Company Registration No. 03745624 (England and Wales)
VDASH LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
John Cumming Ross Limited
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
VDASH LIMITED
COMPANY INFORMATION
Directors
Mr D R P Joshi
Mr S Rajani
Secretary
TMF Corporate Administration Services Limited
Company number
03745624
Registered office
21 Dorset Square
London
NW1 6QE
Auditor
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
VDASH LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Profit and loss account
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 19
VDASH LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2022.
Principal activities
The principal activities of the company are that of assisting applicants in providing visa processing services and investment holding.
Results and dividends
The results for the year are set out on page 6.
Going concern
At 31 December 2022 the company has net assets of £17,791,364 (2021: Net liabilities (£1,094,827). On 7 January 2022,the loan capital of £18,964,508 from VFS Global AG,a parent undertaking was converted to share capital of the company. The financial statements are prepared on the going concern basis as the directors believe company is able to meet its financial obligations as they fall due for a period of at least 12 months from the date of issuance of these financial statements.
Directors
The directors who held office during the year and up to the date of signature of the financial statements are as follows:
Mr B N Bosch
(Resigned 5 September 2022)
Mr D R P Joshi
Mr S Rajani
Financial instruments
Liquidity risk
The company is reliant upon financial support from VF Worldwide Holdings Limited to meet its financial obligations as they fall due.
Auditor
John Cumming Ross Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
VDASH LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies 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; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr S Rajani
Director
24 July 2023
VDASH LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF VDASH LIMITED
- 3 -
Opinion
We have audited the financial statements of VDASH Limited (the 'company') for the year ended 31 December 2022 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
VDASH LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VDASH LIMITED
- 4 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to take advantage of the small companies exemption from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Discussions were held with the finance team with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. The outcomes of these discussions and enquiries were shared with the engagement team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
The laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.
Those laws and regulations considered to have a direct effect on the day to day operations of the company include General Data Protection Regulation (GDPR)
It is considered that there are no laws and regulations for which non-compliance may be fundamental to the operating aspects of the business.
VDASH LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VDASH LIMITED
- 5 -
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims;inspection of relevant legal correspondence; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the year end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud may be inherently more difficult to detect than irregularities that result from error. There is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with the ISAs (UK).
A further description of our responsibilities is available on the Financial Reporting Council's website at: https://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.
Dilip Popatlal Unarket (Senior Statutory Auditor)
For and on behalf of John Cumming Ross Limited
Chartered Certified Accountants
and Statutory Auditors
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
24 July 2023
VDASH LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
2022
2021
Notes
£
£
Turnover
3
5,564
27,468
Cost of sales
(1,341)
(3,313)
Gross profit
4,223
24,155
Administrative expenses
8,122
(694,261)
Other operating income
4,587
Operating profit/(loss)
4
12,345
(665,519)
Interest payable and similar expenses
7
(13,736)
(339,395)
Amounts writtten off investments
8
(76,926)
Loss before taxation
(78,317)
(1,004,914)
Tax on loss
9
Loss and total comprehensive income for the financial year
(78,317)
(1,004,914)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
VDASH LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 7 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
11
1,012
1,660
Tangible fixed assets
12
-
52,552
Investments
13
18,267,196
18,344,122
18,268,208
18,398,334
Current assets
Debtors
15
66,254
80,678
Cash at bank and in hand
3,991
5,060
70,245
85,738
Creditors: amounts falling due within one year
16
(175,250)
(19,352,410)
Net current liabilities
(105,005)
(19,266,672)
Total assets less current liabilities
18,163,203
(868,338)
Creditors: amounts falling due after more than one year
17
(371,839)
(226,489)
Net assets/(liabilities)
17,791,364
(1,094,827)
Capital and reserves
Called up share capital
21
19,014,508
50,000
Profit and loss reserves
(1,223,144)
(1,144,827)
Total equity
17,791,364
(1,094,827)
The financial statements were approved by the board of directors and authorised for issue on 24 July 2023 and are signed on its behalf by:
Mr S Rajani
Director
Company registration number 03745624
VDASH LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2021
50,000
(139,913)
(89,913)
Year ended 31 December 2021:
Loss and total comprehensive income for the year
-
(1,004,914)
(1,004,914)
Balance at 31 December 2021
50,000
(1,144,827)
(1,094,827)
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
(78,317)
(78,317)
Transactions with owners in their capacity as owners:
Issue of share capital
21
18,964,508
-
18,964,508
Balance at 31 December 2022
19,014,508
(1,223,144)
17,791,364
VDASH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
1
Accounting policies
Company information
VDASH Limited is a private company limited by shares incorporated in England and Wales and domiciled in the UK. The registered office is 21 Dorset Square, London, NW1 6QE.
