Registration number:
Visionchip Limited
for the Period from 22 May 2023 to 31 May 2024
Visionchip Limited
Contents
Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Visionchip Limited
(Registration number: 14884721)
Statement of Financial Position as at 31 May 2024
Note |
2024 |
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Fixed assets |
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Intangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
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Net liabilities |
( |
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Capital and reserves |
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Called up share capital |
10 |
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Share premium reserve |
324,997 |
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Retained earnings |
(374,087) |
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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:
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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
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Visionchip Limited
Notes to the Unaudited Financial Statements for the Period from 22 May 2023 to 31 May 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Visionchip Limited
Notes to the Unaudited Financial Statements for the Period from 22 May 2023 to 31 May 2024
Intangible assets |
Intellectual property |
Total |
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Cost or valuation |
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Additions acquired separately |
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At 31 May 2024 |
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Amortisation |
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Amortisation charge |
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At 31 May 2024 |
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Carrying amount |
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At 31 May 2024 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £
Debtors |
Current |
2024 |
Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2024 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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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 |
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Due after one year |
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Convertible loan notes |
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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.