Registration number:
Vision Integrated Exchange Ltd
for the Year Ended 31 December 2023
Vision Integrated Exchange Ltd
Contents
Company Information |
|
Strategic Report |
|
Director's Report |
|
Statement of Director's Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Vision Integrated Exchange Ltd
Company Information
Director |
C P Davis |
Registered office |
|
Auditors |
|
Vision Integrated Exchange Ltd
Strategic Report for the Year Ended 31 December 2023
The director presents his strategic report for the year ended 31 December 2023.
Principal activity
The principal activity of the company is provision of financial services
Fair review of the business
The company remains in a start-up phase. Turnover increased from £7,154 in 2022 to £32,374 in 2023. The loss for the year amounted to £35,706 (2022: loss of £18,096).
The company's balance sheet showed a net asset position amounting to £386,975 compared to the net asset position position of £216,531.
The company's key financial and other performance indicators during the year were as follows:
Financial KPIs |
Unit |
2023 |
2022 |
Turnover for the year |
£ |
32,374 |
7,154 |
Principal risks and uncertainties
The principal risks and uncertainties of the business relate to being regulated by the FCA. Failure to comply with the regulatory requirements could lead to fines or other disciplinary action. The director ensures that there is a high level of compliance procedures, policies and systems in place and that the company constantly monitors performance to ensure that it is fully compliant at all times. The director monitors changes in regulation, assesses the impact that any changes may have on the business and plans to ensure he has sufficient resources to implement those changes.
Financial risks
The financial instruments used by the company arise wholly and directly from its activities and comprise debtors, cash at bank and creditors. The main credit risk to which the company is exposed to is in respect of its debtors. However, since these are currently minimal the risk is not considered to be significant. Liquidity risks are not considered material as the company always has sufficient liquidity within the business to meet its obligations on a day-to-day basis as expenses and commitments are kept to a minimum. The financial risk arising the possible non-advance of credit by the company's suppliers is managed by prompt payment.
Section 172(1) statement
The director considers that he has fulfilled his duty under section 172(1) of the Companies Act 2006 to act in a way he considers, in good faith, would be most likely to promote the success of the company for the benefit of the shareholders as a whole and in doing so has regard to a number of matters which are set out below.
The director foresees a much brighter financial year ahead with a solid infrastructure in place and new clients in the pipeline.
At present, the company's only employee is the director and thus there are no formal objectives or procedures necessary for the director to act in the best interest of the company's employees.
The director has close relationships with suppliers and customers and works with them directly to ensure that a good relationship is maintained.
Section 172 of the Companies Act 2006 requires directors to take into consideration the interests of stakeholders in their decision making. The director takes into account the impact of its activities on the community, the environment and the company's reputation when making all decisions.
Vision Integrated Exchange Ltd
Strategic Report for the Year Ended 31 December 2023
The director maintains the company's reputation by ensuring regulatory compliance with the FCA in the way he conducts the company's business.
The director is the company's majority shareholder, however, he ensures that he behaves responsibly towards the minority shareholder and treats them fairly and equally.
Approved by the
......................................... |
Vision Integrated Exchange Ltd
Director's Report for the Year Ended 31 December 2023
The director presents his report and the financial statements for the year ended 31 December 2023.
Director of the company
The director who held office during the year was as follows:
Information included in the Strategic Report
As permitted by S414c(11) of the Companies Act 2006, the director has elected to disclose information, required to be in the director's report by Schedule 7 of the 'Large and Medium-sized Companies and Groups Accounts and Reports) Regulations 2008', in the strategic report.
Future developments
The firm plans to grow organically over the coming year by investing in more technology which will lead to a larger product offering and the client base to grow. The firm's regulatory permissions mean that it will never become a "mass market" firm, and its balance sheet means that it will likely remain a boutique player in the market.
Disclosure of information to the auditors
The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.
Approved and authorised by the
......................................... |
Vision Integrated Exchange Ltd
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors confirm that so far as they are aware, there is no relevant audit information (as defined by section 418(3) of the Companies Act 2006) of which the company’s auditors are unaware. They have taken all the steps
that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Vision Integrated Exchange Ltd
Independent Auditor's Report to the Members of Vision Integrated Exchange Ltd
Opinion
We have audited the financial statements of Vision Integrated Exchange Ltd (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
The director is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
Vision Integrated Exchange Ltd
Independent Auditor's Report to the Members of Vision Integrated Exchange Ltd
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of director's remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities set out on page 5, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Vision Integrated Exchange Ltd
Independent Auditor's Report to the Members of Vision Integrated Exchange Ltd
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Discussions were held with the director with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, FCA regulations and tax legislation.
