3 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 83,810 86,526 xbrli:pure xbrli:shares iso4217:GBP 06974541 2023-01-01 2023-12-31 06974541 2023-12-31 06974541 2022-12-31 06974541 2022-01-01 2022-12-31 06974541 2022-12-31 06974541 2021-12-31 06974541 core:PlantMachinery 2023-01-01 2023-12-31 06974541 bus:RegisteredOffice 2023-01-01 2023-12-31 06974541 bus:LeadAgentIfApplicable 2023-01-01 2023-12-31 06974541 bus:Director1 2023-01-01 2023-12-31 06974541 bus:Director2 2023-01-01 2023-12-31 06974541 core:PlantMachinery 2023-12-31 06974541 core:WithinOneYear 2023-12-31 06974541 core:WithinOneYear 2022-12-31 06974541 core:UKTax 2023-01-01 2023-12-31 06974541 core:UKTax 2022-01-01 2022-12-31 06974541 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 06974541 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 06974541 core:RetainedEarningsAccumulatedLosses 2022-12-31 06974541 core:RetainedEarningsAccumulatedLosses 2021-12-31 06974541 core:RetainedEarningsAccumulatedLosses 2023-12-31 06974541 core:RetainedEarningsAccumulatedLosses 2022-12-31 06974541 core:ShareCapital 2023-12-31 06974541 core:ShareCapital 2022-12-31 06974541 core:ProvisionsDeferredTax 2023-12-31 06974541 core:ProvisionsDeferredTax 2022-12-31 06974541 bus:SmallEntities 2023-01-01 2023-12-31 06974541 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 06974541 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 06974541 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06974541 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 06974541
Vivasoft Limited
Unaudited Financial Statements
31 December 2023
Vivasoft Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Directors' report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
4
The following pages do not form part of the financial statements
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
9
Vivasoft Limited
Directors' Report
Year ended 31 December 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2023 .
Directors
The directors who served the company during the year were as follows:
Mr M R Thomas
Mr P D Lofting
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 29 July 2024 and signed on behalf of the board by:
Mr M R Thomas
Director
Registered office:
4th Floor
58-59 Great Marlborough Street
London
W1F 7JY
Vivasoft Limited
Statement of Income and Retained Earnings
Year ended 31 December 2023
2023
2022
Note
£
£
Turnover
149,617
147,408
---------
---------
Gross profit
149,617
147,408
Administrative expenses
42,250
40,639
---------
---------
Operating profit
107,367
106,769
Other interest receivable and similar income
241
---------
---------
Profit before taxation
5
107,608
106,769
Tax on profit
6
23,798
20,243
---------
---------
Profit for the financial year and total comprehensive income
83,810
86,526
---------
---------
Dividends paid and payable
( 84,000)
( 84,000)
Retained earnings at the start of the year
69,032
66,506
--------
--------
Retained earnings at the end of the year
68,842
69,032
--------
--------
All the activities of the company are from continuing operations.
Vivasoft Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
7
3,361
3,071
Current assets
Cash at bank and in hand
94,864
105,912
Creditors: amounts falling due within one year
8
28,740
39,437
--------
---------
Net current assets
66,124
66,475
--------
--------
Total assets less current liabilities
69,485
69,546
Provisions
Taxation including deferred tax
639
510
--------
--------
Net assets
68,846
69,036
--------
--------
Capital and reserves
Called up share capital
4
4
Profit and loss account
68,842
69,032
--------
--------
Shareholders funds
68,846
69,036
--------
--------
These financial statements have been prepared 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'.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
Mr M R Thomas
Director
Company registration number: 06974541
Vivasoft Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4th Floor, 58-59 Great Marlborough Street, London, W1F 7JY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the period, exclusive of Value Added Tax in respect of consulting and maintenance services. Software sales are recognised at point of sale irrespective of the forward maintenance period covered within the contract. This is due to the robust nature of the software and low servicing costs.
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.
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:
IT server
-
33% straight line
Equipment
-
20 % reducing balance
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
990
388
----
----
6. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
23,669
20,022
Deferred tax:
Origination and reversal of timing differences
129
221
--------
--------
Tax on profit
23,798
20,243
--------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2022: lower than) the standard rate of corporation tax in the UK of 22.03 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
107,608
106,769
---------
---------
Profit on ordinary activities by rate of tax
23,704
20,286
Effect of expenses not deductible for tax purposes
247
104
Effect of capital allowances and depreciation
( 282)
( 368)
Other tax adjustment to increase/(decrease) tax liability
129
221
---------
---------
Tax on profit
23,798
20,243
---------
---------
7. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 January 2023
8,222
8,222
Additions
1,089
191
1,280
-------
-------
-------
At 31 December 2023
1,089
8,413
9,502
-------
-------
-------
Depreciation
At 1 January 2023
5,151
5,151
Charge for the year
363
627
990
-------
-------
-------
At 31 December 2023
363
5,778
6,141
-------
-------
-------
Carrying amount
At 31 December 2023
726
2,635
3,361
-------
-------
-------
At 31 December 2022
3,071
3,071
-------
-------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
23,669
20,021
Social security and other taxes
3,576
17,806
Other creditors
1,495
1,610
--------
--------
28,740
39,437
--------
--------
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
639
510
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Provisions
639
510
----
----
10. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.
Vivasoft Limited
Management Information
Year ended 31 December 2023
The following pages do not form part of the financial statements.
Vivasoft Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Vivasoft Limited
Year ended 31 December 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2023, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
HIGGINS FAIRBAIRN & CO Chartered accountants
4th Floor 58-59 Great Marlborough Street London W1F 7JY
29 July 2024