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VUCITY LIMITED

Registered Number
09903428
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2025

VUCITY LIMITED
Company Information
for the year from 1 April 2024 to 31 March 2025

Directors

BEYNON, Y
HOLMES, J A
INGRAM, G R

Registered Address

10 Orange Street
Haymarket
London
WC2H 7DQ

Registered Number

09903428 (England and Wales)
VUCITY LIMITED
Balance Sheet as at
31 March 2025

Notes

2025

2024

£

£

£

£

Fixed assets
Intangible assets5511,137766,705
Tangible assets612,68427,410
523,821794,115
Current assets
Debtors71,327,7261,104,255
Cash at bank and on hand261,373150,003
1,589,0991,254,258
Creditors amounts falling due within one year8(5,392,444)(3,717,546)
Net current assets (liabilities)(3,803,345)(2,463,288)
Total assets less current liabilities(3,279,524)(1,669,173)
Net assets(3,279,524)(1,669,173)
Capital and reserves
Called up share capital54,79754,797
Share premium21,491,57721,491,577
Profit and loss account(24,825,898)(23,215,547)
Shareholders' funds(3,279,524)(1,669,173)
The financial statements were approved and authorised for issue by the Board of Directors on 15 May 2025, and are signed on its behalf by:
HOLMES, J A
Director
Registered Company No. 09903428
VUCITY LIMITED
Notes to the Financial Statements
for the year ended 31 March 2025

1.Accounting policies
Statutory information
The company 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
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
Despite the current net liability position of the Company, the Directors have reviewed the forecasts for the Company and have a reasonable expectation that the Company has adequate resources to continue as a going concern for the foreseeable future, being at least twelve months from the date these financial statements have been approved. The market has been challenging both in terms of the macro-economic situation but also in that the company has, for the last 5 years, been trying to change the way the whole industry operates. Management are confident however that the adoption they are now getting from the platform and the continued willingness of the investors to support the business as required, believe that any risk can be managed for the year ahead. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for the provision of a 3D design and planning platform to allow users to visualize, organise and analyse data. Revenue is stated net of discounts and of Value Added Tax. Revenue is recognised in accordance with the contract with the client. Where revenue is received in advance, amounts are deferred and released to the profit and loss account in line with the service being delivered.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax, including UK corporation tax and Research & Development (R&D) tax credits, is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable. The company claims R&D tax relief under the Enhanced R&D Intensive Support Scheme, which provides an increased repayable tax credit for qualifying R&D expenditure by loss-making R&D-intensive small and medium-sized enterprises (SMEs). Where the company qualifies for and claims a repayable R&D tax credit under this scheme, the amount is recognised as a component of current tax in the profit and loss account in the period in which the qualifying R&D expenditure is incurred. A corresponding tax receivable is recognised within current assets on the balance sheet when the credit is considered probable and can be reliably measured, typically once the claim is prepared and submission is expected. The credit is not contingent on future taxable profits and is accounted for as a receivable from HMRC, rather than a reduction in tax payable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows: Development costs - 5 years straight line Software - 5 years straight line If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Plant and machinery3
Fixtures and fittings3
Office Equipment3
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
Government grants or assistance
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2.Average number of employees
including the directors and key management personnel.

20252024
Average number of employees during the year4046
3.Prior period adjustment
During the year, the company identified errors in the accounting of Administrative Expenses. As a result of this error, the comparative figures have been restated and the following adjustments have been made to the profit and loss for the year ended 31 March 2024. Administrative Expenses As originally stated: £5,029,821 Adjustment: £198 As restated: £5,029,623 Retained Earnings (as at 31 March 2024): (£1,669,191) Adjustment: £18 As restated (as at 31 March 2024): (£1,669,173) Impact on corporation tax (as at 31 March 2024): NIL
4.Further information regarding the company's income
Other operating income Other operating income is recognised in the profit and loss account when it is probable that the economic benefits associated with the transaction will flow to the company and the amount of income can be measured reliably. This category may include items such as rental income, government grants, commissions, and gains on the disposal of fixed assets that are not part of the company’s ordinary activities. Income is measured at the fair value of the consideration received or receivable, net of discounts, VAT, and other sales-related taxes.
5.Intangible assets

Other

Total

££
Cost or valuation
At 01 April 246,932,8216,932,821
At 31 March 256,932,8216,932,821
Amortisation and impairment
At 01 April 246,166,1166,166,116
Charge for year255,568255,568
At 31 March 256,421,6846,421,684
Net book value
At 31 March 25511,137511,137
At 31 March 24766,705766,705
6.Tangible fixed assets

Plant & machinery

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 April 245,38054,510110,017169,907
Additions--11,82211,822
Disposals--(1,284)(1,284)
At 31 March 255,38054,510120,555180,445
Depreciation and impairment
At 01 April 245,38044,58992,528142,497
Charge for year-9,92115,55825,479
On disposals--(214)(214)
Other adjustments-(1)-(1)
At 31 March 255,38054,509107,872167,761
Net book value
At 31 March 25-112,68312,684
At 31 March 24-9,92117,48927,410
7.Debtors: amounts due within one year

2025

2024

££
Trade debtors / trade receivables250,329410,929
Other debtors1,077,397693,326
Total1,327,7261,104,255
8.Creditors: amounts due within one year

2025

2024

££
Trade creditors / trade payables124,612144,293
Bank borrowings and overdrafts3,005,6391,675,886
Taxation and social security908,861856,431
Other creditors1,353,3321,040,936
Total5,392,4443,717,546
Bank borrowings and overdrafts consist of three short-term loans. These loans carry interest at 10% per annum and is repayable on 31 December 2025. To the extent that the loan remains outstanding the loan principal and any accrued unpaid interest may convert to preference share capital. No equity element has been recognised on the loan as this is considered to be immaterial to these accounts.
9.Other commitments
As at 31 March 2025 the company had no other capital commitments or contracts for capital expenditure in place in the year (2024: £nil).
10.Prior period policy changes
Intangible Assets and Change in Amortisation Policy During the financial year, the company undertook a review of its intangible asset classifications and useful economic lives. As a result of this review, all previously recognised intangible assets have been consolidated into a single intangible asset category. This change has been made to better reflect the integrated use and benefit derived from these assets in the company's operations. In conjunction with this consolidation, the directors have revised the amortisation policy for intangible assets. Intangible assets were previously amortised on a straight-line basis over a period of three years. Following the reassessment, the directors have determined that a useful economic life of five years more accurately reflects the period over which the economic benefits are expected to be consumed. This change in amortisation period is accounted for as a change in accounting estimate in accordance with FRS 102 Section 10 – Accounting Policies, Estimates and Errors, and has been applied prospectively from 1st April 2024. The effect of this change is a reduction in the amortisation charge recognised in the profit and loss account for the current financial year.