REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
PROCESS VISION LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
PROCESS VISION LIMITED |
PROCESS VISION LIMITED (REGISTERED NUMBER: 10223848) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
PROCESS VISION LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
The Lightbox |
87 Castle Street |
Reading |
Berkshire |
RG1 7SN |
PROCESS VISION LIMITED (REGISTERED NUMBER: 10223848) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Share premium | 14 |
Other reserves | 14 |
Retained earnings | 14 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
PROCESS VISION LIMITED (REGISTERED NUMBER: 10223848) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Process Vision Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
Preparation of the financial statements can require management to make judgements and estimates. The impairment of the intangible fixed assets and estimation of their useful economic life are considered to be significant estimates, with further detail below. Other areas, not considered significant, include the useful economic life of tangible fixed assets, accruals and prepayments. |
Impairment of the Intangible Fixed Assets |
Costs incurred in developing the Intangible Fixed Assets and the associated patents and licences, have been capitalised in the balance sheet. The Intangible Fixed Assets are subject to review for impairment in accordance with FRS 102. The carrying value of the Intangible Fixed Assets are written down by the amount of impairment (if any) and the loss recognised in the profit and loss account in the period in which this occurs. |
Useful economic life of the Intangible Fixed Assets |
Judgement has been used to establish the useful economic life of the Intangible Fixed Assets. Development costs and patents are being amortised on a straight line basis over a 10 year period. |
Revenue |
Revenue is recognised to the extent that is it probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Subsequent to initial recognition, intangible assets are stated at cost less any accumulated amortisation and accumulated impairment. Intangible assets are amortised on a straight line basis over their estimated useful lives. The carrying value of the intangible assets is reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. |
The useful economic lives of intangible assets are as follows: |
Development cost - 10 years |
Patents - 10 years |
Computer software - 5 years |
Amortisation of the assets will begin when development is complete and the assets are available for use. |
PROCESS VISION LIMITED (REGISTERED NUMBER: 10223848) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operation the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. |
Depreciation is provided on the following basis: |
Leasehold improvements - 20% Straight line basis |
Plant and machinery - 20% Straight line basis |
Fixtures and fittings - 20% Straight line basis |
Office equipment - 25% Straight line basis |
Development testing rig - 20% Straight line basis |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or there is an indication of significant change since the last reporting date. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than its legal form. |
The Company's cash at bank and in hand, other debtors, trade and other creditors, amounts owed to group undertakings and accruals are measured initially at the transaction price, including transaction cost, and subsequently at amortised cost using the effective interest method. Debt instruments that re payable or receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
PROCESS VISION LIMITED (REGISTERED NUMBER: 10223848) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Research and development |
Research costs are expensed as incurred. Development expenditure on an individual project is recognised as an intangible asset when the Company can demonstrate all of the following: |
- The technical feasibility of completing the intangible asset so that the asset will be available for use or sale; |
- Its intention to complete and its ability to use or sell the asset; |
- How the asset will generate future economic benefits; |
- The availability of resources to complete the asset; |
- The ability to measure reliably the expenditure during development. |
Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised over the period of expected future benefit. During the period of development, the asset is tested for impairment annually. |
Foreign currencies |
Foreign currency transactions are translated at rates ruling when they occurred. Foreign currency monetary assets and liabilities are translated at the rates ruling at the balance sheet date. Any differences are taken to profit or loss. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
PROCESS VISION LIMITED (REGISTERED NUMBER: 10223848) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Share based payments |
The cost of equity-settled transactions with employees is measured by reference to the fair value at the date at which they are granted and is recognised as expense over the vesting periods, which end on the date on which the relevant employees become fully entitled to the award. In the absence of an independent valuation, fair value is determined based on recent transactions regarding the sale of shares in the company to independent third party investors. |
At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management's best estimate of the achievement or otherwise of non-market conditions and the number of equity instruments that will ultimately vest, or in the case of an instrument subject to a market condition be treated as vesting as described above. The movement in cumulative expense since the previous balance sheet date is recognised in profit of loss, with a corresponding entry in equity. |
Going concern |
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
This assessment includes the requirement to raise additional funding in future months. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Patents and | Development | Computer |
licences | costs | software | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
AMORTISATION |
At 1 April 2023 |
Amortisation for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
PROCESS VISION LIMITED (REGISTERED NUMBER: 10223848) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
5. | TANGIBLE FIXED ASSETS |
Leasehold | Discovery | Plant and |
improvements | Units | machinery |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fixtures |
and | Development | Office |
fittings | testing rig | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
PROCESS VISION LIMITED (REGISTERED NUMBER: 10223848) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
7. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Tax |
VAT |
Prepayments and accrued income |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 11) |
Trade creditors |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
USA accrued costs |
Included in trade creditors is £nil (2023: £3,837) payable to directors of the company. |
PROCESS VISION LIMITED (REGISTERED NUMBER: 10223848) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Hire purchase contracts (see note 11) |
11. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase | contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable |
operating leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
12. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Hire purchase contracts | 4,925 | 14,776 |
Hire purchase amounts due are secured against the underlying assets. |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £0.01 | 36,483 | 29,226 |
PROCESS VISION LIMITED (REGISTERED NUMBER: 10223848) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
13. | CALLED UP SHARE CAPITAL - continued |
During the year, the Company issued 725,651 Ordinary shares of £0.01. |
14. | RESERVES |
Retained | Share | Other |
earnings | premium | reserves | Totals |
£ | £ | £ | £ |
At 1 April 2023 | ( |
) | 2,926,282 |
Deficit for the year | ( |
) | ( |
) |
Cash share issue | - | 1,949,634 | - | 1,949,634 |
Share based payment | - | - | 1,952 | 1,952 |
At 31 March 2024 | ( |
) | 3,771,536 |
15. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
16. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
At the year-end loans owed to P G A Stockwell totalled £nil (2023: £928) and are included within trade creditors. |
At the year-end loans owed to a service company under the control of S J Foale totalled £nil (2023: £2,909) and are included within trade creditors. |
At the end of the year loans owed to J Fisher totalled £129,000 (2023: £192,646) and are included within accruals. There were no terms and conditions attached to amounts owed to J Fisher. |
During the year, one of the directors provided a personal guarantee in respect of the amount owed by the company on its credit cards, the liability for which at year end was £27,983 (2023: £3,234). |
PROCESS VISION LIMITED (REGISTERED NUMBER: 10223848) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
17. | SHARE-BASED PAYMENTS |
The company operates an unapproved equity-settled share based payment remuneration scheme and operates an approved EMI scheme. In accordance with the scheme rules. Some options are exercisable immediately and some options vest over a period of up to 3 years, subject to all vesting conditions being met. There were no changes to the terms of the plan during the year. |
The share-based payment charge for the year was £1,952 (2023: £35,170). |
At the year-end 101,272 (2023: 97,522) of these share options had been issued to the directors. |
The number and weighted average exercise prices of share options are as follows: |
2024 | 2024 | 2023 | 2023 |
Weighted - average exercise price | No. | Weighted - average exercise price | No. |
B/fwd | £1.88 | 175,588 | £2.21 | 94,588 |
Granted | £2.50 | 23,900 | £1.50 | 81,000 |
Lapsed | - | - | - | - |
C/fwd | £1.95 | 199,488 | £1.88 | 175,588 |