IRIS Accounts Production v24.3.0.553 10223848 Board of Directors 1.4.23 31.3.24 31.3.24 9.10.24 false true false false false true false Auditors Opinion Ordinary 0.01000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh102238482023-03-31102238482024-03-31102238482023-04-012024-03-31102238482022-03-31102238482022-04-012023-03-31102238482023-03-3110223848ns15:EnglandWales2023-04-012024-03-3110223848ns14:PoundSterling2023-04-012024-03-3110223848ns10:Director12023-04-012024-03-3110223848ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3110223848ns10:SmallEntities2023-04-012024-03-3110223848ns10:Audited2023-04-012024-03-3110223848ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3110223848ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3110223848ns10:FullAccounts2023-04-012024-03-311022384812023-04-012024-03-3110223848ns10:OrdinaryShareClass12023-04-012024-03-3110223848ns10:Director22023-04-012024-03-3110223848ns10:Director32023-04-012024-03-3110223848ns10:Director42023-04-012024-03-3110223848ns10:CompanySecretary12023-04-012024-03-3110223848ns10:RegisteredOffice2023-04-012024-03-3110223848ns5:CurrentFinancialInstruments2024-03-3110223848ns5:CurrentFinancialInstruments2023-03-3110223848ns5:Non-currentFinancialInstruments2024-03-3110223848ns5:Non-currentFinancialInstruments2023-03-3110223848ns5:ShareCapital2024-03-3110223848ns5:ShareCapital2023-03-3110223848ns5:SharePremium2024-03-3110223848ns5:SharePremium2023-03-3110223848ns5:FurtherSpecificReserve1ComponentTotalEquity2024-03-3110223848ns5:FurtherSpecificReserve1ComponentTotalEquity2023-03-3110223848ns5:RetainedEarningsAccumulatedLosses2024-03-3110223848ns5:RetainedEarningsAccumulatedLosses2023-03-311022384812023-04-012024-03-3110223848ns5:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3110223848ns5:PatentsTrademarksLicencesConcessionsSimilar2023-03-3110223848ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-03-3110223848ns5:ComputerSoftware2023-03-3110223848ns5:PatentsTrademarksLicencesConcessionsSimilar2023-04-012024-03-3110223848ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-04-012024-03-3110223848ns5:ComputerSoftware2023-04-012024-03-3110223848ns5:PatentsTrademarksLicencesConcessionsSimilar2024-03-3110223848ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2024-03-3110223848ns5:ComputerSoftware2024-03-3110223848ns5:PatentsTrademarksLicencesConcessionsSimilar2023-03-3110223848ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-03-3110223848ns5:ComputerSoftware2023-03-3110223848ns5:ShortLeaseholdAssetsns5:LandBuildings2023-03-3110223848ns5:LeaseholdImprovements2023-03-3110223848ns5:PlantMachinery2023-03-3110223848ns5:ShortLeaseholdAssetsns5:LandBuildings2023-04-012024-03-3110223848ns5:LeaseholdImprovements2023-04-012024-03-3110223848ns5:PlantMachinery2023-04-012024-03-3110223848ns5:ShortLeaseholdAssetsns5:LandBuildings2024-03-3110223848ns5:LeaseholdImprovements2024-03-3110223848ns5:PlantMachinery2024-03-3110223848ns5:ShortLeaseholdAssetsns5:LandBuildings2023-03-3110223848ns5:LeaseholdImprovements2023-03-3110223848ns5:PlantMachinery2023-03-3110223848ns5:FurnitureFittings2023-03-3110223848ns5:MotorVehicles2023-03-3110223848ns5:ComputerEquipment2023-03-3110223848ns5:FurnitureFittings2023-04-012024-03-3110223848ns5:MotorVehicles2023-04-012024-03-3110223848ns5:ComputerEquipment2023-04-012024-03-3110223848ns5:FurnitureFittings2024-03-3110223848ns5:MotorVehicles2024-03-3110223848ns5:ComputerEquipment2024-03-3110223848ns5:FurnitureFittings2023-03-3110223848ns5:MotorVehicles2023-03-3110223848ns5:ComputerEquipment2023-03-3110223848ns5:CostValuation2023-03-3110223848ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3110223848ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3110223848ns5:CurrentFinancialInstruments2023-04-012024-03-3110223848ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-03-3110223848ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-03-3110223848ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-03-3110223848ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-3110223848ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3110223848ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3110223848ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-03-3110223848ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-03-3110223848ns5:HirePurchaseContracts2024-03-3110223848ns5:HirePurchaseContracts2023-03-3110223848ns5:WithinOneYear2024-03-3110223848ns5:WithinOneYear2023-03-3110223848ns5:BetweenOneFiveYears2024-03-3110223848ns5:BetweenOneFiveYears2023-03-3110223848ns5:AllPeriods2024-03-3110223848ns5:AllPeriods2023-03-3110223848ns10:OrdinaryShareClass12024-03-3110223848ns5:RetainedEarningsAccumulatedLosses2023-03-3110223848ns5:SharePremium2023-03-3110223848ns5:FurtherSpecificReserve1ComponentTotalEquity2023-03-3110223848ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-31
REGISTERED NUMBER: 10223848 (England and Wales)











