Vimeo UK Limited
Financial Statements
For Filing with Registrar
For the year ended 31 December 2019
Company Registration No. 08171540 (England and Wales)
Vimeo UK Limited
Company Information
Directors
M Cheah
N Menon
(Appointed 1 February 2020)
Company number
08171540
Registered office
Ibex House
162-164 Arthur Road
London
SW19 8AQ
Auditors
Moore Kingston Smith LLP
Devonshire House
60 Goswell Road
London
EC1M 7AD
Vimeo UK Limited
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
Vimeo UK Limited
Balance Sheet
As at 31 December 2019
Page 1
2019
2018
Notes
£
£
£
£
Current assets
Debtors
4
1,834,746
1,222,732
Cash at bank and in hand
191,290
642,562
2,026,036
1,865,294
Creditors: amounts falling due within one year
5
(526,381)
(407,369)
Net current assets
1,499,655
1,457,925
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
1,499,555
1,457,825
Total equity
1,499,655
1,457,925
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 3 December 2020 and are signed on its behalf by:
N Menon
Director
Company Registration No. 08171540
Vimeo UK Limited
Statement of Changes in Equity
For the year ended 31 December 2019
Page 2
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2018
100
1,461,676
1,461,776
Year ended 31 December 2018:
Loss and total comprehensive income for the year
-
(3,851)
(3,851)
Balance at 31 December 2018
100
1,457,825
1,457,925
Year ended 31 December 2019:
Profit and total comprehensive income for the year
-
41,730
41,730
Balance at 31 December 2019
100
1,499,555
1,499,655
Vimeo UK Limited
Notes to the Financial Statements
For the year ended 31 December 2019
Page 3
1
Accounting policies
Company information
Vimeo UK Limited is a
private
company
limited by shares, domiciled and
incorporated in England and Wales.
The registered office is
Ibex House, 162-164 Arthur Road, London, SW19 8AQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest pound.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The effect of COVID-19 on the operations of the company has been considered and the directors have a reasonable expectation that the company ha
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s
adequate resources to continue in operational existence for the foreseeable future. The principal activity of the company is the
provision of video hosting and live web streaming services, an area that has largely experienced an uptake in demand as a result of the pandemic.
Thus the directors continue to adopt the going concern basis of accounting in preparing the accounts.
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.4
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:
Fixtures, fittings & equipment
Straight line over 3 years
Computer equipment
Straight line over 3 years
1.5
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
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.
Vimeo UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2019
1
Accounting policies
(Continued)
Page 4
1.6
Financial instruments
Basic financial instruments are measured at cost. The company has no other financial instruments or basic financial instruments measured at fair value.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
Vimeo UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2019
1
Accounting policies
(Continued)
Page 5
1.11
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 are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5 (2018 - 4).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2019 and 31 December 2019
3,502
Depreciation and impairment
At 1 January 2019 and 31 December 2019
3,502
Carrying amount
At 31 December 2019
-
At 31 December 2018
-
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
40,015
2,183
Corporation tax recoverable
65,464
65,463
Amounts due from group undertakings
1,724,804
1,088,154
Other debtors
4,463
66,932
1,834,746
1,222,732
Vimeo UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2019
Page 6
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
827
166
Amounts due to group undertakings
429,815
354,596
Corporation tax
10,646
2,617
Other taxation and social security
70,335
-
Other creditors
14,758
49,990
526,381
407,369
6
Retirement benefit schemes
2019
2018
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
12,458
1,350
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.
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 ordinary shares of £1 each
100
100
100
100
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was John Staniforth.
The auditor was Moore Kingston Smith LLP.
9
Related party transactions
The company has taken advantage of the exemption available in accordance with FRS 102 'Related party disclosures' not to disclose transactions entered into between two or more members of a group.
Vimeo UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2019
Page 7
10
Parent company
The company is controlled by Vimeo Inc., a company incorporated in the United States of America, by virtue of holding 100% of the issued shares.
The largest group of undertakings for which group accounts have been drawn up is that headed by IAC, a company incorporated in Delaware, USA. The registered office of the principal place of business for IAC is 555 West 18th Street, New York, USA.