1.1
Accounting convention
The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures;
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement;
the requirement in paragraph 38 of IAS 1 ‘Presentation of Financial Statements’ to present comparative information in respect of: (i) paragraph 73(e) of IAS 16 Property Plant and Equipment (ii) paragraph 73(e) of IAS 16 Property Plant and Equipment (iii) paragraph 118 (e) of IAS 38 Intangibles Assets;
the requirements of paragraphs 10(d), 10(f), 16, 38A to 38D, 39 to 40 ,111 and 134-136 of IAS 1 Presentation of Financial Statements;
the requirements of IAS 7 Statement of Cash Flows;
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;
the requirements of paragraph 17 of IAS 24 Related Party Disclosures; and
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
Where required, equivalent disclosures are given in the group financial statements of Speed JVco S.a.r.l, a company incorporated in Luxembourg. The consolidated financial statements of Ultimate parent company Speed JVco S.a.r.l based in Luxembourg registered with trade and companies register of Luxembourg B258984 can be obtained from its registered office 2-4, rue Eugene Ruppert L-2453 Luxembourg. Alternatively, the consolidated financial statements can be obtained in electronic form, from the Luxembourg regulatory authorities' website.
These financial statements present information about the company as an individual undertaking and not about its group. The company is exempt by virtue of section 401 of the Companies Act 2006 from the requirement to prepare group financial statements as it is a wholly owned subsidiary of Speed JVco S.a.r.l, a company incorporated in Luxembourg which prepares consolidated financial statements
VDASH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 10 -
1.2
Going concern
On the basis of the financial support from group undertaking, the directors consider that the company will continue in operational existence for the forseeable future. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.The financial statements do not include any adjustments that would result from a withdrawal of the facility by the company's truegroup undertaking.
1.3
Turnover
The company's turnover is derived from its activities of assisting applicants in completing visa application forms. Revenue originates solely from the rendering of services and represents the aggregate amount of revenue receivable for services supplied in the ordinary course of business. Revenue is recognised when the services are rendered. Where payment is received in advance a liability is recognised until the services are rendered.
1.4
Intangible assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Licenses 33.33% per annum on a straight line basis
Trademarks 10% per annum on a straight line basis
Computer software 20% per annum on a straight line basis
At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
33.33% per annum on a straight line basis
Computers
33.33% per annum on a straight line basis
Right-of-use asset
over the term of the lease
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Depreciation on tangible fixed assets is charged on a pro-rata basis from the date of purchase of assets.
1.6
Fixed asset investments
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
VDASH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 11 -
1.7
Cash at bank and in hand
Cash and cash equivalents 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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within tangible fixed assets, apart from those that meet the definition of investment property.
The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.
Leases - IFRS 16
The company recognises a right-of-use asset and a lease liability at lease commencement date. The right-of-use asset is initially measured at cost. The right-of-use asset is depreciated using straight line method from commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term.
The lease liability measured at amortised cost using the lessee's incremental borrowing rate, being the rate that individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in similar economic environment with similar terms, security and conditions.
1.12
Grants
Government grants are recognised when there is reasonable assurance that the grant conditions will be met and the grants will be received.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss account.
VDASH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 12 -
1.14
Trade and other receivables are amounts due from customers for services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business, if longer), they are classified as current assets. If not, they are presented as non-current assets.
Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment.
1.15
Creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers.
Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
1.16
Ordinary shares are classified as equity.
2
Critical accounting estimates and judgements
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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
There are no estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.
3
Turnover
2022
2021
£
£
Turnover analysed by class of business
Visa application services & other services
5,564
27,468
2022
2021
£
£
Turnover analysed by geographical market
UK
5,564
27,468
VDASH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 13 -
4
Operating profit/(loss)
2022
2021
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Exchange losses
2,346
431,283
Fees payable to the company's auditor for the audit of the company's financial statements
6,500
7,500
Depreciation of property, plant and equipment
52,552
152,006
(Profit)/loss on disposal of tangible fixed assets
373
Amortisation of intangible assets (included within administrative expenses)
649
2,125
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Administration
2
5
Their aggregate remuneration comprised:
2022
2021
£
£
Wages and salaries
30,000
140,251
Social security costs
20,645
Pension costs
9,880
30,000
170,776
The Directors are remunerated by another company in the group. They received no remuneration in respect of their qualifying services to the company.
6
Government grant
The company received Covid -19 Government supports in the financial year of £nil (2021 £4,587) related to the Coronavirus Job Retention Scheme.
