31 December 2024 | ( |
) |
12. | RELATED PARTY DISCLOSURES |
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. |
13. | ENVIRONMENTAL RISKS AND CLIMATE CHANGES RESPONSIBILITIES |
Environmental Risks |
Due to the nature of the entity's operational activities there's no exposure to significant environmental risks. |
Climate changes and environmental responsibility |
Despite the fact that our organisation offering consulting and software related services, we are always consider the environmental sustainability. Future business performance will be impacted by our ability to effectively manage the transition to a low carbon economy balancing commercial decisions with the environmental responsibility, agreeing business-wide decarbonisation priorities and managing changes in customer preferences. |
This include management of the increasing costs associated with sustainable materials, recycling carbon pricing and further technological, policy and regulatory interventions. |
We are operating in a world and a sector with high pressure from carbon-conscious customers, government bodies and regulators to operate in a more environmentally conscious manner. To respond to the circular economy, waste reduction and low carbon products and use of a recycled parts and related components. |
VUW. AI LIMITED (Registered number: 13497980) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
14. | RISK MANAGEMENT |
Credit risk: |
Credit risk is the risk of financial loss to the Company if a customer or counterpart to a financial instrument fails to meet its contractual obligation, and arises principally from the Company's receivables from customers and cash balances. The company had trade receivables from its major customer, a strong multinational company for which there is no significant credit risk. All trade receivables were paid following the year end. |
Market risk - Foreign currency risk: |
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Company's income or the value of its holdings of financial instruments. |
The company does not have exposure to market risk within its balance sheet. |
Liquidity risk: |
Liquidity risk is the risk that the company will not be able to meet its financial obligations as they fall due. |
The company's objective for managing its liquidity is to have enough cash reserves in order to meet its financial obligations as they fall due. |
Other risks: |
Brexit |
The Company need to continue to assess the nature and extent of risks and uncertainties arising from Brexit. The UK and EU are still within negotiations as to how the future trading relationship will operate after the transition period has ended. The conclusion of those discussions and subsequent agreements may impact on the future performance and position of the business including its solvency, liquidity and going concern. As such, appropriate disclosures should be given as part of the reporting requirements within the Strategic Report/Directors' Report. |