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: P G A Stockwell
J W T Fisher
S J Foale
S J White





SECRETARY: S J Foale





REGISTERED OFFICE: 5 Beechwood
Lime Tree Way
Chineham Park
Basingstoke
Hampshire
RG24 8WA





REGISTERED NUMBER: 10223848 (England and Wales)





AUDITORS: Cooper Parry Group Limited
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 2,387,581 2,228,761
Tangible assets 5 139,335 26,788
Investments 6 7,218 7,218
2,534,134 2,262,767

CURRENT ASSETS
Stocks 7 156,746 68,203
Debtors 8 248,603 216,653
Cash at bank 1,381,811 810,808
1,787,160 1,095,664
CREDITORS
Amounts falling due within one year 9 495,060 330,531
NET CURRENT ASSETS 1,292,100 765,133
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,826,234

3,027,900

CREDITORS
Amounts falling due after more than one
year

10

18,215

72,392
NET ASSETS 3,808,019 2,955,508

CAPITAL AND RESERVES
Called up share capital 13 36,483 29,226
Share premium 14 6,958,450 5,008,816
Other reserves 14 37,122 35,170
Retained earnings 14 (3,224,036 ) (2,117,704 )
SHAREHOLDERS' FUNDS 3,808,019 2,955,508

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 9 October 2024 and were signed on its behalf by:




P G A Stockwell - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 11 (2023 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Patents and Development Computer
licences costs software Totals
£ £ £ £
COST
At 1 April 2023 352,062 2,157,572 32,770 2,542,404
Additions 30,777 277,800 - 308,577
At 31 March 2024 382,839 2,435,372 32,770 2,850,981
AMORTISATION
At 1 April 2023 51,450 257,921 4,272 313,643
Amortisation for year 38,284 102,637 8,836 149,757
At 31 March 2024 89,734 360,558 13,108 463,400
NET BOOK VALUE
At 31 March 2024 293,105 2,074,814 19,662 2,387,581
At 31 March 2023 300,612 1,899,651 28,498 2,228,761

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 5,012 - 50,513
Additions 2,605 43,892 -
At 31 March 2024 7,617 43,892 50,513
DEPRECIATION
At 1 April 2023 4,874 - 37,171
Charge for year 590 1,145 9,904
At 31 March 2024 5,464 1,145 47,075
NET BOOK VALUE
At 31 March 2024 2,153 42,747 3,438
At 31 March 2023 138 - 13,342

Fixtures
and Development Office
fittings testing rig equipment Totals
£ £ £ £
COST
At 1 April 2023 4,000 49,200 36,785 145,510
Additions 12,105 67,000 10,656 136,258
At 31 March 2024 16,105 116,200 47,441 281,768
DEPRECIATION
At 1 April 2023 4,000 38,000 34,677 118,722
Charge for year 2,421 5,600 4,051 23,711
At 31 March 2024 6,421 43,600 38,728 142,433
NET BOOK VALUE
At 31 March 2024 9,684 72,600 8,713 139,335
At 31 March 2023 - 11,200 2,108 26,788

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 7,218
NET BOOK VALUE
At 31 March 2024 7,218
At 31 March 2023 7,218

7. STOCKS
2024 2023
£ £
Stocks 156,746 68,203

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 97,752 28,268
Other debtors 32,160 27,508
Tax 54,991 88,684
VAT 28,777 14,843
Prepayments and accrued income 34,923 57,350
248,603 216,653

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 49,231 61,898
Hire purchase contracts (see note 11) 4,925 9,851
Trade creditors 60,202 30,318
Social security and other taxes 18,217 10,540
Other creditors 132,267 7,080
Accruals and deferred income 223,000 203,626
USA accrued costs 7,218 7,218
495,060 330,531

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 10,311 49,253
Bank loans - 2-5 years 7,904 18,214
Hire purchase contracts (see note 11) - 4,925
18,215 72,392

11. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£ £
Net obligations repayable:
Within one year 4,925 9,851
Between one and five years - 4,925
4,925 14,776

Non-cancellable
operating leases
2024 2023
£ £
Within one year 80,100 -
Between one and five years 240,300 -
320,400 -

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: £ £
3,648,283 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 (2,117,704 ) 5,008,816 35,170 2,926,282
Deficit for the year (1,106,332 ) (1,106,332 )
Cash share issue - 1,949,634 - 1,949,634
Share based payment - - 1,952 1,952
At 31 March 2024 (3,224,036 ) 6,958,450 37,122 3,771,536

15. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Martin Thomas FCCA (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited

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:

2024202420232023




Weighted -
average
exercise price






No.



Weighted -
average
exercise
price






No.

B/fwd£1.88175,588£2.2194,588
Granted£2.5023,900£1.5081,000
Lapsed----
C/fwd£1.95199,488£1.88175,588