7
Interest payable and similar expenses
2022
2021
£
£
Interest on financial liabilities measured at amortised cost:
Interest payable to group undertakings
13,487
335,122
Interest on other loans
249
4,273
13,736
339,395
VDASH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 14 -
8
Amounts written off investments
2022
2021
£
£
Other gains and losses
(76,926)
-
9
Taxation
2022
2021
£
£
The charge for the year can be reconciled to the loss per the profit and loss account as follows:
2022
2021
£
£
Loss before taxation
(78,317)
(1,004,914)
Expected tax credit based on a corporation tax rate of 25.00% (2021: 19.00%)
(19,579)
(190,934)
Effect of expenses not deductible in determining taxable profit
19,394
27,957
Income not taxable
(29,430)
Unutilised tax losses carried forward
310,276
Permanent capital allowances in excess of depreciation
(117,869)
Group relief surrendered
402,982
-
Movement in deferred tax not recognised
(402,797)
-
Taxation charge for the year
-
-
Taxable losses carried forward at the balance sheet date amounted to £7,378,113 (2021: £8,987,637).
The deferred tax asset of £1,844,528 (2021: £1,707,651) has not been recognised on the grounds that the recoverability of the asset is relatively uncertain based on the management expectations that it will take some time for the tax losses to be relieved.
10
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2022
2021
£
£
In respect of:
Fixed asset investments
76,926
-
Recognised in:
Amounts written off investments
76,926
-
The investment in subsidiary company TTS Consultancy and Services Private Limited was eroded in current form and hence impairment loss had been provided in the financial statements for the year ended 31 December 2022.
VDASH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 15 -
11
Intangible fixed assets
Trademarks & licences
£
Cost
At 31 December 2021
7,491
At 31 December 2022
7,491
Amortisation and impairment
At 31 December 2021
5,831
Charge for the year
649
At 31 December 2022
6,479
Carrying amount
At 31 December 2022
1,012
At 31 December 2021
1,660
12
Tangible fixed assets
Plant and equipment
Computers
Right-of-use asset
Total
£
£
£
£
Cost
At 31 December 2021
9,800
4,358
441,831
455,989
Disposals
(441,831)
(441,831)
At 31 December 2022
9,800
4,358
14,158
Accumulated depreciation and impairment
At 31 December 2021
8,655
3,745
391,037
403,437
Charge for the year
1,145
613
50,794
52,552
Eliminated on disposal
(441,831)
(441,831)
At 31 December 2022
9,800
4,358
14,158
Carrying amount
At 31 December 2022
At 31 December 2021
1,145
613
50,794
52,552
VDASH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 16 -
13
Investments
Current
Non-current
2022
2021
£
£
Investments in subsidiaries
18,267,196
18,344,122
18,267,196
18,344,122
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2022 & 31 December 2022
18,344,122
Impairment
At 1 January 2022
-
Impairment losses
(76,926)
At 31 December 2022
(76,926)
Carrying amount
At 31 December 2022
18,267,196
At 31 December 2021
18,344,122
14
Subsidiaries
Details of the company's subsidiary at 31 December 2022 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
TTS Consultancy and Services Private Limited
India
Equity shares
100.00
100.00
Biomet Services Pte Limited
Singapore
Equity shares
100.00
100.00
15
Debtors
2022
2021
£
£
VAT recoverable
325
574
Other debtors
65,930
78,643
Prepayments and accrued income
1,461
66,254
80,678
VDASH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 17 -
16
Creditors
Due within one year
Due after one year
2022
2021
2022
2021
Notes
£
£
£
£
Loans and overdrafts
17
371,839
226,489
Creditors
18
175,250
19,348,902
Taxation and social security
-
3,508
-
-
175,250
19,352,410
371,839
226,489
17
Loans and overdrafts
Due after one year
2022
2021
£
£
Loans from fellow group undertakings
371,839
226,489
Amounts owed to group undertaking are unsecured.
18
Creditors
2022
2021
£
£
Amount owed to parent undertaking
19,025,992
Amounts owed to fellow group undertakings
79,185
79,193
Accruals and deferred income
34,474
150,955
Other creditors
61,591
92,762
175,250
19,348,902
Amounts owed to group undertakings are unsecured,and repayable on demand.
19
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
-
9,880
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
VDASH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 18 -
20
Leases
The company has a lease contract for premises for a fixed period of three years expiring on 6 May 2022.
Effective 1 January 2019 on adoption of IFRS 16 leases are recognised as right-of-use assets, measured at the amount equal to the lease liabilities of the commencement date, adjusted by the amount of any lease accruals/ prepayments.
Each lease payment is allocated between the principal payment of lease liabilities and interest expense on the lease liabilities. The interest expense is charges to the profit and loss account over the lease term by using the effective rate of interest methodology. The right-of-use-assets are depreciated on a straight-line basis over the term of the lease.