- It is considered that there are no laws and regulations for which non-compliance may be fundamental to the operating aspects of the business.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Vision Integrated Exchange Ltd
Independent Auditor's Report to the Members of Vision Integrated Exchange Ltd
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
Studio 16
Cloisters House
8 Battersea Park Road
SW8 4BG
Vision Integrated Exchange Ltd
Profit and Loss Account for the Year Ended 31 December 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating loss |
(35,707) |
(26,628) |
|
Other interest receivable and similar income |
|
|
|
Loss before tax |
( |
( |
|
Tax on loss |
- |
|
|
Loss for the financial year |
( |
( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Vision Integrated Exchange Ltd
(Registration number: 11145444)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Debtors due within one year |
2,741 |
59,009 |
|
Debtors due after more than one year |
7,991 |
7,991 |
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Share premium reserve |
|
|
|
Profit and loss account |
( |
( |
|
Total equity |
|
|
Approved and authorised by the
......................................... |
Vision Integrated Exchange Ltd
Statement of Changes in Equity for the Year Ended 31 December 2023
Share capital |
Share premium |
Profit and loss account |
Total |
|
At 1 January 2023 |
|
|
( |
|
Loss for the year |
- |
- |
( |
( |
New share capital subscribed |
|
- |
- |
|
At 31 December 2023 |
|
|
( |
|
Share capital |
Share premium |
Profit and loss account |
Total |
|
At 1 January 2022 |
|
|
( |
|
Loss for the year |
- |
- |
( |
( |
At 31 December 2022 |
138,122 |
111,878 |
(33,469) |
216,531 |
Vision Integrated Exchange Ltd
Statement of Cash Flows for the Year Ended 31 December 2023
Note |
2023 |
2022 |
|
Cash flows from operating activities |
|||
Loss for the year |
( |
( |
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Finance income |
( |
( |
|
Income tax expense |
- |
( |
|
( |
( |
||
Working capital adjustments |
|||
Decrease/(increase) in debtors |
|
( |
|
Increase/(decrease) in creditors |
|
( |
|
Net cash flow from operating activities |
|
( |
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Cash flows from financing activities |
|||
Proceeds from issue of ordinary shares, net of issue costs |
|
- |
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
Cash and cash equivalents at 1 January |
|
|
|
Cash and cash equivalents at 31 December |
396,118 |
162,869 |
Vision Integrated Exchange Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The financial statements present information about the company as a single entity.
The principal activity of the company is the provision of financial services.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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 company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future being a period of at least twelve months from the date these financial statements are approved. Therefore, the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover consists of commission received and represents the value of services supplied by the company, in the year which it relates to. Turnover is measured at the fair value of the consideration received or receivable.
Vision Integrated Exchange Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Foreign currency transactions and balances
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 change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation 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.
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 |
Computer equipment |
20% 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.
Vision Integrated Exchange Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
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.
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.
Turnover |
The analysis of the company's revenue for the year from continuing operations is as follows:
2023 |
2022 |
|
Commission received |
|
|
Operating loss |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Foreign exchange gains |
( |
( |
Other interest receivable and similar income |
2023 |
2022 |
|
Interest income on bank deposits |
|
|
Other finance income |
- |
|
|
|
Vision Integrated Exchange Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Staff costs |
The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:
2023 |
2022 |
|
Administration and support |
|
|
|
|
Auditors' remuneration |
2023 |
2022 |
|
Audit of the financial statements |
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
2023 |
2022 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
- |
( |
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2023 |
2022 |
|
Loss before tax |
( |
( |
Corporation tax at standard rate |
( |
( |
Tax increase from effect of capital allowances and depreciation |
|
|
Tax increase/(decrease) from effect of unrelieved tax losses carried forward |
|
( |
Total tax credit |
- |
( |
Vision Integrated Exchange Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
At 1 January 2023 |
|
|
At 31 December 2023 |
|
|
Depreciation |
||
At 1 January 2023 |
|
|
Charge for the year |
|
|
At 31 December 2023 |
|
|
Carrying amount |
||
At 31 December 2023 |
|
|
At 31 December 2022 |
|
|
Debtors |
Current: due within one year |
2023 |
2022 |
Other debtors |
- |
|
Prepayments |
|
|
Accrued income |
|
|
2,741 |
59,009 |
Non-current: due after more than one year |
2023 |
2022 |
Deferred tax assets |
|
|
Cash and cash equivalents |
2023 |
2022 |
|
Cash at bank |
|
|
Vision Integrated Exchange Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Creditors |
Note |
2023 |
2022 |
|
Due within one year |
|||
Trade creditors |
|
- |
|
Amounts due to related parties |
|
- |
|
Accrued expenses |
|
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
A Shares of £1 each |
344,272 |
344,272 |
138,122 |
138,122 |
On 27 June 2023, 20,000 ordinary A shares having an aggregate nominal value of £20,000 were issued. On 31 December 2023, a further 186,150 ordinary A £1 shares were issued at par.
Analysis of changes in net debt |
At 1 January 2023 |
Financing cash flows |
At 31 December 2023 |
|
Cash and cash equivalents |
|||
Cash |
162,869 |
233,249 |
396,118 |
|
|
|
|
|
Related party transactions |
During the year, administrative expenses of £8,600 (2022: £5,200) were incurred and paid to a company that is controlled by the director.
Included in other debtors is an amount of £Nil (2022: £54,226) owed to the director. During the year, interest of £Nil (2022: £539, being 2% on average) was charged on the loan.
Also included in other creditors, an amount of £2,774 (2022: £Nil) is owed to the director.The amount is interest free and repayable on demand, with no formal terms.
Vision Integrated Exchange Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Controlling party |
The director, Mr Craig Davis, is considered to be the ultimate controlling party.