Company Registration No. 04387850 (England and Wales)
VISIATIV SOLUTIONS UK LIMITED
FORMERLY KNOWN AS INNOVA SYSTEMS UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
VISIATIV SOLUTIONS UK LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 9
VISIATIV SOLUTIONS UK LIMITED
COMPANY INFORMATION
- 1 -
Directors
Visiativ SA
Mr S Henderson
Mr A J Taylor
Secretary
Mr A J Taylor
Company number
04387850
Registered office
1 Pioneer Court
Chivers Way
Histon
Cambridgeshire
England
CB24 9PT
Auditor
Consilium Audit Limited
169 West George Street
Glasgow
Scotland
G2 2LB
VISIATIV SOLUTIONS UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
431,280
776,304
Tangible assets
4
95,207
74,918
526,487
851,222
Current assets
Stocks
40,410
101,967
Debtors
5
2,624,339
1,885,370
Cash at bank and in hand
1,005,326
1,173,677
3,670,075
3,161,014
Creditors: amounts falling due within one year
6
(2,518,896)
(2,257,772)
Net current assets
1,151,179
903,242
Net assets
1,677,666
1,754,464
Capital and reserves
Called up share capital
7
10
10
Profit and loss reserves
1,677,656
1,754,454
Total equity
1,677,666
1,754,464

The notes on pages 3 to 9 form part of these financial statements.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 14 August 2024 and are signed on its behalf by:
Mr A J Taylor
Director
Company Registration No. 04387850
VISIATIV SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Visiativ Solutions UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Pioneer Court, Chivers Way, Histon, Cambridgeshire, England, CB24 9PT. The company's registration number is 04387850.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised.

 

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied;

1.3
Intangible fixed assets - goodwill

Goodwill arose on the hive-up of the Company's subsidiary in 2020. The investment cost was reclassified as goodwill at the date of the transfer and is being amortised over its expected useful life of 5 years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

VISIATIV SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% on cost
Computers
33% on cost
Motor vehicles
20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase in a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

 

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit and loss.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

VISIATIV SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

VISIATIV SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the profit and loss account.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
34
33
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
1,725,120
Amortisation and impairment
At 1 January 2023
948,816
Amortisation charged for the year
345,024
At 31 December 2023
1,293,840
Carrying amount
At 31 December 2023
431,280
At 31 December 2022
776,304
VISIATIV SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
28,023
163,719
53,785
245,527
Additions
8,169
35,520
39,863
83,552
Disposals
(350)
(15,642)
(53,785)
(69,777)
At 31 December 2023
35,842
183,597
39,863
259,302
Depreciation and impairment
At 1 January 2023
25,100
109,676
35,833
170,609
Depreciation charged in the year
2,125
26,727
8,468
37,320
Eliminated on disposal
-
0
(3,519)
(40,315)
(43,834)
At 31 December 2023
27,225
132,884
3,986
164,095
Carrying amount
At 31 December 2023
8,617
50,713
35,877
95,207
At 31 December 2022
2,923
54,043
17,952
74,918
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,531,664
1,415,782
Amounts owed by group undertakings
805,934
-
0
Other debtors
286,741
469,588
2,624,339
1,885,370
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
943,802
676,699
Amounts owed to group undertakings
619,013
205,300
Taxation and social security
225,790
225,455
Other creditors
730,291
1,150,318
2,518,896
2,257,772
VISIATIV SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
7
Called up share capital
2023
2022
2023
2022
Number
Number
£
£
Ordinary share capital
Issued and fully paid
10 A Ordinary of £1 each
10
10
10
10
10
10
10
10
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
David Holt
Statutory Auditor:
Consilium Audit Limited
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
197,214
44,583
10
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Charges paid
2023
2022
£
£
Fellow group entities (not covered by below exemption)
324,243
330,927
Other information

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries within the group.

VISIATIV SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
11
Ultimate controlling party

The company's immediate parent undertaking is Visiativ S.A. The ultimate parent undertaking and smallest group for which consolidated financial statements are drawn up is Visiativ S.A.

 

Copies of the group consolidated accounts are available to the public and may be obtained from Visiativ S.A, 26 Rue Benoit Bennier, 69260 Charbonnieres-les-Bains, France.

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