Visual Approval.com Ltd
Filleted Accounts
31 January 2024
Registered number
04707466
Visual Approval.com Ltd
Registered number: 04707466
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 163,835 40,501
Tangible assets 4 - 224
163,835 40,725
Current assets
Debtors 5 9,402 42,900
Cash at bank and in hand 964 2,515
10,366 45,415
Creditors: amounts falling due within one year 6 (24,506) (88,570)
Net current liabilities (14,140) (43,155)
Total assets less current liabilities 149,695 (2,430)
Creditors: amounts falling due after more than one year 7 (151,472) -
Net liabilities (1,777) (2,430)
Capital and reserves
Called up share capital 100 100
Profit and loss account (1,877) (2,530)
Shareholders' funds (1,777) (2,430)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Justin Jenkins
Director
Approved by the board on 5 October 2024
Visual Approval.com Ltd
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 33% reducing balance
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.
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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Patent and Development Costs:
Cost
At 1 February 2023 65,201
Additions 126,034
At 31 January 2024 191,235
Amortisation
At 1 February 2023 24,700
Provided during the year 2,700
At 31 January 2024 27,400
Net book value
At 31 January 2024 163,835
At 31 January 2023 40,501
Patents and development costs are being written off in equal annual instalments over its estimated economic life of 15 years with no charge in the year of acquisition.
4 Tangible fixed assets
Office equipment etc
£
Cost
At 1 February 2023 7,600
At 31 January 2024 7,600
Depreciation
At 1 February 2023 7,376
Charge for the year 224
At 31 January 2024 7,600
Net book value
At 31 January 2024 -
At 31 January 2023 224
5 Debtors 2024 2023
£ £
Trade debtors - 33,807
Other debtors 9,402 9,093
9,402 42,900
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 18,806 82,570
Other creditors 5,700 6,000
24,506 88,570
7 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 151,472 -
8 Controlling party
The company is under the control of Brand Imaging Solutions Ltd (Company Regn No. 05532545) by virtue of their majority shareholding with a registered office address of Charter Buildings, Ashton Lane, Sale, England, M33 6WT .
9 Other information
Visual Approval.com Ltd is a private company limited by shares and incorporated in England. Its registered office is:
1 Avocado Court Commerce Way
Trafford Park
M17 1HW
Visual Approval.com Ltd 04707466 false 2023-02-01 2024-01-31 2024-01-31 VT Final Accounts July 2024 Justin Jenkins No description of principal activity 04707466 2022-02-01 2023-01-31 04707466 core:WithinOneYear 2023-01-31 04707466 core:AfterOneYear 2023-01-31 04707466 core:ShareCapital 2023-01-31 04707466 core:RetainedEarningsAccumulatedLosses 2023-01-31 04707466 2023-02-01 2024-01-31 04707466 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 04707466 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 04707466 bus:Director40 2023-02-01 2024-01-31 04707466 1 2023-02-01 2024-01-31 04707466 2 2023-02-01 2024-01-31 04707466 core:Goodwill 2023-02-01 2024-01-31 04707466 core:PlantMachinery 2023-02-01 2024-01-31 04707466 countries:England 2023-02-01 2024-01-31 04707466 bus:FRS102 2023-02-01 2024-01-31 04707466 bus:FilletedAccounts 2023-02-01 2024-01-31 04707466 2024-01-31 04707466 core:WithinOneYear 2024-01-31 04707466 core:AfterOneYear 2024-01-31 04707466 core:ShareCapital 2024-01-31 04707466 core:RetainedEarningsAccumulatedLosses 2024-01-31 04707466 core:Goodwill 2024-01-31 04707466 core:PlantMachinery 2024-01-31 04707466 2023-01-31 04707466 core:Goodwill 2023-01-31 04707466 core:PlantMachinery 2023-01-31 iso4217:GBP xbrli:pure