Virtual Reality Property Marketing Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 10378458 (England and Wales)

VIRTUAL REALITY PROPERTY MARKETING LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M Merron

Mr J A Niklasson

Mr T W Wood

REGISTERED OFFICE:

1 Rosoman Place

Clerkenwell

LONDON

EC1R 0JY

REGISTERED NUMBER:

10378458 (England and Wales)

ACCOUNTANTS:

McCabe Ford Williams

Chartered Accountants

Building 1063

Cornforth Drive

Kent Science Park

Sittingbourne

Kent

ME9 8PX

FIXED ASSETS

Tangible assets

5

10,128

10,483

CURRENT ASSETS

Debtors

6

143,743

123,984

Cash at bank

4,538

333,399

148,281

457,383

CREDITORS

Amounts falling due within one year

7

49,626

105,336

NET CURRENT ASSETS

98,655

352,047

TOTAL ASSETS LESS CURRENT LIABILITIES

108,783

362,530

CREDITORS

Amounts falling due after more than one year

8

(149,953

)

(92,326

)

PROVISIONS FOR LIABILITIES

(1,400

)

(1,992

)

NET (LIABILITIES)/ASSETS

(42,570

)

268,212

CAPITAL AND RESERVES

Called up share capital

10

141

141

Share premium

619,959

619,959

Retained earnings

(662,670

)

(351,888

)

SHAREHOLDERS' FUNDS

(42,570

)

268,212

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2023 and were signed on its behalf by:

Mr M Merron - Director

1.	STATUTORY INFORMATION

Virtual Reality Property Marketing Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The company is reliant on investment from the directors other business interests together with shareholder investment. The directors consider this to be sufficient to allow the company to continue trading for the foreseeable future. Accordingly the directors consider it appropriate to adopt the going concern basis in preparing the accounts.

Significant judgements and estimates

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered 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 to 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. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

straight line over 5 years

Photography Equipment

-

straight line over 3 years

Computer equipment

-

straight line over 3 years

Financial instruments

The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors

Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 10 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Photography

Computer

fittings

Equipment

equipment

Totals

£

£

£

£

COST

At 1 April 2022

11,695

18,767

4,505

34,967

Additions

-

2,937

1,478

4,415

At 31 March 2023

11,695

21,704

5,983

39,382

DEPRECIATION

At 1 April 2022

2,450

18,281

3,753

24,484

Charge for year

2,339

1,319

1,112

4,770

At 31 March 2023

4,789

19,600

4,865

29,254

NET BOOK VALUE

At 31 March 2023

6,906

2,104

1,118

10,128

At 31 March 2022

9,245

486

752

10,483

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

29,506

62,761

Other debtors

5,448

31,842

Directors' Current Accounts

15,054

15,054

Corporation tax refund

88,281

-

VAT

3,771

14,327

Prepayments

1,683

-

143,743

123,984

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts

7,668

-

Trade creditors

14,373

52,799

Other taxes and PAYE taxes

26,044

44,852

Accrued expenses

1,541

7,685

49,626

105,336

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Other loans

99,953

42,326

Investor Loan

50,000

50,000

149,953

92,326

9.	SECURED DEBTS

On 24 September 2021 a charge was created by Clearwater Newco Limited by way of a first legal mortgage.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.23

31.3.22

value:

£

£

14,148

Ordinary

0.01

141

141

On 24 September 2021, the share structure of the company was subdivided changing the ordinary share capital from 100 ordinary shares of £1 to 10,000 ordinary shares of £0.01.

In addition to this, bonus shares of 4,148 £0.01 shares were voted.

This saw the share capital of £100 increase to £141.48.

Each ordinary share in the company has full rights with respect to voting, dividends and distributions.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

31.3.23

31.3.22

£

£

Mr J A Niklasson

Balance outstanding at start of year

15,054

15,000

Amounts advanced

-

54

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

15,054

15,054

Mr M Merron

Balance outstanding at start of year

-

3,000

Amounts repaid

-

(3,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-