Vatix Limited
Annual Report and Unaudited Financial Statements
For the year ended 30 November 2023
Pages for Filing with Registrar
Company Registration No. 11698437 (England and Wales)
Vatix Limited
Contents
Page
Director's report
1 - 2
Balance sheet
3 - 4
Notes to the financial statements
5 - 11
Vatix Limited
Director's Report
For the year ended 30 November 2023
Page 1
The director presents his annual report and financial statements for the year ended 30 November 2023.
Principal activities
Vatix is a technology company operating within the Governance, Risk, and Compliance (GRC) and Environmental, Health, Safety, and Quality (EHSQ) segments. We have a particular focus on serving customers in more highly regulated sectors, such as healthcare. While we specialise in these areas, our solutions are utilised across all industries, reflecting the growing need for customers to digitise processes, improve safety and quality, and manage risk. With a growing and diverse customer base, we now serve over 45,000 users, primarily concentrated in the UK, North America, and EMEA regions.
Overview
Vatix equips organisations with the tools necessary to respond effectively to emergencies, manage risks, prevent incidents, and cultivate a strong culture of safety. Our solutions cater to a diverse customer base across various industries, including large multinational public companies, government, SMEs, and not-for-profit organisations. This diversity underscores the versatility and broad applicability of our safety solutions. We are dedicated to meeting the unique safety requirements of each sector, helping organisations build resilient safety infrastructures that protect their employees and support sustainable growth.
Our business model is based on multi-year subscription services, allowing us to forge long-term partnerships with our clients. These enduring relationships are crucial to delivering consistent, proactive support and fostering safe working environments. We believe that by working closely with our clients, we can contribute to their ongoing success and digital transformation initiatives.
In addition to the employees directly employed by Vatix Limited, the company may, from time to time, utilise the services provided by a service company that is part of the Vatix Group. This approach enables efficient resource allocation and fosters a culture of knowledge sharing across the organisation.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
M A B Newton
Vatix Limited
Director's Report (Continued)
For the year ended 30 November 2023
Page 2
Statement of director's responsibilities
The director is responsible 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 then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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 them 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.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
M A B Newton
Director
27 August 2024
Vatix Limited
Balance Sheet
As at 30 November 2023
30 November 2023
Page 3
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
Tangible assets
4
84,006
68,975
Current assets
Stock
61,352
39,810
Debtors
5
733,001
513,557
Cash at bank and in hand
180,368
191,815
974,721
745,182
Creditors: amounts falling due within one year
6
(470,134)
(322,475)
Net current assets
504,587
422,707
Total assets less current liabilities
588,593
491,682
Creditors: amounts falling due after more than one year
7
(496,485)
(469,222)
Net assets
92,108
22,460
Capital and reserves
Called up share capital
8
350,001
350,001
Profit and loss reserves
(257,893)
(327,541)
Total equity
92,108
22,460
Vatix Limited
Balance Sheet (Continued)
As at 30 November 2023
30 November 2023
Page 4
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 and signed by the director and authorised for issue on 27 August 2024
M A B Newton
Director
Company Registration No. 11698437
Vatix Limited
Notes to the Financial Statements
For the year ended 30 November 2023
Page 5
1
Accounting policies
Company information
Vatix Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 Great Guildford Street, London, SE1 0HS.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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
Going concern
The financial statements have been prepared on the going concern basis, which assumes the company will continue to trade for the foreseeable future, for a period of at least twelve months from the approval of these financial statements, and will be able to meet its debts as they fall due.true
The board have reviewed projections and forecasts and are confident that the company has sufficient working capital in the business, and will be provided with sufficient support from its parent company, Vatix Holdings Limited, if required.
Therefore, the board continues to adopt the going concern basis of accounting in preparing the financial statements.
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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 acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Vatix Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
Page 6
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
4 years
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:
Fixtures and fittings
25% straight line
Computers
25% straight line
Leased hardware
33% 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
Stock
Stock are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.
Stock held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock 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
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.9
Financial instruments
The company only has basic financial instruments at amortised cost, with no financial instruments classified as other or basic instrument measured at fair value.
1.10
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.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Vatix Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
Page 7
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.
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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.
Vatix Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
Page 8
2
Employees
The average monthly number of persons (including directors) employed by the company during the year :
2023
2022
Number
Number
Total
7
11
3
Intangible fixed assets
Software
£
Cost
At 1 December 2022 and 30 November 2023
2,749
Amortisation and impairment
At 1 December 2022 and 30 November 2023
2,749
Carrying amount
At 30 November 2023
At 30 November 2022
4
Tangible fixed assets
Plant and machinery etc
Leased hardware
Total
£
£
£
Cost
At 1 December 2022
51,135
91,625
142,760
Additions
9,227
28,239
37,466
At 30 November 2023
60,362
119,864
180,226
Depreciation and impairment
At 1 December 2022
20,863
52,922
73,785
Depreciation charged in the year
13,604
8,831
22,435
At 30 November 2023
34,467
61,753
96,220
Carrying amount
At 30 November 2023
25,895
58,111
84,006
At 30 November 2022
30,272
38,703
68,975
Vatix Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
Page 9
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
154,408
122,384
Amounts owed by group undertakings
452,785
298,398
Other debtors
7,972
28,370
Prepayments and accrued income
16,215
14,405
631,380
463,557
Deferred tax asset
101,621
50,000
733,001
513,557
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
8,000
8,000
Trade creditors
56,065
49,347
Taxation and social security
89,827
57,422
Other creditors
63,339
58,840
Accruals and deferred income
252,903
148,866
470,134
322,475
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
14,000
22,000
Other creditors
482,485
447,222
496,485
469,222
Vatix Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
Page 10
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of 1p each
1
1
350,000 Redeemable shares of £1 each
350,000
350,000
350,001
350,001
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
£
£
66,340
127,450
10
Parent company
Vatix Limited is a wholly-owned subsidiary of Vatix Holdings Limited, a Jersey registered company. The registered office of Vatix Holdings Limited is 15 Esplanade, St Helier, Jersey, JE1 1RB.
11
Prior period adjustment
Reconciliation of changes in equity
1 December
30 November
2021
2022
£
£
Adjustments to prior year
Deferred income adjustment
-
(147,366)
Equity as previously reported
(238,511)
169,826
Equity as adjusted
(238,511)
22,460
Analysis of the effect upon equity
Profit and loss reserves
-
(147,366)
Vatix Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
11
Prior period adjustment
(Continued)
Page 11
Reconciliation of changes in profit/(loss) for the previous financial period
2022
£
Adjustments to prior year
Deferred income adjustment
(147,366)
Profit as previously reported
58,337
Loss as adjusted
(89,029)
Notes to reconciliation
Due to a change in the income recognition policy, income in the 2022 financial year was overstated by £147,366. Therefore, the figures have been restated to recognise deferred income of £147,366.
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