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Company Registration No. 01956275 (England and Wales)
Binary Vision Limited Unaudited accounts for the year ended 31 January 2024
Binary Vision Limited Unaudited accounts Contents
Page
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Binary Vision Limited Company Information for the year ended 31 January 2024
Director
Paul Norris
Company Number
01956275 (England and Wales)
Registered Office
Suite 1 116 Ballards Lane Finchley London N3 2DN United Kingdom
Accountants
Pearl Accounting Limited Suite 1 116 Ballards Lane Finchley London N3 2DN
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Binary Vision Limited Statement of financial position as at 31 January 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
10,064 
8,887 
Current assets
Debtors
250,210 
148,632 
Cash at bank and in hand
417,438 
119,033 
667,648 
267,665 
Creditors: amounts falling due within one year
(393,793)
(107,972)
Net current assets
273,855 
159,693 
Net assets
283,919 
168,580 
Capital and reserves
Called up share capital
200 
200 
Profit and loss account
283,719 
168,380 
Shareholders' funds
283,919 
168,580 
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 30 August 2024 and were signed on its behalf by
Paul Norris Director Company Registration No. 01956275
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Binary Vision Limited Notes to the Accounts for the year ended 31 January 2024
1
Statutory information
Binary Vision Limited is a private company, limited by shares, registered in England and Wales, registration number 01956275. The registered office is Suite 1, 116 Ballards Lane, Finchley, London, N3 2DN, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
33% written down value
Computer equipment
33% written down value
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
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Binary Vision Limited Notes to the Accounts for the year ended 31 January 2024
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
4
Tangible fixed assets
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 February 2023
43,805 
41,931 
85,736 
Additions
- 
4,478 
4,478 
At 31 January 2024
43,805 
46,409 
90,214 
Depreciation
At 1 February 2023
43,333 
33,516 
76,849 
Charge for the year
156 
3,145 
3,301 
At 31 January 2024
43,489 
36,661 
80,150 
Net book value
At 31 January 2024
316 
9,748 
10,064 
At 31 January 2023
472 
8,415 
8,887 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
237,535 
98,171 
Accrued income and prepayments
2,391 
50,461 
Other debtors
10,284 
- 
250,210 
148,632 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
46,349 
- 
Trade creditors
28,336 
27,947 
Taxes and social security
56,784 
40,139 
Proposed dividends
4,820 
5,000 
Other creditors
1,335 
7,282 
Loans from directors
318 
440 
Accruals
42,072 
27,164 
Deferred income
213,779 
- 
393,793 
107,972 
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Binary Vision Limited Notes to the Accounts for the year ended 31 January 2024
7
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
2,000,000 Ordinary shares of £0.0001 each
200 
200 
8
Pension commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £15,990 (2022: £13,925).
9
Operating lease commitments
2024 
2023 
£ 
£ 
At 31 January 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
- 
35,836 
10
Transactions with related parties
During the year the director of Binary Vision Ltd withdrew £40,930 (2023: £42,804) from the company and loaned £108 (2023: £100) to the company. The Director was voted dividends to the value of £40,700 at the year-end. As at the balance sheet date Binary Vision Limited owed £318 (2023: £440) to the director Paul Norris.
11
Average number of employees
During the year the average number of employees was 9 (2023: 8).
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