Visionchip Limited 14884721 false 2023-05-22 2024-05-31 2024-05-31 The principal activity of the company is developing a range of high-speed and low power integrated circuits for vision processing. The company also develops an accompanying programming environment to allow the customisation and application of these devices in specific scenarios. Digita Accounts Production Advanced 6.30.9574.0 true true 14884721 2023-05-22 2024-05-31 14884721 2024-05-31 14884721 core:CurrentFinancialInstruments 2024-05-31 14884721 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 14884721 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 14884721 core:OtherResidualIntangibleAssets 2024-05-31 14884721 bus:SmallEntities 2023-05-22 2024-05-31 14884721 bus:AuditExemptWithAccountantsReport 2023-05-22 2024-05-31 14884721 bus:FilletedAccounts 2023-05-22 2024-05-31 14884721 bus:SmallCompaniesRegimeForAccounts 2023-05-22 2024-05-31 14884721 bus:RegisteredOffice 2023-05-22 2024-05-31 14884721 bus:Director2 2023-05-22 2024-05-31 14884721 bus:PrivateLimitedCompanyLtd 2023-05-22 2024-05-31 14884721 core:IntangibleAssetsOtherThanGoodwill 2023-05-22 2024-05-31 14884721 core:OtherResidualIntangibleAssets 2023-05-22 2024-05-31 14884721 countries:EnglandWales 2023-05-22 2024-05-31 iso4217:GBP xbrli:pure

Registration number: 14884721

Visionchip Limited

Unaudited Filleted Financial Statements

for the Period from 22 May 2023 to 31 May 2024

 

Visionchip Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Visionchip Limited

(Registration number: 14884721)
Statement of Financial Position as at 31 May 2024

Note

2024
£

Fixed assets

 

Intangible assets

4

291,146

Current assets

 

Debtors

5

6,280

Cash at bank and in hand

 

650,161

 

656,441

Creditors: Amounts falling due within one year

6

(606,667)

Net current assets

 

49,774

Total assets less current liabilities

 

340,920

Creditors: Amounts falling due after more than one year

6

(390,000)

Net liabilities

 

(49,080)

Capital and reserves

 

Called up share capital

10

Share premium reserve

324,997

Retained earnings

(374,087)

Shareholders' deficit

 

(49,080)

 

Visionchip Limited

(Registration number: 14884721)
Statement of Financial Position as at 31 May 2024

For the financial period ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 29 November 2024 and signed on its behalf by:
 

.........................................
Dr Stephen John Carey
Director

   
     
 

Visionchip Limited

Notes to the Unaudited Financial Statements for the Period from 22 May 2023 to 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Core Technology Facility
46 Grafton Street
Manchester
M13 9NT

These financial statements were authorised for issue by the Board on 29 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Going concern

The company has negative retained earnings at the statement of financial position date. The company is supported by working capital provided by creditors and the directors are not aware of any reason why this support would be withdrawn. It is on that basis that the financial statements have been prepared on a going concern basis.

Intangible assets

Intangible assets are stated in the statement of financial position at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intellectual property

25% straight line basis

 

Visionchip Limited

Notes to the Unaudited Financial Statements for the Period from 22 May 2023 to 31 May 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 4.

 

Visionchip Limited

Notes to the Unaudited Financial Statements for the Period from 22 May 2023 to 31 May 2024

4

Intangible assets

Intellectual property
 £

Total
£

Cost or valuation

Additions acquired separately

325,000

325,000

At 31 May 2024

325,000

325,000

Amortisation

Amortisation charge

33,854

33,854

At 31 May 2024

33,854

33,854

Carrying amount

At 31 May 2024

291,146

291,146

The aggregate amount of research and development expenditure recognised as an expense during the period is £130,000.
 

5

Debtors

Current

2024
£

Other debtors

6,280

 

6,280

6

Creditors

Creditors: amounts falling due within one year

2024
£

Due within one year

Trade creditors

30,000

Taxation and social security

2,540

Accruals and deferred income

34,127

Other creditors

540,000

606,667


Other creditors include £540,000 owed to a shareholder, which was repaid in full following the year end.

 

Visionchip Limited

Notes to the Unaudited Financial Statements for the Period from 22 May 2023 to 31 May 2024

Creditors: amounts falling due after more than one year

Note

2024
£

Due after one year

 

Convertible loan notes

390,000



Creditors due after one year include unsecured 10 year convertible loan notes of £390,000 due to a shareholder of the company, with repayments commencing in 2033. Interest accrues on the principal amount of £390,000 at 2.5% above term SONIA.