There were no transitional adjustments on the adoption of IFRS 16.
a) Right-of-use assets
Premises
Total right-of-use asset
£
£
Cost as at 1 January 2022
441,831
441,831
Dispoal
(441,831)
(441,831)
Cost as at 31 December 2022
-
-
Accumulated depreciation as at 1 January 2022
391,037
391,037
Depreciation
50,794
50,794
Disposal
(441,831)
(441,831)
Accumulated depreciation as at 31 December 2022
-
-
Net book value as at 31 December 2022
-
-
b) Lease liabilities
31 December 2022
£
Balance as at 1 January 2022
53,881
Additions:
New lease during the year
Interest expenses
249
Less: Lease payments (including interest)
54,130
Balance as at 31 December 2022
-
c) Amount recognised in the profit and loss account
2,022
£
Depreciation on right-of-use assets
50,794
Interest expense on lease liabilities
249
Total cash outflow for lease including short-term leases
51,043
VDASH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 19 -
21
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
19,014,508
50,000
19,014,508
50,000
On 7 January 2022,the loan of £18,964,508 from the parent undertaking, VFS Global AG was converted into paid up capital by issuing 18,964,508 ordinary shares of £1 each to the parent undertaking. The share capital increased to finance new investments and working capital of the company.
22
Controlling party
The company's immediate parent undertaking is VFS Global AG, a company incorporated in Switzerland whose registered office is c/o BLR & Partners AG, Stockerstrasse. 23 Zurich. From 1 January 2021 to 17 May 2022 the company is ultimately controlled by the funds EQT VII (No.1) LP and EQT VII (No.2) LP managed by EQT Partners, a private equity firm headquartered in Stockholm, Sweden.
From 18 May 2022, the company is a fully owned subsidiary of VFS Global AG incorporated in Switzerland whose ultimate parent company is Speed JVco S.a.r.l., a company incorporated in Luxembourg, which is ultimately held by the funds Blackstone Capital Partners Asia II LP, Blackstone Speed Co-Invest (CYM) LP and Blackstone Capital Partners (CYM) VIII AIV-F LP managed by Blackstone Inc from, a private equity firm headquartered in New York, USA. The smallest and largest group in which the results of the company are consolidated is that headed by Speed JVco S.a.r.l. ultimate parent undertaking.
2022-12-312022-01-01Mr B N BoschMr D R P JoshiMr S RajaniTMF Corporate Administration Services LimitedfalseCCH SoftwareiXBRL Review & Tag 2022.2037456242022-01-012022-12-3103745624bus:Director22022-01-012022-12-3103745624bus:Director32022-01-012022-12-3103745624bus:CompanySecretary12022-01-012022-12-3103745624bus:Director12022-01-012022-12-3103745624bus:RegisteredOffice2022-01-012022-12-31037456242022-12-31037456242021-01-012021-12-3103745624core:ContinuingOperations2022-01-012022-12-310374562412022-01-012022-12-310374562412021-01-012021-12-3103745624core:RetainedEarningsAccumulatedLosses2022-01-012022-12-3103745624core:RetainedEarningsAccumulatedLosses2021-01-012021-12-31037456242021-12-3103745624core:ShareCapital2022-12-3103745624core:ShareCapital2021-12-3103745624core:RetainedEarningsAccumulatedLosses2022-12-3103745624core:RetainedEarningsAccumulatedLosses2021-12-31037456242020-12-3103745624core:ShareCapital2022-01-012022-12-3103745624core:CopyrightsPatentsTrademarksServiceOperatingRights2021-12-3103745624core:CopyrightsPatentsTrademarksServiceOperatingRights2022-12-3103745624core:CopyrightsPatentsTrademarksServiceOperatingRights2021-12-3103745624core:CopyrightsPatentsTrademarksServiceOperatingRights2022-01-012022-12-3103745624core:PlantMachinery2021-12-3103745624core:ComputerEquipment2021-12-3103745624core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2021-12-31037456242021-12-3103745624core:PlantMachinery2022-12-3103745624core:ComputerEquipment2022-12-3103745624core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-12-3103745624core:PlantMachinery2022-01-012022-12-3103745624core:ComputerEquipment2022-01-012022-12-3103745624core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-01-012022-12-3103745624core:ContinuingOperations2022-12-3103745624core:PlantMachinery2021-12-3103745624core:ComputerEquipment2021-12-3103745624core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2021-12-3103745624core:Non-currentFinancialInstruments2022-12-3103745624core:Non-currentFinancialInstruments2021-12-3103745624core:Subsidiary12022-01-012022-12-3103745624core:Subsidiary22022-01-012022-12-3103745624core:Subsidiary112022-01-012022-12-3103745624core:Subsidiary222022-01-012022-12-3103745624core:CurrentFinancialInstruments2022-12-3103745624core:CurrentFinancialInstruments2021-12-3103745624core:WithinOneYear2022-12-3103745624core:WithinOneYear2021-12-3103745624core:AfterOneYear2022-12-3103745624core:AfterOneYear2021-12-3103745624bus:PrivateLimitedCompanyLtd2022-01-012022-12-3103745624bus:Audited2022-01-012022-12-3103745624bus:FRS1012022-01-012022-12-3103745624bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP