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COMPANY REGISTRATION NUMBER: 05997321
Evisua Limited
Filleted Unaudited Abridged Financial Statements
30 November 2022
Evisua Limited
Abridged Statement of Financial Position
30 November 2022
2022
2021
Note
£
£
£
Fixed assets
Intangible assets
4
226,535
17,737
Tangible assets
5
20,909
33,966
Investments
6
71,803
61,803
---------
---------
319,247
113,506
Current assets
Debtors
7
437,167
722,804
Cash at bank and in hand
769,884
805,569
------------
------------
1,207,051
1,528,373
Creditors: amounts falling due within one year
8
156,574
375,127
------------
------------
Net current assets
1,050,477
1,153,246
------------
------------
Total assets less current liabilities
1,369,724
1,266,752
Creditors: amounts falling due after more than one year
9
299,046
228,000
------------
------------
Net assets
1,070,678
1,038,752
------------
------------
Capital and reserves
Called up share capital
1,002
1,002
Profit and loss account
1,069,676
1,037,750
------------
------------
Shareholders funds
1,070,678
1,038,752
------------
------------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
Evisua Limited
Abridged Statement of Financial Position (continued)
30 November 2022
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 November 2022 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 19 October 2023 , and are signed on behalf of the board by:
Mr Scott Lenik
Director
Company registration number: 05997321
Evisua Limited
Notes to the Abridged Financial Statements
Year ended 30 November 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 3, 1st Floor, 67-70 Charlotte Road, London, EC2A 3PE.
2. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Deferred income
Deferred income is calculated to ensure that income is allocated to the period in which it is earned.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Revenue recognition
The turnover shown in the profit and loss account represents amounts earned during the period, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Useful Economic Life - 3 Years
-
33% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Improvements
-
20% straight line
Computer Equipment
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2021: 13 ).
4. Intangible assets
£
Cost
At 1 December 2021
114,538
Additions
332,285
---------
At 30 November 2022
446,823
---------
Amortisation
At 1 December 2021
96,801
Charge for the year
123,487
---------
At 30 November 2022
220,288
---------
Carrying amount
At 30 November 2022
226,535
---------
At 30 November 2021
17,737
---------
5. Tangible assets
£
Cost
At 1 December 2021
139,875
Additions
1,491
---------
At 30 November 2022
141,366
---------
Depreciation
At 1 December 2021
105,909
Charge for the year
14,548
---------
At 30 November 2022
120,457
---------
Carrying amount
At 30 November 2022
20,909
---------
At 30 November 2021
33,966
---------
6. Investments
£
Cost
At 1 December 2021
61,803
Additions
10,000
--------
At 30 November 2022
71,803
--------
Impairment
At 1 December 2021 and 30 November 2022
--------
Carrying amount
At 30 November 2022
71,803
--------
At 30 November 2021
61,803
--------
7. Debtors
2022
2021
£
£
Trade debtors
390,493
694,484
Prepayments and accrued income
29,918
18,156
Corporation tax repayable
7,529
1,071
Other debtors
9,227
9,093
---------
---------
437,167
722,804
---------
---------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
33,237
88,092
Accruals and deferred income
62,305
127,486
Social security and other taxes
65,105
152,896
Other creditors
( 4,073)
6,653
---------
---------
156,574
375,127
---------
---------
9. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
299,046
228,000
---------
---------
10. Prior year adjustment
The prior year adjustment relates to a repayment of Corporation Tax as a result of a Research and Development Tax Credits claim made by the Company. No other changes have been made to the prior year.