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Company Registration No. 01956275 (England and Wales)
Binary Vision Limited Unaudited accounts for the year ended 31 January 2023
Binary Vision Limited Unaudited accounts Contents
Page
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Binary Vision Limited Company Information for the year ended 31 January 2023
Director
Paul Norris
Company Number
01956275 (England and Wales)
Registered Office
3rd Floor 23-24 Easton Street London WC1X 0DS
Accountants
Pearl Accounting Limited Suite 1 116 Ballards Lane Finchley London N3 2DN
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Binary Vision Limited Statement of financial position as at 31 January 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
8,887 
5,879 
Current assets
Debtors
148,632 
70,238 
Cash at bank and in hand
119,033 
159,163 
267,665 
229,401 
Creditors: amounts falling due within one year
(107,972)
(101,273)
Net current assets
159,693 
128,128 
Net assets
168,580 
134,007 
Capital and reserves
Called up share capital
200 
200 
Profit and loss account
168,380 
133,807 
Shareholders' funds
168,580 
134,007 
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 16 October 2023 and were signed on its behalf by
Paul Norris Director Company Registration No. 01956275
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Binary Vision Limited Notes to the Accounts for the year ended 31 January 2023
1
Statutory information
Binary Vision Limited is a private company, limited by shares, registered in England and Wales, registration number 01956275. The registered office is 3rd Floor, 23-24 Easton Street, London, WC1X 0DS.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
33% written down value
Computer equipment
33% written down value
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
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Binary Vision Limited Notes to the Accounts for the year ended 31 January 2023
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
4
Tangible fixed assets
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 February 2022
43,570 
36,900 
80,470 
Additions
235 
5,031 
5,266 
At 31 January 2023
43,805 
41,931 
85,736 
Depreciation
At 1 February 2022
43,207 
31,384 
74,591 
Charge for the year
126 
2,132 
2,258 
At 31 January 2023
43,333 
33,516 
76,849 
Net book value
At 31 January 2023
472 
8,415 
8,887 
At 31 January 2022
363 
5,516 
5,879 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
98,171 
60,733 
Accrued income and prepayments
50,461 
9,505 
148,632 
70,238 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Trade creditors
27,947 
25,196 
Taxes and social security
40,139 
13,643 
Proposed dividends
5,000 
3,480 
Other creditors
7,282 
14,612 
Loans from directors
440 
595 
Accruals
27,164 
43,747 
107,972 
101,273 
7
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
200 Ordinary shares of £1 each
200 
200 
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Binary Vision Limited Notes to the Accounts for the year ended 31 January 2023
8
Pension commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £15,990 (2022: £13,925).
9
Operating lease commitments
2023 
2022 
£ 
£ 
At 31 January 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
35,836 
40,000 
Later than one year and not later than five years
- 
35,836 
35,836 
75,836 
10
Transactions with related parties
During the year director of Binary Vision Ltd withdrew £42,804 (2022: £35,558) from the company and loaned £100 (2022: £95) to the company. The Director was voted dividends to the value of £42,550 at the year-end. As at the balance sheet date Binary Vision Limited owed £440 (2022: £595) to the director Paul Norris.
11
Average number of employees
During the year the average number of employees was 8 (2022: 3).
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