Company Registration No. SC421322 (Scotland)
EXCEED I-VISION LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
EXCEED I-VISION LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
EXCEED I-VISION LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024
29 February 2024
2024
2023
Notes
£
£
Current assets
Cash and cash equivalents
124
397
Current liabilities
Trade and other payables
4
20,760
16,924
Net current liabilities
(20,636)
(16,527)
Total assets less current liabilities
(20,636)
(16,527)
Net liabilities
(20,636)
(16,527)
Equity
Called up share capital
6
100
100
Retained earnings
7
(20,736)
(16,627)
Total deficit
(20,636)
(16,527)
The director of the company has elected not to include a copy of the income statement within the financial statements.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 29 November 2024
29 November 2024
and are signed on its behalf by: Mr Ian Mills
Director
Company Registration No. SC421322
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EXCEED I-VISION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
Share capital
Retained earnings
Total
£
£
£
Balance at 1 March 2022
100
(20,015)
(19,915)
Year ended 28 February 2023:
Profit and total comprehensive income for the year
-
3,388
3,388
Balance at 28 February 2023
100
(16,627)
(16,527)
Year ended 29 February 2024:
Loss and total comprehensive expense for the year
-
(4,109)
(4,109)
Balance at 29 February 2024
100
(20,736)
(20,636)
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EXCEED I-VISION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
Company information
Exceed i-Vision Limited ("the company") is a private company limited by shares incorporated in Scotland. The registered office is 1 Rubislaw Terrace, Aberdeen, AB10 1XE. Its principal activity continues to be the operation of deep water wells project management and performance improvement consultancy services, albeit the company is winding down activity. The company is a wholly owned subsidiary of Exceed (XCD) Holdings Limited which prepares consolidated financial statements within which the company is included. The consolidated financial statements of Exceed (XCD) Holdings Limited are available from UK Companies House.
1.1
Accounting convention
The financial statements of the company for the year ended 29 February 2024 were authorised for issue by the board of directors on the date per the statement of financial position on page 8, and were signed on the board's behalf by Mr Ian Mills. The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101).
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
In preparing these financial statements, the company applies the recognition, measurement and disclosure requirements of UK-adopted International Financial Reporting Standards ("IFRS"), but makes amendments where necessary in order to comply with the Companies Act 2006 and has set out below where advantage of the FRS 101 disclosure exemptions have been taken.
The company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures;
the requirements of paragraphs 10(d), 10(f), 16, 38A to 38D, 40A to 40D,111 and 134-136 of IAS 1 Presentation of Financial Statements;
the requirements of IAS 7 Statement of Cash Flows;
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures; and
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
Where required, equivalent disclosures are given in the consolidated financial statements of Exceed (XCD) Holdings Limited. These consolidated financial statements can be obtained via the Companies House website (https://find-and-update.company-information.service.gov.uk/). Exceed (XCD) Holdings Limited's registered office is 1 Rubislaw Terrace, Aberdeen, AB10 1XE.
New accounting standards
Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements requiring that an entity discloses its material accounting policies, instead of its significant accounting policies. There are no other amendments to accounting standards or IFRIC interpretations that are effective for the year ended 29 February 2024 that have had a material impact on the company.
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EXCEED I-VISION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
1.2
Going concern
The company has made a loss of £4,109 (2023: £3,388 profit) for the year ended 28 February 2024. The company has net current liabilities / net liabilities of £20,636 (2023: net current liabilities / net liabilities of £16,527) at the balance sheet date. Included within current liabilities are loans due to group undertakings of £17,024 (2023: £13,224) within the Exceed (XCD) Holdings group (“the group”).true
The director has received a letter of support from Exceed (XCD) Holdings Limited (the company’s parent) confirming its and the group’s financial support for the company, and that the group will not seek repayment of any intercompany liabilities at the expense of any other creditors, for a period of at least 12 months from the date of signing these financial statements.
The director is satisfied that the group can provide any additional financial support if required. This means that the director has a reasonable expectation that the company has access to adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing these financial statements.
1.3
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
1.4
Financial liabilities
Financial liabilities are classified as either financial liabilities at fair value through profit or loss or at amortised cost. The company only has financial liabilities at amortised cost.
Financial liabilities at amortised cost
Trade and other creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.
1.5
Equity instruments
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. Dividend distributions to the company’s shareholders are recognised as a liability in the company’s Financial Statements in the period in which the dividends are approved by the company’s shareholders.
1.6
Taxation
The tax expense represents the sum of the tax currently payable 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. In this case the tax is also recognised in other comprehensive income or directly in equity, respectively. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date.
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EXCEED I-VISION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
1.7
Foreign exchange
The company’s financial statements are presented in sterling, which is also the company’s functional currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies, are recognised in the income statement.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions.
2
Critical accounting estimates and judgements
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. There are no judgements or estimation uncertainties that have a significant effect on amounts recognised in the financial statements.
3
Employees
Staff costs are borne by the parent company, Exceed (XCD) Holdings Limited. A management fee is charged to allocate this from the parent to its subsidiaries for staff costs incurred on behalf of the company. For the year ended 28 February 2024, this was £nil (2023: £nil), reflecting the fact the company has no employees other than the director (2023: none).
4
Liabilities
2024
2023
Notes
£
£
Trade and other payables
5
20,760
16,924
5
Trade and other payables
2024
2023
£
£
Amounts owed to fellow group undertakings
17,024
13,224
Other payables
3,736
3,700
20,760
16,924
Amounts due to group undertakings are unsecured, interest free and repayable on demand.
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EXCEED I-VISION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
6
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
7
Retained earnings
Retained earnings reflect the aggregate of all profit and losses recognised through the income statement, less dividends paid throughout all periods up to the balance sheet date.
8
Financial commitments, guarantees and contingent liabilities
There is a floating charge, held by the bank, over the company’s assets.
9
Related party transactions
Other transactions with related parties
The company has taken advantage of the exemption under paragraph 8(k) of FRS 101 not to disclose transactions with fellow wholly owned members of the group.
During the year the company entered into the following transactions with related parties:
Purchase of goods
2024
2023
£
£
Entities with joint control or significant influence over the company
3,700
The following amounts were outstanding at the reporting end date:
Amounts owed to related parties
2024
2023
£
£
Entities with joint control or significant influence over the company
15,651
11,952
Other related parties
1,258
8,686
16,909
20,638
Intercompany balances are interest free and repayable on demand.
Other related parties relate to fellow subsidiary companies within the Exceed (XCD) Holdings Limited group.
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EXCEED I-VISION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
10
Controlling party
The immediate and ultimate parent of the company is Exceed (XCD) Holdings Limited. Exceed (XCD) Holdings Limited is a company registered in Scotland and is the smallest and largest group to prepare consolidated financial statements, which includes the company's financial results. Exceed (XCD) Holdings Limited's registered office is 1 Rubislaw Terrace, Aberdeen, AB10 1XE.
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Stephen McIlwaine and the auditor was Johnston Carmichael LLP.
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