Company Information
Contents
Director's report
For the year ended 31 December 2024
The director presents their report and the financial statements of VIQ Solutions (UK) Limited ('the company') and its subsidiary, together known as 'the group' for the year ended 31 December 2024.
The director is responsible for preparing the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors who served during the year were:
T Johnson (resigned 5 January 2024)
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Director's report (continued)
For the year ended 31 December 2024
The auditor, Buzzacott Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the sole director on 25 September 2025 .
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Independent auditor's report to the members of VIQ Solutions (UK) Limited
For the year ended 31 December 2024
We have audited the financial statements of VIQ Solutions (UK) Limited (the 'parent company') and its subsidiary (the 'group') for the year ended 31 December 2024, which comprise the consolidated Statement of comprehensive income, the consolidated and company Statements of financial position, the consolidated and company Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We draw attention to note 2.3 in the financial statements, which indicates that the group is loss making and in a net liability position and therefore is reliant on support from its parent company. Although the parent company has provided assurance that it will continue to give financial support, there is uncertainty surrounding the ability of the parent company to continue providing this support. As stated in note 2.3, these events or conditions, along with the other matters as set forth in note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
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Independent auditor's report to the members of VIQ Solutions (UK) Limited (continued)
For the year ended 31 December 2024
The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The director is responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Director's report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's report.
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Independent auditor's report to the members of VIQ Solutions (UK) Limited (continued)
For the year ended 31 December 2024
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
How the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we made enquiries of management as to where they considered there was susceptibility to fraud, and their knowledge of actual, suspected and alleged fraud;
∙we identified the laws and regulations that could reasonably be expected to have a material effect on the financial statements of the group through discussions with members and other management at the planning stage, and from our knowledge and experience of similar entities;
∙the audit team held a discussion to identify any particular areas that were considered to be susceptible to misstatement, including with respect to fraud and non-compliance with laws and regulations; and
∙we focused our planned audit work on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group including Companies Act 2006.
We assessed the extent of compliance with the laws and regulations identified above through:
∙making enquiries of management;
∙reviewing legal expenditure throughout the period for any potential litigation or claims; and
∙considering the internal controls in place that are designed to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙determined the susceptibility of the group to management override of controls by checking the implementation of controls and enquiring of individuals involved in the financial reporting process;
∙reviewed journal entries in the final quarter of the period to identify unusual transactions;
∙performed analytical procedures to identify any large, unusual or unexpected transactions and investigated any large
variances from the prior period;
variances from the prior period;
∙reviewed accounting estimates and evaluated where judgements or decisions made by management indicated bias; and
∙carried out substantive testing to check the occurrence and cut-off of expenditure and completeness and accuracy of
income.
income.
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Independent auditor's report to the members of VIQ Solutions (UK) Limited (continued)
For the year ended 31 December 2024
Auditor's responsibilities for the audit of the financial statements (continued)
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which
included:
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which
included:
∙agreeing financial statement disclosures to underlying supporting documentation; and
∙enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error as they may involve deliberate concealment or collusion. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the members and other management and the inspection of regulatory and legal correspondence, if any.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditor
130 Wood Street
EC2V 6DL
Date: 25 September 2025
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Consolidated statement of comprehensive income
For the year ended 31 December 2024
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Consolidated statement of financial position
As at 31 December 2024
The group's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and authorised for issue by the sole director on 25 September 2025 .
The notes on pages 11 to 19 form part of these financial statements.
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Company statement of financial position
As at 31 December 2024
The financial statements were approved and authorised for issue by the sole director on 25 September 2025 .
The notes on pages 11 to 19 form part of these financial statements.
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Consolidated statement of changes in equity
For the year ended 31 December 2024
Company statement of changes in equity
For the year ended 31 December 2024
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Notes to the financial statements
For the year ended 31 December 2024
The company is a private company limited by shares and registered in England & Wales. The company registration number is 12962130. The registered office address is 5th Floor, 10 Finsbury Square, London, EC2A 1AF and its principal place of business is 24-28 High Street, Hythe, England, CT21 5AT.
2.Accounting policies
The following principal accounting poilicies have been applied:
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The group has made a loss during the period and relies on support from its parent for its ongoing operations, therefore, the director has concluded that there is a material uncertainty in relation to going concern.
The group is reliant on support from its parent company and the wider group. It has received
assurance from its parent company that it will continue to give financial support to the group for a period
of at least twelve months from the date of approval of these financial statements. However, the wider group is also in a net liability position, therefore, there is a risk that this financial support mentioned above may not be forthcoming. The availability of the support is uncertain, and if this is support is not available, the going
concern basis used in preparing the group's financial statements may be invalid and adjustments would
have to be made should this basis not continue to be appropriate.
The group is reliant on support from its parent company and the wider group. It has received
assurance from its parent company that it will continue to give financial support to the group for a period
of at least twelve months from the date of approval of these financial statements. However, the wider group is also in a net liability position, therefore, there is a risk that this financial support mentioned above may not be forthcoming. The availability of the support is uncertain, and if this is support is not available, the going
concern basis used in preparing the group's financial statements may be invalid and adjustments would
have to be made should this basis not continue to be appropriate.
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
assumptions that affect the amounts reported for assets and liabilities as at the year end date and the amounts
reported for revenues and expenses during the year. However, the nature of estimation means that actual
outcomes could differ from those estimates.
The directors do not consider these to be any significant judgements or key sources of estimation uncertainty
involved in the preparation of those financial statements, other than the recognition of accrued income based on
likelihood of contracts being cancelled before their expiry date.
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Notes to the financial statements
For the year ended 31 December 2024
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Notes to the financial statements
For the year ended 31 December 2024
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Notes to the financial statements
For the year ended 31 December 2024
6.Tangible fixed assets (continued)
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Page 17
Notes to the financial statements
For the year ended 31 December 2024
Page 18
Notes to the financial statements
For the year ended 31 December 2024
The immediate parent company and the ultimate controlling party is VIQ Solutions, Inc . The registered office address is 5915 Airport Road, Suite 700 Mississauga, Ontario, Canada, L4V 1T1.
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