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Registration number: 09171698

Visualsoup Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Visualsoup Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Visualsoup Ltd

Company Information

Director

Mr William Wharton

Registered office

54 Hoole Lane
Chester
CH2 3DS

Accountants

Harrison Salmon Associates
Suite 3
Waterside Business Centre
Canal Street
Leigh
WN7 4DB

 

Visualsoup Ltd

(Registration number: 09171698)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

532

695

Current assets

 

Cash at bank and in hand

 

7

31

Creditors: Amounts falling due within one year

5

(5,162)

(4,156)

Net current liabilities

 

(5,155)

(4,125)

Total assets less current liabilities

 

(4,623)

(3,430)

Creditors: Amounts falling due after more than one year

5

(6,012)

(6,130)

Net liabilities

 

(10,635)

(9,560)

Capital and reserves

 

Called up share capital

6

1

1

Retained earnings

(10,636)

(9,561)

Shareholders' deficit

 

(10,635)

(9,560)

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 April 2025
 

.........................................
Mr William Wharton
Director

 

Visualsoup Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

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

The address of its registered office is:
54 Hoole Lane
Chester
CH2 3DS

These financial statements were authorised for issue by the director on 30 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.

Going concern

The directors continue to provide financial support to the company to ensure it meets its obligations as they fall due. On this basis the director considers that it remains appropriate to prepare the accounts on a going concern basis.

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.

Government grants

Government grants relating to the support provided for the Covid-19 pandemic are recognised when there is reasonable assurance that the grant is receivable and are subsequently accounted for under the accrual model, on a systemic basis over the period in which the related costs are recognised.

 

Visualsoup Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

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

Fixtures and fittings

15% reducing balance

Office equipment

25% reducing balance

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 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.

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 profit and loss account 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 1).

 

Visualsoup Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2023

2,720

2,720

At 31 August 2024

2,720

2,720

Depreciation

At 1 September 2023

2,025

2,025

Charge for the year

163

163

At 31 August 2024

2,188

2,188

Carrying amount

At 31 August 2024

532

532

At 31 August 2023

695

695

 

Visualsoup Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

1,196

1,066

Trade creditors

 

660

-

Accruals and deferred income

 

660

660

Other creditors

 

2,646

2,430

 

5,162

4,156

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

6,012

6,130

2024
£

2023
£

Due after more than five years

After more than five years by instalments

994

1,865

-

-

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £0.01 each

95

1

95

1

Ordinary B shares of £0.01 each

5

-

5

-

100

1

100

1

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

6,012

6,130

 

Visualsoup Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Current loans and borrowings

2024
£

2023
£

Bank borrowings

1,196

1,066

Bank borrowings

Bounce back loan is denominated in £ with a nominal interest rate of 2.5%, and the final instalment is due on 12 May 2030. The carrying amount at year end is £7,208 (2023 - £7,196).

The loan is provided to assist with the effects of the Covid-19 pandemic, recieved in May 2020. It is repayable over 10 years and interest is charged at 2.5% per annum for the duration of the loan.

Included in the loans and borrowings are the following amounts due after more than five years:

Borrowings due after five years

Repayable by instalments in more than 5 years £994 (2023: £1,865)