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Registered number: 13520127












BUONVISI LIMITED
UNAUDITED ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

 

BUONVISI LIMITED

CONTENTS



Page
Company information
 
1
Directors' report
 
2
Accountants' report
 
3
Profit and loss account
 
4
Balance sheet
 
5
Notes to the financial statements
 
6 - 11
 
 


 

BUONVISI LIMITED
 
COMPANY INFORMATION


Directors
M Larizadeh 
M Larizadeh 




Registered number
13520127



Registered office
16 Great Queen Street
Covent Garden

London

WC2B 5AH




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1

 

BUONVISI LIMITED

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024

The directors present their report and the financial statements for the year ended 31 July 2024.

Directors

The directors who served during the year were:

M Larizadeh 
M Larizadeh 

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





M Larizadeh
Director

Date: 9 January 2025

Page 2

 

BUONVISI LIMITED
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BUONVISI LIMITED
FOR THE YEAR ENDED 31 JULY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Buonvisi Limited for the year ended 31 July 2024 which comprise the profit and loss account, the balance sheet and the related notes from the company's accounting records and from information and explanations you have given to us.


We have carried out this engagement in accordance with technical guidance issued by the Institute of Chartered Accountants in England and Wales (ICAEW) and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.
 
 
It is your duty to ensure that Buonvisi Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the company's assets, liabilities, financial position and profit. You consider that Buonvisi Limited is exempt from the statutory audit requirement for the year.
 
 
We have not been instructed to carry out an audit or review of the financial statements of Buonvisi Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Use of our report

This report is made solely to the board of directors of Buonvisi Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Buonvisi Limited and state those matters that we have agreed to state to them in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Buonvisi Limited and its board of directors, as a body, for our work or for this report.





Blick Rothenberg Limited
 
Chartered Accountants
  
16 Great Queen Street
Covent Garden
London
WC2B 5AH

9 January 2025
Page 3

 

BUONVISI LIMITED
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
£
£

  

Administrative expenses
  
(44,011)
(45,058)

Fair value movements
  
194,184
(6,092)

Operating profit/(loss)
  
150,173
(51,150)

Income from other fixed asset investments
  
93,029
44,804

Interest receivable and similar income
  
6,030
5,592

Profit/(loss) before tax
  
249,232
(754)

Tax on profit/(loss)
  
(370)
-

Profit/(loss) for the financial year
  
248,862
(754)

There are no items of other comprehensive income for either the year or the prior year other than the profit/(loss) for the year. Accordingly, no statement of other comprehensive income has been presented. 

Page 4


 
REGISTERED NUMBER:13520127
BUONVISI LIMITED

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
3,586,761
3,357,248

Current assets
  

Debtors: amounts falling due within one year
 5 
12,671
-

Cash at bank and in hand
  
135,732
253,921

  
148,403
253,921

Creditors: amounts falling due within one year
 6 
(3,686,804)
(3,811,671)

Net current liabilities
  
 
 
(3,538,401)
 
 
(3,557,750)

  

Net assets/(liabilities)
  
48,360
(200,502)


Capital and reserves
  

Called up share capital 
 7 
100
100

Profit and loss account
  
48,260
(200,602)

Total equity/(deficit)
  
48,360
(200,502)


The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M Larizadeh
Director

Date: 9 January 2025

The notes on pages 6 to 11 form part of these financial statements.

Page 5

 

BUONVISI LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Buonvisi Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.

The financial statements are presented in Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Valuation of investments

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.


2.4

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Page 6

 

BUONVISI LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)




Financial instruments (continued)

Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Page 7

 

BUONVISI LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)




Financial instruments (continued)

Derecognition of financial assets and financial liabilities

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

  
2.5

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

  
2.6

Share capital

Ordinary shares are classified as equity.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 8

 

BUONVISI LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.9

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

  
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 9

 

BUONVISI LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2023 -2).


4.


Fixed asset investments





Listed investments
Unlisted investments
Other fixed asset investments
Total

£
£
£
£



Cost or valuation


At 1 August 2023
1,440,793
1,437,067
479,388
3,357,248


Additions
451,808
308,632
24,401
784,841


Disposals
(178,261)
(563,634)
(7,617)
(749,512)


Revaluations
126,651
52,912
14,621
194,184



At 31 July 2024
1,840,991
1,234,977
510,793
3,586,761




Under the historical cost method, the value of fixed asset investments at the year end is £3,527,935 (2023: £3,526,261).
 

5.


Debtors

2024
2023
£
£


Accrued income
12,671
-



6.


Creditors: amounts falling due within one year

2024
2023
£
£

Other creditors
3,674,877
3,799,900

Accruals
11,927
11,771

3,686,804
3,811,671


Page 10

 

BUONVISI LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 -100) Ordinary shares of £1.00 each
100
100



8.


Related party transactions

Included in other creditors is an amount of £3,674,877 (2023: £3,799,900) due to the company's directors. The loan is interest free and repayable on demand.

Page 11

















 
BUONVISI LIMITED
DETAILED ACCOUNTS  
FOR THE YEAR ENDED 31 JULY 2024
  
These pages do not form part of the financial statements

 

BUONVISI LIMITED
 
DETAILED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
£
£


Administrative expenses
(44,011)
(45,058)

Fair value movements
194,184
(6,092)

Operating profit/(loss)
150,173
(51,150)

Interest receivable
6,030
5,592

Investment income
93,029
44,804

Profit/(Loss) for the year before taxation
249,232
(754)

Page 13

 

BUONVISI LIMITED

SCHEDULE TO THE DETAILED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2024
2024
2023
£
£

Administrative expenses

Commissions payable
33,365
33,284

Accountancy fees
10,497
11,697

Bank charges
107
61

Difference on foreign exchange
42
16

44,011
45,058


2024
2023
£
£

Interest receivable

Bank interest receivable
6,030
5,592


2024
2023
£
£

Investment income

Realised gain/(loss) on disposal of fixed asset investments
9,700
(16,406)

Interest received
41,121
23,445

Dividends received - listed investments
42,208
37,765

93,029
44,804


Page 14