REGISTERED NUMBER: |
VYZYO Ltd |
Financial Statements for the Year Ended 31 March 2023 |
REGISTERED NUMBER: |
VYZYO Ltd |
Financial Statements for the Year Ended 31 March 2023 |
VYZYO Ltd (Registered number: 10886617) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Statement of Director's Responsibilities | 2 |
Independent Chartered Accountants' Review Report | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 6 |
VYZYO Ltd |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
2nd Floor |
1 Bell Street |
London |
NW1 5BY |
VYZYO Ltd (Registered number: 10886617) |
Statement of Director's Responsibilities |
for the Year Ended 31 March 2023 |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
The director is responsible for preparing the Report of the Director 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 then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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. |
24 July 2024 |
Independent Chartered Accountants' Review Report to the Director of |
VYZYO Ltd |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
We have reviewed the financial statements of VYZYO Ltd for the year ended 31 March 2023, which comprise the Income Statement, Balance Sheet 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 (United Kingdom Generally Accepted Accounting Practice). |
Director's responsibility for the financial statements |
As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. |
Accountants' responsibility |
Our responsibility is to express a conclusion on the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review historical financial statements' and ICAEW Technical Release TECH 09/13AAF (Revised) 'Assurance review engagements on historical financial statements'. ISRE 2400 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the financial statements, taken as a whole, are not prepared, in all material respects, in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). ISRE 2400 (Revised) also requires us to comply with the ICAEW Code of Ethics and the FRC's Ethical Standard, as applicable. |
Scope of the assurance review |
A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures, primarily consisting of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK). Accordingly, we do not express an audit opinion on these financial statements. |
Conclusion |
Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared: |
- | so as to give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its loss for the year then ended; |
- | in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | in accordance with the requirements of the Companies Act 2006. |
Use of our report |
This report is made solely to the company's director in accordance with our terms of engagement. Our review has been undertaken so that we might state to the director those matters that we have agreed with him in a reviewer'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 director for our work, for this report, or for the conclusions we have formed. |
2nd Floor |
1 Bell Street |
London |
NW1 5BY |
VYZYO Ltd (Registered number: 10886617) |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings | ( |
) | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
VYZYO Ltd (Registered number: 10886617) |
Balance Sheet - continued |
31 March 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
VYZYO Ltd (Registered number: 10886617) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
VYZYO Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern: |
The financial statements are prepared on the basis that the company is a going concern. The director and shareholders have undertaken not to seek full repayment of their loan and will provide additional support if necessary to meet the company's liabilities as and when they fall due. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at costs. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
No amortisation has been provided on intangible assets based on the fact that assets are in the development stage and not been put to business use yet. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
VYZYO Ltd (Registered number: 10886617) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
6. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
VYZYO Ltd (Registered number: 10886617) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
9. | RELATED PARTY DISCLOSURES |
At the year end, no amount was payable (2022: £3,043) to Annecto Telecom Limited, in which Mr Vijay Odedra was a director. |
At the year end, no amount was payable (2022: £24,500) to Xtend Solutions Limited, in which Mr Odedra is a director. |
During the year, the company has provided loan of £21,567 (2022: £131,008 ) to Alliance Technologies -SARL Tunisia, a company in which VYZYO Ltd has an interest. The interest charged for the year was £14,293 (2022: £10,318). The loan is interest bearing and receivable after five years.The balance receivable at the year end was £217,540 (2022:£181,680). |
During the year, the company has provided loan of £56,088 to a fellow subsidiary company, TDFP. Interest of £5,406 was charged on the loan. At the year end amount receivable from TDFP was £95,951 (2022: £34,457) |
During the year, the company has charged interest of £12,000 to BHML, a connected company. At the year end amount receivable from BHML was £210,447 (2022: £198,347). |
During the year, shareholders have provide further loan of £577,675 (2022: £nil ). The loan was interest bearing, and secured against the fixed and floating assets of the company. The interest accrued on shareholders loan was £92,672 (2022: £74,563). At the year end, the total loan balance outstanding was £1,635,266 (2022 : £964,920). |
The company has received working capital loans from its directors and shareholders. The working capital loans are interest free and repayable on demand. At the year end, amount repayable was £85,170 (2022: £85,170). |
During the year, the company has paid consultancy fees of £120,000 (2022: £120,000) to Viktor 5 Ltd in which Mr Vijay Odedra is a director and shareholder. At the year end, amount receivable from the above company was £36,000 (2022: £10,000). |