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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2021 |
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FOR |
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VISTRA LEGALISATION SERVICES LIMITED |
REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2021 |
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FOR |
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VISTRA LEGALISATION SERVICES LIMITED |
VISTRA LEGALISATION SERVICES LIMITED (REGISTERED NUMBER: 08138700) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Report of the Independent Auditors | 4 |
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Income Statement | 7 |
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Statement of Financial Position | 8 |
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Notes to the Financial Statements | 9 |
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VISTRA LEGALISATION SERVICES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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Directors: |
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Registered office: |
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Registered number: |
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Auditors: |
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Floor 5 |
Merck House |
Seldown Lane |
Poole |
Dorset |
BH15 1TW |
VISTRA LEGALISATION SERVICES LIMITED (REGISTERED NUMBER: 08138700) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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The directors present their report with the audited financial statements of the company for the year ended 31 December 2021. The financial statements have been prepared in accordance with the provision of FRS102 Section 1A small entities. There are no material departures from that standard. |
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Principal activity |
The principal activity of the company in the year under review was that of legalisation and consular services for corporate and private clients.The directors are satisfied with the performance of the company during the year and the position of the company at the year end. |
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Dividends |
No interim dividend was paid during the course of the year (year ended 31 December 2020: £nil). The directors recommend that no final dividend be paid (year ended 31 December 2020: £nil) |
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The total distribution of dividends for the year ended 31 December 2021 will be £nil (year ended 31 December 2020: £nil) |
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Directors |
The directors shown below have held office during the whole of the period from 1 January 2021 to the date of this report. |
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Going concern |
The financial statements have been prepared on a going concern basis. The company made a profit for the year of £328,159 (31 December 2020: loss of £4,089) and at 31 December 2021 has retained earnings of £800,614 (31 December 2020: £472,455). The directors consider that with the company being in a net asset position and with forecasted continued profitability, the company has sufficient resources to meet all current liabilities as they fall due and have reasonable expectations that the company has adequate resources to continue in operational existence for at least 12 months from the date of signing of these financial statements. |
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The company has received a letter from Vistra Group Holdings BVI (II) Limited, the parent of the largest group for which consolidated financial statements are prepared, confirming continued financial support for at least twelve months from the date of signing the statutory accounts. |
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For these reasons, the directors continue to adopt the going concern basis in preparing these financial statements. |
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Statement of directors' responsibilities |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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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: |
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- select suitable accounting policies and then apply them consistently; |
- make judgements and accounting estimates that are reasonable and prudent; |
- prepare the financial statements on the going concern basis unless it is appropriate to presume that the company will continue in business. |
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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. |
VISTRA LEGALISATION SERVICES LIMITED (REGISTERED NUMBER: 08138700) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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Statement as to disclosure of information to auditors |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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Auditors |
The auditors, Mazars LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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Small companies note |
The report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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On behalf of the board: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
VISTRA LEGALISATION SERVICES LIMITED |
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Opinion |
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We have audited the financial statements of Vistra Legalisation Services Limited (the 'company') for the year ended 31 December 2021 which comprise the Profit and Loss Account, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, 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 FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion, the financial statements: |
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- give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its profit 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. |
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Basis for opinion |
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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. |
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Conclusions relating to going concern |
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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. |
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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. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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Other information |
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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. |
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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. |
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We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
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In our opinion, based on the work undertaken in the course of the audit: |
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements. |
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Matters on which we are required to report by exception |
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In 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 strategic report or the directors' report. |
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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 |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
VISTRA LEGALISATION SERVICES LIMITED |
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- certain disclosures of directors' 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 prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report. |
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Responsibilities of Directors |
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As explained more fully in the directors' responsibilities statement set out on page 2, 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. |
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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. |
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Auditor's responsibilities for the audit of the financial statements |
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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 the financial statements. |
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The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. |
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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. |
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Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation, non-compliance with implementation of government support schemes relating to COVID-19. |
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To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to: |
- Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations; |
- Inspecting correspondence, if any, with relevant licensing or regulatory authorities; |
- Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and |
- Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. |
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We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006. |
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In addition, we evaluated the directors' and management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to: posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to the cut-off assertion) subject to your revenue recognition significant fraud risk, and significant one-off or unusual transactions. |
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Our audit procedures in relation to fraud included but were not limited to: |
- Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud; |
- Gaining an understanding of the internal controls established to mitigate risks related to fraud; |
