Acorah Software Products - Accounts Production 15.0.600 false true true 31 December 2022 1 January 2022 false 29 July 2024 1 January 2023 31 December 2023 31 December 2023 09937174 Dr Andrew Bastawrous Mr Martin Frost CBE The Peek Vision Foundation true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09937174 2022-12-31 09937174 2023-12-31 09937174 2023-01-01 2023-12-31 09937174 frs-core:CurrentFinancialInstruments 2023-12-31 09937174 frs-core:ComputerEquipment 2023-12-31 09937174 frs-core:ComputerEquipment 2023-01-01 2023-12-31 09937174 frs-core:ComputerEquipment 2022-12-31 09937174 frs-core:PlantMachinery 2023-12-31 09937174 frs-core:PlantMachinery 2023-01-01 2023-12-31 09937174 frs-core:PlantMachinery 2022-12-31 09937174 frs-core:ShareCapital 2023-12-31 09937174 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 09937174 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09937174 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 09937174 frs-bus:SmallEntities 2023-01-01 2023-12-31 09937174 frs-bus:Audited 2023-01-01 2023-12-31 09937174 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 09937174 1 2023-01-01 2023-12-31 09937174 frs-bus:Director1 2023-01-01 2023-12-31 09937174 frs-bus:Director2 2023-01-01 2023-12-31 09937174 frs-core:CurrentFinancialInstruments 1 2023-12-31 09937174 frs-core:CurrentFinancialInstruments 4 2023-12-31 09937174 frs-countries:EnglandWales 2023-01-01 2023-12-31 09937174 2021-12-31 09937174 2022-12-31 09937174 2022-01-01 2022-12-31 09937174 frs-core:CurrentFinancialInstruments 2022-12-31 09937174 frs-core:ShareCapital 2022-12-31 09937174 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 09937174 frs-core:CurrentFinancialInstruments 1 2022-12-31 09937174 frs-core:CurrentFinancialInstruments 4 2022-12-31
Registered number: 09937174
Peek Vision Ltd
Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—4
Page 1
Balance Sheet
Registered number: 09937174
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 61,737 65,278
61,737 65,278
CURRENT ASSETS
Debtors 5 701,297 810,887
Cash at bank and in hand 531,895 313,824
1,233,192 1,124,711
Creditors: Amounts Falling Due Within One Year 6 (377,469 ) (255,892 )
NET CURRENT ASSETS (LIABILITIES) 855,723 868,819
TOTAL ASSETS LESS CURRENT LIABILITIES 917,460 934,097
NET ASSETS 917,460 934,097
CAPITAL AND RESERVES
Called up share capital 7 500,000 500,000
Profit and Loss Account 417,460 434,097
SHAREHOLDERS' FUNDS 917,460 934,097
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Dr Andrew Bastawrous
Director
29 July 2024
The notes on pages 2 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Peek Vision Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09937174 . The registered office is 90a High Street, Berkhamsted, Hertfordshire, HP4 2BL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 3 years
Computer Equipment 4 years
2.5. Foreign Currencies
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 rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable.
The company does not make any provision for current or deferred tax payable as it has entered a binding agreement to transfer all otherwise taxable profits to the parent charitable company. Amounts recoverable in relation to Research and Development are shown as taxation credits in the profit and loss account and recorded as debtors when claims are submitted.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
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2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.9. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
The average number of salaried employees in the UK, during the year ended 31 December 2023 was 19 (2022: 18). Additional overseas and related staff totalled to 29 (2022: 26)
29 26
4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 January 2023 1,868 140,430 142,298
Additions - 22,281 22,281
Disposals - (5,101 ) (5,101 )
As at 31 December 2023 1,868 157,610 159,478
Depreciation
As at 1 January 2023 1,434 75,586 77,020
Provided during the period 370 23,976 24,346
Disposals - (3,625 ) (3,625 )
As at 31 December 2023 1,804 95,937 97,741
Net Book Value
As at 31 December 2023 64 61,673 61,737
As at 1 January 2023 434 64,844 65,278
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 456,557 620,601
Prepayments and accrued income 118,966 91,490
Intercompany Loan - The Peek Foundation (Dr) - 143
Intercompany Loan - Peek Vision Proprietary (Dr) 96,272 80,138
VAT 29,502 18,515
701,297 810,887
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6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 28,283 71,428
Other taxes and social security 2,917 35,977
Intercompany Loan - The Peek Foundation (Cr) 249,210 -
Pensions Payable 12,186 -
Accruals and deferred income 84,873 148,487
377,469 255,892
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 500,000 500,000
8. Related Party Transactions
The Peek Vision Foundation
Peek Vision Ltd is a wholly owned subsidiary of The Peek Vision Foundation.
The financial statements do not include disclosure of transactions between Peek Vision Ltd and The Peek Vision Foundation. As a 100% controlled subsidiary undertaking, Peek Vision Ltd is exempt from the requirements to disclose such transactions under FRS102 Section 9. Director's remuneration of £93,898 was paid to 1 director during the year (2022: £97,437 - 1 director).
Peek Vision Proprietary Limited
Peek Vision Proprietary Ltd (a Company Incorporated in Botswana No. BW00000520922) is a wholly owned subsidiary of Peek Vision Ltd.
The financial statements do not include disclosure of transactions between Peek Vision Ltd and Peek Vision Proprietary Ltd. As a 100% controlled subsidiary undertaking, Peek Vision Ltd is exempt from the requirements to disclose such transactions under FRS102 Section 9.
9. Ultimate Controlling Party
The company's ultimate controlling party is The Peek Vision Foundation by virtue of its ownership of 100% of the issued share capital in the company. The Peek Vision Foundation is a charity registered under the Charities Act 2011, charity registration No. 1165960 (England & Wales), and a company limited by guarantee incorporated in the UK, company regisitration No. 09919543. The registered office of The Peek Vision Foundation is 90a High Street, Berkhamsted, Hertfordshire, HP4 2BL.
10. Audit Information
The auditors report on the account of Peek Vision Ltd for the year ended 31 December 2023 was unqualified
The auditor's report was signed by Samuel Ketcher FCCA (Senior Statutory Auditor) for and on behalf of Xeinadin Audit Limited, 12 Conqueror Court, Sittingbourne, Kent, ME10 5BH, Chartered Accountants , Statutory Auditor
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