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Company registration number:
05147642
Vemotion Interactive Limited
Unaudited filleted financial statements
30 September 2022
THE BARKER PARTNERSHIP
Chartered Accountants and Statutory Auditors
Thirsk
Vemotion Interactive Limited
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
Vemotion Interactive Limited
Directors and other information
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Directors |
Mr G R Haworth |
(Resigned 6 June 2022) |
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Mr S R Haworth |
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Company number |
05147642 |
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Registered office |
Unit 5, The Hawk Creative Business Park |
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The Hawkhills Estate |
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Easingwold |
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York |
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YO61 3FE |
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Accountants |
The Barker Partnership |
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17 Central Buildings |
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Market Place |
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Thirsk |
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North Yorkshire |
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YO7 1HD |
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Vemotion Interactive Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Vemotion Interactive Limited
Year ended 30 September 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Vemotion Interactive Limited for the year ended 30 September 2022 which comprise the Balance Sheet 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 board of directors of Vemotion Interactive Limited, 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 Vemotion Interactive Limited and state those matters that we have agreed to state to the board of directors of Vemotion Interactive Limited 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 Vemotion Interactive Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Vemotion Interactive Limited 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 loss of Vemotion Interactive Limited. You consider that Vemotion Interactive Limited 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 Vemotion Interactive Limited. 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.
The Barker Partnership
Chartered Accountants
17 Central Buildings
Market Place
Thirsk
North Yorkshire
YO7 1HD
9 June 2023
Vemotion Interactive Limited
Balance sheet
30 September 2022
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2022 |
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2021 |
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Note |
£ |
|
£ |
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£ |
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£ |
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|
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|
|
|
|
|
Fixed assets |
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|
|
|
|
|
|
Intangible assets |
|
5 |
- |
|
|
|
- |
|
|
Tangible assets |
|
6 |
3,228 |
|
|
|
4,551 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
3,228 |
|
|
|
4,551 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
235,380 |
|
|
|
185,968 |
|
|
Debtors |
|
7 |
260,941 |
|
|
|
274,104 |
|
|
Cash at bank and in hand |
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|
5,815 |
|
|
|
103,855 |
|
|
|
|
|
_______ |
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|
_______ |
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502,136 |
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|
563,927 |
|
|
Creditors: amounts falling due |
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|
|
|
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|
within one year |
|
8 |
(
4,057,780) |
|
|
|
(
3,954,278) |
|
|
|
|
|
_______ |
|
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|
_______ |
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Net current liabilities |
|
|
|
|
(
3,555,644) |
|
|
|
(
3,390,351) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
(
3,552,416) |
|
|
|
(
3,385,800) |
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Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
9 |
|
|
(
26,667) |
|
|
|
(
36,259) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Net liabilities |
|
|
|
|
(
3,579,083) |
|
|
|
(
3,422,059) |
|
|
|
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
|
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|
|
1 |
|
|
|
1 |
Profit and loss account |
|
|
|
|
(
3,579,084) |
|
|
|
(
3,422,060) |
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|
|
|
|
_______ |
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_______ |
Shareholders deficit |
|
|
|
|
(
3,579,083) |
|
|
|
(
3,422,059) |
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|
|
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_______ |
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_______ |
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For the year ending 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge 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 Profit and loss account has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
09 June 2023
, and are signed on behalf of the board by:
Mr S R Haworth
Director
Company registration number:
05147642
Vemotion Interactive Limited
Notes to the financial statements
Year ended 30 September 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 5, The Hawk Creative Business Park, The Hawkhills Estate, Easingwold, York, YO61 3FE.
The principal activity of the company is that of mobile phone media and internet solutions including streaming.
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
. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Mr G R Haworth, a director of Vemotion Interactive Limited, has undertaken to ensure that the company has sufficient funds to meet its liabilities to its creditors as they become due for at least 13 months from the date of approval of the financial statements. The financial statements have, therefore, been prepared on a going concern basis.
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.Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period.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 taxlosses 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
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Alterations to leasehold properties |
- |
25 % |
straight line |
|
Computer and IT equipment |
- |
33 % |
straight line |
|
Demonstration equipment |
- |
33 % |
straight line |
|
Platform |
- |
25 % |
straight line |
|
|
|
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|
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.
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Pensions
The pension costs charged in the financial statements represent the contribution payable by the company during the year.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
5
(2021:
7
).
5.
Intangible assets
|
|
Other intangible assets |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 October 2021 and 30 September 2022 |
13,223 |
13,223 |
|
|
|
|
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|
_______ |
_______ |
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Amortisation |
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At 1 October 2021 and 30 September 2022 |
13,223 |
13,223 |
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|
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_______ |
_______ |
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|
Carrying amount |
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At 30 September 2022 |
- |
- |
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_______ |
_______ |
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At 30 September 2021 |
- |
- |
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_______ |
_______ |
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6.
Tangible assets
|
|
Freehold property |
Plant and machinery |
Fixtures, fittings and equipment |
Platform |
Total |
|
|
|
|
£ |
£ |
£ |
£ |
£ |
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 October 2021 |
2,078 |
30,064 |
13,874 |
185,611 |
231,627 |
|
|
|
Additions |
- |
1,321 |
222 |
- |
1,543 |
|
|
|
Disposals |
(
2,078) |
(
3,233) |
(
4,314) |
- |
(
9,625) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
At 30 September 2022 |
- |
28,152 |
9,782 |
185,611 |
223,545 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 October 2021 |
2,078 |
26,471 |
12,916 |
185,611 |
227,076 |
|
|
|
Charge for the year |
- |
1,898 |
871 |
- |
2,769 |
|
|
|
Disposals |
(
2,078) |
(
3,233) |
(
4,217) |
- |
(
9,528) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
At 30 September 2022 |
- |
25,136 |
9,570 |
185,611 |
220,317 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 30 September 2022 |
- |
3,016 |
212 |
- |
3,228 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
At 30 September 2021 |
- |
3,593 |
958 |
- |
4,551 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
7.
Debtors
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Trade debtors |
|
19,893 |
93,311 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
162,520 |
162,520 |
|
Other debtors |
|
78,528 |
18,273 |
|
|
|
_______ |
_______ |
|
|
|
260,941 |
274,104 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
10,000 |
10,000 |
|
Trade creditors |
|
231,780 |
165,866 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
3,311,420 |
3,326,420 |
|
Social security and other taxes |
|
5,313 |
45,526 |
|
Other creditors |
|
499,267 |
406,466 |
|
|
|
_______ |
_______ |
|
|
|
4,057,780 |
3,954,278 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Creditors: amounts falling due after more than one year
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
26,667 |
36,259 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Related party transactions
The company and Vemotion Limited are wholly owned subsidiaries of Vemotion Group Limited, the group's parent company. All group companies share common directors.One of the directors is also a director and majority shareholder of TeleWare Group Limited which has a subsidiary, TeleWare Limited.At the balance sheet date an amount of £162,520 (2021: £162,520) was due to the company from Vemotion Limited.At the balance sheet date an amount of £3,311,420 (2021: £3,326,420) was owed by the company to Vemotion Group Limited.At the balance sheet date an amount of £363,164 (2021: £246,164) was owed by the company to TeleWare Limited.The loans are unsecured, interest free and are repayable on demand.
11.
Controlling party
The company is a wholly owned subsidiary of Vemotion Group Limited a company incorporated in England
. The ultimate controlling party is Mr G R Haworth
who has a controlling interest in Vemotion Group Limited.