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Registration number: 07016136

Builtvisible Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Builtvisible Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Builtvisible Limited

(Registration number: 07016136)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

60,675

80,065

Current assets

 

Debtors

5

596,339

724,763

Cash at bank and in hand

 

407,429

594,871

 

1,003,768

1,319,634

Creditors: Amounts falling due within one year

6

(947,425)

(1,083,992)

Net current assets

 

56,343

235,642

Total assets less current liabilities

 

117,018

315,707

Creditors: Amounts falling due after more than one year

6

(248,377)

(340,909)

Provisions for liabilities

(15,169)

(20,016)

Net liabilities

 

(146,528)

(45,218)

Capital and reserves

 

Called up share capital

104

104

Share premium reserve

17,048

17,048

Profit and loss account

(163,680)

(62,370)

Shareholders' deficit

 

(146,528)

(45,218)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 25 March 2024 and signed on its behalf by:
 

 

Builtvisible Limited

(Registration number: 07016136)
Statement of Financial Position as at 31 December 2023 (continued)


Mr G Griffiths
Director

 

Builtvisible Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Timberly
South Street
Axminster
Devon
EX13 5AD

Principal activity

The principal activity of the company is the provision of Search Engine Optimisation services.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis, as although at the end of the financial year, the company had negative reserves, the Directors have expressed their continued support of the business.

 

Builtvisible Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Builtvisible Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33.3% straight line

Computer equipment

33.3% straight line

Impairment

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Builtvisible Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 50 (2022 - 59).

 

Builtvisible Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Tangible assets

Fixtures, fittings and equipment
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

176,934

69,590

246,524

Additions

27,776

1,309

29,085

At 31 December 2023

204,710

70,899

275,609

Depreciation

At 1 January 2023

97,988

68,471

166,459

Charge for the year

47,563

912

48,475

At 31 December 2023

145,551

69,383

214,934

Carrying amount

At 31 December 2023

59,159

1,516

60,675

At 31 December 2022

78,946

1,119

80,065

5

Debtors

Note

2023
£

2022
£

Trade debtors

 

256,295

530,148

Amounts owed by related parties

10

125,572

-

Other debtors

 

157,035

140,828

Prepayments

 

42,514

53,787

Income tax asset

14,923

-

 

596,339

724,763

 

Builtvisible Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

137,987

136,364

Trade creditors

 

110,828

87,677

Taxation and social security

 

124,934

219,526

Accruals and deferred income

 

48,650

90,367

Other creditors

 

525,026

550,058

 

947,425

1,083,992

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

248,377

340,909

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Builtvisible Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

248,377

340,909

2023
£

2022
£

Current loans and borrowings

Bank borrowings

137,987

136,364

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Later than one year and not later than five years

710,940

450,000

10

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Repayments by director
£

At 31 December 2023
£

Director loan

9,999

(9,999)

-

       
     

 

2022

At 1 January 2022
£

Advances to director
£

At 31 December 2022
£

Director loan

-

9,999

9,999