2024-01-012024-12-312024-12-31false12478203Humanity Vision 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Humanity Vision Limited

Registered Number
12478203
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2024

Humanity Vision Limited
Company Information
for the year from 1 January 2024 to 31 December 2024

Directors

M D Geer
P D Ward

Registered Address

3rd Floor 86-90 Paul Street
London
EC2A 4NE

Registered Number

12478203 (England and Wales)
Humanity Vision Limited
Statement of Financial Position
31 December 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets41,8862,059
1,8862,059
Current assets
Debtors52,43386,413
Cash at bank and on hand23,79227,831
26,225114,244
Creditors amounts falling due within one year6(3,147,498)(2,838,566)
Net current assets (liabilities)(3,121,273)(2,724,322)
Total assets less current liabilities(3,119,387)(2,722,263)
Net assets(3,119,387)(2,722,263)
Capital and reserves
Called up share capital11
Profit and loss account(3,119,388)(2,722,264)
Shareholders' funds(3,119,387)(2,722,263)
The financial statements were approved and authorised for issue by the Board of Directors on 11 April 2025, and are signed on its behalf by:
P D Ward
Director
Registered Company No. 12478203
Humanity Vision Limited
Notes to the Financial Statements
for the year ended 31 December 2024

1.Accounting policies
Statutory information
Humanity Vision Limited is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention.
Functional and presentation currency
The financial statements are presented in pound sterling (£), which is the company’s functional currency, and figures are rounded to the nearest whole pound.
Going concern
The financial statements have been prepared on a going concern basis. The company incurred losses during the period and the directors are aware that the statement of financial position reflects net liabilities. However, the parent company will continue to support the company in meeting its obligations, if and when, they become due. The Directors are therefore of the opinion that they should continue to adopt the going concern basis in preparing the financial statements.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below. Share-based payments as set out in the notes to the financial statements have been made to employees of the company. The fair value of any vested share options is recognised in the income statement. The fair value of share options is estimated with the use of a Black-scholes model. The fair value of the ordinary shares in issue at the date of granting the options is used as an input into the model. There have been no other significant judgements or estimates applied to the numbers contained within these financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the transaction providing the amount of revenue associated with the transaction can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company, the stage of completion of the transaction can be measured reliably and the costs incurred or to be incurred in respect of completing the transaction can be measured reliably.
Defined contribution pension plan
Contributions to defined contribution plans are expensed in the period to which they relate.
Share-based payments
The parent company operates an equity-settled compensation plan. The fair value of the services received by the company, in exchange for the grant of the options by the parent, is recognised as an expense in the income statement. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each statement of financial position date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. The credit entry is taken to the intercompany loan account with the parent company because the share options are equity-settled by the parent company.
Foreign currency translation
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each reporting 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 the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Income Statement.
Current taxation
Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. Tax credits shown on the income statement represent tax credits received or receivable from HMRC as a result of claims made under HMRC’s R&D tax relief schemes.
Research and development
Revenue expenditure on research and development is written off in the year in which it is incurred. The company make claims under the SME R&D tax relief scheme. Tax credits arising from claims under the scheme are reflected 'below the line' as a reduction in the Corporation Tax charge or, if loss-making, as a Corporation Tax credit. Tax credits receivable or received from R&D claims are recognised in the reporting period in which the qualifying expenditure is incurred.
Tangible fixed assets and depreciation
Tangible assets are stated at cost (or deemed cost), less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Straight line (years)
Office Equipment4
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to insignificant risk to changes in value. Bank overdrafts are disclosed separately.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties, and investments in non-puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount is reported in the Statement of Financial Position 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.Staff Costs
The parent company operates an EMI qualifying share option scheme and during the year the company granted nil (2023: nil) EMI qualifying share options to one employee at an average weighted exercise price of $0.23079 per share (2023: $0.23079 ). At the statement of financial position date, 90,000 vested share options remained exercisable (2023: 90,000) and nil options had yet to vest (2023: nil). An amount of £nil (2023: £9,188) has been charged to the income statement in respect of the EMI qualifying share options. The share options vest over a 4-year period with a 1 year cliff and are exercisable over the Ordinary shares of the parent company.
3.Average number of employees

20242023
Average number of employees during the year11
4.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 January 244,1654,165
Additions1,0561,056
At 31 December 245,2215,221
Depreciation and impairment
At 01 January 242,1062,106
Charge for year1,2291,229
At 31 December 243,3353,335
Net book value
At 31 December 241,8861,886
At 31 December 232,0592,059
5.Debtors: amounts due within one year

2024

2023

££
Other debtors1,68985,729
Prepayments and accrued income744684
Total2,43386,413
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables2,842331,044
Amounts owed to related parties3,119,0932,485,986
Other creditors25,56321,536
Total3,147,4982,838,566
Amounts owed to related parties are unsecured, bear interest at 0.18% per annum and are repayable on demand.
7.Controlling party
The immediate and ultimate parent undertaking and controlling party is Humanity Inc., with a registered office address of 251 Little Falls Drive, Wilmington, Delaware, 19808.