2022-12-012023-11-302023-11-30false11679335VISAP 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VISAP LIMITED

Registered Number
11679335
(England and Wales)

Unaudited Financial Statements for the Year ended
30 November 2023

VISAP LIMITED
Company Information
for the year from 1 December 2022 to 30 November 2023

Director

GHAZARIAN, Christopher Minas James

Registered Address

C/O Emma Stevens Accountancy Office 1 Torrington Farm
Grove Lane
Chesham
HP5 3QG

Registered Number

11679335 (England and Wales)
VISAP LIMITED
Balance Sheet as at
30 November 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3937,926988,949
937,926988,949
Current assets
Debtors18,95211,072
Cash at bank and on hand52,977183,877
71,929194,949
Creditors amounts falling due within one year(1,395,473)(1,417,334)
Net current assets (liabilities)(1,323,544)(1,222,385)
Total assets less current liabilities(385,618)(233,436)
Net assets(385,618)(233,436)
Capital and reserves
Called up share capital100100
Profit and loss account(385,718)(233,536)
Shareholders' funds(385,618)(233,436)
The financial statements were approved and authorised for issue by the Director on 29 August 2024, and are signed on its behalf by:
GHAZARIAN, Christopher Minas James
Director
Registered Company No. 11679335
VISAP LIMITED
Notes to the Financial Statements
for the year ended 30 November 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Land and buildings100
Plant and machinery10
Fixtures and fittings4
Office Equipment4
Impairment of non-financial assets policy
Assets which are not carried at fair value are reviewed for evidence of impairment at each reporting date. Where the asset is showing indicators of impairment, the recoverable amount of the asset, is estimated and then compared to the carrying value in the financial statements. Where the carrying amount is in excess of recoverable amount, an impairment loss is recognised in profit or loss.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
Government grants or assistance
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.
2.Average number of employees

20232022
Average number of employees during the year1926
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 December 221,155,515
Additions7,682
At 30 November 231,163,197
Depreciation and impairment
At 01 December 22166,566
Charge for year58,705
At 30 November 23225,271
Net book value
At 30 November 23937,926
At 30 November 22988,949
4.Related party transactions
Included within creditors at 30 November 2023 is a balance of £1,340,196 (2022: £1,282,802) due to the director. The loan has no fixed date for repayment and is non-interest bearing. As at 30 November 2023 there is a balance of £406 (2022: £406) due to a close family member of the director and is repayable on demand.