Acorah Software Products - Accounts Production 15.0.400 false true true 30 April 2023 1 May 2022 false 30 September 2024 1 May 2023 31 December 2023 31 December 2023 04658374 Ken Saunders Cassidy Smirnow Michael Hobkirk false iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 04658374 2023-04-30 04658374 2023-12-31 04658374 2023-05-01 2023-12-31 04658374 frs-core:CurrentFinancialInstruments 2023-12-31 04658374 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-05-01 2023-12-31 04658374 frs-core:FurnitureFittings 2023-12-31 04658374 frs-core:FurnitureFittings 2023-05-01 2023-12-31 04658374 frs-core:FurnitureFittings 2023-04-30 04658374 frs-core:OtherResidualIntangibleAssets 2023-12-31 04658374 frs-core:OtherResidualIntangibleAssets 2023-05-01 2023-12-31 04658374 frs-core:OtherResidualIntangibleAssets 2023-04-30 04658374 frs-core:SharePremium 2023-12-31 04658374 frs-core:ShareCapital 2023-12-31 04658374 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 04658374 frs-bus:PrivateLimitedCompanyLtd 2023-05-01 2023-12-31 04658374 frs-bus:FilletedAccounts 2023-05-01 2023-12-31 04658374 frs-bus:SmallEntities 2023-05-01 2023-12-31 04658374 frs-bus:Audited 2023-05-01 2023-12-31 04658374 frs-bus:SmallCompaniesRegimeForAccounts 2023-05-01 2023-12-31 04658374 1 2023-05-01 2023-12-31 04658374 frs-bus:Director1 2023-05-01 2023-12-31 04658374 frs-bus:Director2 2023-05-01 2023-12-31 04658374 frs-bus:CompanySecretary1 2023-05-01 2023-12-31 04658374 frs-countries:EnglandWales 2023-05-01 2023-12-31 04658374 2022-04-30 04658374 2023-04-30 04658374 2022-05-01 2023-04-30 04658374 frs-core:CurrentFinancialInstruments 2023-04-30 04658374 frs-core:SharePremium 2023-04-30 04658374 frs-core:ShareCapital 2023-04-30 04658374 frs-core:RetainedEarningsAccumulatedLosses 2023-04-30
Registered number: 04658374
Visual Technology Services Limited
Financial Statements
For the Period 1 May 2023 to 31 December 2023
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—4
Page 1
Balance Sheet
Registered number: 04658374
31 December 2023 30 April 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 139,921 158,866
Tangible Assets 5 - 7,139
139,921 166,005
CURRENT ASSETS
Debtors 6 93 29,779
Cash at bank and in hand 373 99,263
466 129,042
Creditors: Amounts Falling Due Within One Year 7 (81,488 ) (239,549 )
NET CURRENT ASSETS (LIABILITIES) (81,022 ) (110,507 )
TOTAL ASSETS LESS CURRENT LIABILITIES 58,899 55,498
NET ASSETS 58,899 55,498
CAPITAL AND RESERVES
Called up share capital 8 100 100
Share premium account 22,950 22,950
Profit and Loss Account 35,849 32,448
SHAREHOLDERS' FUNDS 58,899 55,498
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
Cassidy Smirnow
Director
30/09/2024
The notes on pages 2 to 4 form part of these financial statements.
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Page 2
Notes to the Financial Statements
1. General Information
Visual Technology Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04658374 . The registered office is 11th Floor, Two Snowhill, Birmingham, B4 6WR.
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
As all employees have been transitioned to other entities, the Company will cease trading and at some point it will be dissolved. There are no external creditors and there is support from the parent company, Apryse Parent, LP, for any ongoing expenses that may be incurred. The directors believe that it is still appropriate to prepare the accounts under the going concern basis.
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 licenses and from the rendering of maintenance and other services. Turnover from the periodical contracts for licenses and maintenance are shown in the accounts equally over the period of the contracts.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are patents and licenses. They are amortised to profit and loss account over their estimated economic life of 10 years.
2.5. 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:
Fixtures & Fittings 25% reducing balance
2.6. Financial Instruments
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.7. 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.
2.8. Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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2.9. 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.
2.10. Research and Development
Expenditure on research and development is written off in the year in which it is incurred.
2.11. 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
Average number of employees, including directors, during the period was: 3 (2023: 4)
3 4
4. Intangible Assets
Other
£
Cost
As at 1 May 2023 284,176
As at 31 December 2023 284,176
Amortisation
As at 1 May 2023 125,310
Provided during the period 18,945
As at 31 December 2023 144,255
Net Book Value
As at 31 December 2023 139,921
As at 1 May 2023 158,866
5. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 May 2023 26,751
Disposals (26,751 )
Depreciation
As at 1 May 2023 19,612
Provided during the period 892
Disposals (20,504 )
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 -
As at 1 May 2023 7,139
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6. Debtors
31 December 2023 30 April 2023
£ £
Due within one year
Trade debtors - 9,943
Other debtors - 19,836
VAT 93 -
93 29,779
7. Creditors: Amounts Falling Due Within One Year
31 December 2023 30 April 2023
£ £
Trade creditors - 912
Other taxes and social security - 4,490
Accruals and deferred income 7,575 44,356
Amounts owed to group undertakings 73,913 189,791
81,488 239,549
8. Share Capital
31 December 2023 30 April 2023
£ £
Allotted, Called up and fully paid 100 100
9. Related Party Transactions
During the period a group company, Apryse Software Inc. settled fees of £nil on behalf of the company (year ended 30 April 2023: £12,049) and provided the company with £nil in working capital funding (year ended 30 April 2023: £294,905), and in turn the company invoiced Apryse Software Inc. £74,591 for services (year ended 30 April 2023: £128,797) and remitted funds totalling £41,250 to Apryse Software Inc. (year ended 30 April 2023: £nil). As at 31 December 2023 the company owed Apryse Software Inc. £73,913 (30 April 2023: £189,754).
In addition during the period the company made payments to contractors on behalf of another group company, Solid Documents, totalling £nil (year ended 30 April 2023: £282,238), and received funding to cover these payments of £nil (year ended 30 April 2023: £272,921). As at 31 December 2023 the company owed Solid Documents £nil (30 April 2023: £38).
10. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
11. Controlling Party
The company is controlled by the parent company, Apryse Software Corp.
The ultimate parent company is Apryse Parent, LP. The ultimate controlling parties are the owners of Apryse Parent, LP, and are made up of private investors and investment funds.
12. Audit Information
The auditors report on the account of Visual Technology Services Limited for the period ended 31 December 2023 was unqualified
The auditor's report was signed by Delia Allott (Senior Statutory Auditor) for and on behalf of Two Rivers Accountancy , Statutory Auditor
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