Company registration number 09744207 (England and Wales)
VISCGO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
VISCGO LIMITED
COMPANY INFORMATION
Directors
S Bookbinder
E Boaden
Secretary
M Boaden
Company number
09744207
Registered office
19 Butt Hill Avenue
Prestwich
Manchester
M25 9PN
Accountants
M J Goldman (Chartered Accountants)
Hollinwood Business Centre
Albert Street
Oldham
OL8 3QL
VISCGO LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 7
VISCGO LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
130,484
141,020
Tangible assets
4
3,883
4,365
134,367
145,385
Current assets
Stocks
13,120
13,268
Debtors
5
29,450
10,854
Cash at bank and in hand
1,015
68,039
43,585
92,161
Creditors: amounts falling due within one year
6
(249,941)
(147,354)
Net current liabilities
(206,356)
(55,193)
Total assets less current liabilities
(71,989)
90,192
Creditors: amounts falling due after more than one year
7
(79,136)
(80,010)
Net (liabilities)/assets
(151,125)
10,182
Capital and reserves
Called up share capital
8
116
116
Share premium account
436,324
436,324
Profit and loss reserves
(587,565)
(426,258)
Total equity
(151,125)
10,182
VISCGO LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2023
31 August 2023
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 24 August 2024 and are signed on its behalf by:
S Bookbinder
Director
Company Registration No. 09744207
VISCGO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 September 2021
113
386,327
(288,675)
97,765
Year ended 31 August 2022:
Loss and total comprehensive income for the year
-
-
(137,583)
(137,583)
Issue of share capital
8
3
49,997
-
50,000
Balance at 31 August 2022
116
436,324
(426,258)
10,182
Year ended 31 August 2023:
Loss and total comprehensive income for the year
-
-
(161,307)
(161,307)
Balance at 31 August 2023
116
436,324
(587,565)
(151,125)
VISCGO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
1
Accounting policies
Company information
Viscgo Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19 Butt Hill Avenue, Prestwich, Manchester, M25 9PN.
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, except for modification to a fair value basis where specified in the accounting policies below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Although liabilities exceeded assets, as at the 31 August 2023, it has been agreed that amounts owed to the Directors will not be repaid until such time as funds are available. While, agreement as been reached with a number of creditors to delay repayment until the company's products are fully launched.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Intangible fixed assets other than goodwill
Intangible assets relate to the costs of registering patents in respect to the company's products. These are initially recognised at cost and then subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Software
10 years Straight line
Patents & licences
10 years Straight line
VISCGO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 5 -
Amortisation will be released when the on going benefit is generated through sales and generated income. Patents that have expired prior to the product launching are amortised in full to the profit and loss account in the year when they expire.
1.6
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.
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:
Plant and equipment
4 years straight line
Computers
3 years straight line
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 profit or loss.
1.7
Stocks
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
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.
Basic financial assets, which include debtors and cash, together with basic financial liabilities, including creditors, are initially recognised at transition cost and not amortised as they are either receivable or payable within one year.
Creditors payable after one year constitutes a commercial business loan with a market rate of interest being applied. This is recognised in full.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
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.
1.11
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 profit or loss.
VISCGO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
6
3
Intangible fixed assets
Software
Patents & licences
Total
£
£
£
Cost
At 1 September 2022
6,000
135,020
141,020
Additions - separately acquired
22,464
22,464
Disposals
(33,000)
(33,000)
At 31 August 2023
6,000
124,484
130,484
Amortisation and impairment
At 1 September 2022 and 31 August 2023
Carrying amount
At 31 August 2023
6,000
124,484
130,484
At 31 August 2022
6,000
135,020
141,020
4
Tangible fixed assets
Plant and machinery
£
Cost
At 1 September 2022
14,908
Additions
1,900
At 31 August 2023
16,808
Depreciation and impairment
At 1 September 2022
10,543
Depreciation charged in the year
2,382
At 31 August 2023
12,925
Carrying amount
At 31 August 2023
3,883
At 31 August 2022
4,365
VISCGO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
28
226
Other debtors
29,422
10,628
29,450
10,854
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
3,519
3,498
Trade creditors
125,907
82,306
Taxation and social security
1,325
607
Other creditors
119,190
60,943
249,941
147,354
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
79,136
80,010
The amounts of £49,400, shown within long-term loans, is secured by fixed charges over the Patents held by the business.
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
11,575
11,575
116
116
9
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
At the balance sheet date, the company has an interest free loan of £14,000 (2022: £14,000) from Intelligent Development Limited, a director related entity