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Registration number: 03928815

Visarc Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2025

(filleted for filing purposes)

 

Visarc Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Visarc Limited

Company Information

Directors

FA Gamberini

J Woods

Company secretary

J Woods

Registered office

Unit 11, Connect 10
Ashford Business Park
Foster Road
Ashford
Kent
TN24 0FE

 

Visarc Limited

(Registration number: 03928815)
Balance Sheet as at 28 February 2025

Note

2025
£

2024
£

Fixed assets

 

Intangible assets

5

62,560

60,700

Tangible assets

6

393,219

399,076

 

455,779

459,776

Current assets

 

Stocks

7

10,000

8,000

Debtors

8

258,034

306,512

Cash at bank and in hand

 

1,184,805

962,654

 

1,452,839

1,277,166

Creditors: Amounts falling due within one year

9

(671,233)

(516,052)

Net current assets

 

781,606

761,114

Total assets less current liabilities

 

1,237,385

1,220,890

Provisions for liabilities

(32,983)

(25,394)

Net assets

 

1,204,402

1,195,496

Capital and reserves

 

Called up share capital

10

128

128

Retained earnings

1,204,274

1,195,368

Shareholders' funds

 

1,204,402

1,195,496

 

Visarc Limited

(Registration number: 03928815)
Balance Sheet as at 28 February 2025

For the financial year ending 28 February 2025 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 year 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 Profit and Loss Account.

Approved and authorised by the Board on 3 April 2025 and signed on its behalf by:
 

.........................................
FA Gamberini
Director

 

Visarc Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

1

General information

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

The address of its registered office is:
Unit 11, Connect 10
Ashford Business Park
Foster Road
Ashford
Kent
TN24 0FE
England

These financial statements were authorised for issue by the Board on 3 April 2025.

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 except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Visarc Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold buildings

2% straight line basis

Furniture and other equipment

25% straight line basis

Computer equipment

25% straight line basis

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:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Visarc Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 year, was 25 (2024 - 19).

 

Visarc Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

4

Profit before tax

Arrived at after charging/(crediting)

2025
£

2024
£

Depreciation expense

28,000

26,745

Amortisation expense

15,640

-

5

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 March 2024

60,700

60,700

Additions acquired separately

17,500

17,500

At 28 February 2025

78,200

78,200

Amortisation

Amortisation charge

15,640

15,640

At 28 February 2025

15,640

15,640

Carrying amount

At 28 February 2025

62,560

62,560

At 29 February 2024

60,700

60,700

 

Visarc Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

6

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 March 2024

422,763

44,228

119,022

586,013

Additions

6,292

2,124

14,236

22,652

Disposals

-

(429)

(4,765)

(5,194)

At 28 February 2025

429,055

45,923

128,493

603,471

Depreciation

At 1 March 2024

64,339

42,931

79,667

186,937

Charge for the year

6,586

1,071

20,343

28,000

Eliminated on disposal

-

(215)

(4,470)

(4,685)

At 28 February 2025

70,925

43,787

95,540

210,252

Carrying amount

At 28 February 2025

358,130

2,136

32,953

393,219

At 29 February 2024

358,424

1,297

39,355

399,076

Included within the net book value of land and buildings above is £358,130 (2024 - £358,424) in respect of freehold land and buildings.
 

7

Stocks

2025
£

2024
£

Work in progress

10,000

8,000

8

Debtors

2025
£

2024
£

Trade debtors

230,624

272,645

Other debtors

27,410

33,867

Total current trade and other debtors

258,034

306,512

 

Visarc Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

9

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Trade creditors

 

430,443

224,991

Other related parties

-

16,415

Taxation and social security

 

132,034

112,527

Other creditors

 

108,756

162,119

 

671,233

516,052

10

Share capital

Allotted, called up and fully paid shares

 

2025

2024

 

No.

£

No.

£

Ordinary shares of £0.01 each

10,000

100

10,000

100

Ordinary A shares of £0.01 each

100

1

100

1

Ordinary B shares of £0.01 each

2,650

27

2,650

27

 

12,750

128

12,750

128