VitalSmarts (UK) Limited

(Registration number: 11255305)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	132,776	185,886
Current assets
Debtors	5	15,814	29,778
Cash at bank and in hand		170,805	63,955
		186,619	93,733
Creditors: Amounts falling due within one year	6	(724,295)	(599,426)
Net current liabilities		(537,676)	(505,693)
Net liabilities		(404,900)	(319,807)
Capital and reserves
Called up share capital	7	100	100
Profit and loss account		(405,000)	(319,907)
Total equity		(404,900)	(319,807)

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and 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 statement of Profit and Loss has not been delivered.

Approved and authorised for issue by the Board on 22 September 2025 and signed on its behalf by:
 

.........................................

T W Giles
Director

VitalSmarts (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1	Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
C/O Corporation Service Company (UK) Limited
5 Churchill Place
10th Floor
London
E14 5HU

2	Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Section 1A of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The directors have prepared the financial statements on a going concern basis, which assumes that the company will have sufficient financial resources in order to meet its liabilities for a period of at least 12 months from the date of approving these financial statements. The company is part of a wider group and owed balances to fellow group undertakings as at 31 December 2024. Therefore the directors consider the support which is confirmed in the support letter from the wider group and the group's own financial position when assessing the company's going concern status.

Based on a commitment of support from the parent company, and taking into account the results of the group, the directors consider it appropriate to prepare the financial statements on a going concern basis.

VitalSmarts (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Revenue from courses is deferred and recognised once the course has taken place. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Turnover includes amounts receivable in respect of the recharging to customers of certain direct costs.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.

Foreign exchange gains and losses are taken to profit or loss, and classified within administrative expenses.

Tax

The tax expense or credit for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

VitalSmarts (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Goodwill

Goodwill arising on the acquisition of a business represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the business recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Where the cost of goodwill includes an estimate of contingent consideration, that estimate is measured at each subsequent year-end and any adjustment which arises is treated as an adjustment to the cost of goodwill.

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Goodwill	9 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost and using the effective interest method if the balance is due in more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

VitalSmarts (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Short term employee benefits
The costs of short-term employee benefits, including the cost of any unused holiday entitlement, are recognised in the period in which the employees' services are received.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

VitalSmarts (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

4	Intangible fixed assets

	Goodwill  £
Cost
At 1 January 2024	480,991
At 31 December 2024	480,991
Amortisation
At 1 January 2024	295,105
Amortisation charge	53,110
At 31 December 2024	348,215
Carrying amount
At 31 December 2024	132,776
At 31 December 2023	185,886

In June 2018 the company acquired certain assets of a business which resells corporate training and other materials of the group of which the company is part. The goodwill is being amortised over its useful economic life, which is estimated to be nine years.

VitalSmarts (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

5

Debtors

	2024 £	2023 £
Trade debtors	6,305	20,269
Prepayments and accrued income	9,509	9,509
	15,814	29,778

6

Creditors

	2024 £	2023 £
Due within one year
Trade creditors	7,092	6,450
Amounts owed to group undertakings	699,167	568,237
Taxation and social security	402	8,165
Other creditors	-	120
Accruals and deferred income	17,634	16,454
	724,295	599,426

7	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

VitalSmarts (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

8	Parent undertaking and ultimate parent undertaking

The company's immediate parent undertaking is VitalSmarts LC, incorporated in the USA. The ultimate parent undertaking is VS Professional Training Holdco LP, registered in the USA. VitalSmarts (UK) is the smallest entity in the group.

Parent companies registered address:

VitalSmarts LC
320 River Park Drive,
Ste SWB,
Provo,
UT 84604,
United States

9	Audit report

As the profit and loss account has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

• The audit report was unqualified.
• The senior statutory auditor who signed the audit report on 24 September 2025 was David Wright BSc FCA.
• The auditor was Corrigan Accountants Limited.