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Registered number: 13662791
Vision Factory Limited
Financial Statements
For The Year Ended 31 October 2023
MSE Business Management LLP
Association of Chartered Certified Accountants
1st Floor
104 Oxford Street
London
Greater London
W1D 1LP
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 13662791
31 October 2023 31 October 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 40,417 45,417
Tangible Assets 5 18,989 15,866
59,406 61,283
CURRENT ASSETS
Debtors 6 153,506 1,825
Cash at bank and in hand 398,561 369,090
552,067 370,915
Creditors: Amounts Falling Due Within One Year 7 (530,168 ) (106,097 )
NET CURRENT ASSETS (LIABILITIES) 21,899 264,818
TOTAL ASSETS LESS CURRENT LIABILITIES 81,305 326,101
Creditors: Amounts Falling Due After More Than One Year 8 (21,770 ) (31,744 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (4,747 ) (3,967 )
NET ASSETS 54,788 290,390
CAPITAL AND RESERVES
Called up share capital 9 2 2
Share premium account 49,999 49,999
Profit and Loss Account 4,787 240,389
SHAREHOLDERS' FUNDS 54,788 290,390
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For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Samuel Tozer
Director
12/08/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Vision Factory Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13662791 . The registered office is 1st Floor, 104 Oxford Street, London, Greater London, W1D 1LP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. 
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% straight line
Fixtures & Fittings 20% straight line
Computer Equipment 20% straight line
2.5. Financial Instruments
The company has only basic financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.
Basic financial liabilities
Basic financial liabilities, which include creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transactions.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
Corporation tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 1)
3 1
4. Intangible Assets
Goodwill
£
Cost
As at 1 November 2022 50,000
As at 31 October 2023 50,000
Amortisation
As at 1 November 2022 4,583
Provided during the period 5,000
As at 31 October 2023 9,583
Net Book Value
As at 31 October 2023 40,417
As at 1 November 2022 45,417
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5. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 November 2022 1,514 16,677 18,191
Additions 3,159 5,294 8,453
As at 31 October 2023 4,673 21,971 26,644
Depreciation
As at 1 November 2022 74 2,251 2,325
Provided during the period 936 4,394 5,330
As at 31 October 2023 1,010 6,645 7,655
Net Book Value
As at 31 October 2023 3,663 15,326 18,989
As at 1 November 2022 1,440 14,426 15,866
6. Debtors
31 October 2023 31 October 2022
£ £
Due within one year
Trade debtors 1,200 -
Prepayments and accrued income 84,641 1,825
Other debtors 3,300 -
VAT 12,037 -
Director's loan account 48,728 -
149,906 1,825
Due after more than one year
Other debtors 3,600 -
153,506 1,825
7. Creditors: Amounts Falling Due Within One Year
31 October 2023 31 October 2022
£ £
Trade creditors 896 -
Bank loans and overdrafts 9,974 9,666
Corporation tax 63,107 63,107
Other taxes and social security 2,270 -
VAT - 10,643
Other creditors 1,007 19,063
Accruals and deferred income 452,914 1,501
Director's loan account - 2,117
530,168 106,097
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8. Creditors: Amounts Falling Due After More Than One Year
31 October 2023 31 October 2022
£ £
Bank loans 21,770 31,744
9. Share Capital
31 October 2023 31 October 2022
£ £
Allotted, Called up and fully paid 2 2
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 November 2022 Amounts advanced Amounts repaid Amounts written off As at 31 October 2023
£ £ £ £ £
Mr Samuel Tozer (2,117 ) 357,886 307,041 - 48,728
The above loan is unsecured and was paid within 9 months after year end. Interest at the rate of 2.25% has been charged by the company on the loan. 
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