- Discussing amongst the engagement team the risks of fraud; and |
- Addressing the risks of fraud through management override of controls by performing journal entry testing. |
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There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. |
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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. |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
VISTRA LEGALISATION SERVICES LIMITED |
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Use of the audit report |
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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. |
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for and on behalf of
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Floor 5 |
Merck House |
Seldown Lane |
Poole |
Dorset |
BH15 1TW |
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VISTRA LEGALISATION SERVICES LIMITED (REGISTERED NUMBER: 08138700) |
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INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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31.12.21 | 31.12.20 |
Notes | £ | £ |
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TURNOVER | 4 |
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Cost of sales | ( |
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GROSS PROFIT |
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Administrative expenses | ( |
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OPERATING PROFIT/(LOSS) and |
PROFIT/(LOSS) BEFORE TAXATION |
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Tax on profit/(loss) |
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PROFIT/(LOSS) FOR THE FINANCIAL
YEAR |
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VISTRA LEGALISATION SERVICES LIMITED (REGISTERED NUMBER: 08138700) |
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STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2021 |
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31.12.21 | 31.12.20 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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The financial statements were approved by the Board of Directors and authorised for issue on
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VISTRA LEGALISATION SERVICES LIMITED (REGISTERED NUMBER: 08138700) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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1. | STATUTORY INFORMATION |
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Vistra Legalisation Services Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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These financial statements have been prepared in accordance with the provision of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable to the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
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Going concern |
The financial statements have been prepared on a going concern basis. The company made a profit for the year of £328,159 (31 December 2020: loss of £4,089) and at 31 December 2021 has retained earnings of £800,614 (31 December 2020: £472,455). The directors consider that with the company being in a net asset position and with forecasted continued profitability, the company has sufficient resources to meet all current liabilities as they fall due and have reasonable expectations that the company has adequate resources to continue in operational existence for at least 12 months from the date of signing of these financial statements. |
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The company has received a letter from Vistra Group Holdings BVI (II) Limited, the parent of the largest group for which consolidated financial statements are prepared, confirming continued financial support for at least twelve months from the date of signing the statutory accounts. |
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For these reasons, the directors continue to adopt the going concern basis in preparing these financial statements. |
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3. | ACCOUNTING POLICIES |
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Share capital |
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
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Turnover |
Turnover is recognised to the extent that it is possible that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding value added tax and other sales taxes. |
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Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- the amount of turnover can be measured reliably; |
- it is probable that the company will receive the consideration due under the contract; |
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
- the costs incurred and the costs to complete the contract can be measured reliably. |
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Foreign currencies |
The company financial statements are presented in pound sterling. The company's functional and presentation currency is the pound sterling. |
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Foreign currency transactions are translated to sterling at the rate of exchange ruling on the day of the transaction. Profits and losses on foreign exchange are dealt with in the Statement of Income and Retained Earnings. At each period end foreign currency monetary items are translated using the closing rate. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Tax |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
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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. |
VISTRA LEGALISATION SERVICES LIMITED (REGISTERED NUMBER: 08138700) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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Cash and cash equivalents |
Cash and cash equivalents includes cash in hand and deposits held at call with banks. |
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Financial instruments |
The company has chosen to adopt the Sections 11 and 12 of FRS102 in respect of financial instruments. |
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(i) Financial assets |
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, 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. |
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(ii) Financial liabilities |
Basic financial liabilities, including trade and other payables and loans from fellow group companies that are classed 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 receipts discounted at a market rate of interest. |
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Provisions and contingencies |
(1) Provisions |
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably. |
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Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. |
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Provision is not made for future operating losses. |
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(2) Contingencies |
Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will not be confirmed by the occurrence or non-occurrence of uncertain future events not wholly with the company's control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow is remote. |
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Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable. |
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Leases |
Rentals payable under operating leases are charged in the profit and loss account on a straight-line basis over the lease term. |
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4. | TURNOVER |
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The turnover and profit (year ended 31 December 2020: loss) before taxation are attributable to the principal activity of the company. |
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An analysis of turnover by class of business is given below: |
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Year ended | Year ended |
31 December | 31 December |
2021 | 2020 |
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Services | 580,883 | 384,887 |
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5. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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The Company makes a contribution to a number of defined contribution personal pension plans held for the benefit of individual employees. The amount recognised in the income statement as an expense in relation to defined contribution plans was £5,837 (2020: £14,575). |
VISTRA LEGALISATION SERVICES LIMITED (REGISTERED NUMBER: 08138700) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Accrued income |
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All debtors fall due within one year. |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Other creditors |
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Amounts owed to group undertakings are unsecured, interest fee, have no fixed date of repayment and are repayable on demand. |
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8. | RELATED PARTY DISCLOSURES |
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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. |
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9. | ULTIMATE CONTROLLING PARTY |
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The immediate parent of Vistra Legalisation Services Limited is Vistra Holdings (UK) Limited, a company registered in England and Wales |
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The ultimate controlling parent company is Vistra Group Holdings (BVI) Ill Limited, a company incorporated and registered in the British Virgin Islands. |
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Vistra Group Holdings (BVI) II Limited is the parent undertaking of the largest of the group undertakings to consolidate these financial statements as at 31 December 2021. The consolidated Financial Statements of Vistra Group Holding (BVI) II Limited can be obtained at Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands. |