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Registration number: 11717444

Vissy Ltd

Unaudited Financial Statements

for the Year Ended 31 December 2023

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Vissy Ltd

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Vissy Ltd

Company Information

Director

M Allen

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Vissy Ltd

Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

60,000

72,000

Tangible assets

5

10,898

17,093

 

70,898

89,093

Current assets

 

Stocks

6

-

5,129

Debtors

7

502,473

439,155

Cash at bank and in hand

 

69,902

75,127

 

572,375

519,411

Creditors: Amounts falling due within one year

8

(147,440)

(962,815)

Net current assets/(liabilities)

 

424,935

(443,404)

Total assets less current liabilities

 

495,833

(354,311)

Creditors: Amounts falling due after more than one year

8

(15,661)

(25,780)

Net assets/(liabilities)

 

480,172

(380,091)

Capital and reserves

 

Called up share capital

14

12

Share premium reserve

1,872,500

1,297,022

Other reserves

-

24,501

Retained earnings

(1,392,342)

(1,701,626)

Shareholders' funds/(deficit)

 

480,172

(380,091)

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.

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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

Vissy Ltd

Statement of Financial Position as at 31 December 2023

Approved and authorised by the director on 29 July 2024
 

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

M Allen

Director

Company registration number: 11717444

 

Vissy Ltd

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:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of the provision of digital visualisation and associated services.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company made a profit for the year ended 31 December 2023 and had a net assets at that date of £480,172, including cash at bank of £69,902.

The director is optimistic that the technological services provided by the company have even greater potential and relevance in the current climate as all leading retail brands are focused on their Digital Transformation Strategies and continue to require tools to support remote sell-in and collaboration. The business is hopeful that further significant contracts with customers will be entered into in the forthcoming year.

On the basis of the above, and after making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax.

The company recognises revenue over the period in which the services are provided.

 

Vissy Ltd

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

Government grants

Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment.

Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Research and development costs

Research and development expenditure is written off in the period in which it is incurred.

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 tax. Tax is recognised in profit or loss, except that a charge 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.

Intangible assets

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

The cost of intangible assets includes directly attributable incremental costs incurred in their acquisition.

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

Trademarks and domain names

10% straight line

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.

 

Vissy Ltd

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

Depreciation

Depreciation is charged so as to write off the cost of assets as follows:

Asset class

Depreciation method and rate

Computer equipment

25% straight line

Office equipment

25% straight line

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.

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 income statement 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.

Compound financial instruments

The company has chosen to adopt FRS 102 sections 11 and 12 in respect of financial instruments.

Compound financial instruments issued by the company comprise convertible loan notes that can be converted into share capital in the company upon certain future conditions being met.

The liability component of compound financial instruments is initially recognised at the fair value of a similar liability that does not have an equity conversion option. The equity component is initially recognised at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component.

Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortised cost using the effective interest method. The equity component of a compound financial instrument is not re-measured subsequent to initial recognition except on conversion or expiry.

 

Vissy Ltd

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

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.

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.

3

Staff numbers

The average number of persons employed by the company during the year, was 7 (2022 - 6).

4

Intangible assets

Trademarks and domain names
£

Total
£

Cost or valuation

At 1 January 2023

120,000

120,000

At 31 December 2023

120,000

120,000

Amortisation

At 1 January 2023

48,000

48,000

Amortisation charge

12,000

12,000

At 31 December 2023

60,000

60,000

Carrying amount

At 31 December 2023

60,000

60,000

At 31 December 2022

72,000

72,000

 

Vissy Ltd

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

5

Tangible assets

Computer equipment
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

77,640

8,605

86,245

Additions

7,474

-

7,474

At 31 December 2023

85,114

8,605

93,719

Depreciation

At 1 January 2023

62,260

6,892

69,152

Charge for the year

12,527

1,142

13,669

At 31 December 2023

74,787

8,034

82,821

Carrying amount

At 31 December 2023

10,327

571

10,898

At 31 December 2022

15,380

1,713

17,093

6

Stocks

2023
£

2022
£

Stock

-

5,129

7

Debtors

2023
£

2022
£

Trade debtors

428,000

25,790

Other debtors

74,473

413,365

502,473

439,155

 

Vissy Ltd

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Loans and borrowings

9

11,007

548,346

Trade creditors

 

37,295

63,634

Taxation and social security

 

58,917

96,706

Other creditors

 

40,221

254,129

 

147,440

962,815

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

9

15,661

25,780

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank loan

11,007

10,757

Convertible loan notes

-

537,589

11,007

548,346

The convertible loan notes were secured by a fixed and floating charge over the assets and undertakings of the company.

2023
£

2022
£

Non-current loans and borrowings

Bank loan

15,661

25,780

10

Transactions with directors

During the year there were advances to the director of £3,859. At 31 December 2023 an amount of £3,859 (2022: £nil) was due to the company.

No interest is payable to the company and there were no agreed terms.