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Registration number: 12525396

Visivo Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

Visivo Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 12

 

Visivo Ltd

Company Information

Director

Mr Phillip Bodle

Company secretary

Britannia Accountancy & Tax Ltd

Registered office

A24 The Sanderson Centre
Lees Lane
Gosport
Hampshire
PO12 3UL

Accountants

Britannia Accountancy & Tax Ltd
A24 The Sanderson Centre
Lees Lane
Gosport
Hampshire
PO12 3UL

 

Visivo Ltd

Director's Report for the Year Ended 30 September 2023

The director presents his report and the financial statements for the year ended 30 September 2023.

Director of the company

The director who held office during the year was as follows:

Mr Phillip Bodle

Principal activity

The principal activity of the company is installation and maintaining fire & security systems

Small companies provision statement

This report has 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.

Approved by the director on 19 January 2024 and signed on its behalf by:

.........................................
Mr Phillip Bodle
Director

   
     
 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Visivo Ltd
for the Year Ended 30 September 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Visivo Ltd for the year ended 30 September 2023 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Visivo Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Visivo Ltd and state those matters that we have agreed to state to the Board of Directors of Visivo Ltd, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Visivo Ltd and its Board of Directors as a body for our work or for this report. To the best of our knowledge at the time of preparation; all information contained in this report is accurate, based upon the information and representations made to us by Visivo Ltd

It is your duty to ensure that Visivo Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Visivo Ltd. You consider that Visivo Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Visivo Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Britannia Accountancy & Tax Ltd
A24 The Sanderson Centre
Lees Lane
Gosport
Hampshire
PO12 3UL

19 January 2024

 

Visivo Ltd

Profit and Loss Account for the Year Ended 30 September 2023

Note

2023
£

2022
£

Turnover

 

65,140

36,000

Cost of sales

 

(65,500)

(18,082)

Gross (loss)/profit

 

(360)

17,918

Administrative expenses

 

(10,782)

(20,371)

Operating loss

 

(11,142)

(2,453)

Loss before tax

4

(11,142)

(2,453)

Tax on loss

 

-

(327)

Loss for the financial year

 

(11,142)

(2,780)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Visivo Ltd

Statement of Comprehensive Income for the Year Ended 30 September 2023

2023
£

2022
£

Loss for the year

(11,142)

(2,780)

Total comprehensive income for the year

(11,142)

(2,780)

 

Visivo Ltd

(Registration number: 12525396)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

40,118

46,803

Tangible assets

6

18,664

47,261

 

58,782

94,064

Current assets

 

Stocks

7

-

65,500

Cash at bank and in hand

 

12,974

3,492

 

12,974

68,992

Creditors: Amounts falling due within one year

8

(68,092)

(148,250)

Net current liabilities

 

(55,118)

(79,258)

Net assets

 

3,664

14,806

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

3,663

14,805

Shareholders' funds

 

3,664

14,806

For the financial year ending 30 September 2023 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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.

Approved and authorised by the director on 19 January 2024
 

.........................................
Mr Phillip Bodle
Director

   
     
 

Visivo Ltd

Statement of Changes in Equity for the Year Ended 30 September 2023

Share capital
£

Retained earnings
£

Total
£

At 1 October 2022

1

14,805

14,806

Loss for the year

-

(11,142)

(11,142)

At 30 September 2023

1

3,663

3,664

Share capital
£

Retained earnings
£

Total
£

At 1 October 2021

1

17,585

17,586

Loss for the year

-

(2,780)

(2,780)

At 30 September 2022

1

14,805

14,806

 

Visivo Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

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

The address of its registered office is:
A24 The Sanderson Centre
Lees Lane
Gosport
Hampshire
PO12 3UL

These financial statements were authorised for issue by the director on 19 January 2024.

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.

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 sales/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.

Tax

The tax expense for the period comprises current 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.

 

Visivo Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and machinery

18% on net book value

Vehicles

18% on net book value

Office equipment

18% on net book value

Furniture and fittings

18% on net book value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Visivo Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

4,097

10,376

Amortisation expense

6,685

6,685

 

Visivo Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2022

66,858

66,858

At 30 September 2023

66,858

66,858

Amortisation

At 1 October 2022

20,055

20,055

Amortisation charge

6,685

6,685

At 30 September 2023

26,740

26,740

Carrying amount

At 30 September 2023

40,118

40,118

At 30 September 2022

46,803

46,803

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2022

4,399

69,171

5,252

78,822

Disposals

-

(24,500)

-

(24,500)

At 30 September 2023

4,399

44,671

5,252

54,322

Depreciation

At 1 October 2022

1,974

27,567

2,020

31,561

Charge for the year

437

3,079

581

4,097

At 30 September 2023

2,411

30,646

2,601

35,658

Carrying amount

At 30 September 2023

1,988

14,025

2,651

18,664

At 30 September 2022

2,425

41,604

3,232

47,261

 

Visivo Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

7

Stocks

2023
£

2022
£

Work in progress

-

65,500

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

67,765

144,732

Taxation and social security

 

327

328

Accruals and deferred income

 

-

3,190

 

68,092

148,250

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

67,765

144,732

11

Dividends

Final dividends paid

 

2023
£

2022
£

Final dividend of £0 per each Ordinary share

-

-