Company registration number 08087397 (England and Wales)
VIGILANT APPLICATIONS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
VIGILANT APPLICATIONS LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 8
VIGILANT APPLICATIONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 May 2024.
Principal activities
The principal activity of the company continued to be that of the development and marketing of software technologies.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
M Williams
A Craig
M Moss
(Appointed 19 August 2024)
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
M Williams
Director
17 January 2025
VIGILANT APPLICATIONS LIMITED
BALANCE SHEET
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
6,209
714
Current assets
Stocks
1,740
3,045
Debtors
5
104,429
283,850
Cash at bank and in hand
889,037
419,409
995,206
706,304
Creditors: amounts falling due within one year
6
(820,529)
(524,926)
Net current assets
174,677
181,378
Total assets less current liabilities
180,886
182,092
Creditors: amounts falling due after more than one year
7
(14,204)
(24,349)
Net assets
166,682
157,743
Capital and reserves
Called up share capital
146
146
Share premium account
2,280,455
2,280,455
Profit and loss reserves
(2,113,919)
(2,122,858)
Total equity
166,682
157,743
VIGILANT APPLICATIONS LIMITED
BALANCE SHEET (CONTINUED)
- 3 -
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 17 January 2025 and are signed on its behalf by:
M Williams
A Craig
Director
Director
Company registration number 08087397 (England and Wales)
VIGILANT APPLICATIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 June 2022
146
2,280,455
(2,115,983)
164,618
Year ended 31 May 2023:
Loss and total comprehensive income
-
-
(6,875)
(6,875)
Balance at 31 May 2023
146
2,280,455
(2,122,858)
157,743
Year ended 31 May 2024:
Profit and total comprehensive income
-
-
8,939
8,939
Balance at 31 May 2024
146
2,280,455
(2,113,919)
166,682
VIGILANT APPLICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
1
Accounting policies
Company information
Vigilant Applications Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Gardiner Close, Abingdon, OX14 3YA. The company registration number is 08087397.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 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.
1.2
Turnover
Turnover is recognised when services are provided at the fair value of the consideration received or receivable in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
10% on cost
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
50% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
VIGILANT APPLICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 6 -
1.7
Financial instruments
Basic financial assets
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was:
2024
2023
Number
Number
Total
7
4
VIGILANT APPLICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
3
Intangible fixed assets
Software
£
Cost
At 1 June 2023 and 31 May 2024
896,997
Amortisation and impairment
At 1 June 2023 and 31 May 2024
896,997
Carrying amount
At 31 May 2024
At 31 May 2023
4
Tangible fixed assets
Computers
£
Cost
At 1 June 2023
12,108
Additions
8,438
At 31 May 2024
20,546
Depreciation and impairment
At 1 June 2023
11,394
Depreciation charged in the year
2,943
At 31 May 2024
14,337
Carrying amount
At 31 May 2024
6,209
At 31 May 2023
714
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
70,087
204,346
Other debtors
14,469
Prepayments and accrued income
19,873
79,504
104,429
283,850
VIGILANT APPLICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
9,906
9,670
Trade creditors
20,061
58,462
Taxation and social security
86,004
64,791
Other creditors
62,738
61,660
Accruals and deferred income
641,820
330,343
820,529
524,926
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
14,204
24,349
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
72,250
9
Related party transactions
All transactions that took place were on normal commercial terms and on an arms length basis and therefore no further disclosure is required by FRS102 Section 1A.