Virgin Media 2009 Annual Report Download - page 213
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VIRGIN MEDIA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Note 1—Organization and Business
Virgin Media Investments Limited, or VMIL, is a wholly owned subsidiary of Virgin Media
Investment Holdings Limited, or VMIH, and an indirect wholly owned subsidiary of Virgin Media Inc.,
or Virgin Media. VMIL was organized under English law on December 18, 2009 (inception) as a
holding company. The initially invested common stock of £2 was settled as part of the consideration
received from VMIH on January 1, 2010. VMIL had no operations or cash flows for the period from
December 18, 2009, through December 31, 2009. Under the terms of the indentures governing Virgin
Media’s senior notes, VMIL was required to grant a conditional guarantee that is identical to the
conditional guarantee granted by VMIH. As a result, VMIL must file financial statements pursuant to
Rule 3-10(a)(1).
Note 2—Significant Accounting Policies
Basis of Presentation
The accompanying financial statements have been prepared in accordance with U.S. generally
accepted accounting principles, or GAAP. We have evaluated subsequent events through the date the
financial statements were available to be issued on February 26, 2010.
Amounts Due from Parent Company
The note receivable due from VMIH, the parent company, is reflected within total assets due and
was subsequently settled as part of the consideration received from VMIH on January 1, 2010.
Note 3—Subsequent Events
On January 1, 2010, VMIL acquired VMIH’s shareholdings in its wholly owned subsidiaries other
than Virgin Media Secured Finance PLC which remains a subsidiary of VMIH. VMIL issued 1,000,141
shares to VMIH as part of this internal structuring with a second issuance of shares from VMIL to
VMIH due to occur upon the filing of the 2009 audited financial statements of VMIH with the
appropriate authorities in England and Wales. Upon completion of this internal restructuring, VMIL
attained 100% voting interests in the operating subsidiaries previously owned by its parent company,
VMIH. The internal restructuring has been executed in accordance with the guidance permissible for
reorganizations between wholly owned subsidiaries such that the historic values of all assets and
liabilities acquired have been carried over with no new purchase accounting considered.
F-117